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Dubai Silicon Oasis profit rises 42% as smart city project notes progress

Scheduled for Q2 2019 handover, the $353.9m (AED1.9m) project uses ICT and IoT to deliver smart services

Silicon Park is scheduled for handover in Q2 2019.
Dubai Media Office
Silicon Park is scheduled for handover in Q2 2019.

Dubai Silicon Oasis (DSO), the emirate’s free zone technology park, recorded a 42% surge in its 2018 net profit, which reached $79.6m (AED292.4m) when compared to $56m (AED205.7m) in 2017.

Regulated by the Dubai Silicon Oasis Authority, DSO noted revenues of $157m (AED576.9m in the same year.

Revealing the financial achievements, HH Sheikh Ahmed bin Saeed Al Maktoum, chairman of Dubai Silicon Oasis Authority (DSOA), emphasised on the contributions of Dubai’s free zones towards the economic development of the emirate and in achieving the UAE’s vision.

Sheikh Ahmed also stressed the role DSOA played in contributing to Dubai’s economic development through attracting companies operating in the knowledge, innovation, and technology domains.

Underlining the achievements, Dr Mohammed Al Zarooni, vice chairman and chief executive officer, of DSOA, stated that the number of companies based in DSO increased by 161 to 2,620 in 2018 compared to 2,459 in 2017 — a rise of 6.5%.

Work on $353.9m (AED1.9m) Silicon Park, Dubai's first smart city in DSO, achieved 87% completion and is due for a Q2 2019 handover, according to Dr Al Zarooni.

Spanning 142,000m², Silicon Park will host residential, office, commercial as well as leisure and entertainment spaces, with an underground parking area for2,500 cars.

Commenting on the progress of the project, Dr Al Zarooni said: “This integrated project combines information and communications technology and IoT to ensure the delivery of best-in-class smart services to employees, residents and visitors.”

Sheikh Ahmed stressed that Dubai has achieved sustainable economic success under the directives of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, and Prime Minister of the UAE, and Ruler of Dubai.

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Nov 09, 2019