Dubai Silicon Oasis Authority (DSOA) has announced a net profit of Dhs204 million, up 23.5 per cent from 2012.
The company attributed its growth in profit to strong performance in all areas of operations, a statement said.
“We have already commenced our path of transforming DSO into an integrated smart city, in line with directives of Dubai Government to make Dubai the smartest city in the world in the next three years,” said Sheikh Ahmed bin Saeed Al Maktoum, chairman of DSOA.
“We are committed to making all future projects in DSO provide services and facilities that are consistent with the smart city concept. We have allocated an investment of Dhs2.4 billion to complete a number of projects by end 2017.”
The number of firms operating under DSOA grew to 929, with 65 per cent of them from the IT industry and the remaining 35 per cent in the commercial and diversified sectors.
DSOA’s business incubation centre also grew significantly in 2013 as it currently incubates four start-ups with an additional five to join in the coming months, the statement said.
The company’s planned investment pipeline includes some major projects.
DSOA recently announced that it is building Dubai’s first integrated smart city, which will be navigated using electric powered vehicles and smart rechargeable bikes. The park is worth Dhs1.1 billion and is expected to help achieve Dubai’s its smart city ambitions.
The free zone manager also invested in various residential projects in its community last year.
DSOA said that it will be completing the third phase of its Cedre Villas project, which will add around 160 luxury villas to the community. Residential units will be delivered in three stages during April, July and September this year.
The company built two residential towers worth Dhs395 million last year in its Silicon Oasis community. The free zone manager also inked a deal with Emirates Airlines in 2013 to develop five residential towers spanning an area of 21, 500 square metres within Dubai Silicon Oasis.