Tuesday 16 July 2019
 
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Dubai Silicon Oasis Authority registers 42.1pc net profit growth in 2018

DUBAI, March 20, 2019

Dubai Silicon Oasis Authority (DSOA), the regulatory body for Dubai Silicon Oasis, said it has achieved remarkable results for 2018 with a revenue of Dh577 million ($157 million), up 42 per cent over last year.

Announcing the results for the fiscal year ended December 31, DSOA said the overall net profit for the integrated free zone technology park surged to Dh292.4 million from Dh205.7 million the year before, marking a surge of 42.1 percent.

On the solid results, Chairman Sheikh Ahmed bin Saeed Al Maktoum said that Dubai had achieved sustainable economic success under the directives of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.

Such achievements reflect the confidence of regional and global companies in Dubai as a hub for startups, he stated.

Sheikh Ahmed added that the Fifty-Year Charter announced in January 2019 by Sheikh Mohammed helped in diversifying the economy, keeping pace with innovation, encourage investment and support entrepreneurs, which, in turn, contributes to strengthening Dubai’s position as a leading destination for foreign direct investment and business growth.

He further highlighted the importance of Dubai’s free zones in supporting the economic development of the emirate and in achieving the UAE’s vision across different sectors.

Notably, he stressed the role DSOA plays in contributing to Dubai’s economic development through attracting companies operating in the knowledge, innovation, and technology domains.

Sheikh Ahmed added that Dubai offers several unique factors that attract investment, such as security and stability, world-class infrastructure, currency stability and new laws facilitating residency visas for investors.

Vice Chairman and CEO Dr Mohammed Al Zarooni emphasised the significant role played by the integrated environment of DSOA in providing opportunities for investment, innovation and entrepreneurship.

He highlighted the contribution of startups to the country’s economy and to attracting experts from all over the world.

Dr Al Zarooni announced the addition of several new companies operating in the technology sector to the DSO community. The total number of companies based in DSO increased by 161 - from 2,459 in 2017 to 2,620 in 2018 - marking a rise of 6 per cent.

Among the companies based in DSO, 37 per cent are from the Middle East and Africa, 23 per cent from Europe, 33 percent from Asia, and seven percent from the Americas. Eighty-one percent of these companies specialize in technology, while 19 percent focus on commercial services and other service sectors.

Dr Al Zarooni pointed out that Silicon Park, Dubai’s first integrated smart city project in DSO, achieved 87 percent completion, and is scheduled for handover in Q2 2019.

Silicon Park comprises 71,000 sq m of office space, 25,000 sq m of commercial space, 46,000 sq m of residential area, as well as a host of value-added contemporary lifestyle facilities, such as restaurants, cafes, fitness centres, running tracks and cycling trails, a shopping centre and an underground parking garage that can accommodate more than 2,500 cars.

"This integrated project combines information and communications technology and IoT to ensure the delivery of best-in-class smart services to employees, residents and visitors. This project reinforces our commitment to providing state-of-the-art solutions in line with the highest international standards and to achieving optimal return on investment," he added.

Silicon Park is the first project in the UAE to offer a comprehensive range of smart city services, including 60 services within a unified and secure platform that effectively integrates the operational requirements of enterprises with the needs of occupants and visitors of residential and commercial projects.-TradeArabia News Service




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