Dubai Silicon Oasis Authority (DSOA), a premier innovation hub for high-tech industries in the Middle East region, has made an investment of about Dh3.6 billion ($979 million) for the development of its integrated free zone technology park in 2015, said a senior official.

Projects carried out by DSOA comprised half of all investments, while foreign investments at the hi-tech park contributed to the remaining half, remarked Sheikh Ahmed bin Saeed Al Maktoum, the chairman.

Sheikh Ahmed said the investment projects that DSOA is currently working on include the Dh1.3-billion ($353 million) smart city project Silicon Park, as well as the Dh56-million ($15.2 million) student accommodation for the Rochester Institute of Technology Dubai.

The first integrated smart city project to be built at the integrated park, Silicon Park will come up over a 150,000 sq m area. The project, scheduled for completion by the first quarter of 2018, will integrate best international standards to offer a modern lifestyle for residents, workers and visitors.

The project will comprise 71,000 sq m of office space, 25,000 sq m of commercial space, and 46,000 sq m of residential space. It will also feature a hotel, community facilities like malls, shops, restaurants, and a multi-purpose conference centre.

DSO has already signed an agreement with the Rezidor Group, a member of the Carlson Rezidor Hotel Group to introduce the lifestyle select brand Radisson RED to Dubai. The Radisson Red Dubai Silicon Oasis is expected to open in the third quarter of 2018.

The other key projects include the fifth phase of implementation of light industrial units costing Dh46 million ($12.5 million), the water treatment plant worth Dh23.5 million ($6.39 million), two electricity generating plants valued at Dh192 million ($52 million) besides the Dh30-million ($8.16 million) Lake Park project, the Dh44-million ($12 million) roads improvement project and techno-hub - an office building dedicated to technology companies valued at Dh97 million ($26.4 million).

Sheikh Ahmed lauded the strong performance put up by the Dubai Silicon Oasis that registered a 16 per cent growth in recurring revenue over the previous year.  

"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 increase in the number of companies operating out of DSO – up from 1391 in 2014 to 1920 in 2015 marking a 38 percent surge - is further evidence of the park’s success," he added.

Sheikh Ahmed pointed out that these results reflect the growth in the UAE’s technology sector, which is a crucial enabler in the country’s diversification efforts as it transitions into a sustainable knowledge-based economy.

DSO, he stated, was committed to developing this vital sector and emerging as the preferred destination for technology companies locally and regionally by providing best-in-class services, facilities and infrastructure.

"DSO has developed its 2021 growth strategy that serves as a blueprint for expansion and shapes the tech-park’s development trajectory. It is in line with Dubai’s vision to evolve as a smart city that encourages innovation and creativity, supports young technological talent and transforms their ideas into successful tech-businesses," he added.

Dr Mohammed Alzarooni, the vice chairman and chief executive of DSOA, highlighted the success stories achieved in 2015 through attracting technology-focused organizations.

Elaborating on the projects underway at DSO, Dr Al Zarooni said the tech park follows a strategy that aims to support and contribute to the overall direction of Dubai and the UAE in achieving sustainable development.

He said nearly 78 per cent of the companies operating at DSO specialise in technology, while the remaining 22 per cent operate across a range of sectors including commerce and services.

The Europeans top the list at DSO with 32 percent of the firms followed by Asians (24 per cent), the Middle East and North Africa region (22 per cent) besides 11 per cent firms from North and South America and just above one per cent from Australia and New Zealand.

To keep pace with the growth of DSO-based companies, residences and future projects, DSOA has collaborated with Dubai Electricity and Water Authority (Dewa) to build two new power substations with a total capacity of 400 megawatts.-TradeArabia News Service