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Dubai Silicon Oasis sees profit rocket in 2010

Technology park reports profits up 296%, registration of companies up 35%

Dubai Silicon Oasis sees profit rocket in 2010
Dubai Silicon Oasis intends to establish a new technology incubator fund.

Dubai Silicon Oasis, the integrated technology park, registered a massive increase in operating profit last year compared to 2009, its chairman said on Saturday.

Sheikh Ahmed bin Saeed Al Maktoum, chairman of Dubai Silicon Oasis Authority (DSOA), announced operating profit of AED195.4m ($53.2m) last year, 296% higher compared to the previous year.

DSO also recorded AED685m ($186.5m) in revenue for 2010, up 130% while recording AED56m net profit for the same period, 30% higher than 2009, he added.

DSO's current assets are estimated at AED7.5bn ($2bn), whereas the accrued liabilities amount to only AED900m, ($245m) state news agency WAM reported

The free zone also witnessed a 35% rise in company registrations, taking the total number operating at the technology park to 370.

Sheikh Ahmed said: "Coinciding with the recovery of the UAE economy, DSO has proved its resilience in dealing with the economic downturn through an efficient and flexible well-planned strategy.

"The strong foundations upon which DSO's investments are based along with the existing opportunities will help achieve further growth in the coming years".

Sheikh Ahmed added he was confident that DSO will register a similar economic performance this year.

He said DSO will soon establish a new technology incubator and an investment fund to support future projects in diverse technology sectors.

European companies make up 40% of the total number of companies operating at DSO, with US organisations comprising around seven percent. Asian and MENA companies total 19% and 34% respectively.

Wholly-owned by Dubai Government, DSO operates as a free zone for companies producing semiconductors, microelectronics, and other high-tech products seeking to establish regional headquarters, and centres of research and development in the Middle East and Africa.

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