The Mohammed Bin Rashid Al Maktoum Business Innovation Award is aimed at enhancing the competitiveness of the emirate’s business sector to make the UAE one of the most innovative countries in the world in the next five years. This was shared by Dubai Chamber of Commerce and Industry president and chief executive officer Hamad Buamim during an interview with Khaleej Times.
“As the first award of its kind in the region, the Mohammed Bin Rashid Al Maktoum Business Innovation Award was launched by Dubai Chamber in collaboration with the Ministry of Economy in November 2015 with the objective of cultivating a culture of creativity and innovation in the business community across the GCC region,” Buamim said.
Local, regional and international organisations of all sizes and types operating in any of the GCC countries are welcome to participate in the Innovation Award but they must be a for-profit and private organisation. Secondly, they must be operating in any of the GCC countries for the last two years. And finally, they must hold a valid operating license from the GCC country.
The Mohammed bin Rashid Al Maktoum Business Innovation Award will encourage organisations to adopt innovation, both in their operations and services, and will encourage companies to create an environment which is conducive to and supportive of innovation both in the way the organisation is run and in the way employees work. This will help organisations to develop more innovative processes, products and services which create more value, and will motivate employees to be resourceful and imaginative.
The Mohammed Bin Rashid Al Maktoum Business Innovation Award will go a long way in stimulating innovation in the private sector to help businesses improve their operational performance, Buamim said, adding: “Our innovation framework enables organisations to implement globally acclaimed best business practices to ensure a holistic approach to innovation excellence for an organisation. By supporting innovation in various economic sectors, the award will enhance the business communities’ ability to grow and expand in domestic and global markets.”
He added: “Increasing the innovation level of companies will not only enhance the stature of the country in global competitiveness reports which rate international businesses, but will also help the UAE to support and develop various businesses to improve best practices while recognising them for their contribution to the overall economic growth of the country.”
He mentioned that the response to the first award has been very positive. “We witnessed a great influx of organisations applying for the first edition of this Award, with 40 per cent more applicants than initially projected for in the first year,” he informed.
Mohammed Bin Rashid Al Maktoum Business Innovation Award enables participating companies to develop and implement a systematic and robust system to harness innovation. The award fosters a culture of innovation within the company and drives breakthrough performance. It also strengthens the organisation’s reputation as an innovative organisation capable of managing changes and continuously satisfying customer’s needs.
Apart from enabling organisations to learn about best-in-class innovative cultures, processes, and underlying dynamics, the award provides a comprehensive Feedback Report outlining the innovation key strengths and areas of improvement, enabling organisations to document achievements and plan progress.
“Applicants to the award participate in a learning module, attending seminars on best practices, training workshops, advisory sessions, conferences on innovative practices, and more. Thus, even those applicants who don’t win stand to gain a lot, as they come away from the award application process with new knowledge and resources which better position them to be innovative leaders in their respective industries,” Buamim said.
MRM Business Award
Dubai Chamber initiated the Mohammed Bin Rashid Al Maktoum Business Award in 2005 under the patronage of His Highness Shaikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The 9th Cycle of the MRM Business Award commenced in November 2015.
The Award Programme, which advocates the improvement of business strategies, processes and overall performance, has been the fundamental structure of Dubai Chamber’s quest to foster excellence within its business community and that of the GCC.
“The award has contributed to the development of world class business culture in the region, and created a high level competitive business environment that fosters trade, business development, and job creation, ultimately leading to solid and sustainable growth of the GCC economies,” Buamim said.
Since its inception in 2005, over 1,400 organisations across a variety of economic sectors have applied for the award, with 120 organisations recognized for their outstanding achievements.
