Dubai Silicon Oasis 2016 net profit jumps 27.7%

Dubai: Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman and CEO of Emirates airline and Group, in his capacity as Chairman of Dubai Silicon Oasis Authority (DSOA), has announced the freezone’s successful development into a regional hub for technology and preferred destination for IT firms, DSOA said in a statement on Saturday.

The announcement followed the release of DSOA’s yearly results that revealed a year-on-year growth of 27.7 per cent in net profits to Dh234.7 million in 2016.

Describing DSO as an exemplary pioneer of the smart city model, Shaikh Ahmad stated that the hi-tech freezone is a key contributor to the development of Dubai’s economy, through the innovation and knowledge sharing that it promotes. He added that DSO had succeeded in implementing and integrating technology into the daily lives of its residents and employees.

“The number of companies operating out of the technology park grew from 1,920 in 2015 to 2,120 in 2016, marking an increase of 10 per cent. DSO’s outstanding record in drawing interest from hi-tech companies, investors and entrepreneurs is a testament to the exceptional services and state-of-the-art facilities it offers. The free zone plays a significant role in attracting direct investment into Dubai and the UAE as a whole,” he said in a statement.

Pivotal role

He added that the results reflect a robust growth in the technology sector, which is “one of the most important sectors for the future and plays a pivotal role in shaping the post-oil economy and ensuring sustainable development.”

“Going forward, in addition to providing a base for entrepreneurs and companies, DSOA seeks to contribute to the development of the technology sector and encourage open exchange of knowledge and expertise, engagement with the leaders in the sector, and training of national talent,” Shaikh Ahmad stated.