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Dubai Signs MoU to Develop Digital Partnership Program

The strategic alliance paves the way for Dubai to harness Mastercard’s multi-rail payments network and data-driven digital commerce technology. WAM
The strategic alliance paves the way for Dubai to harness Mastercard’s multi-rail payments network and data-driven digital commerce technology. WAM
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Dubai Signs MoU to Develop Digital Partnership Program

The strategic alliance paves the way for Dubai to harness Mastercard’s multi-rail payments network and data-driven digital commerce technology. WAM
The strategic alliance paves the way for Dubai to harness Mastercard’s multi-rail payments network and data-driven digital commerce technology. WAM

Dubai’s Department of Economy and Tourism (DET) has signed a Memorandum of Understanding (MoU) with Mastercard, a global leader in payment innovation and technology, to form a Digital City Partnership to further accelerate the emirate’s economic growth in line with the goals of the Dubai Economic Agenda, D33.

A global first at a city level, the strategic alliance paves the way for Dubai to harness Mastercard’s multi-rail payments network and data-driven digital commerce technology, which connects over 100 million merchants globally across all sectors and segments to address key priorities of the D33 Agenda, Emirates News Agency (WAM) reported.

According to WAM, the MoU will lead to the development and implementation of a multi-year Digital Partnership program in Dubai, focusing on:

Enabling growth of trade and exports: The collaboration aims to enable new international trade opportunities for businesses and expand export capabilities, leveraging Mastercard’s expertise in facilitating secure and efficient payment transactions.

Developing SMEs and enabling innovation: The partnership will prioritize the growth of small and medium-sized enterprises (SMEs), providing them with digital tools, resources, and mentorship to foster innovation, competitiveness, and sustainability.

Attracting and developing talent: Dubai and Mastercard will work together to attract and nurture Emirati and global talents in the digital sector, fostering the development of a skilled workforce equipped with the capabilities necessary to drive the city's digital economy forward.

Accelerating growth across the tourism ecosystem: The Digital City Partnership aims to leverage digital technologies to further enhance Dubai’s tourism industry. Implementing innovative payment solutions and improving visitor experiences will support Dubai’s vision to become a top-three global destination for visitors across leisure, business and specialized services.

The MoU was signed by Hadi Badri, CEO of Dubai Economic Development Corporation at DET, and J.K. Khalil, Cluster General Manager, MENA East at Mastercard.

“This partnership underlines the unique model of collaboration between the government and private sectors in Dubai, and aligns seamlessly with the city’s accelerated programs for economic and digital transformation. The MoU is also a testament to the trust and confidence that multinational corporations have in Dubai and will further boost efforts to position Dubai as the best city in the world to visit, live, work, and invest in,” said Badri.

J.K. Khalil added: “We are delighted to enter the region’s first Digital City partnership with the Department of Economy and Tourism as we harness the power of our advanced technology to help translate Dubai’s ambitious vision to reality. We are proud to build on our 35-year legacy in the market as we usher in a new chapter to support the UAE’s exemplary growth story.”

The Digital City Partnership between DET and Mastercard is set to enhance Dubai's future readiness by taking advantage of digital technologies and global best practices, WAM sid.

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Growth of Non-Oil Sectors Position Saudi Arabia Among Leading Global Economies

 King Abdullah Port, Saudi Arabia (Asharq Al-Awsat)
 King Abdullah Port, Saudi Arabia (Asharq Al-Awsat)
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Growth of Non-Oil Sectors Position Saudi Arabia Among Leading Global Economies

 King Abdullah Port, Saudi Arabia (Asharq Al-Awsat)
 King Abdullah Port, Saudi Arabia (Asharq Al-Awsat)

Saudi Arabia’s economy continued its upward trajectory in 2024, solidifying its status as one of the world’s most stable and fastest-growing markets. This momentum is being driven by the Kingdom’s unwavering commitment to economic diversification — a central pillar of Vision 2030 — which has significantly boosted non-oil sectors, expanded private sector participation, and increased the economy’s ability to generate jobs and attract investment.

Non-oil activities now contribute a record 51% to real GDP, marking a major milestone in the country’s transformation journey.

According to the Vision 2030 annual report, Saudi Arabia’s real non-oil GDP grew by 3.9% in 2024 compared to the previous year, fueled by ongoing investments across diverse sectors. Non-oil activities alone expanded by 4.3% year-on-year, reflecting the success of structural reforms and strategic national programs.

At the heart of Vision 2030 is the ambition to build a thriving economy. One of the key benchmarks is improving Saudi Arabia’s position in global GDP rankings. In 2016, the Kingdom ranked 20th worldwide. By 2030, it aims to break into the top 15, with a targeted GDP of SAR 6.5 trillion ($1.7 trillion).

In early 2024, Saudi Arabia adopted a new moving-chain methodology to measure GDP more accurately. Under this updated system, real GDP has grown consistently since 2016 at a compound annual rate of 1.75%, excluding the pandemic-induced downturn in 2020. Non-oil GDP, meanwhile, has shown even stronger performance, expanding at a 3.01% annual pace over the same period.

While the 2024 non-oil GDP target was narrowly missed, the outcome reached 98% of the goal — a strong showing amid global uncertainties. Leading contributors included wholesale and retail trade, hospitality, transportation, logistics, and information technology.

Non-oil exports also played a pivotal role in economic growth, achieving over 75% of their annual targets. Gains came primarily from increased exports of non-oil goods and a sharp rise in re-exports, underlining Saudi Arabia’s growing role in global trade flows.

The private sector’s role in the economy has expanded significantly, with its contribution to GDP reaching 47% — surpassing the 2024 target. Since 2016, this contribution has grown at a compound annual rate of 1.94%.

This progress reflects ongoing efforts to reduce reliance on oil, empower private enterprise, and enhance the Kingdom’s global competitiveness. Key initiatives include national strategies aimed at unlocking sectoral potential, the Public Investment Fund’s push to stimulate private capital, and the successful drive to attract global companies to relocate their regional headquarters to Saudi Arabia.

The government continues to foster a dynamic business environment, supporting small and medium enterprises (SMEs) through regulatory reforms and major development projects. These efforts span several sectors, including manufacturing, transport, logistics, and foreign investment.

Global Confidence, Positive Outlook

International confidence in the Saudi economy remains strong. In 2024, the world’s top three credit rating agencies affirmed the Kingdom’s sovereign creditworthiness. Moody’s assigned a rating of “Aa3” with a stable outlook; Fitch rated it “A+” with a stable outlook; and S&P awarded an “A/A-1” rating, also with a stable outlook.

Global institutions are also optimistic about the Kingdom’s growth prospects. The Organisation for Economic Co-operation and Development (OECD) forecasts Saudi economic growth at 3.8% in 2025 and 3.6% in 2026 — well above the global average.