Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Silicon Oasis Authority (DSOA), today received Ken Wilcox, CEO of Silicon Valley Bank; the premier commercial bank specialized in financing hi-tech companies, in his highness’ office at the Dubai International Airport, in the presence of Dr. Mohammed Al Zarouni, Vice Chairman & CEO of DSOA
Discussions with Sheikh Ahmed covered the economic situation, investment opportunities present in the region as well as DSO’s latest achievements. He identified the regional technology sector as being one of the key growth sectors for the GCC, emerging as a hub for solar energy and green technology investments and attracting leading international technology companies & financial institutions.
Dedicated to the technology and life science sectors, SVB has banked thousands of companies in the technology industry over the past 27 years. With 26 US offices as well as offices in international markets such as India and China, SVB Financial Group, the parent company of Silicon Valley Bank, had average total assets worth US$12.5 billion and average total deposits of US$9.9 billion at the end of 2009.
Dr. Mohammed Al Zarouni said: “At Dubai Silicon Oasis, we are constantly exploring methods to expand our business portfolio and enhance productivity within the technology sector in the UAE.”
“As we continue to develop our hi-tech ecosystem at DSO, we reach out for international expertise and assistance for our evolution. We believe acquiring knowledge and sharing experience with companies such as SVB will significantly contribute to the development of the technology sector in the region.”
SVB CEO Ken Wilcox and his team were in the UAE to assess the current state of entrepreneurship regionally. SVB has been calling on venture capital and private equity firms in the region since 2006 and continues to build and expand relationships in these geographies.
Ken Wilcox said, “We appreciate the visit with Sheikh Ahmed and Dr. Zarouni as well as their insights on the local economy. It is fascinating to see the development of entrepreneurship and innovation in Dubai and we admire their visionary leadership.”
SVB Financial Group (NASDAQ: “SIVB”) offers diversified financial services and provides clients with commercial, international and private banking services. It also offers funds management, broker-dealer transactions, asset management and a full range of services for private equity companies, as well as the added value of its knowledge and networks worldwide.
Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.
Dubai Silicon Oasis Authority (DSOA) is a wholly-owned entity of the government of Dubai; the state-of-the-art technology business park serves as an ideal platform for companies looking to set up their regional headquarters and research and development divisions in the Middle East and North Africa region.
