Dubai Chambers presents the enhanced Mohammed bin Rashid Al Maktoum Business Award

Dubai Chambers has launched the Mohammed bin Rashid Al Maktoum Business Award in its new reinvented form, which introduces a series of improvements to the awards model, evaluation mechanisms and award categories. Established under the umbrella of Mohammed bin Rashid Al Maktoum’s global initiatives (MBRGI), the award represents the highest level of recognition of organizations’ contributions to the sustainable development of Dubai’s dynamic business community.

Organized under the sponsorship of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of DubaiThe new award was launched today during a special ceremony at the Dubai Chambers headquarters featuring Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, and Mohammad Ali Rashed Lootah, Chairman and CEO of Dubai Chambers, in the presence of prominent figures . of the local business community.

The new award is the result of the merger of two of Dubai’s most prominent business excellence awards; the previous edition of Mohammed bin Rashid Al Maktoum Business Awardand the Dubai Quality Award. The initiative comes as part of Dubai Chambers’ drive to raise standards across the business landscape.

The award features four new categories, including Outstanding Company Award presented by Dubai Chambers, the Family Business Award presented by the Dubai Chamber of Commerce, the Global Expansion Award presented by the 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 objectives of the D33 economic agenda. Entries will be accepted from companies operating in various sectors starting October 2, 2023. The award is open to companies based in Dubai, as well as international companies based in Dubai.

Al-Ghurair commented,

“As the business landscape continually evolves, the restructuring of the Mohammed Bin Rashid Al Maktoum Business Award reflects the aspirations of Dubai’s business community in the modern era. The evaluation criteria are now closely aligned with the strategic priorities of Dubai Chambers and aim to promote a commitment to achieving a culture of excellence.”

He continued,

“We have completely redesigned the award, while maintaining its primary objective of establishing a platform for the exchange of knowledge and experience to help participating organizations become leaders in their fields. This creates an important tool to support business sustainability and recognizes performance, accelerates growth and enhances brand reputation, ultimately improving its competitiveness and market position 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 evaluators across a detailed range of criteria to secure a place among the finalists in each category.

The winners of each award category will be honored during a grand ceremony to be held during the second quarter of 2024 in the presence of participating companies and distinguished private sector representatives.

Dubai ChambersAdopting a framework for business excellence is designed to encourage companies to continually improve their performance throughout the evaluation process. All applicants will receive an extensive evaluation report of their submissions and winners will also be encouraged to share their best practices with other companies in the business community.

News source: Emirates News Agency