Projects worth AED1.423 billion ($387m) are being implemented at Dubai Silicon Oasis (DSO), including an ambitious ‘smart city’ project, the free zone authority announced.

The hi-tech business park says it has attracted foreign investments worth $508 million, bringing the total investments to $895 million.

Investment projects DSO is currently working on include the $327 million smart city project dubbed ‘Silicon Park’, as well as Technohub, a $26.4 million office building dedicated for technology entrepreneurs.

Other projects include the $15.2 million dorm building for the Rochester Institute of Technology Dubai, and a $7.6 million road-improvement project. Foreign investments include the $272.2 million Fakeeh Academic Medical Centre and a shopping centre.

“DSO has developed its 2021 growth that lays out a blueprint for expansion that will help shape DSO’s future trajectory. The strategy is in line with the emirate’s vision of becoming a smart and innovative city that encourages innovation and creativity, and supports young technological talent to convert their ideas into successful tech-businesses,” said Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Silicon Oasis Authority (DSOA).

Sheikh Ahmed said DSOA had recorded revenues of AED245.4 million ($66.8m) in the first half of 2015, a 16% increase compared with the same period last year. It made a net profit of $25.5m, he added.

DSO has also seen a 12% increase in the number of companies operating there from 1,064 in 2014 to 1,187 in the first half of 2015.

Its statement noted that 71% of the companies operating at DSO specialise in IT, while the remaining 29% operate across a range of sectors including commerce and services.

The current breakdown of organisations by country show 37% are from the Middle East and North Africa, 30% are European, 21% are Asian, 11% are from the Americas and just under one percent are from Australia and New Zealand.