Dubai: Annual profits of the Dubai Silicon Oasis Authority rose 9.5 per cent last year on the back of a marked increase in the companies operating in the free zone technology park.
Profit rose to Dh205.7 million in 2017, according to the authority, which is responsible for the technology park.
In a statement on Saturday, the authority said revenues increased 11.5 per cent to Dh590.5m over the period, it said.
.@dsoafz Registers 11.2% Revenue Growth to Notch Up AED590.5 Million in 2017 #Dubai https://t.co/moVV61LixQ pic.twitter.com/GDRVV9X5ud
— Dubai Media Office (@DXBMediaOffice) March 10, 2018
The number of companies operating in the park rose 16 per cent to 2,459 during the year.
.@HHAhmedBinSaeed , Chairman of #Dubai Silicon Oasis Authority: @dsoafz achieved remarkable results in 2017 with a total revenue of AED590.5 million and growth of 11.2% compared to the previous year pic.twitter.com/kinW3Q7MQ6
— Dubai Media Office (@DXBMediaOffice) March 10, 2018
"Dubai Silicon Oasis Authority is keen to implement innovative and smart initiative and projects that contribute to sustainable development while supporting the emirate's economy which is steadily, moving towards a future based on diversity, progress and knowledge rather than the conventional dependence on oil," said Shaikh Ahmad bin Saeed Al Maktoum, chairman of Dubai Silicon Oasis Authority.
Quick facts
2,459 companies currently operational, an increase of 339 companies and rise of 16% over 2016
1.3 million square meters of projects under construction
Dh101 million investment for construction of sixth phase of light industrial units
82% of companies operating in DSO specialize in technology
