dso achieves dhs3233m revenues in hi
Last Updated : GMT 14:13:36
Arab Today, arab today
Arab Today, arab today

DSO achieves Dhs323.3m revenues in HI

Arab Today, arab today

Arab Today, arab today DSO achieves Dhs323.3m revenues in HI

Dubai - Arabstoday

Dubai Silicon Oasis (DSO), the integrated free zone technology park, on Wednesday announced it has achieved positive results across all areas of operations during the first half (HI) of 2011, registering an operating profit of Dhs121.9 million, up six per cent compared to the first half of 2010.DSO also recorded Dhs323.3 million in revenues for first half of 2011, a four per cent increase compared to the same period in 2010, and a net profit of Dhs58.5 million.Total assets for Dubai Silicon Oasis Authority (DSOA) are estimated at Dhs7.5 billion, whereas the total liabilities amount to only Dhs1.4 billion. The free zone has also witnessed a 32 per cent increase in company registrations, taking the total number of entities operating at the technology park to 482.Announcing the results, Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of DSOA, 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.“DSO was able to register consistent success and achieve its objectives for the first half of this year through optimal utilisation 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 believe DSO will continue to gain investor confidence to achieve further growth in the coming years due to its strong fundamental capabilities and the strategic plans.”Sheikh Ahmed said: “Emiratisation remains one of the key priorities of DSO with the target set at 70 per cent by 2015. Talented UAE nationals have been given the opportunity to manage and lead the organisation, where 88 per cent of senior management positions are currently held by Emiratis. At present, DSO employs 274 UAE nationals, which represents an Emiratisation level of 65 per cent.”DSO’s client portfolio currently comprises 65 per cent of technology companies, ranging from IT and electronics to telecommunications, semiconductor and energy companies. Engineering and the retail sector represent six per cent each of the total number of companies, while 25 per cent encompasses diverse businesses. European and American companies make up 47 per cent of the total number of companies operating at DSO. Asian and Mena companies make up 19 per cent and 34 per cent respectively. Reflecting signs of a recovering market, DSO has completed selling and leasing 85 per cent of the Cedre Villas development, which was launched in 2009 and comprises 1,047 units with all facilities and amenities. In addition to the first mosque handed over last year, DSOA has allocated Dhs4.5 million to build a second mosque to accommodate more than 600 worshippers and it will be completed by next Ramadan. Both mosques will serve the DSO community of 30,000 residents.Upon the completion of the whole DSO Masterplan development, the integrated free zone technology park will be home to 160,000 residents. Sheikh Ahmed also highlighted the leading role played by the DSO-based Rochester Institute of Technology (RIT) in the education sector. RIT has recently moved to its new headquarters in DSO, enabling it to accommodate the fast pace of growth in the number of students, with new applications expected to register an increase of over 50 per cent. Recently, the university held the graduation ceremony for its second batch of Master’s graduates at RIT New York campus. All RIT programmes are accredited by the UAE Ministry of Higher Education and the US Department of Education.Wholly-owned by the Government of Dubai, DSO operates as a free zone for companies producing semiconductors, microelectronics and other high-tech products seeking to establish regional headquarters, and centres of research and development in Middle East and Africa.DSOA is a 100 per cent owned entity by the Government of Dubai is a free zone, strategically placed on the Emirates road. Businesses can flourish under the unrivalled package of incentives, including 100 per cent ownership, and high end IT infrastructure that allows companies to begin operating immediately.DSOA’s urban master-planned community spans 7.2 square kilometers of state of the art office towers, R&D and industrial zones, educational institutions, luxury apartments, villas, hotels, healthcare and a full range of lifestyle facilities which translate into a dynamic commercial and social environment. From / Gulf Today

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