Dubai Chamber’s Mohammed bin Rashid Al Maktoum Business Award reaches out to GCC companies

In its continuing journey of excellence, the Dubai Chamber of Commerce and Industry-organised Mohammed Bin Rashid Al Maktoum Business Award expands its scope to embrace Gulf Cooperation Council (GCC) businesses. The idea behind the expansion is to cultivate a world-class business culture in the region and to enhance cooperation ties with GCC chambers. 

After seven successful cycles of honouring exceptional institutional performance in the UAE, the award now reaches out to the GCC companies as a first step of its transformation into an international award by the year 2020, when Dubai will be hosting Expo 2020 on its soil. 

Now, in its eighth cycle, the award is out to celebrate the success of GCC-based organisations who are leading the way to establish new business excellence standards. To date, the award has honoured 109 companies out of the 1,100 participating companies of different types and sizes coming from various economic sectors in the country. 

Dubai Chamber will soon launch a promotional tour of the region in cooperation with the GCC chambers to introduce the Mohammed bin Rashid Al Maktoum Business Award’s concept of honouring business excellence and its participation criteria and categories as well as the benefits of competing and benchmarking their performance against the best in the corporate world. 

Through the establishment of a MoU, the new founded partnerships between Dubai and GCC chambers will form the foundation of a longstanding and valuable collaboration to further sophisticate and enhance the practice of the award program throughout the GCC. As a collaborative effort, all of the involved GCC chambers will play an integral role in raising the standards of business excellence and contributing to the sustainable growth of the GCC economies.  

H.E. Hamad Buamim, President and CEO, Dubai Chamber, stated that the Mohammed bin Rashid Al Maktoum Business Award has set a qualitative high level of business excellence in the UAE and for its next phase of growth and development is dedicated to cultivate world-class business culture in the region, with the ultimate goal of creating a competitive business environment that fosters trade, business development, and job creation. 

H.E. Buamim said that the award has been gradually evolving since its inception in 2005 and is starting a new phase in its eighth cycle by supporting and encouraging institutional performance across the GCC region with the valuable contribution of the local chambers of commerce who will assist their business communities in their journey to excellence and ultimately celebrate the success of the current cycle. 

His Excellency added that the award has carved a niche for itself as a prominent business award in the country. Now, with its agenda of recognising and celebrating the success of high performing companies in the region, 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, he said. 

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. 

Since its inception in 2005, 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.