- Cyprus-based Capital.com in first place for the third consecutive year, with revenue growth of 4.411%.
- The average revenue growth rate of the ranked companies reaches 1.906%, generating a total annual revenue of $3 billion in 2022.
Deloitte Middle East published its third quarter results edition of the Middle East Technology Fast 50, presenting the fastest growing technology start-ups in Cyprus and the Middle East. The program ranks companies based on their revenue growth over the last four years.
In this edition of the Technology Fast 50, Deloitte received almost 200 applications from companies from Cyprus and the Middle East, from various industries such as Software, Fintech, Media & Entertainment and others. Tech companies ranked this year achieved an average revenue growth rate of 1.906%, generating total annual revenue of $3 billion in 2022, confirming their significant contribution to both the industry and the wider regional economy.
As Kyriakos Charalambidis, Partner at Deloitte, Head of Deloitte Private's High Growth Emerging Companies sector in the Middle East and Fast 50 Program Leader, pointed out: “We are particularly proud to see that applications this year have doubled and come from start-up companies that use innovation to improve our lives and society, in new and varied areas. This is a clear proof that our region is home to a multitude of companies with great potential. I warmly congratulate all the companies listed for the first time in our program this year for their ground-breaking technological innovations that are expected to redefine efficiency, quality and sustainability.”
Cypriot Capital.com, which operates in the financial technology (FinTech) sector, emerged as the leading company for the third year in a row, with an impressive revenue growth rate of 4.411%. Salla, an e-commerce company from Saudi Arabia, followed with 3.550%, and Rihal, an Oman-based software company, with 2.441%.
As part of the Technology Fast 50 program, Deloitte also awards the Rising Star distinction, for companies that show strong growth prospects but have been in business for less than three years and therefore do not meet the ranking criteria. The first places were occupied by companies from Saudi Arabia, with first the e-commerce company LAWAZEM and second the Fintech company Circlys, while in third place the Fintech company Flexxpay based in the United Arab Emirates.
The program also awards the Impact distinction to companies that integrate ESG (Environment, Society and Corporate Governance) elements into their activities. Topping this category for this year is Lebanon-based non-profit organization CodeBrave, which aims to empower Lebanon's next generation with technology skills. In second and third place respectively are the companies Mirai Solar and Terraxy based in Saudi Arabia.
Finally, this year's third edition of the Technology Fast 50 introduces a new category, Women in Leadership, which recognizes the importance of women in the technology industry by ranking companies that meet all of the key criteria of the Fast 50 program and are either led by a woman or have founding team consisting of at least 50% women. The top three spots in this category were taken by Environmental Technology company YYReGen from Lebanon, The Surpluss, also an Environmental Technology company based in the United Arab Emirates, and The Mighty Kitchen from the Healthcare & Cyprus-based Life Sciences.
Overall, the top three countries from which applications came were the United Arab Emirates (32%), Cyprus (21%) and Saudi Arabia (23%). . A total of 29 organizations based in Cyprus were ranked in this edition, with four recognized as 'Women in Leadership', 15 as 'Rising Star' and one as 'Impact'.
For more information on the third edition of the Deloitte Technology Fast 50, visit deloi.tt/3VXPcpT.
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