FAQs

Frequently Asked Questions about Mohammed Bin Rashid Al Maktoum Business Award

  1. What is the Mohammed Bin Rashid Al Maktoum Business Award?
  2. What is the Mohammed Bin Rashid Al Maktoum Business Innovation Award?
  3. Can my organisation apply for the two Awards?
  4. Are the Awards dedicated only for large and elite companies?
  5. My organisation participation is confidential or public?
  6. What is the eligibility criteria to participate?
  7. What are the benefits of participation?
  8. When should organisations start their participation?
  9. How many organisations receive the award in each award cycle?
  10. How are the winners selected?

 

1. What is the Mohammed Bin Rashid Al Maktoum Business Award?
The Mohammed Bin Rashid Al Maktoum Business Award, a member of the Mohammed Bin Rashid Global Initiatives, was initiated by the Dubai Chamber of Commerce and Industry in 2005 under the patronage of H.H. Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, to recognize and celebrate the success of organisations that contribute to the sustainable economic development of the UAE and the greater GCC region.

The award, which is the highest level of recognition of business excellence that an organisation can achieve in the region, is supported by the Mohammed Bin Rashid Al Maktoum Business Award Program; an intensive qualification initiative for GCC businesses aiming to synergize with state-of-the-art international business best practices, with the ultimate goal of providing a robust learning platform to nurture organizations into leading players in the global market.

2. What is the Mohammed Bin Rashid Al Maktoum Business Innovation Award?
The Mohammed Bin Rashid Al Maktoum Business Innovation Award, was initiated in 2015 by the Dubai Chamber of Commerce and Industry in cooperation with the UAE Ministry of Economy to recognize and celebrate the success of companies who are proven to be leaders in the realm of innovation, and whose outstanding practices and achievements in innovation contribute to the development of their economies and serve as an inspiration for all like-minded companies across the GCC.

The Mohammed Bin Rashid Al Maktoum Business Innovation Award is a unique niche award that provides businesses in the GCC a distinctive benchmark for their business practices and performance in innovation and appreciate its related enabling areas that are embedded in the Excellence model.

3. Can my organisation apply for the two Awards?
Yes. The two Award Programs run in parallel during the same period of time and organisations are welcome to apply for the Business Award and/ or the Business Innovation Award at the same time.
4. Are the Awards dedicated only for large and elite companies?
No. The Awards are dedicated to all of the GCC business community and all size organisations from all industries are welcome to participate.
5. My organisation participation is confidential or public?
The participant organisations identity is absolutely confidential unless they receive the Award. Furthermore, all information provided by participants is confidential and protected under internal Non-Disclosure Agreements, protocols and procedures that are in place to protect the organisations and ensure the integrity of the two Awards.
6. What is the eligibility criteria to participate?
Organisations who wish to participate in the Business Award and/ or Business Innovation Award must meet all of the following eligibility criteria:

  1. Must be a for-profit and private organization.
  2. Must be operating in any of the GCC countries for the last three years.
  3. Must hold a valid Operating License from the GCC country where the company is based.

Exclusions:
Groups or Holding companies are not eligible to participate as a whole. However, individual companies from the Group or Holding are welcome to participate in the Award Program.

7. What are the benefits of participation?
Overall, each participant gains a bird’s eye perspective on their processes and results based on a self-assessment and benchmarking against international business and innovation best practices as well as several hours of review by a body of experienced Assessors. The results of these reviews are synthesized in a Feedback Report outlining the Strengths and Areas of Improvement for each Area of the Model. Participant organisations use the Feedback Reports on their strategic planning process to improve current or future processes and associated results which ultimately will lead to organisational growth.
8. When should organisations start their participation?
Organisations are strongly advised to start their participation at the earliest once the registration phase is open. By starting early, organisations will have more time to go through the Model criteria and understand how it works, attend the Seminars and Training Workshops, and organize, draft, review and submit the final Award Application Document within the deadline.

In addition, because the number of participants is limited the registration deadline can be anticipated.

9. How many organisations receive the award in each award cycle?
There isn’t a defined number of awards to be delivered in each award cycle, as the number of winners solely depends on the quality of the business practices conducted by the participating organisations and the associated results.
10. How are the winners selected?
A team of assessors conducts a thorough assessment of each organisation’s Award Application document according to the model criteria and those organisations who meet the required desk score threshold are eligible to receive a site visit assessment and continue on the run for the Award. Based on the findings of the site visit, the assessors review and define the organisation’s final score. The assessors then shortlist and propose outperforming companies to the Award Panel of Judges who then review and endorse the winners to be recognized at the Award Ceremony.

For any inquiries please contact:
Email: businessaward@dubaichamber.com
Telephone: +97142028203/ 258/ 267
From: Sunday to Thursday, 8.00 am to 4.00 pm (GST)
Address: Dubai Chamber of Commerce and Industry, P.O. Box 1457, Dubai, UAE

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