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Dubai Chambers has launched the Mohammed bin Rashid Al Maktoum Business Award in its new reimagined form, which introduces a series of enhancements to the award model, evaluation mechanisms, and award categories. Established under the umbrella of Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI), the award represents the highest level of recognition for the contributions of organisations to the sustainable development of Dubai’s dynamic business community.
Organised under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, the new award was launched during a special ceremony today at Dubai Chambers' headquarters with the participation of Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, and Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, in the presence of leading figures from the local business community.
The new award is the result of the merger of two of Dubai's most prominent awards for business excellence; the previous edition of the Mohammed bin Rashid Al Maktoum Business Award, and the Dubai Quality Award. The initiative comes as part of Dubai Chambers' drive to elevate standards throughout the business landscape.
The award features four new categories including the Outstanding Business Award presented by Dubai Chambers, the Family Business Award presented by Dubai Chamber of Commerce, the Global Expansion Award presented by Dubai International Chamber, and the Digital Innovation Award presented by Dubai Chamber of Digital Economy.
The award has undergone a comprehensive restructuring to reflect the needs of the business community, in line with Dubai's vision and the goals of the D33 economic agenda. Entries will be accepted from companies operating across diverse sectors starting from 2nd October 2023. The award is open to Dubai-based businesses, as well as international companies who have their headquarters in Dubai.
Al Ghurair commented, "With the business landscape continuously evolving, the restructuring of the Mohammed Bin Rashid Al Maktoum Business Award reflects the aspirations of the Dubai business community in the modern era. The evaluation criteria are now closely aligned with Dubai Chambers’ strategic priorities and are aimed at promoting a commitment to achieving a culture of excellence.”
He continued, “We have completely redesigned the award, while also maintaining its primary objective of establishing a platform for the exchange of knowledge and experience to help participating organisations become leaders in their fields. This creates an important tool to support the sustainability of companies and recognises performance, accelerates growth, and improves brand reputation, ultimately enhancing their competitiveness and position in the market by encouraging the adoption of international best practices.”
The award seeks to improve business strategies, processes, and overall performance, and comes as part of Dubai Chambers' drive to promote a culture of creativity and innovation within the local business community. The new model is based on extensive research and reflects the latest methodologies by focusing on processes and results in key areas as tangible measures of business success.
The evaluation process examines areas including leadership, strategy, workforce management, ESG, and digital transformation, in addition to financial performance. Participating companies must achieve a minimum number of points from the award assessors across a detailed range of criteria in order to secure a place among the finalists in each category.
The winners of each award category will be honoured during a grand ceremony to be held during the second quarter of 2024 in the presence of participating companies and distinguished representatives from the private sector.
Dubai Chambers' adoption of a framework for business excellence is designed to encourage companies to continuously improve their performance throughout the evaluation process. All applicants will receive an extensive evaluation report on their submissions, and winners will also be encouraged to share their best practices with other companies throughout the business community.
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