DSOA announces 26% jump in annual profit

HH Sheikh Ahmed hails technology park as a ‘growing centre for innovation’

Tags: Dubai Silicon Oasis AuthorityUnited Arab Emirates
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DSOA announces 26% jump in annual profit Last year also saw a 32% increase in the number of companies operating at Silicon Oasis. (ITP Images)
By  ITP.net Staff Writer Published  March 26, 2013

Dubai Silicon Oasis Authority (DSOA) today announced AED165.4m in net profit in 2012, 26% higher than 2011. The integrated technology park also recorded AED682.2m in gross revenue for 2012, while recording AED159m in operating revenue for the same period, nearly 5% higher than the previous year.

His Highness Sheikh Ahmed bin Saeed Al Maktoum, chairman of DSOA, said: "Our 2012 performance is an indication of the growing status of Dubai Silicon Oasis as a centre for innovation and technology. The rise in profits is consistent with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, vice president and prime minister of the UAE and Ruler of Dubai, to shape the emirate into a regional and global centre for technology."

Sheikh Ahmed also announced that DSOA has allocated AED748m to fund investment projects during 2013 as part of plans to attract international companies planning regional headquarters in Dubai.

The year additionally saw a 32% increase in the number of companies operating under the Authority at Dubai Silicon Oasis. The growth takes the total number of companies at the tech hub to 711, with 68% of those in the IT industry and the other 32% related to commercial and service sectors and diversified investment.

DSOA highlighted the national breakdown of the companies as evidence that its push to attract ex-pat businesses was working. Nearly 32% of the companies at the technology campus are European, with Asian companies representing 21% and American firms accounting for 11%. African organisations cover 3%, with 1% from Australia and 32% being enterprises from the MENA region.

His Highness Sheikh Ahmed bin Saeed Al Maktoum added: "The breakdown of organisation by country in DSOA highlights the free zone's global attractiveness. This is truly a reflection of the international platform that the destination offers for entrepreneurs and innovators within the IT and allied sectors. 

"DSOA's impressive performance in 2012 and our growing reputation as a regional hub for IT is a result of strategic efforts to attract more of the world's leading companies within the technology industry, and the continued development of the infrastructure required to satisfy the needs of investors and maintain our global reputation."

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