Dubai Chambers unveils ‘reimagined’ Mohammed bin Rashid Al Maktoum Business Award

The Mohammed bin Rashid Al Maktoum Business Award has a new “reimagined” format.

Dubai Chambers recently unveiled the new award, which is a merger of the previous Mohammed bin Rashid Al Maktoum Business Award and the Dubai Quality Award.

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.

The new format comprises a series of enhancements to the award model, evaluation mechanisms and award categories.

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.

Entries will be accepted from companies operating across different sectors starting from October 2.

The award is open to Dubai-based businesses, as well as international companies who have their headquarters in Dubai.

Abdul Aziz Abdulla Al Ghurair, chairman of Dubai Chambers, commented: “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 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.

Mohammed bin Rashid Al Maktoum Business Award: Evaluation and criteria

The evaluation process examines areas including leadership, strategy, workforce management, ESG, digital transformation and the company’s 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.

A grand ceremony will be held during the second quarter of 2024 to award the winners of each award category.

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.

The Mohammed bin Rashid Al Maktoum Business Award was originally launched in 2005 under the patronage of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to recognise the efforts of organisations that supported sustainable economic development in the UAE.