DSOA, US bank discuss investment in GCC
Dubai, May 24, 2010
Government-owned Dubai Silicon Oasis Authority (DSOA) and US-based Silicon Valley Bank, a top bank financing hi-tech companies, discussed investment opportunities in the region as well as the current economic situation.
Sheikh Ahmed bin Saeed Al Maktoum, chairman of DSOA, identified the regional technology sector as being one of the key growth sectors for the GCC, emerging as a hub for solar energy and green technology investments and attracting leading international technology companies and financial institutions.
“At Dubai Silicon Oasis, we are constantly exploring methods to expand our business portfolio and enhance productivity within the technology sector in the UAE,” said Dr Mohammed Al Zarouni, vice chairman and CEO of DSOA.
“As we continue to develop our hi-tech ecosystem at DSO, we reach out for international expertise and assistance for our evolution. We believe acquiring knowledge and sharing experience with companies such as SVB will significantly contribute to the development of the technology sector in the region,” he added.
Silicon Valley Bank (SVB) CEO Ken Wilcox and his team were in the UAE to assess the current state of entrepreneurship regionally.
SVB has been calling on venture capital and private equity firms in the region since 2006 and continues to build and expand relationships in these geographies.
“We appreciate the visit with Sheikh Ahmed and Dr Zarouni as well as their insights on the local economy,” Wilcox said.
“It is fascinating to see the development of entrepreneurship and innovation in Dubai and we admire their visionary leadership,” he added. – TradeArabia News Service