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The assessment phase for the 9th cycle of the Mohammed bin Rashid Al Maktoum Business Award and the 1st edition of the Mohammed bin Rashid Al Maktoum Business Innovation Award recently concluded after the awards generated a strong level of interest and participation, the Dubai Chamber of Commerce and Industry has announced.
The Mohammed Bin Rashid Al Maktoum Business Award, member of the Mohammed Bin Rashid Al Maktoum Global Initiatives, was initiated in 2005 to recognise and celebrate the success of organisations that contribute to the sustainable economic development of the UAE and the wider GCC region. The award covers several categories, namely finance, services, construction, trade, re-export, transport and logistics, and manufacturing.
The Mohammed bin Rashid Al Maktoum Business Innovation Award, launched by Dubai Chamber in cooperation with the UAE Ministry of Economy, aims to encourage companies across the GCC to embrace innovation, and serves as a distinctive benchmark for measuring business excellence. The award places a strategic focus on transforming business models to meet current and future challenges and manage risks.
Preparations have already begun for the prestigious award ceremony, which is set to be held during the first quarter of 2017 in Dubai. The high-profile event, held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, will be attended by dignitaries, distinguished local and international top executives, and business leaders.
The ceremony, open to all companies in the GCC, will recognise outstanding businesses in the region that have contributed positively to their respective economies.
During the assessment phase for the awards, a seasoned team of international experts made site visits to companies that were shortlisted. In this stage, applicants underwent a rigorous evaluation process where they were assessed in key areas of organisational performance such as leadership, strategy, workforce, talent management, and innovation, among several other metrics.
Service manufacturing and trade industries were the predominant sectors represented by participants from the UAE and Saudi Arabia that applied for the MRM Business Award, while a high number of participants from Kuwait, Bahrain, Oman and Qatar also came from service industries.
By participating in the MRM Business Award and the MRM Business Innovation Award, companies take part in an organisational learning experience through training workshops and self-analysis that enables them to benchmark their performance against best in class business practices. Participants also receive valuable feedback in the form of comprehensive reports which helps them develop their capabilities.
For his part, H.E. Hamad Buamim, President and CEO of Dubai Chamber, stressed the significance of the award programme, which has been the fundamental structure of the Chamber’s quest to foster excellence and innovation within the business community in the UAE and GCC region.
“We are very encouraged by the response to both awards which reflects business of all sizes and types across the GCC. The strong level of participation is a testament to the growing incorporation of sustainable and innovative best practices in organisations in this region. It’s clear that more companies are realising the importance of adopting innovative strategies to remain competitive,” said H.E. Buamim.
The award ceremony details will be announced in the coming weeks.
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