Dubai Silicon Oasis Authority revenue hits Dh544.7m in 2020

Sheikh Ahmed bin Saeed Al Maktoum, chairman of the Dubai Silicon Oasis Authority (DSOA), the regulatory body for Dubai Silicon Oasis (DSO), has announced that the DSOA achieved remarkable results in 2020, with a total revenue of Dh544.7 million, marking a surge of 2.7 per cent from 2019.

He stressed that including the integrated free zone technology park as one of the five urban centers – a science and technology and knowledge hub that drives innovation, digital economy development and talent generation – as part of the larger Dubai 2040 Urban Master Plan, is testament to its global status as a proof of concept for smart industries of the future.

He also noted that this announcement is testament to DSOA’s efforts to adopt cutting-edge technology in new sectors, in line with the government's directives to support the knowledge-based economy and benefit from the latest applications of the Fourth Industrial Revolution. The DSO attracted 1,731 new companies in 2020, raising the total number of companies registered at the free zone technology park by 2020-end to 4,936, registering a 54 per cent increase from 2019.

Sheikh Ahmed bin Saeed Al Maktoum also indicated that these results reflect the growth achieved by DSOA in various sectors, most significantly in terms of technology. He noted that the initiatives and policies implemented in the UAE under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, paves the way for the world’s quickest recovery journey from Covid-19 and achieving the development of a sustainable future in Dubai.

Dr Mohammed Al Zarooni, vice chairman and CEO of DSOA, highlighted the crucial role that the DSOA will be playing, as an incubator for innovation and knowledge, in line with Dubai’s journey to become the world’s smartest and happiest city to live in, and a major player in attracting foreign investments. He noted that the value of major projects completed in DSO in 2020 reached Dh4 billion. Al Zarooni indicated that Dubai Silicon Oasis contributes to the economic development of Dubai, through the distinguished services and investment environment it provides for new companies.

DSOA inaugurated its Dh1.5 billion Dubai Digital Park (DDP) project, spanning an area of 150,000 square meters. Since its inauguration, several multinational companies have chosen DDP as their preferred destination to house their headquarters base their operations. This led DDP to reach 80 per cent occupancy rates for its office spaces and boutique buildings.

The Dubai Technology Entrepreneur Campus (Dtec), DSOA’s wholly owned technology coworking space and the largest of its kindly in the Mena region, is currently home to more than 900 startups from 72 countries – registering a surge of seven per cent over 2019, with many companies working on blockchain and AI technologies. Dtec attracted approximately 1,500 startups, created more than 3,500 jobs, and supported the inflow of close to Dh500 million into the UAE economy since its inception. The hub expanded its premises by more than 60,000 square feet to provide additional space for around 800 startups in the next three years, bringing up its total area to more than 108,000 square feet.

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