Annual profits of the Dubai Silicon Oasis Authority rose 9.5 per cent last year, as the number of companies operating in the free zone technology park jumped.
Profit rose to Dh205.7 million in 2017, the authority responsible for the technology park said in a statement on Saturday, without giving a comparative figure for 2016. Revenues increased 11.5 per cent to Dh590.5m over the period, it said. The number of companies operating in the park rose 16 per cent to 2,459 during the year.
"Dubai Silicon Oasis Authority is keen to implement innovative and smart initiative and projects that contribute to sustainable development while supporting the emirate's economy which is steadily, moving towards a future based on diversity, progress and knowledge rather than the conventional dependence on oil," said Sheikh Ahmed bin Saeed Al Maktoum, chairman of Dubai Silicon Oasis Authority.
Of the companies based in Dubai Silicon Oasis, 37 per cent are from the Middle East and Africa, 23 per cent are from Europe, 33 per cent are from Asia, and 7 per cent are from the US, the authority said. Of the companies based in the free zone, 82 per cent are technology specialists, while 18 per cent are focused on commercial and other services.
Dubai Silicon Oasis is using energy efficient technologies, including solar photovoltaic panels covering 34 per cent of the project's roofing, the authority said.
Sheikh Ahmed laid the foundation stone in February 2017 for the zone’s Silicon Park project, envisaged as Dubai’s first integrated smart city. The park, which will cost a total Dh1.3 billion to build, is 40 per cent complete, the authority said. When finished in the first quarter of 2019, it will span 150,000 square meters.
Some 71,000 square metres of Silicon Park will be dedicated to office space, 25,000 square meters to commercial space, and 46,000 square meters to residential areas, the authority said. As well as hotels, the development will feature restaurants, cafes, a shopping centre, prayer rooms and an underground parking that can hold more than 2,500 vehicles.