Capital.com clinches top spot again in Technology Fast 50 rankings

• The average growth of ranked companies is 1906 per cent, generating $3b in total annual revenues during 2022, showcasing the huge potential of the region’s tech sector.
• Markets such as the Saudi Arabia, UAE and Qatar are rapidly becoming a hub for startups, scaleups, incubators, and accelerators.
• The top Rising Star spot was claimed by Saudi-based LAWAZEM, second spot by Saudi-based Circlys and UAE-based Flexxpay.
• The top Women in Leadership spot was claimed by Lebanon-based YYReGen, followed by UAE-based The Surpluss and Cyprus-based The Mighty Kitchen.

The technology sector in the Middle East continues to show resilience and companies are finding impressive ways to overcome challenges despite the pressures.

Markets such as the Saudi Arabia, UAE and Qatar are rapidly becoming a hub for startups, scaleups, incubators, and accelerators.

The focus domains include fintech, e-commerce, sports, retail and healthcare. The rise of smart cities, the adoption of renewable energy, and the development of cutting-edge solutions across industries, are just a few examples of the region’s unwavering commitment to innovation.

With a young and tech-savvy population, a growing economy, and a supportive regulatory environment, the Middle East is poised to be a major player in the global innovation ecosystem.

The UAE’s technology start-up ecosystem, particularly in Dubai, has experienced significant growth due to government reforms and policies promoting innovation.

The country has established itself as a regional leader in this field, with abundant funding and investment.

Extraordinary growth

In the third edition of the Middle East Technology Fast 50 by Deloitte Middle East, showcasing the fastest-growing technology startups in the region, ranked technology companies this year achieved an average growth of 1906 per cent, generating around $83 billion in total annual revenues during 2022, highlighting their significant contribution to both the sector and the broader regional economy.

“This year’s ranked companies have achieved extraordinary revenue growth, even in the midst of uncertainty in the regional markets. These companies are driving change in their industries, propelling local economies with their innovative and impactful technologies, entrepreneurial spirit, and steady determination.” Emmanuel Durou, Partner, Technology, Media & Telecommunications Leader, Deloitte Middle East, said.

Kyriacos Charalambides, Partner Fast 50 Middle East & Cyprus Program Leader, said, that Dubai has emerged as a crucial destination for ambitious entrepreneurs in the MENA region, solidifying its position as a dynamic regional hub.

“Cyprus also has a growing economy supporting start-ups in various tech sectors, with a focus on attracting investors and entrepreneurs through initiatives like tax incentives and funding opportunities,” he said.

Finally, he said that Saudi Arabia start-up funding is continually rising, boosting its leading position in the Middle East.

Strong funding support

“In Riyadh, in particular, there has been a surge in deals and projects, especially in the Fintech sector. The country has the largest tech market in the region and is transitioning to a digital economy. With the government supporting economic diversification and innovation through private sector development and investment initiatives, Saudi start-ups benefit from strong funding support.”

Capital.com, the 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 4,411 per cent 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 3,550 per cent and 2,441 per cent respectively.

Scott Whalan, Deloitte Private Leader said the start-up community proves to be resilient time after time. It is inspiring to witness 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.”

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.

Empowering women

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 UAE-based fintech company.

Leading the “Impact” ranking in the third edition is the Lebanon based non-profit organisation 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.

In the first edition of “Women in Leadership” category, which recognises 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 per cent women, Lebanon-based environmental technology company YYReGen, UAE-based The Surpluss and Cyprus-based healthcare & life sciences company The Mighty Kitchen took the top three spots.

Saudamini Dubey, Partner Digital Transformation & Innovation Leader at Deloitte Middle East, said that Ii is evident that significant progress has been achieved in advancing the representation of women in top leadership positions as well as founders in the global tech industry.

“We are inspired by this trend, and we admire the growing number of women initiating, establishing, and leading tech businesses on a global scale. We are committed to supporting and empowering these women, and eagerly anticipate to see them grow and thrive within this ecosystem.”

By giving voice, recognition, and value to these visionaries, she said “our aim is to inspire women in tech to take on a more active role and view challenges as opportunities for growth. We are not only hoping to empower more women in the field, but also to amplify their voices and acknowledge their true impact.”