Maktoum Bin Mohammed Engages With Mastercard CEO On Financial Ecosystem Development

H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, recently engaged in discussions with Michael Miebach, CEO of Mastercard. The meeting focused on the UAE's vision for a forward-thinking financial ecosystem that leverages advanced technologies to drive economic growth.

"The UAE seeks to foster strategic collaborations with leading financial technology companies like Mastercard to accelerate the transformation of the digital economy and promote innovation in financial services," stated H.H. Sheikh Maktoum. This reflects the country's commitment to enhancing its digital economy through partnerships.

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Dubai is becoming a key player in global finance, aligning with the Dubai Economic Agenda D33's aim to position the city among the top four financial hubs worldwide. Mastercard's regional headquarters for Eastern Europe, Middle East, and Africa is based in Dubai since 2001, underscoring the city's significance as a hub for financial innovation.

The UAE offers an exceptional business-friendly environment and robust financial infrastructure. These factors enable global financial institutions to expand their presence and contribute significantly to sustainable economic development in the region.

Mastercard operates across more than 200 countries and territories, employing over 35,000 people globally. In 2024, it reported net revenues of $28.2 billion, reflecting a 12% increase from the previous year. The company's secure digital payment solutions benefit individuals, businesses, and governments worldwide.

The meeting was attended by several key figures including Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs; Abdulrahman Saleh Al Saleh, Director General of Dubai Finance; Helal Saeed Almarri, Director General of the Dubai Department of Economy and Tourism; and Malek Al Malek, Chairman of TECOM Group.

Mastercard’s expansion strategy is anchored in its Dubai hub, highlighting the city's growing role as a centre for financial innovation and a gateway to emerging markets. This aligns with Dubai’s ambition to shape the future of global finance effectively.

With inputs from WAM