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Mastercard (MA) and DET Launch Unique Digital City Partnership
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Mastercard Incorporated (MA - Free Report) and Dubai's Department of Economy and Tourism (DET) have signed a pioneering Memorandum of Understanding (MoU). This Digital City Partnership is the first of its kind at a city level, opening new avenues for Dubai to leverage Mastercard's extensive expertise and global reach. By harnessing Mastercard's multi-rail payments network and data-driven digital commerce technology, Dubai aims to accelerate economic growth and solidify its status as one of the world's top three global cities, aligning with the objectives of the Dubai Economic Agenda, D33.
Digital Partnership Program Focus Areas
The Digital City Partnership between DET and Mastercard will span multiple years and prioritize key areas crucial to Dubai's economic growth. The program will focus on enabling the growth of trade and exports, developing small and medium-sized enterprises (SMEs) and fostering innovation, attracting and nurturing talent, and accelerating growth across the tourism ecosystem. Dubai aims to solidify its vision of becoming one of the top three global destinations for visitors across leisure, business, and specialized services by offering innovative payment solutions and enhanced visitor experiences, and leveraging digital technologies. This partnership showcases the unique model of collaboration between the government and private sectors in Dubai, aligning seamlessly with the city's accelerated programs for economic and digital transformation.
The Digital City Partnership between DET and Mastercard is in line with the Dubai Economic Agenda, D33. The ambitious agenda aims to double the size of Dubai's economy over the next decade and consolidate its position among the top three global cities. D33 includes 100 transformational projects that encompass various sectors and segments of Dubai's economy.
These projects span initiatives such as doubling the size of Dubai's foreign trade, launching plans for green and sustainable manufacturing, establishing future economic corridors with Africa, Latin America, and South East Asia, and attracting the world's best universities to make Dubai a pioneering hub for higher education. With its strategic geographic location and unrivaled connectivity, Dubai's position as a premier destination for business, investment and tourism is set to be further solidified through digital technologies and global best practices.
Unlocking New Opportunities for Economic Growth
Mastercard's collaboration with DET brings forth a multitude of benefits for the global payment giant. By utilizing its advanced technology and payment infrastructure, Mastercard can tap into Dubai's thriving economy and establish itself as a key enabler of digital transformation across various sectors. The partnership enables Mastercard to facilitate secure and efficient payment transactions, drive growth in trade and exports, foster innovation among SMEs, attract and develop talent in the digital sector and accelerate growth across Dubai's tourism ecosystem. This strategic alliance serves as a testament to Mastercard's commitment to powering economies and empowering people while building a sustainable world where everyone prospers.
Zacks Rank and Price Performance
Shares of Mastercard have gained 12.8% in a year compared with the industry’s 10.2% growth.
Some better-ranked stocks from the same space are DLocal Limited (DLO - Free Report) , Visa (V - Free Report) and WEX (WEX - Free Report) , each carrying a Zacks Rank #2 (Buy).
The Zacks Consensus Estimate for DLO’s 2023 and 2024 earnings per share indicates a year-over-year increase of 54.1% and 40.4%, respectively. The consensus estimate has moved north by 1 cent each for 2023 and 2024 in the past 30 days. Year to date, DLO shares have lost 22.8%.
Visa delivered an average four-quarter earnings surprise of 8.03%. The Zacks Consensus Estimate for V’s 2023 and 2024 earnings per share indicates a year-over-year increase of 14.5% and 12.8%, respectively. Year to date, Visa shares have gained 14.8%.
WEX delivered an average four-quarter earnings surprise of 5.36%. The Zacks Consensus Estimate for WEX’s 2023 earnings per share indicates a year-over-year increase of 3.8% on 12.7% higher revenues. Year to date, WEX shares have gained 14.3%.
Disclaimer: This article has been written with the assistance of Generative AI. However, the author has reviewed, revised, supplemented, and rewritten parts of this content to ensure its originality and the precision of the incorporated information.
