Mohammed Bin Rashid Al Maktoum Business Award
As part of its efforts to support institutional performance in the region and to encourage GCC-based companies to participate in its prestigious Mohammed Bin Rashid Al Maktoum Business Award, Dubai Chamber of Commerce and Industry launched promotional roadshows in Oman and Bahrain recently.
During the course of the roadshow in Oman, Dubai Chamber participated in a seminar entitled Omani Youth and Entrepreneurship organised by the Oman Chamber of Commerce and Industry in the Dhofar governorate. The seminar was held under the patronage of H.E. Dr. Ali Bin Masoud Al Sunaidi, Omani Minister of Commerce and Industry.
This was the right platform for the Chamber to address young entrepreneurs and to explain to them the benefits of participating in the Mohammed Bin Rashid Al Maktoum Business Award which now aims at enhancing growth and competitiveness of GCC businesses across the world while encouraging sharing of best practices in the region.
Also, during its roadshow in Bahrain, Dubai Chamber signed a Memorandum of Understanding (MoU) with the Bahrain Chamber of Commerce and Industry to enhance cooperation between the two Chambers in the area of providing logistical support for seminars, training workshops and discussion sessions while encouraging Bahraini companies’ participation in the award.
The MoU was signed by Mr. Atiq Juma Nasib, Senior Vice President, Commercial Services Sector, Dubai Chamber, and H.E. Nabil Al Rahman Al Mahmoud, CEO, Bahrain Chamber of Commerce and Industry.
Mr. Atiq Juma Nasib informed that as a first step of its transformation into an international award by the year 2020, the Chamber-organised Mohammed Bin Rashid Al Maktoum Business Award now in its eighth cycle has opened its doors to companies in the GCC countries.
The prestigious annual award is out to celebrate the success of GCC-based organisations who are leading the way to establish new business excellence standards.
‘‘These roadshows allowed us to raise awareness of the concept of honouring business excellence to regional businesses and the award’s participation criteria and categories as well as the benefits of competing and benchmarking their performance against the best in the corporate world,’’ he said.
Mr. Nasib further stressed that prior to the launch of the roadshows we have received applications from a number of participating companies and we expect these numbers to go up extensively after the completion of the roadshows and due to the valuable contribution of the local chambers of commerce who will assist their business communities in their journey to excellence.
He invited Omani and Bahraini companies to participate in the award and to avail the opportunity of comparing their performance with the best in the sector as he said that these companies have the capability to participate in such awards and vie for the top slot.
‘‘The award will bind the long-time trading partners in the UAE and the entire Gulf region by creating a healthy competition amongst them while creating a valuable partnership with our GCC counterparts,’’ added Mr. Nasib.
He further said that GCC Chambers will also have a role to play in this transformation process of encouraging innovation and the creation of competitive advantages in the region.
On his part, H.E. Al Mahmoud welcomed the cooperation with Dubai Chamber stating that the participation of Bahraini companies in the award will not only send a spirit of competition in them but will also highlight the achievements and innovations of the various economic sectors in the country. He wished success to all institutions and private sector companies participating in the prestigious award.
The CEO of Bahrain Chamber of Commerce and Industry lauded the excellent interaction of Bahraini businesses with Dubai Chamber and their enthusiasm in participating in the award which he said emphasises on institutional performance as he also expressed his appreciation of Dubai Chamber’s efforts in inspiring Bahraini companies to vie for the awards.
Since its launch in 2005, the past seven cycles of the award have helped over 1,000 organisations across a variety of economic sectors while till date, 109 companies have been awarded for their outstanding achievements in setting an example in excellence.
The prestigious award, which is a Dubai Chamber initiative, is organised annually under the patronage of H.H. Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice-President and Prime Minister and Ruler of Dubai, and has won for Dubai Chamber the Dubai Government Excellence Program Best Administrative Project Award for 2007. On its part, the Award honours institutional performance and helps create a competitive business environment in the country.
Over the years, the award has assisted many companies meet international standards to achieve excellence. It helps participating organisations gain experience through self-analysis and align their management techniques with world-class practices while also to benefit from other participants’ experiences in institutional performance. It also provides them with a detailed report on their overall performance including the organisation’s strengths and areas of improvement.