Deloitte Middle East has released the results of the second edition of the Middle East Technology Fast 50, the list of fastest-growing technology companies in the region. The program recognizes technology companies based on revenue growth over the last four years.
In this edition of Technology Fast 50, Deloitte Middle East received applications from companies providing products and services across Software, Fintech, Media & Entertainment, and other sectors. The ranked technology companies by the program this year achieved an average growth of 277%, generating around $800M in total annual revenues during 2021-2022, highlighting their significant contribution to the sector and the broader economy.
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David Stark, Deloitte Private Leader said, “It is exciting to see the pool of companies participating in this year’s program with regional entrepreneurs exploring a wide variety of fields and developing innovative solutions that address different business challenges. The second edition of Fast 50 is a great showcase of Deloitte’s commitment to supporting the technology sector which is more vital than ever for the region’s economic development.”
The top-ranked company in the second edition of Technology Fast 50 is FinTech company, Capital.com, which exhibited 2,210% growth. The companies ranked second and third were Jordan-based FinTech company, Dinarak, and the United Arab Emirates-based Media & Entertainment company, Brandripplr, who have showcased 820% and 816% growth respectively. Other companies who participated in the first edition and have made it to this year’s list are Justlife, Softline, Urban Point, SignalGenerix, HyperThink System, Playkot, and Aditess.
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 the ranking criteria. The Rising Star list featured the UAE-based EdTech company, Englease, and Sure Payment, the Saudi Arabian Fintech company.
The program also grants the Impact accolade to companies that have an Environmental, Social, and Governance (ESG) element at the heart of their mission. Leading the Impact ranking in the second edition is the Oman based 44.01, which eliminates CO2 by turning it into rock. In second and third position came respectively the Lebanon-based non-profit organization, CodeBrave.
The second edition of Technology Fast 50 also features a section covering Companies to Watch, which recognizes the innovation and achievements of some businesses that are leading the way but do not meet the program’s criteria yet. The top two spots in this category were claimed by Saudi-based EdTech company Algooru and UAE-based EdTech company, Allinners.
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