Dubai Silicon Oasis posts 23% profit rise

Gov’t owned free zone says 2013 profit soared to $55m
Dubai Silicon Oasis posts 23% profit rise
Dubai Silicon Oasis was established in 2004 and is located off Sheikh Mohammad bin Zayed Road
By Courtney Trenwith
Wed 19 Mar 2014 12:22 PM

Dubai Silicon Oasis Authority (DSOA) has announced a AED204.3m ($55.6m) profit for 2013, a significant 23.5 percent increase on 2012.

Chairman Sheikh Ahmed bin Saeed Al Maktoum said the boosted profit was across all areas of operation.

DSOA is wholly owned by the Dubai government and was established in 2004 to manage Silicon Oasis, an integrated residential and business community located off Sheikh Mohammad bin Zayed Road.

A free zone, it is intended to provide incentives to high-tech start-ups.

DSO is investing AED2.4bn in a number of “smart city” projects, including Silicon Park, which will be the first integrated smart city in Dubai, with cutting edge technologies creating smart solutions in energy, operations, living, transport, business, entertainment, lighting, and signage.

Examples include smart charging stations, smart bus stations, smart applications, robotic technologies, renewable energy usage, energy efficiency measures and sustainable green building standards.

Construction of the 150,000 square metre project, worth AED1.1m, is expected to finish by the end of 2017.

A AED1bn teaching hospital, titled The University Hospital, also is planned for the free zone. Built in two phases, the hospital is expected to be completed by mid-2017, followed by a medical college in 2019.

On the residential front, DSO is developing five residential towers for Emirates airlines.

Last year it also launched phase three of its Cedre Villas project, worth AED285m. It will add 160 luxury villas, due to be ready this year, taking the total to 1207.

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