Dubai Silicon Oasis profits up 6%

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dsoa
Headquarters of the Dubai Silicon Oasis Authority outside Dubai, UAE.

Dubai Silicon Oasis announced this week positive financial results for the first half of 2011, with operating profit increasing six per cent from the same period last year.

DSO earned an operating profit of Dh121.9 million, as well as Dh323.3 million in revenues for the first half of the year, a four per cent increase over last year. Net profit for the free zone technology park came at Dh58.5 million.

Total assets for the Dubai Silicon Oasis Authority (DSOA) are estimated at Dh7.5 billion, with total liabilities coming to Dh1.4 billion.

Company registrations in the free zone also rose 32 per cent, bringing the total number of businesses operating at the park to 482. Sixty-five per cent of these are technology firms, spanning the IT, electronics, telecommunications, semiconductor and energy industries.

Engineering and retail companies make up six per cent each of the total number of companies, with the remaining being diverse businesses.

European and US companies comprise 47 per cent of the number of firms operating at DSO. Asian and MENA companies make up 19 and 34 per cent respectively.

Announcing the results, His Highness Sheikh Ahmed Bin Saeed Al Maktoum, Chairman ofDSOA, said: “The achievements are the outcome of the technology park’s outstanding efforts to drive positive growth in profits, revenues, number of companies at the technology hub, education, real estate sector, training programmes and day-to-day operations.

“DSOwas able to register consistent success and achieve its objectives for the first half of this year through optimal utilization of business potential. It also adopted the flexible strategic plans set last year that proved to be effective in dealing with global economic conditions. We believeDSO will continue to gain investor confidence to achieve further growth in the coming years due to its strong fundamental capabilities and the strategic plans.”

His Highness Sheikh Ahmed also added: “Emiratisation remains one of the key priorities of DSOwith the target set at 70 per cent by 2015. Talented UAE nationals have been given the opportunity to manage and lead the organization, where 88 per cent of senior management positions are currently held by Emiratis. At present, DSOemploys 274 UAE nationals, which represents an Emiratisation level of 65 per cent.”

Established in 2004, Dubai Silicon Oasis Authority (DSOA) is wholly owned by the Government of Dubai and is considered the only technology park in the region that provides and integration of work and living in the same community. Silicon Oasis is a free zone authority and provides a full package ofincentives and benefitsto companies operating within the free zone.

Sources: Gulfnews, dsoa, Zawya

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