DSO operating profit soars 296pc
Dubai, March 26, 2011
Dubai Silicon Oasis (DSO), an integrated technology park in the region, has registered a 296 per cent increase in operating profit which soared to Dh195.4 million ($53.2 milllion) in 2010.
Announcing the results, Sheikh Ahmed bin Saeed Al Maktoum, chairman of Dubai Silicon Oasis Authority, said the technology park had delivered exceptional performance across all areas of operations last year.
DSO netted Dh685 million in revenue for 2010, up 130 per cent; while recording Dh56 million net profit for the same period, 30 per cent higher than 2009, he stated.
These achievements are the result of the technology park’s outstanding performance as well as a new freehold initiative offered at Dubai Silicon Oasis, said Sheikh Ahmed added.
According to him, the DSO’s current assets are estimated at Dh7.5 billion, whereas the accrued liabilities amount to only Dh900 million. The free zone also witnessed a 35 per cent rise in company registrations, taking the total number of entities operating at the technology park to 370.
DSO, Sheikh Ahmed said, successfully achieved its targets for 2010 through utilizing its potential and developing an effective marketing plan.
Coinciding with the recovery of the UAE economy, DSO has proved its resilience in dealing with the economic downturn through an efficient and flexible well-planned strategy.
"The strategic marketing plan proved fruitful in gaining the trust of investors, which is reflected in the record growth rates that DSO has achieved in profits, revenues and company registrations," he said.
On the 2011 outlook, Sheikh Ahmed said DSO was set deliver a similar economic performance this year as well through strategic planning based on indications of a quicker than expected economic recovery.
The trend denotes that more global companies are likely to select the technology park as their preferred location for regional operations, he added.
“European companies make up 40 per cent of the total number of companies operating at DSO, whereas the American organisations comprise around seven per cent. Asian and Mena companies total 19 per cent and 34 per cent respectively,” said Sheikh Ahmed.
According to him, DSO will soon set up a technology incubator and an investment fund to back future projects in diverse technology sectors. The initiatives are due to stimulate entrepreneurial development which will provide an environment of innovation and growth for the sector.
He said DSO had placed Emiratisation as one of its key priorities, giving talented nationals an opportunity to manage and lead the organisation.
"The Emiratisation level at the technology park reached 65 per cent of the total 270 employees last year. UAE nationals at present hold 92 per cent of senior management positions, he added.-TradeArabia News Service
Tags: Dubai Silicon Oasis |
More Education, HR & Training Stories
- Gess launches GCC education awards
- Professional social media jobs urged
- DFM opens educational trading floor at varsity
- Bahrain SMEs sector 'vital to economy'
- Bahrain to host entrepreneurship forum
- HBMeU, Fujairah College sign education pact
- Oil industry struggling to attract women, says survey
- Etihad, HCT sign pact for education centre
- Workplace diversity focus of forum
- Deloitte in Islamic finance deal