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Mastercard (MA) and DET Launch Unique Digital City Partnership
Mastercard Incorporated (MA - Free Report) and Dubai's Department of Economy and Tourism (DET) have signed a pioneering Memorandum of Understanding (MoU). This Digital City Partnership is the first of its kind at a city level, opening new avenues for Dubai to leverage Mastercard's extensive expertise and global reach. By harnessing Mastercard's multi-rail payments network and data-driven digital commerce technology, Dubai aims to accelerate economic growth and solidify its status as one of the world's top three global cities, aligning with the objectives of the Dubai Economic Agenda, D33.
Digital Partnership Program Focus Areas
The Digital City Partnership between DET and Mastercard will span multiple years and prioritize key areas crucial to Dubai's economic growth. The program will focus on enabling the growth of trade and exports, developing small and medium-sized enterprises (SMEs) and fostering innovation, attracting and nurturing talent, and accelerating growth across the tourism ecosystem. Dubai aims to solidify its vision of becoming one of the top three global destinations for visitors across leisure, business, and specialized services by offering innovative payment solutions and enhanced visitor experiences, and leveraging digital technologies. This partnership showcases the unique model of collaboration between the government and private sectors in Dubai, aligning seamlessly with the city's accelerated programs for economic and digital transformation.
Dubai Economic Agenda, D33: Transforming Dubai's Economy
The Digital City Partnership between DET and Mastercard is in line with the Dubai Economic Agenda, D33. The ambitious agenda aims to double the size of Dubai's economy over the next decade and consolidate its position among the top three global cities. D33 includes 100 transformational projects that encompass various sectors and segments of Dubai's economy.
These projects span initiatives such as doubling the size of Dubai's foreign trade, launching plans for green and sustainable manufacturing, establishing future economic corridors with Africa, Latin America, and South East Asia, and attracting the world's best universities to make Dubai a pioneering hub for higher education. With its strategic geographic location and unrivaled connectivity, Dubai's position as a premier destination for business, investment and tourism is set to be further solidified through digital technologies and global best practices.
Unlocking New Opportunities for Economic Growth
Mastercard's collaboration with DET brings forth a multitude of benefits for the global payment giant. By utilizing its advanced technology and payment infrastructure, Mastercard can tap into Dubai's thriving economy and establish itself as a key enabler of digital transformation across various sectors. The partnership enables Mastercard to facilitate secure and efficient payment transactions, drive growth in trade and exports, foster innovation among SMEs, attract and develop talent in the digital sector and accelerate growth across Dubai's tourism ecosystem. This strategic alliance serves as a testament to Mastercard's commitment to powering economies and empowering people while building a sustainable world where everyone prospers.
Zacks Rank and Price Performance
Shares of Mastercard have gained 12.8% in a year compared with the industry’s 10.2% growth.
Image Source: Zacks Investment Research
MA currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stocks to Consider
Some better-ranked stocks from the same space are DLocal Limited (DLO - Free Report) , Visa (V - Free Report) and WEX (WEX - Free Report) , each carrying a Zacks Rank #2 (Buy).
The Zacks Consensus Estimate for DLO’s 2023 and 2024 earnings per share indicates a year-over-year increase of 54.1% and 40.4%, respectively. The consensus estimate has moved north by 1 cent each for 2023 and 2024 in the past 30 days. Year to date, DLO shares have lost 22.8%.
Visa delivered an average four-quarter earnings surprise of 8.03%. The Zacks Consensus Estimate for V’s 2023 and 2024 earnings per share indicates a year-over-year increase of 14.5% and 12.8%, respectively. Year to date, Visa shares have gained 14.8%.
WEX delivered an average four-quarter earnings surprise of 5.36%. The Zacks Consensus Estimate for WEX’s 2023 earnings per share indicates a year-over-year increase of 3.8% on 12.7% higher revenues. Year to date, WEX shares have gained 14.3%.
Disclaimer: This article has been written with the assistance of Generative AI. However, the author has reviewed, revised, supplemented, and rewritten parts of this content to ensure its originality and the precision of the incorporated information.