Dubai Silicon Oasis reveals date as it announces it made 42% rise in net profit in 2018
Dubai Silicon Oasis, the free zone technology park, has announced total revenue of AED576.9 million ($156 million) for 2018.
Sheikh Ahmed bin Saeed Al Maktoum, chairman of Dubai Silicon Oasis Authority (DSOA), the regulatory body for Dubai Silicon Oasis, also reported a net profit of AED292.4 million ($79.5 million), up 42.1 percent on the previous year.
Sheikh Ahmed said that such achievements reflected the confidence of regional and global companies in Dubai as a hub for startups.
He highlighted the importance of Dubai’s free zones in supporting the economic development of the emirate and in achieving the UAE’s vision across different sectors.
Dr Mohammed Al Zarooni, vice chairman and CEO of DSOA, said the total number of companies based in DSO increased by 161 last year to 2,620, up by 6 percent.
Among the companies based in DSO, 37 percent are from the Middle East and Africa, 23 percent from Europe, 33 percent from Asia, and 7 percent from the Americas, he said.
Eighty-one percent of these companies specialize in technology, while 19 percent focus on commercial services and other service sectors.
Dr Al Zarooni also revealed that Silicon Park, Dubai’s first integrated smart city project in DSO, has achieved 87 percent completion, and is scheduled for handover in the second quarter of 2019.
Silicon Park comprises 71,000 sq m of office space, 25,000 sq m of commercial space, 46,000 sq m of residential area, as well as restaurants, cafes, fitness centres, running tracks and cycling trails, a shopping centre and an underground parking garage.For all the latest tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.