Dubai Silicon Oasis Authority (DSOA) registered a net profit of AED204.3 million during 2013 witnessing an increase of 23.5 percent in comparison with 2012, driven by outstanding performance across all areas of operations.

“We are very proud of the sustainable growth achieved at Dubai Silicon Oasis and look forward to continue setting new milestones in the future,” said Sheikh Ahmed bin Saeed Al-Maktoum, chairman of DSOA.

“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 the chairman.

“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 AED2.4 billion to complete a number of projects by end 2017,” he said,

Mohammad Alzarooni, vice vhairman and CEO of Dubai Silicon Oasis Authority, said: “Investment projects launched by DSOA include the Silicon Park project, which will be the first integrated smart city in Dubai. The project will span an area of 150,000 sq meters and developed at a cost of AED1.1 million.

Work on the project is already underway and will be completed by end 2017.

“Silicon Park will emerge as an intelligent complex embedded with cutting edge technologies that fulfill the requirements of modern businesses and lifestyles,” said the chairman.

“Adopting these advanced technologies complement the Dubai Government’s focus on providing smart life, smart transport, smart community, smart economy, governance and smart environment to its people and visitors. Upon completion of the Silicon Park project, DSO will be the first free zone to build an integrated smart project,” he said.

2013 also saw companies operating under the Dubai Silicon Oasis Authority growing to 929 with 65 percent in the IT industry and the remaining 35 percent in the commercial and diversified service sectors.

The current breakdown of organization by country in DSO is represented as follows: 35 percent of the companies are European, while Asian enterprises comprise 19 percent and American firms account for six percent.

Canadian organizations cover one percent of the businesses at DSO, with one percent representing Australia and 38 percent comprising enterprises from the MENA region.

The mix highlights the free zone’s international make-up.

DSO announced also plans to host a hospital and medical university project developed by Saudi Arabia’s premier health care concept, Dr. Soliman Fakeeh Hospital (DSFH), in an effort to contribute to academic advancement and extend quality medical services to support the local health care industry.

Estimated to be built at a cost of AED1 billion across 150,000 square meters, the project titled ‘The University Hospital’ will be constructed in two phases.

Phase-four of the Light Industrial Units is also underway with completion scheduled in Q4 2014. Phase-four of the Light Industrial Units will include 27 full-facilities, flexible, modular and finished units.

On the residential front, DSO has launched last year Phase-3 of its Cedre Villas project.

The AED285 million extension to the Cedre Villas will add 160 luxury villas, taking the total count to 1,207.

Phase-3 will be delivered in three stages during April, July and September 2014.