Dubai Chambers has unveiled a revamped version of the Mohammed bin Rashid Al Maktoum Business Award, introducing a series of improvements to its structure, evaluation methods, and award categories. Under the auspices of Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI), this award represents the highest form of recognition for organizations contributing to the sustainable development of Dubai’s dynamic business community.
Launched with the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, the new award was introduced during a special ceremony at Dubai Chambers’ headquarters. Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, and Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, participated in the event, along with prominent figures from the local business community.
The new award results from the merger of two of Dubai’s most prestigious business excellence awards: the previous edition of the Mohammed bin Rashid Al Maktoum Business Award and the Dubai Quality Award. This initiative aligns with Dubai Chambers’ mission to elevate standards across the business landscape.
The enhanced award introduces 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 cater to 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 from October 2, 2023. The award is open to Dubai-based businesses and international companies with their headquarters in Dubai.
Chairman Al Ghurair stated,
“As the business landscape continuously evolves, 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 now align closely with Dubai Chambers’ strategic priorities, aimed at fostering a commitment to achieving a culture of excellence.”
“We have completely redesigned the award, while retaining its primary objective of providing a platform for the exchange of knowledge and experience to help participating organizations become leaders in their fields. This becomes a crucial tool in supporting the sustainability of companies, recognizing performance, accelerating growth, and enhancing brand reputation, ultimately improving competitiveness and market positioning by encouraging the adoption of international best practices.”
The award aims to enhance business strategies, processes, and overall performance, as part of Dubai Chambers’ efforts to promote a culture of creativity and innovation within the local business community. The new model is research-driven and reflects the latest methodologies by emphasizing processes and tangible results as key measures of business success in critical areas.
The evaluation process covers leadership, strategy, workforce management, ESG, digital transformation, and financial performance. Participating companies must attain a minimum score from award assessors across a comprehensive range of criteria to qualify as finalists in each category.
Winners in each award category will be celebrated at a grand ceremony in the second quarter of 2024, attended by participating companies and distinguished representatives from the private sector.
Dubai Chambers’ adoption of a business excellence framework aims to encourage continuous improvement throughout the evaluation process. All applicants will receive a detailed evaluation report on their submissions, and winners will be encouraged to share their best practices with other companies in the business community.