Dubai Silicon Oasis Authority (DSO) is currently working on Dh3.2 billion ($871 million) worth of investment projects including its ambitious Silicon Park development, said its chairman Shaikh Ahmed bin Saeed Al Maktoum.

A 100 per cent government-owned free zone, DSO promotes modern technology-based industries with urban master-planned community, state-of-the-art infrastructure and in-house business services.

Commenting on DSO’s investments, Sheikh Ahmed, said: "The investment projects that DSO is currently working on include the Dh1.2 billion smart city project Silicon Park as well as Technohub, a Dh97 million office building dedicated for technology entrepreneurs."

Silicon Park is the first integrated smart city project to be built in DSO at a cost of Dh1.2 billion and spanning an area of 150,000 sq m. The project, scheduled for completion by the second quarter of 2018, will integrate best international standards to offer a modern lifestyle for residents, workers and visitors.

Besides this, the project inlcudes a Dh56 million dorms building for the Rochester Institute of Technology Dubai, the fifth phase of the light industrial units costing Dh42 million and roads improvement project worth Dh28 million.

Of the total, about Dh1.865 billion has come from foreign investments for major projects.

"These include Dh1 billion Fakeeh Academic Medical Centre; Dh500 million shopping centre; Dh200 illion Axiom building; Dh110 million manufacturing facility for Chang Zhou Almaden, one of the world’s largest producers of photovoltaic anti-reflective coated glass; and Dh55 million regional headquarters for SIG Combibloc Obeikan, a leading system supplier of aseptic carton packaging and filling lines," he added.

Sheikh Ahmed also pointed out that the DSOA had recorded solid growth across all areas of operations in the first half of 2015; registering a Dh245.4 million in revenue by mid-2015, up 16 per cent over last year.

DSOA also earned Dh93.8 million in net profit while achieving a 14.6 per cent growth in recurring revenues compared to the first half in 2014, he stated.

According to him, the DSO’s outstanding record in attracting foreign investment is testament to the exceptional services and state-of-the-art facilities it offers to hi-tech companies, investors and entrepreneurs.

The number of companies operating out of DSO has increased from 1,064 in 2014 to 1,187 in the first half thus marking an increase of 12 per cent. This is further evidence of the park’s success, he added.

Nearly 71 per cent of the companies operating at DSO specialise in IT, while the remaining 29 per cent operate across a range of sectors including commerce and services.

The current breakdown of organizations by country represented at DSO is as follows: 37 per cent of the companies are from the Middle East and North Africa (Mena) region; 30 per cent from Europe; 21 per cent from Asia; 11 per cent from the Americas; and just under one percent are from Australia and New Zealand.

"DSO has developed its 2021 growth that lays out a blueprint for expansion that will help shape DSO’s future trajectory. The strategy is in line with the emirate’s vision of becoming a smart and innovative city that encourages innovation and creativity, and supports young technological talent to convert their ideas into successful tech-businesses," he added.-TradeArabia News Service