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Silicon Oasis reports improved figures

by Michael Fahy on Mar 16, 2015


Dubai Silicon Oasis headquarters
Dubai Silicon Oasis headquarters

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Dubai's Silicon Oasis Authority announced declared a 6% inrease in net profit for 2014 to $59.1m (AED217m) - up from $55.6m (AED204.3m) in 2013.

The authority, a 100% government-owned body which runs the Dubai Silicon Oasis Free Zone, said the profit reflects an improved performance across its business.

It earned $137.4m (AED504.7m) in revenues and saw a 28% increase in the number of companies operating within its technology free zone to 1,151. It also said the amount of recurring revenues generated from rents grew 20% to $111m (AED407.9m).

The authority's chairman Sheikh Ahmed bin Saeed Al Maktoum, said that the authority completed 20 new projects in 2014, which led to 331,000m2 of new office and residential space being delivered - a 17% increase on 2013.

"Since the launch of Dubai Silicon Oasis in 2004, we have witnessed significant turnout by companies, entrepreneurs, investors and residents. Office building occupancy has reached 98%, while occupancy of light industrial units is at 96%," he added.

DSOA is also set to announce the launch of Dubai Technology Entrepreneuship Centre (DTEC) by the end of this month.

This 3,900m2 unit will provide space for technology entrepreneurs and start-ups. It will be based within the $25m, 215,000m2 Techno Hub building.

 



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