Dubai Silicon Oasis records huge profits in 2012

26/03/2013 - Dubai Investment News Posted by Bob Brunskill
Dubai Silicon Oasis records huge profits in 2012

If ever there was any doubt about the UAE's rapidly growing status as a global technology hub, new figures relating to the profits made by the Dubai Silicon Oasis in 2012 have definitely cleared matters up.According to the Dubai Silicon Oasis Authority (DSOA), the park clawed in AED 165.4 million last year, which was 26 per cent higher than in 2011.With gross revenue of AED 682.2 million for the 12-month period, the technology hub had an excellent year.There are now 711 companies operating from this part of the city and owners of the park are entitled to expect this figure to grow even further in 2013, especially with millions of dirhams being reinvested into the facility.Around 68 per cent of these organisations specialise in IT, while the rest are based in the commercial and service sectors."Our 2012 performance is an indication of the growing status of Dubai Silicon Oasis as a centre for innovation and technology," commented Shaikh Ahmad Bin Saeed Al Maktoum, chairman of DSOA.He added that there has been a "strategic effort" to attract the very biggest technology firms to the Gulf and Dubai has also been making vital infrastructural improvements to accommodate more heavyweight corporations. In fact, Dubai now has one of the finest transport networks on the planet.Shaikh Ahmed also pointed towards the diversity of the enterprises that have set up a base at the Silicon Oasis as evidence of its far-reaching appeal."The breakdown of organisation by country in DSOA highlights the free zone's global attractiveness. This is truly a reflection of the international platform that the destination offers for entrepreneurs and innovators within the IT and allied sectors," he continued.No doubt the city's reputation for hosting major tech-based exhibitions and conferences has also made it more attractive to multi-national firms.Just this month, the emirate staged the all-important Gartner Symposium/ITxpo, which is widely referred to as the technology industry's largest and most strategic conference.