Mohammed Bin Rashid Al Maktoum Business Awards See Sharp Increase In UAE And GCC Applicants

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

The number of companies in the region applying for the 2^nd 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 international experts conducts site visits to shortlisted companies to assess their organisational 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 world.

H.E. Buamim noted that the wide variety of companies applying for the current awards cycle shows a strong commitment on the part of businesses in the region to integrating 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 will provide platform for applicants to improve their practices and know-how and gain valuable industry insights. The Module will consist of 5 training workshops, 3 best practice seminars 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.