Dubai - Free zone draws foreign capital worth Dh1.9b.
Dubai Silicon Oasis Authority (DSOA) is currently implementing projects worth Dh1.423 billion, Shaikh Ahmed bin Saeed Al Maktoum, chairman of DSOA, said on Wednesday.
The hi-tech free zone has also attracted foreign investments worth Dh1.865 billion, bringing the total investments at DSO to Dh3.288 billion.
"The investment projects that DSO is currently working on include the Dh1.2 billion smart city project Silicon Park; Technohub, the Dh97 million office building dedicated for technology entrepreneurs; the Dh56 million dorms building for the Rochester Institute of Technology Dubai; the fifth phase of the light industrial units costing Dh42 million; and the Dh28 million roads improvement project," Shaikh Ahmed said in a statement.
The Dh1.865 billion foreign investment includes the Dh1 billion Fakeeh Academic Medical Centre; the Dh500 million shopping centre; the Dh200 million Axiom building; the Dh110 million manufacturing facility for Chang Zhou Almaden, one of the world's largest producers of photovoltaic anti-reflective coated glass; and the Dh55 million regional headquarters of SIG Combibloc Obeikan, a system supplier of aseptic carton packaging and filling lines.
Shaikh Ahmed said that in the first half of 2015, DSOA recorded Dh245.4 million in revenue, representing a 16 per cent increase compared with the same period last year. DSOA also earned Dh93.8 million in net profit while achieving a 14.6 per cent growth in recurring revenues compared to the first half of 2014.
"DSO's outstanding record in attracting foreign investment is testament to the exceptional services and state-of-the-art facilities it offers to hi-tech companies, investors and entrepreneurs. The increase in the number of companies operating out of DSO - from 1,064 in 2014 to 1,187 in the first half of 2015, marking an increase of 12 per cent - is further evidence of the park's success," DSOA said in a statement.
Nearly 71 per cent of the companies operating at DSO specialise in IT, while the remaining 29 per cent operate across a range of sectors, including commerce and services.
The current breakdown of organisations by country represented at DSO is as follows: 37 per cent of the companies are from the Middle East and North Africa (Mena); 30 per cent are European; 21 per cent are Asian; 11 per cent are from the Americas; and just less than one per cent is from Australia and New Zealand.
"DSO has developed its 2021 growth plan that lays out a blueprint for expansion that will help shape DSO's future trajectory. The strategy is in line with the emirate's vision of becoming a smart city that encourages innovation and creativity, and supports young technological talent to convert their ideas into successful tech businesses," said Shaikh Ahmed.
Dr Mohammed Alzarooni, vice-chairman and CEO of DSOA, highlighted various achievements during the first half as well as several agreements signed with local and international companies.
The Silicon Park, the first integrated smart city project to be built in DSO, is scheduled for completion by 2018.