Dubai Silicon Oasis Authority (DSOA) logged a net profit of $63.9m (AED 234.7m) in 2016, signifying a 27.7% increase over 2015 figures.

The organisation also recorded a recurring revenue of $141mn (AED518m) by end-2016, which translates to a 9.4% increase compared to the previous year.

Following the release of DSOA’s annual earnings, HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman of DSOA, announced, on Saturday, that Dubai Silicon Oasis (DSO) has become a preferred integrated destination for IT companies and entrepreneurs, and is now a key contributor to the development of Dubai’s economy.

Talking about DSO’s achievements, HH Sheikh Ahmed said: “The number of companies operating out of the technology park grew from 1,920 in 2015 to 2,120 in 2016, marking an increase of 10%. DSO’s outstanding record in drawing interest from hi-tech companies, investors and entrepreneurs is a testament to the exceptional services and state-of-the-art facilities it offers. The free zone plays a significant role in attracting direct investment into Dubai and the UAE as a whole.”

Dr Mohammed Alzarooni, Vice Chairman and CEO of DSOA, meanwhile, noted that nearly 78% of the companies based at DSO specialise in IT, while the remaining 22% operate across a range of sectors, including commerce and services.

According to Dubai Media Office, the latest breakdown of the companies operating at the park have it at 72% as coming from the MENA region, 12% from Europe, 12% from Asia, 3% from the Americas, and 1% from Australia & New Zealand.