The Dubai Chamber has announced the commencement of registration for the second edition of the Mohammed bin Rashid Al Maktoum Business Award, now in its revamped format. This award is recognized as the highest honor for companies contributing to sustainable development in Dubai, celebrating those committed to excellence, innovation, and continuous improvement that enhance the competitiveness of the local business community.
Registration for the award was unveiled during the recent “Renewed Excellence” forum held by the Dubai Chamber at its headquarters, which attracted over 100 representatives from the business community. The forum focused on the latest standards and trends in excellence, as well as effective models across various dimensions of corporate operations, from operational processes and human capital management to technological innovation and financial administration. The goal was to support performance development, enhance institutional resilience, and create sustainable value for businesses.
During the forum, several experts shared key corporate strategies adopted by leading companies to boost competitive capabilities, elevate performance metrics, and create a long-term positive impact. They also discussed optimal benchmarking methods for strategic excellence and highlighted best global practices in areas such as leadership, corporate culture, and operational management.
According to Khalid Al Ghurair, Vice President of Commercial and Corporate Services at Dubai Chamber: “The Mohammed bin Rashid Al Maktoum Business Award aims to support companies of all sizes and sectors on their journey towards achieving sustainable institutional excellence. Dubai Chamber is dedicated to providing the tools and platforms that enable the business community to adopt global best practices, enhance corporate performance standards, and strengthen business agility and competitiveness amid rapid changes while seizing promising opportunities.”
The Mohammed bin Rashid Al Maktoum Business Award, part of the Mohammed bin Rashid Global Initiatives, recognizes outstanding companies across four main categories aligned with the strategic objectives of Dubai Chamber. Dubai Chamber oversees the award for distinguished companies, while the Dubai Chamber of Commerce sponsors the award for family businesses. The Dubai International Chamber supports the award for global expansion, and the Dubai Chamber of Digital Economy sponsors the award for digital innovation.
Dubai Chamber employs a global excellence framework for the award, motivating companies towards continuous improvement through evaluation processes. The award model reflects the latest methodologies, focusing on processes and outcomes in critical areas such as leadership, strategy, workforce management, environmental and social governance, corporate governance, digital transformation, and financial performance.
The Mohammed bin Rashid Al Maktoum Business Award is part of Dubai Chamber’s efforts to foster a culture of excellence within the business community, emphasizing the importance of adopting innovative practices in corporate operations locally. Winning companies are encouraged to share their best practices with others in the broader business community, and all applicants receive a comprehensive evaluation report on their submissions.
It is noteworthy that the award was initiated in 2005 under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, to honor institutions supporting sustainable economic development efforts. In 2023, the award’s model underwent a comprehensive restructuring to reflect the needs of the global business community and align with Dubai’s D33 economic agenda. By September 2023, Dubai Chamber launched the award in its new format under the umbrella of the “Mohammed bin Rashid Global Initiatives,” following significant changes to the award model, evaluation mechanisms, frameworks, and categories.
Dubai Chamber offers participation in the award to all local companies in Dubai as well as global firms with regional headquarters in the emirate, across various sectors and fields of business.