The government-owned high-tech park for the microelectronics and the semiconductor industry also posted a 148 percent increase in revenue as the number of companies operating in the free zone rose by 25 percent to 318 for the same period, according to a statement.

Sheikh Ahmad Bin Saeed Al-Maktoum, chairman of DSOA, said the results confirm the strong investment potential and growth opportunities of the high-tech park, which spans 7.2 million square meters along Emirates Road,

He also commended the Dubai Circuit Design Centre, headquartered at the free zone and which recently won six new projects in collaboration with leading technology companies, to design circuits for semi-conductor chips of TSMC 40 nanometers.

Mohammad Al-Zarouni, vice chairman and CEO of Dubai Silicon Oasis Authority, said: "Since the global financial crisis unfolded, Dubai Silicon Oasis has devised a flexible strategy to tackle future challenges and enable smooth operations while maintaining its annual growth rate. The excellent first quarter performance bears testimony to the effectiveness of our meticulous policy.

"In addition, DSO has attracted global technology firms by providing additional services and facilities and creating an ideal environment for start-up businesses. Our client portfolio currently comprises 66 percent of technology companies, ranging from IT and electronics to telecommunications, semiconductor and energy companies.

"Engineering and the retail sector represent four percent each of the total number of companies at Dubai Silicon Oasis, while 26 percent encompass diverse businesses."

"Our client portfolio currently comprises 66 percent technology companies, ranging from IT and electronics to telecommunications, semiconductor and energy companies. Engineering and the retail sector represent four percent each of the total number of companies at DSO, while 26 percent encompass diverse businesses," Al-Zarooni added.

A break down of companies at DSO indicates that 45 per cent are European firms, 11 percent American, and 18 percent Asian, while the companies from the MENA region constitute 26 percent of the entities operating at the high-tech park, which was built half a decade ago.