On March 18, 2010 Dubai International Peace Convention was held in Dubai under the patronage of UAE Vice President, Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum. The closing statement of the convention recommended allocation of an annual award to be offered for those who have outstanding contributions to peace as a way of civilised interaction between peoples; this award is linked to the man of Islam and peace His Highness Sheikh Mohammed bin Rashid Al Maktoum.

On June 7, 2011 His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister, in his capacity as Ruler of Dubai issued a decree establishing the Mohammed bin Rashid Al Maktoum Award for World Peace with  Dubai as its permanent headquarters.

On March 2, 2014 His Highness Sheikh Mohammed bin Rashid Al Maktoum approved the logo of the Award and its financial value, making it the world’s most expensive award, valued at $1.5 million.

The Sheikh Mohammed bin Rashid Al Maktoum Award for World Peace aims to: 1- honour entities with outstanding contributions to international peace.
2- promote and develop peace and stability in the world.
3-  encourage entrepreneurship and excellence in keeping world peace.
4- encourage dialogue between religions and highlight the true image of Islam as a religion of tolerance and peace.

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