The Mohammed bin Rashid Al Maktoum Business Prize has been introduced by Dubai Chambers in its newly reinvented form, which includes a number of improvements to the award methodology, evaluation procedures, and prize categories. The award, which was established under the auspices of Mohammed bin Rashid Al Maktoum Global Initiative (MBRGI), stands for the highest level of acknowledgment for organizations’ contributions to the long-term growth of Dubai’s thriving business community.
The new award was introduced today at a special ceremony held at the Dubai Chambers headquarters under the auspices of His Royal Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister, and Ruler of Dubai. Abdul Aziz bin Abdulla Al Ghurair, the chairman of Dubai Chambers,
President & CEO of Dubai Chambers Mohammad Ali Rashed Lootah in the presence of prominent members of the regional business community.
The Mohammed bin Rashid Al Maktoum Business prize and the Dubai Quality Award, two of Dubai’s most prestigious honors for business performance, were combined to create the new prize. The project is an element of Dubai Chambers’ effort to raise standards across the board for businesses.
The award includes four new categories: Outstanding Business Award, Family Business Award, Global Expansion Award, and Digital Innovation Award. The Excellent Business Award is given by Dubai Chambers, while the Family Business Award is given by the Dubai Chamber of Commerce.
In accordance with the city’s vision and the objectives of the D33 economic plan, the award has undergone a major restructure to reflect the demands of the business community. From October 2nd, 2023, applications will be welcomed from businesses engaged in a variety of industries. Businesses with offices in Dubai as well as foreign corporations with regional headquarters there are eligible for the award.
The Mohammed Bin Rashid Al Maktoum Business Award has been restructured to better reflect the ambitions of the Dubai business community in the contemporary era, according to Al Ghurair. The standards for assessment are now closely in line with the strategic aims of Dubai Chambers and are meant to encourage a dedication to establishing an excellence-centered culture.
The award is part of Dubai Chambers’ initiative to foster a culture of imaginative thinking among the local business community and aims to enhance company strategies, processes, and overall performance. The new model, which focuses on procedures and outcomes in important areas as concrete indicators of business success, is based on considerable study and adopts the most recent approaches.
Along with financial success, the review process also looks at strategy, leadership, management of staff, ESG, and digital transformation. In order to be included amongst the top three contenders in each category, participating companies must receive a minimum amount of scores from the award assessors over a wide range of criteria.
During a formal event that will be held in the second half of 2024 in front of participating businesses and esteemed members of the private sector, the winners and runners-up of each prize category will be recognized.
The establishment of a framework for business excellence by Dubai Chambers is intended to motivate organizations to maintain high performance levels through the evaluation process. All candidates will receive a thorough examination of their the submissions, and finalists will also be urged to spread their best practices around the business community with other organizations.