Acknowledging role of private sector

Dubai: Shaikh Ahmad Bin Saeed Al Maktoum, president of Dubai Civil Aviation Authority and chairman and chief executive of Emirates Group, on Tuesday honoured 17 companies with Mohammad Bin Rashid Al Maktoum (MRM) Business Award for their outstanding contributions.

Now in its third year, the event, organised by the Dubai Chamber of Commerce and Industry, drew strong attendance by foreign dignitaries, heads of government departments, members of the Dubai Chamber's board, business council and trade centre representatives and business leaders.

Among the winners were SS Lootah Ready Mix Concrete, National Bank of Abu Dhabi, Emirates Bank, Damas, Arabtec Construction and Emaar Properties.

Vibrant

More than 100,000 companies registered with Dubai Chamber comprise Dubai's private sector, one of the most vibrant in the region. More than 80 per cent of Dubai's companies are small and medium enterprises.

Abdul Rahman Saif Al Ghurair, first vice-chairman of the Dubai Chamber, acknowledged Dubai's support for the private sector by encouraging businesses to excel.

The award was launched in 2005 to recognise the success of UAE companies that have contributed to the country's economic growth.

The winners were selected by a judging panel consisting of six local and foreign economists. The judges chose the winners based on a Business High Performance Model developed by Dubai Chamber.

It covered issues related to the management and performance of businesses in manufacturing, finance, re-export and construction.

Al Ghurair said the scope of the award had been expanded to include real estate development, considered to be one of the "fastest growing economic sectors in the UAE".

He said firms operating under the Dubai International Financial Centre and those at the UAE's free zones were also allowed to apply.

Sultan Bin Saeed Al Mansoori, who headed the panel of judges, said the award had "acquired a massive importance due to its role in highlighting the best business practices and excellent performance of certain firms".

Excellence: List of winners

SS Lootah Ready Mix Concrete, Steven Rock, Jotun UAE (manufacturing), National Bank of Abu Dhabi, HSBC Bank, UAE Money Exchange Centre, Emirates Bank (finance), Damas, Apparel (re-export), ETA Ascon, Al Hamad Building Contracting Co, Arabtec Construction (construction), Emaar Properties, Union Properties, Tameer Holding Investment (real estate development), Clipsal Middle East, Acer Computers ME (free zone, manufacturing)