Published On: 26-11-2018

Dubai, UAE: The assessment phase for the 10th cycle of the Mohammed bin Rashid Al Maktoum (MRM) Business Award and the 2nd cycle of the Mohammed bin Rashid Al Maktoum Business Innovation Award has concluded, Dubai Chamber of Commerce and Industry announced today.

Preparations are currently underway for the prestigious awards ceremony, which will be held on February 26th 2019 under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

The high-profile event, taking place at Dubai Opera, will be attended by dignitaries, distinguished local and international top executives, and business leaders. The ceremony will recognise companies in the region that demonstrated outstanding business practices and contributed positively to their respective economies. The free-to-attend event is open to all business communities across the GCC.

During the assessment phase for the awards, a seasoned team of local and international experts made site visits to companies that were shortlisted across the GCC region. In this stage, applicants underwent a rigorous evaluation process where they were assessed in key areas of organisational performance such as Customer, Innovation, Strategy, Leadership, among others. Applicants’ business and innovation practices and results were evaluated based on the criteria outlined in the MRM Business Performance Model.

Following the assessment phase, outstanding organisations that have a performance-based system in place that ensures progressive development are shortlisted as award winners by the Award Panel of Judges, chaired by H.E. Sultan bin Saeed Al Mansoori, UAE Minister of Economy.

H.E. Hamad Buamim, President & CEO of Dubai Chamber of Commerce and Industry, explained that participation in the MRM Business Award and MRM Business Innovation Award includes far-reaching benefits for companies as applicants go through an organisational learning experience and receive valuable feedback in the form of comprehensive reports, enabling them to benchmark their performance against best in class business practices.

“By adopting the MRM Business Performance Model and its systematic approach, organisations are enhancing their competitiveness, raising industry standards, and leading the way to become world-class role models,” said H.E. Buamim, who added that interest and participation in the award programme continues to grow with every new cycle.

The MRM Business Award, a member of the Mohammed Bin Rashid Al Maktoum Global Initiatives, was initiated in 2005 to recognise and celebrate the success of organisations that contribute to the sustainable economic development of the UAE and the wider GCC region. The award covers several categories, namely finance, services, construction, trade, re-export, transport and logistics, and manufacturing.

The MRM Business Innovation Award, launched by Dubai Chamber in cooperation with the UAE Ministry of Economy, aims to encourage companies across the GCC to embrace innovation, and serves as a distinctive benchmark for measuring innovation excellence. The award places a strategic focus on transforming business models to meet current and future challenges and manage risks.