Mastercard and the UAE government have joined forces to enhance AI capabilities and promote AI development in the Middle East. As part of this collaboration, Mastercard has inaugurated a worldwide Center for Advanced AI and Cyber Technology in Dubai, dedicated to expediting generative AI research.
This development positions the UAE as a technology hub for digital transformation and AI advancement. The UAE’s AI, Digital Economy, and Remote Work Applications office has inked a Memorandum of Understanding with Mastercard, with a specific focus on advancing AI in areas such as financial crime prevention, fostering inclusive growth, and nurturing the digital ecosystem.
Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, underscored the UAE government’s dedicated efforts to forge strategic partnerships with the private sector and prominent international corporations. These partnerships have been recognised as instrumental drivers in expediting the adoption of Artificial Intelligence—a pivotal component of the nation’s pursuit of digital progress and prosperity.
His Excellency highlighted the importance of bilateral cooperation, emphasising the need to realise the ambitions outlined in the UAE Strategy for Artificial Intelligence 2031. This strategy aims to consolidate the UAE’s standing as a leading hub for Artificial Intelligence, while concurrently promoting the development of comprehensive, technology-driven frameworks within key sectors.
Furthermore, His Excellency commended Mastercard for their dedication to AI adoption, particularly in inaugurating a global center exclusively dedicated to Artificial Intelligence and advanced technology within the UAE.
Safeguarding the financial landscape with AI
This partnership coincides with the unveiling of Mastercard’s latest global Center for Advanced AI and Cyber Technology in Dubai. Apart from crafting AI-driven solutions to combat financial crimes, this Center will prioritise safeguarding the digital landscape and promoting inclusive growth. It will also function as a hub for nurturing and employing local AI talent, including data engineers and data scientists, with the mission to accelerate global AI innovation and cater to customers worldwide from the UAE.
“AI plays a critical role in our operations, powering our products and fuelling our network intelligence to improve digital experiences, while reducing financial fraud and risk,” said Ajay Bhalla, president, Cyber & Intelligence at Mastercard. “The combination of this latest Advanced AI Centre and our partnership with the Government of the UAE will deliver greater value for our customers and ultimately reinforce trust in the digital ecosystem.”
Mastercard’s new center, drawing upon the company’s technical expertise, will support a fresh Innovation Hub in the Emirate of Dubai. Under this initiative, governments and businesses from across the region will collaborate on new endeavours to bolster ongoing digital transformation efforts.
“The UAE is a global leader in developing innovative technologies to foster economic growth and drive digital transformation. For more than 35 years, Mastercard has been investing in the UAE to harness the power of technology for the good of the nation. By embracing the power of AI through this new partnership, we are ushering in the next generation of transformative technology, and actively supporting the National Artificial Intelligence Strategy 2031,” said Dimitrios Dosis, president, Eastern Europe, Middle East and Africa, Mastercard.
The Middle East is currently undergoing a rapid technological shift, with IDC projecting that investments in digital transformation will double in the coming years. PwC estimates that AI will contribute $320 billion to the region and more than $15 trillion to the global economy by 2030. AI holds the potential to address some of today’s most pressing challenges, including reducing fraud and expanding access to financial services.
Mastercard: Driving AI innovation in the UAE and beyond
The Dubai Center represents Mastercard’s latest investment in Advanced AI, complementing existing centers in the US, Canada, and India. Mastercard has thus far leveraged AI significantly and effectively to enhance cybersecurity and user experiences, protecting over 125 billion transactions from fraud annually, all with remarkable speed and scale.
However, today we stand at the cusp of another transformative technological leap, driven by the accessibility of generative AI. With its capacity to generate new content and forecast a series of subsequent actions, it holds the potential to revolutionise customer experiences, enable personalised interactions, and reshape entire industries.
According to Mastercard, the Dubai Center will facilitate the development of these innovative and groundbreaking use cases. Armed with this knowledge, the company plan to establish additional Advanced AI Centres worldwide to drive ongoing innovation.
