dubai chamber organizes first seminar to introduce financial firms to the participation process in mrm business award 2007
Dubai Chamber of Commerce & Industry organized a seminar dedicated for the financial firms operating at Dubai International Financial Center (DIFC) to introduce them to the specifications and participation process in the Mohammed bin Rashid Al Maktoum (MRM) Business Award 2007 in its third round. The seminar provided the participants with guiding information about the categories and criteria of the Award, along with the benefits they could gain through being involved in the process of participating in this prestigious Award.
Atiq Juma Nasib, Director of Trade and Business Development Department at Dubai Chamber and In-charge of the MRM Business Award Unit, introduced the participating representatives of DIFC firms to the concepts and objectives of the Award stressing on certain business performance-related conditions which should be available by each firm.
“The seminars organized by Dubai Chamber on the MRM Business Award are quite important in terms of helping eligible firms willing to participate in the Award under one of its 5 categories to learn about the necessary preparation and the required criteria. These seminars provide the participants with useful information about the Award and its importance and answers their inquiries,” said Nasib.
He pointed out that the importance of the Award lies in naming it after His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. The Award reflects his vision and support to the economic sector activities, as well as Dubai Chamber’s interest to organize the Award every year as it goes in line with the Chamber’s strategy in enhancing the competitiveness of the business community.
He added that Dubai Chamber’s launch of the Award for the third successive year comes after the success the Award gained in its previous two rounds, and in ensuring the benefits the participating firms have gained as engaging in critical self-analysis of their business performance and having a related detailed feedback report.
Nasib noted that the main objective of the Award is to appreciate the efforts of corporations which have effectively contributed to the development of business sectors in the UAE through their outstanding performance. The Award provides the participating companies with the opportunity to get many benefits such as acquiring corporate-related expertise based on self-analysis of their performance, enhancing their competitiveness and comparing the type of their management with the best practices of other establishments working in the same sector, he added.
He said that the Award this year is more comprehensive with the addition of new categories aiming to enable more companies operating in Dubai and other emirates to apply and test the efficiency of their performance, especially with the great response which the Award gained since it was first launched in 2005.
Nasib pointed out that a large number of companies participated in the first round of the Award in 2005 under four main categories: Manufacturing, Finance, Export and Re-export. But the Award’s management underwent other changes in its second round in 2006 to enable the companies operating in the UAE’s free zones to participate in the Award and estimate their business performance and competitiveness. The changes of the Award in 2006 included extending the Finance category to cover the insurance companies, merging the Export category into the Manufacturing category, and introducing a new category for Construction due to the importance and huge contributions of this sector to the national economy.
He pointed out that the new changes of the Award 2007 include adding a new fifth category of “Real Estate Development”. The new category was added the Award’s four main categories: Manufacturing, Finance, Re-Export, and Construction. The Real Estate Development category has been added due its importance as one of the fastest growing economic sectors in the UAE, as well as its huge contribution to economy. Moreover, the companies operating under the Dubai International Financial Center (DIFC) will also be entitled to apply for the MRM Business Award for Free Zones under the new category of “Finance”. The Finance category did not cover the free zone companies during the Award’s second round in 2006.
“The changes applied on the Award each round goes in line with Dubai Chamber’s vision and future prospective which in turn cope with Dubai Strategic Plan. The Chamber always adopts effective initiatives that aim at developing the business sectors,” Nasib added.
He talked about the eligibility of participation in the Award stressing that any licensed enterprise that operates in the UAE and registered at one of the country’s chambers of commerce and industry is liable to apply for the Award under one of its five categories provided that the enterprise is established for a minimum of two years.
The assessment criteria of the Award are based on the Business High Performance Model which was developed at Dubai Chamber. They include Management Criteria and Performance Criteria. The management criteria include 5 elements which are the leadership perspectives, the strategic initiatives, quality imperatives, corporate culture and corporate social responsibility. Moreover, the performance criteria include the output which is the actual quantity of products and services produced by the firm, the outcome which reflects the achievements implemented by the establishment, and the impact of the firm through its contribution towards the nation and society.
Nasib said that this seminar is one of a series of other seminars due to be organized by Dubai Chamber in all the Emirates, especially in September where all the firms that meet the conditions of participation will be invited.
He noted the firms willing to apply for the MRM Business Award 2007 may either complete the registration applications available at the Award’s website www.mrmbizaward.ae, deliver applications at the Award’s Unit at Dubai Chamber, or mail applications to P.O.Box 1457. The Award’s website provides information on the registration steps, assessment criteria, participation eligibility, Award’s categories and other details.
