It was launched in 2015 by the ruler of Dubai, Mohammed bin Rashid Al Maktoum, and is supervised by the Mohammed bin Rashid Al Maktoum Foundation.
[1] The award takes place in December of each year, starting with its first session in 2016.
[2][3] Its value reaches one million dollars, and it is granted to institutions and individuals from inside and outside the UAE.
[4] Creative and innovative individuals from all over the world are eligible to apply for the award.
Government entities, companies, institutions, associations, bodies and local, regional and international organizations are also eligible to apply.