Deloitte announces Technology FAST 50 rankings for Middle East
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. The ranked technology companies by the program this year achieved an average growth of 277 percent, generating around $800M in total annual revenues during 2021-2022, highlighting their significant contribution to the sector and the broader economy.
The top ranked company is FinTech company, Capital.com, which exhibited 2,210 percent growth. The companies ranked second and third were Jordan-based Dinarak, and the UAE-based Brandripplr, who have showcased 820 and 816 percent growth respectively. Other companies who had 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.
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.”
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 UAE-based EdTech company, Englease, and Sure Payment, the Saudi Arabian Fintech.
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 second edition is the Oman-based 44.01, which eliminates CO2 by turning it into rock followed by 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 who 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 Algooru and UAE-based Allinners.
