Dubai Silicon Oasis posted a rise in profits of more than 130 per cent last year, boosted by a substantial increase in company registrations.
Profit rises at Dubai Silicon Oasis free zone
Dubai Silicon Oasis posted a rise in profit of more than 130 per cent last year, boosted by a substantial increase in company registrations.
Net profitfor the free zone on Emirates Road was Dh131 million (US$35.6m) for the year, 134 per cent higher than in 2010, while the free zone experienced a 43 per cent rise in company registrations, taking the number of businesses there to 531.
Firms based in the technology park operate in various industries, including software research and development, microchip design and consumer goods.
"European companies make up 32 per cent of the total number of companies operating at DSO [Dubai Silicon Oasis], whereas American organisations comprise around 11 per cent," said Sheikh Ahmed bin Saeed Al Maktoum, the chairman of Dubai Silicon Oasis Authority.
"Asian and Mena [Middle East and North Africa] companies stand at 19 per cent and 37 per cent, respectively, [and] Australian companies make up 1 per cent. DSO hosts the regional headquarters of most of these companies," Sheikh Ahmed.
DSO sold or leased 85 per cent of Cedre Villas - a gated community of more than 1,000 homes inside Silicon Oasis - last year and registered 100 per cent occupancy this year.
"Development and construction works are progressing in 106 locations within DSO," said Sheikh Ahmed.
"We also aim to commence on the third phase of the light industrial units.
"Comprising 22 units at a cost of Dh22m, the construction is scheduled to be completed in the first quarter of 2013," he said.
The technology park announced this month the launch of Silicon Oasis Founders, an incubation centre owned by the authority.
Last year, Gems and the International Indian High School, opened in Silicon Oasis.