Mohammed bin Rashid Business Innovation Award launched

Sultan bin Saeed Al Mansouri, UAE Minister of Economy, has announced the launch of the Mohammed bin Rashid Al Maktoum Business Innovation Award, an initiative of the Ministry of Economy in cooperation with Dubai Chamber of Commerce and Industry. The award is aimed at turning the UAE to one of the most innovative countries in the world in the next six years.

This initiative is within the framework of the declaration of the year 2015 as the UAE Year of Innovation by the UAE Cabinet under the wise guidance the President His Highness Sheikh Khalifa bin Zayed Al Nahyan and also in line with the innovation strategy, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice- President and Prime Minister of the UAE and Ruler of Dubai, last October.

Al Mansouri stressed that the Mohammed bin Rashid Al Maktoum Business Innovation Award will encourage national companies and organisations to adopt innovation, both in their operations and services, which will not only enhance the stature of the country in global competitiveness reports, that rates 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 further stressed that the award will go a long way in stimulating various economic sectors to move towards innovation and will also support the country to strengthen its global innovation index and to increase its ratings in the top 20 positions of the index in line with the targets of UAE 2021 Vision.

Al Mansouri added that the award will inspire the various government entities as well as private sector companies and organisations to spend more on research and development, which will contribute to the rise in the national economy while inculcating an innovative spirit among the country's youth and will also play a vital role in the UAE's efforts towards building a sustainable knowledge-based economy while contributing at least five per cent to the total GDP by 2021.

The Minister of Economy also explained that his Ministry, in collaboration with Dubai Chamber , will work on setting standards for the award in line with best global benchmarking practices for participating organisations while identifying categories and their terms and conditions to be met by the participants in addition to drafting rules and regulations as well as the selection of the jury panel for the first and current cycle of the award this year.

Hamad Buamim, President and CEO, Dubai Chamber, said that the launch of the Mohammed bin Rashid Al Maktoum Business Innovation Award within the Mohammed bin Rashid Al Maktoum Business Innovation Award means a lot to the business community as this distinct initiative is considered one of its kind honour to recognise innovative companies and is seen as a stimulus to encourage the private sector to adopt innovation for success in their organisations.

"The Mohammed bin Rashid Al Maktoum Business Innovation Award emphasises on excellence and now this Mohammed bin Rashid Al Maktoum Business Innovation Award will encourage businesses to make innovation a key performance area for their operations in line with the Chamber 's various innovation strategies leading to enhancing the competitiveness of the business community while strengthening the emirate's position as a global centre for innovation and creativity.

He further stressed that the award will benefit companies and institutions by helping them to improve their operational performance through innovation and creativity while enhancing their competitiveness and reputation in the business world and will also assist in promoting the emirate's business environment.

The President and CEO of Dubai Chamber also said that the award, which will strengthen the cooperation ties between the Ministry of Economy and Dubai Chamber ,will go a long way in stimulating innovation in the private sector as it will continue to support innovation in various economic sectors while enhancing the business communities' ability to grow and expand in the domestic and global markets.

Mohammed Ahmed bin Abdul Aziz Al Shehhi, Undersecretary for Economic Affairs, UAE Ministry of Economy, said that a concerted effort is required on the part of the public and private sectors to support and promote innovation and to embed the concept into the corporate culture. In fact, the award's launch came from the dedicated efforts of the Ministry of Economy and Dubai Chamber to inspire innovation in the private sector through the institution of the Mohammed bin Rashid Al Maktoum Award for Business Innovation within the Mohammed bin Rashid Al Maktoum Business Innovation Award.

Expressing his delight over the setting up of the award, Al Shehhi added that the award is based on best international standards and will be judged by a very capable jury, known for its competence and experience, which will add value to the award in inspiring businesses and organisations to adopt innovative approaches in achieving success as well as to enhance their competitiveness in the marketplace.

Nicholas J. Webb, world-renowned American innovation speaker and author, who was in Dubai for the Mohammed bin Rashid Al Maktoum Business Innovation Award presentation ceremony, said, "There are many demographic and economic factors that position Dubai as the rising star of innovation, and I feel confident in suggesting that Dubai is well on its way to leading the world as the most innovative city. There is a sincere commitment by the UAE Ministry of Economy and Dubai Chamber to provide the "life-support system" necessary for innovation to thrive. The launch of the business innovation award demonstrated to me a sincere and unwavering commitment by Dubai Chamber to serve and recognise business innovation. This is critical as the organisation moves towards its world leadership role in innovation."

Ang Hak Seng, Chairman of the SQA Management Committee, and Member of the SQA Governing Council, said, ''Attending as one of the Panel of Judges of the Mohammed bin Rashid Al Maktoum Business Innovation  Award has been an insightful experience and journey for me. With the support and commitment from the Dubai Chamber, I am confident the implementation of the new innovation award will further encourage more entrepreneur spirit amongst individuals and enterprises to promote business excellence in the region.

"Poised at the cutting edge of development, Dubai's fast-changing environment necessitates a strong focus on sustainable ground-up innovation practices. Such practices are the life force of companies seeking excellence in production and customer engagement. Businesses will certainly benefit from the Award Programme in their pursuit of excellence," he added.

Another judge, Fadi F. Farra; Co-Founder & Partner, Whiteshield Partners, said: "Innovation is based on the level of knowledge embedded in an economy. Thanks to its diverse economy, Dubai has accumulated strong capabilities across sectors including manufacturing. This "stock of innovation knowledge" is one of the foundations that will help the UAE Government achieve its objective of reaching 5 percent of Innovation GDP by 2021. On its part, the new Innovation award will help raise awareness on what innovation is and how it can be nurtured. The award will set a direction and goal for all companies applying for the honour."

Established in 1965, Dubai Chamber of Commerce & Industry is celebrating its milestone anniversary of 50 years empowering vision in Dubai's business community. A non-profit public entity, Dubai Chamber supports Dubai's vision as a global player by empowering businesses, providing innovative value added services and access to influential networks. Its mission is to represent, support and protect the interests of the business community in Dubai by creating a favourable business environment, supporting the development of business, and by promoting Dubai as an international business hub.

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