Dubai Chamber of Commerce and Industry has commenced the evaluation of applications for both the Mohammed Bin Rashid Al Maktoum Business Award and the newly launched first edition of the Mohammed Bin Rashid Al Maktoum Business Innovation Award, it was announced on Sunday.
The Mohammed Bin Rashid Al Maktoum Business Award, member of the Mohammed Bin Rashid Al Maktoum Global Initiatives, was initiated in 2005 to recognise and celebrate the success of organisations that contribute to the sustainable economic development of the UAE and the greater GCC region.
The Business Innovation Award, a sub-award under the holistic umbrella of the Mohammed Bin Rashid Al Maktoum Business Award, was recently launched in November 2015 in collaboration with the Ministry of Economy within the framework of the UAE's Year of Innovation. As part of the UAE Vision 2021 to move towards a more innovation-driven knowledge economy, the award's objective is to encourage a culture of creativity and innovation in the business community and is the first of its kind in the region.
Sultan bin Saeed Al Mansouri, Minister of Economy, said: "The UAE has adopted innovation as one of the main engines to propel the country's economy to its next phase of development. By encouraging companies to adopt innovation and best practices, the award has paved the way for efficiency in the business sector and stimulated growth across the economy. As the UAE aims to become one of the most innovative countries in the world, Mohammed Bin Rashid Al Maktoum Business Innovation Award has a key role to play in inspiring more companies to embrace innovation and invest heavily on research and development, leading to the overall development of the country."
Hamad Buamim, president and chief executive officer of Dubai Chamber, said: "Innovation is essential in shifting productivity and output upwards and is a unique capability to sustain a firm's foothold in the market and regional competitiveness worldwide. Innovative ideas today result in success tomorrow, which is why we determined that this concept should be recognized through a separate award."
