Dubai: Shaikh Ahmad Bin Saeed Al Maktoum, Chairman of Dubai Silicon Oasis Authority (DSOA), Sunday received Ken Wilcox, CEO of Silicon Valley Bank (SVB), which specialises in financing hi-tech companies, in his office at the Dubai International Airport. Dr. Mohammad Al Zarouni, vice-chairman and CEO of DSOA, was also present.
Discussions between the two sides touched on the economic situation, investment opportunities in the region as well as DSOA's latest achievements. Shaikh Ahmad identified the regional technology sector as one of the key growth sectors for the GCC, emerging as a hub for solar energy and green technology investments and attracting leading international technology companies and financial institutions.
Dedicated to the technology and life science sectors, SVB has offered financial support to thousands of companies in the technology industry over the past 27 years. With 26 US offices, as well as offices in international markets such as India and China, SVB Financial Group, the parent company of Silicon Valley Bank, had average total assets worth $12.5 billion (Dh45.9 billion) and average total deposits of $9.9 billion at the end of 2009.
Dr. Mohammad Al Zarouni said: "At Dubai Silicon Oasis, we are constantly exploring methods to expand our business portfolio and enhance productivity within the technology sector in the UAE. As we continue to develop our hi-tech ecosystem at DSO, we reach out for international expertise and assistance for our evolution. We believe acquiring knowledge and sharing experience with companies such as SVB will significantly contribute to the development of the technology sector in the region."
SVB CEO Ken Wilcox and his team were in the UAE to assess the state of entrepreneurship regionally. SVB has been calling on venture capital and private equity firms in the region since 2006 and continues to build and expand relationships in these geographies.
Wilcox said: "It is fascinating to see the development of entrepreneurship and innovation in Dubai and we admire their visionary leadership."
SVB Financial Group offers diversified financial services and provides clients with commercial, international and private banking services.
It also offers funds management, broker-dealer transactions, asset management and a full range of services for private equity companies, as well as the added value of its knowledge and networks worldwide.
