Investment projects at Dubai Silicon Oasis totalled AED 3.6 billion ($980 million) in 2015, the free zone authority says.

Projects carried out by the Dubai Silicon Oasis Authority (DSOA) accounted for half of all investments, with the rest being made up of foreign investments, according to a statement carried by the UAE state news agency WAM.

Dubai Silicon Oasis registered a 16% growth in recurring revenue over the previous year, it was reported.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the DSOA, detailed the projects underway in the zone.

“The investment projects that DSOA is currently working on include the AED1.3 billion smart city project Silicon Park, as well as the AED56 million student accommodation for the Rochester Institute of Technology Dubai,” Sheikh Ahmed said.

“Other key projects that are underway include the fifth phase of implementation of light industrial units costing AED46 million, the AED23.5 million water treatment plant, two electricity generating plants valued at AED192 million, the AED30 million Lake Park project, the AED44 million roads improvement project and Techno-hub – an office building dedicated to technology companies valued at AED97 million.”

Foreign investments in 2015 included the AED1 billion Fakeeh Academic Medical Centre, the AED500 million Avenues Mall Silicon Oasis, the AED200 million Axiom Telecom high-tech headquarters as well as several other projects totalling AED165 million.

The number of companies operating out of DSO increased to 1920 in 2015, up from 1391 in 2014.

Silicon Park, the first integrated smart city project to be built at the park at a cost of AED1.3 billion, is set to span 150,000 square metres and is scheduled for completion by the first quarter of 2018. The project will comprise 71,000 square meters of office space, 25,000 square meters of commercial space, and 46,000 square meters of residential space. It will also feature a hotel, community facilities like malls, shops, restaurants, and a multi-purpose conference centre.