Dubai Silicon Oasis (DSO), an integrated free zone technology park, has posted overall profits of Dh205.7 million ($56 million) in 2017, a surge of 9.5 per cent compared to the previous year.

Total revenues reached Dh590.5 million ($160.75 million) during the year marking a growth of 11.2 per cent compared to 2016.

The entity also witnessed an increase of 16 per cent in business partners, with a total of 2,459 companies currently operating within the high-tech park, said Sheikh Ahmed bin Saeed Al Maktoum, chairman of DSOA.

He said the results reflect the continued growth of the technology sector. He further stressed that Dubai Silicon Oasis Authority is keen to implement innovative and smart initiatives and projects that contribute to sustainable development while supporting the emirate's economy, which is steadily moving towards a future based on diversity, progress and knowledge rather than the conventional dependence on oil.

He added that Dubai Silicon Oasis has become one of the most important free zones in the region attracting international and regional technology companies to establish their business and augment their expansion and operations in the region. He said such growth is facilitated by the modern infrastructure provided by DSO, backed by Dubai's advanced network of airports, ports, roads, as well as specialized free zones and a legislative environment that draws continued foreign direct investment.

Achievements

Dr Mohammed Al Zarooni, vice chairman and CEO of DSOA, said that DSO’s continued success in growing and delivering profits lies in its ability to offer services and facilities that meet the needs of business partners in line with its vision of developing a high-tech city that attracts global technology companies.

Dr Al Zarooni further noted that Dubai Silicon Oasis is attracting a steady influx of technology companies. This is evidenced in the number of companies based in DSO rising from 2,120 in 2016 to 2,459 in 2017, marking an increase of 339 companies.

Among the companies based in Dubai Silicon Oasis, 37 per cent are from the Middle East and Africa, 23 per cent are from Europe, 33 per cent are from Asia, and 7 per cent are American. 82 per cent of these companies are specialized in technology while 18 per cent focus on commercial services and other service sectors.

During 2016, revenues from the leased land area increased by 33.5 per cent, while revenues from services fees increased by 21.8 per cent compared to 2016. – TradeArabia News Service