Andrea Benito
Middle East Editor

Mastercard signs MoU with the UAE to boost AI in the region

Aug 30, 20232 mins
CIO | Middle East  >  UAE / United Arab Emirates  >  Dubai  >  Cityscape / skyline / sunrise
Credit: RobertBreitpaul / Getty Images

The Middle East is experiencing rapid technological changes, with investments in digital transformation expected to double in the coming years. PwC estimates that AI will contribute 320 billion dollars to the region and more than 15 trillion dollars to the global economy by 2030. These projections underscore the potential of AI to address pressing challenges, such as reducing fraud and increasing access to financial services.

In the UAE, the National Artificial Intelligence Strategy 2031 aims to position the UAE as a global leader in artificial intelligence by 2031 and to develop an integrated system that employs artificial intelligence in vital areas of the country.

To consolidate UAE’s position as a leading hub for artificial intelligence, the Artificial Intelligence, Digital Economy and Remote Work Applications Office signed a MoU with Mastercard to combat financial crimes and improve the security of the digital ecosystem. Mr. Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications said that partnerships are critical in moving the nation toward its goals of prosperity and digital advancement. Mr. Al Olama also emphasised the crucial bilateral cooperation needed to achieve the goals outlined in the UAE Strategy for Artificial Intelligence 2031, which aims to solidify the UAE’s position as a global AI hub and promote AI-driven frameworks. technology in key sectors.

This partnership coincides with the opening of Mastercard’s state-of-the-art Global Center for Advanced AI and Cyber ​​Technology in Dubai. This center will focus not only on developing AI-based solutions to combat financial crimes but also on strengthening the security of the digital ecosystem and driving inclusive growth. A core aspect of the center’s mission is cultivating and employing local AI talent, including engineers and data scientists. This workforce will accelerate AI innovation around the world while serving customers around the world 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 of Cyber and 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.”