Dubai's technology free zone says 2017 revenue rises to $160m

Dubai Silicon Oasis also reveals that smart city project Silicon Park is now 40% complete
Dubai's technology free zone says 2017 revenue rises to $160m
An artist's impression of Silicon Park which is slated for completion in 2019.
By Staff writer
Sat 10 Mar 2018 04:01 PM

Dubai Silicon Oasis (DSO) on Saturday announced that total revenue for 2017 reached AED590.5 million ($160.8 million), up 11.2 percent compared to the previous year.

Overall profits at the integrated free zone technology park totalled AED205.7 million, a rise of 9.5 percent compared to 2016.

The entity also witnessed an increase of 16 percent in business partners, with a total of 2,459 companies currently operating within the high-tech park.

Sheikh Ahmed bin Saeed Al Maktoum, chairman of Dubai Silicon Oasis Authority (DSOA), the regulatory body for the free zone, said Dubai Silicon Oasis has become one of the most important free zones in the region attracting international and regional technology companies.

Among the companies based in Dubai Silicon Oasis, 37 percent are from the Middle East and Africa, 23 percent are from Europe, 33 percent are from Asia, and 7 percent are American. More than 80 percent of these companies are specialised in technology while 18 percent focus on commercial services and other service sectors.

Dr Mohammed Al Zarooni, vice chairman and CEO of DSOA, said  Silicon Park, the first integrated smart city project in Dubai, is now 40 percent complete.

At a cost of AED1.3 billion, the project spans an area of 150,000 square metres and is expected to be completed in the first quarter of 2019.

It will comprise 71,000 sq m of office space, 25,000 sq m of commercial space, 46,000 sq m of residential area, and the 112-key and 59 furnished apartment complex Radisson RED Dubai Silicon Oasis.

In addition, it will feature contemporary lifestyle facilities, such as restaurants, cafés, prayer rooms, a shopping centre, and an underground car park that can accommodate more than 2,500 vehicles.

The project will incorporate 60 smart services worth AED100 million, leveraging sustainable and energy-efficient technologies.

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Last Updated: Sat 10 Mar 2018 03:07 PM GST

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