Dubai: The Dubai Chamber of Commerce and Industry on Tuesday held the ninth edition of the Mohammad Bin Rashid Al Maktoum (MRM) Business Awards, recognising 30 companies in the areas of excellence and innovation.
The chamber also launched the first edition of awards for innovation, with the top prize there going to Abu Dhabi Commercial Bank (ADCB). The top award in business excellence went to DP World.
Hamad Bu Amim, president and chief executive officer of Dubai Chamber, said the chamber plans to boost its focus on innovation and is working with companies in the private sector to drive innovation. He said such a move is in line with Dubai’s plans to transition to a knowledge-based economy.
“We have made innovation a major focus of our strategies, operations and activities in recent years, and will plan to build on our progress in 2017 and in the years to come,” Bu Amim said.
He added that he expected the launch of the innovation award to encourage businesses across the GCC to adapt innovation strategies to support the economy’s development.
“The UAE announced that [it has] a target of 5 per cent of GDP [Gross Domestic Product] coming from innovation by 2022, and to do that, businesses have to innovate. We have no doubt that showcasing the winners today will encourage others to continue the work.”
He said the chamber had received around 300 applicants for the award and each would receive feedback on what they do and how it is compared to the company that won in hopes they would use that feedback to innovate.
ADCB, which bagged the top award in innovation, said it will continue to implement new technology to enhance operations and customer experience.
The bank said it is currently looking at integrating an element of artificial intelligence, which can be used for making credit decisions.
Meanwhile, the Dubai Chamber said it is looking into developing the reach of the award to make it global by 2020.
The awards on Tuesday were handed by Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai and first Deputy Chairman of the Dubai Executive Council.
The MRM Business Award, a member of the Mohammad Bin Rashid Al Maktoum Global Initiatives, was initiated in 2005 to recognise the success of companies that contribute to the economies of the UAE and the GCC.
Over 1,400 companies have participated in the award since then.
The awards cover seven categories — trade, finance, manufacturing, services, construction, re-export, and transport and logistics.
The panel of judges for the awards is chaired by Sultan Al Mansouri, the UAE’s Minister of Economy. Also on the panel are Mohammad Al Shehhi, Undersecretary for Economic Affairs at the Ministry of Economy; and Duke Urbanik, cofounder of The Venture Generator and Yes! Delft Entrepreneur in Residence.
Mohammad Bin Rashid Al Maktoum Business Award
- Al Ansari Exchange
- Gulf Insurance Group
- Orient Insurance
- UAE Exchange
- Union National Bank
- AON Middle East
- NMC Specialty Hospital
- Vanguard Reservoir Surveillance Services
- Zamil Offshore Services Company
- Zulekha Hospital
- Axiom Telecom
- Mohammed Naser Al Sayer & Sons
- NMC Trading
- Binzagr Unilever
- Damas Jewellery
- Dow Chemical IMEA
- Gulf Extrusions
- Gulf Petrochemical Industries
- National Fire Fighting Manufacturing
- DP World (UAE)
- Doka Gulf
Outstanding Award for Business Excellence
Mohammad Bin Rashid Al Maktoum Business Innovation Award
- Abu Dhabi Commercial Bank
- Dar Al Sharia Islamic Finance Consultancy
- Huawei Tech (UAE)
- Network International
- X Architects
- Gulf Petrochemical Industries Co.
- Kimoha Entrepreneurs
- DP World (UAE)
Outstanding Award for Business Innovation
Abu Dhabi Commercial Bank