Dubai Silicon Oasis investment worth $980m
Foreign investments have contributed to half of the $980m investment made in 2015
Shaikh Ahmad Bin Saeed Al Maktoum, Chairman of Dubai Silicon Oasis Authority (DSOA), revealed a total of $980m (AED3.6bn) has been invested in the free zone during 2015.
According to a statement, the Dubai Silicon Oasis saw a 16% growth in recurring revenue compared to 2014. Furthermore, DSOA projects have contributed to half of the investments, whilst foreign investments supported the remaining half.
"The investment projects that DSOA is currently working on include the Dh1.3 billion smart city project Silicon Park, as well as the Dh56 million student accommodation for the Rochester Institute of Technology Dubai," said Shaikh Ahmad.
"Other key projects that are underway include the fifth phase of implementation of light industrial units costing Dh46 million, the Dh23.5 million water treatment plant, two electricity generating plants valued at Dh192 million, the Dh30 million Lake Park project, the Dh44 million roads improvement project and Techno-hub - an office building dedicated to technology companies valued at Dh97 million."
Out of the companies operating in DSO, 78% specialise in technology and 22% represent a range of sectors, such as commerce and services. Also, 32% of companies are European, 24% are Asian, 22% are from the Middle East and North Africa region, and 11% are from North and South America and just above 1% are from Australia and New Zealand.
The statement publicised the DSOA generated $490m from foreign investment in 2015. This included the $270m Fakeeh Academic Medical Centre, the $136m Avenues Mall Silicon Oasis, the $54.4m Axiom Telecom headquarters, as well as other projects amounting to $44.9m.
Shaikh Ahmad pointed out the UAE's growing technology sector, reflects the region's transition into a sustainable knowledge-based economy.
"DSO has developed its 2021 growth strategy that serves as a blueprint for expansion and shapes the tech-park's development trajectory. This strategy is in line with Dubai's vision to evolve as a smart city that encourages innovation and creativity, supports young technological talent and transforms their ideas into successful tech-businesses," he said.