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Dubai Silicon Oasis Authority announces result of integrated free zone

H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Silicon Oasis Authority, DSOA, the regulatory body for Dubai Silicon Oasis, DSO, has announced that the integrated free zone technology park achieved remarkable results during 2018 with a total revenue of AED576.9 million, as well as overall net profit of AED292.4 million in comparison with AED205.7 million in 2017, marking a surge of 42.1 percent.

Sheikh Ahmed bin Saeed emphasised that Dubai has achieved sustainable economic success under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai. He noted that such achievements reflect the confidence of regional and global companies in Dubai as a hub for startups.

Sheikh Ahmed added that the Fifty-Year Charter announced in January 2019 by His Highness Sheikh Mohammed bin Rashid helps diversify the economy, keep 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.

For his part, Dr Mohammed Al Zarooni, Vice Chairman and CEO of DSOA, 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 six percent.

Among the companies based in DSO, 37 percent are from the Middle East and Africa, 23 percent 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 square meters of office space, 25,000 square meters of commercial space, 46,000 square meters 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.

Source: WAM

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