The Banking Executive Magazine - March 2022 Issue

Dubai Chamber of Commerce & Industry Dubai Chamber of Commerce & Industry PARTNERS WITH MASTERCARD TO HARNESS DATA-LED DECISION MAKING FOR ECONOMIC GROWTH Dubai Chamber of Commerce & In- dustry has expanded its partnership with Mastercard to leverage Master- card’s data and intelligence services to drive economic growth in the Emi- rate. The strategic partnership aims to spur the use of digital payments, en- able Dubai’s shift towards a digital economy and further support small and mid-sized enterprises (SMEs) in the market. Through this collaboration, Master- card will offer its data-driven analyt- ics technology to provide insights into the rapidly evolving spending patterns of consumers, including measuring the use of online chan- nels. A selection of these insights will be showcased during a series of workshops hosted by the Chamber. “We are delighted to work with Mas- tercard to support our decision-mak- ing when it comes to boosting commerce and trade in the UAE. A key pillar of our new 2022–2024 strategy is growing Dubai’s digital economy and improving the busi- ness environment. By utilizing Mas- tercard’s global-best technologies, we will ensure these goals are achieved through deliberate and pre- cise insights that ultimately serves to benefit the government, businesses, and residents,” said H.E. Hamad Buamim, President & CEO of Dubai Chamber of Commerce & Industry. Last year, the institution transitioned to a new model in a paradigm shift for business in Dubai, in order to strengthen the Emirate’s position as a digitally driven economy and global business hub. The newly adopted Dubai Chambers strategy is based on four main pillars, including enhanc- ing and developing the business en- vironment, attracting international companies to Dubai, facilitating the global expansion of local companies, and advancing the emirate’s digital economy. “As Dubai continues to embrace the power of technology in fostering business growth and sustainability, Mastercard is supporting our govern- ment partners in this dynamic jour- ney. With our ability to transform big data into meaningful insights, we are geared to help accelerate the transi- tion of the city towards a smart econ- omy. This partnership further supports our ongoing commitment to empower SMEs so they can thrive in a digital world,” said Khalid Elgibali, Division President – Middle East and North Africa, Mastercard. According to the Mastercard Eco- nomics Institute, economic growth in the UAE is on an accelerating path in 2022. Alongside the strength in the economy comes the rise of inflation following years of deflation. The pent-up demand of domestic con- sumers in the UAE is another pillar of growth, and the strong recovery in travel which began in the second half of 2021 is expected to continue this year. Consistent with the in- crease in travel, spending on hotels, taxis and car rentals, particularly in Dubai and Sharjah, has also in- creased. Online penetration in prod- ucts such as electronics has remained high while the most no- table upward e-commerce share shift has been for restaurants. Mastercard has been driving digital inclusion with governments across the region and leading the way in the enablement of smart cities, which hold the key to a more connected and inclusive future. Through its partnerships, Mastercard uses smart solutions and innovative technolo- gies to make cities more efficient and inclusive. ISSUE 159 MARCH 2022 the BANKING EXECUTIVE 27