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The Dubai Innovation Strategy and MasterCard Sign a Co-operative Agreement

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Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, met with Mr. Richard Haythornthwaite, Chairman of the Board, MasterCard and his board of directors to discuss the global company’s latest activities and initiatives in various fields. The conversation also explored current and future cooperation between the government and private sectors to support economic growth.

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum also attended a signing ceremony to formalise a co-operative agreement between the Dubai Innovation Strategy and global brand MasterCard. This agreement forms part of the Dubai Innovation Partners’ initiative previously announced by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai.

MasterCard is the first international corporation co-opted to support the Dubai Innovation Strategy, and it will bring vast experience and expertise to the initiative.

The cooperation agreement was signed by His Excellency Mohammad Abdullah  Al Gergawi, Chairman of The Executive Office of His Highness Sheikh Mohammed bin Rashid Al Maktoum, and Ajay Banga, Chief Executive Officer of MasterCard.

According to the terms of the agreement, MasterCard will launch numerous innovative and qualitative programmes to enhance innovation in the UAE.

“Innovation has always been the key driver of the U.A.E.’s projects and initiatives and the foundation to its national plans and strategies. This approach has led the U.A.E. to the fore, regionally and internationally, through its distinguished and unique projects in many areas under the leadership of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the U.A.E. and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai,” H.E. Mohammad Abdullah Al Gergawi said, and added: “This cooperation agreement will drive innovation efforts on all levels in the U.A.E., where we will work towards cooperating with a number of the largest international corporations in the field of innovation to benefit from their expertise and projects, in line with the U.A.E.’s leadership vision to position the U.A.E among the most innovative countries in the world.”

According to the agreement, MasterCard will launch new technologies  aimed at providing a better lifestyle and upgrading the levels of services offered by a number of strategic sectors who coalesce with MasterCard’s services within the Dubai Innovation Strategy.

The first of many programmes will be launched with selected entities as part of phase 1, with mainstreaming into the larger community at a later stage.

“As a pioneering technology company in the field of finance, innovation is the essence of our business. This exciting new development with the Dubai Innovation Strategy to establish Dubai as the most innovative city on the planet is focused on driving a diversified and balanced economy,” Ajay Banga said on this occasion. “With this agreement”, he added, “MasterCard will push towards innovating new technology and widening our service platform around our pillars of loyalty, convenience and security. Everyone will benefit, including our clients, partners and the federal Government of the UAE.”

The Dubai Innovation Strategy will achieve the goal of ‘most innovative city through ten dimensions and ten different sectors supported by initiatives which will foster an environment of creativity and innovation to continuously upgrade the quality of life in Dubai.

From left to right: Richard Haythornthwaite, Chairman, MasterCard; Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai; Ajay Banga, CEO, MasterCard and Mohammad Abdullah Al Gergawi, Chairman of The Executive Office of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

About MasterCard
MasterCard (NYSE: MA),,is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNewsjoin the discussion on the Cashless Pioneers Blog and subscribe for the latest news on the Engagement Bureau.

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