12 UAE companies and 5 Saudi companies feature in the Fast 50 ranking with Saudi based Salla claiming second spot in overall ranking
The average growth of ranked companies is 1906%, generating $3B in total annual revenues during 2022, showcasing the huge potential of the region’s tech sector
Deloitte Middle East has released the results of the third edition of the Middle East Technology Fast 50, showcasing the fastest-growing technology startups in the region. The program recognizes technology companies based on revenue growth over the last four years.
In this edition of the Technology Fast 50, Deloitte received close to 200 applications from across the Middle East and Cyprus, representing companies spanning various industries including Software, Fintech, Media & Entertainment, and others. The ranked technology companies this year achieved an average growth of 1906%, generating around $83B in total annual revenues during 2022, highlighting their significant contribution to both the sector and the broader regional economy.
Scott Whalan, Deloitte Private Leader said, “The start-up community proves to be resilient time after time. It its inspiring witnessing the remarkable accomplishments of this year’s applicants, a true testament to a bright future filled with growth. We are proud to support and be part of an innovative ecosystem, and look forward to the ground-breaking advancements these start-ups will achieve in the future.”
Capital.com, the renowned Cyprus-based FinTech company, has clinched the top spot for the third consecutive year in the third edition of the Technology Fast 50, with an impressive 4411% growth. Following closely behind are Salla, an E-commerce company based in Saudi Arabia, and Rihal, a Software company based in Oman, with growth percentages of 3550% and 2441% respectively.
As part of the Technology Fast 50 program, Deloitte also provides the Rising Star accolade, dedicated to companies that show great potential, but have been trading for less than three years and don’t meet yet the ranking criteria. The top Rising Star spot was claimed by LAWAZEM, the Saudi Arabia based E-commerce company, while in second spot came Circlys, the Fintech company based in Saudi Arabia, and the third spot went to Flexxpay, the United Arab Emirates based Fintech company.
The program also grants the Impact accolade for companies that have an Environmental, Social, and Governance (ESG) element at the heart of their mission. Leading the Impact ranking in the third edition is the Lebanon based non-profit organization CodeBrave, which aims to empower Lebanon’s next generation with technology skills. In second and third position came respectively the Saudi Arabia based companies Mirai Solar and Terraxy.
The third edition of Technology Fast 50 also introduces a new category: Women in Leadership, which recognizes and ranks companies that meet all the main Fast 50 program criteria and are either led by a female CEO or have a founding team comprised of at least 50% women. The top three spots in this category were claimed by Lebanon based Environmental Technology company YYReGen, UAE based Environmental Technology company The Surpluss and Cyprus based Healthcare & Life sciences company The Mighty Kitchen.
