DUBAI: The UAE’s Artificial Intelligence, Digital Economy, and Remote Work Applications Office, along with the Mastercard Centre for Advanced AI and Cyber Technology in Dubai and First Abu Dhabi Bank (FAB), have announced their first “AI Challenge”.

Aligned with the UAE’s strategy for Artificial Intelligence, this initiative aims to boost the UAE’s growing AI sector by creating opportunities for AI-focused businesses and talent.

Saqr Binghalib, Executive Director of the UAE’s AI Office, emphasized the government’s commitment to partnering with technology leaders and innovators to drive the nation’s progress. He highlighted the goal of advancing AI technology to maintain the UAE’s leadership in future fields.

“The AI Challenge aims to attract innovators and talented individuals to strengthen our coding community,” Binghalib explained, “providing a supportive environment for them to contribute towards a brighter future for our society.”

J.K. Khalil, Division President, East Arabia, Mastercard, underscored AI’s transformative potential across finance, business operations, and global interactions. He expressed Mastercard’s dedication to leveraging AI for positive change and supporting the UAE’s innovation goals.

The AI Challenge invites startups at seed and Series A stages to propose AI-driven solutions in cybersecurity, finance, customer management, productivity, fintech, and ESG. Finalists will pitch their ideas to a panel of experts from the partners.

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The winning startup will receive a $150,000 cash prize, access to Mastercard’s global sponsorships and events, and fast-track entry into Mastercard’s Start Path program. Start Path offers mentoring, innovation opportunities, and connections with a global network of banks and digital players.

Interested participants can register for the AI Challenge by August 25, 2024, at this website.

In recent collaborations, Mastercard launched the Centre for Advanced AI and Cyber Technology in Dubai with the UAE’s AI Office to enhance regional AI capabilities. They also continue a productive partnership with FAB to co-create cutting-edge products and services powered by advanced technologies.