Published On: 21-5-2018

• H.E. Buamim: Strong response to the awards is a testament to growing awareness of business excellence and keenness among GCC companies to adopt global best practices

• Assessment phase for the Awards is currently underway which involves a rigorous evaluation of applicants’ organisational practices and performance

Dubai, UAE: The Dubai Chamber of Commerce and Industry has announced that it recorded a 61% increase in the number of companies from the UAE and GCC applying for the 10th cycle of the Mohammed bin Rashid Al Maktoum (MRM) Business Award, compared to the previous cycle.

The number of companies in the region applying for the 2nd cycle of the MRM Business Innovation Award rose by 21%, compared to the previous cycle.

The assessment phase for both awards is currently underway which involves a rigorous evaluation process. During this phase, a seasoned team of local and international experts conduct site visits to shortlisted companies to assess their organisational practices and performance in key areas such as leadership, strategy, workforce, talent management, and innovation, among several other metrics.

For his part, H.E. Hamad Buamim, President and CEO of Dubai Chamber, said the strong response to the awards is a testament to the growing awareness of business excellence among GCC companies, adding that more companies have realised the need to innovate to remain competitive in a fast-changing business environment.

H.E. Buamim noted that the wide variety of companies that applied for the current cycle of the awards shows a strong commitment on the part of companies in the region to integrate global best practices into their operations in an effort to improve efficiency and performance.

He explained that the sharp increase in applications also reflects the significance of the prestigious MRM Business Award Program and its success in fostering a culture of excellence and innovation within business communities across the GCC.

The recently finalised Learning Module of the MRM Business Award Program provided a platform for applicants to improve their practices and know-how on excellence and innovation best practices. The Module consisted of 1 International Conference, 3 business best practice seminars, 5 training workshops and 3 roundtable discussions.

A member of the Mohammed Bin Rashid Al Maktoum Global Initiatives and an initiative of Dubai Chamber, the MRM Business Award 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 MRM Business Innovation Award, launched by Dubai Chamber in cooperation with the UAE Ministry of Economy in 2015, aims to encourage companies across the GCC to embrace innovation. The award places a strategic focus on transforming business models to meet current and future challenges.