Dubai's home services platform Justlife and Ras Al Khaimah's internet domain services provider Radix are among the fastest growing technology companies in the Middle East and Cyprus, according to a new survey by global consultancy Deloitte.
Deloitte's inaugural Technology Fast 50 report includes tech companies from various industries and sectors including cyber security, digital services, health care, fintech, e-commerce, game developers, communications and software developers.
To be eligible for the survey, companies must meet certain criteria and provide financial statements to Deloitte. The consultancy does not audit the companies nor does it analyse their financial standings, but it reserves the right to conduct due diligence on all companies that apply to be considered in the survey and may disqualify a company from entry based on the results of the due diligence conducted.
Other companies in the survey include Qatar's Applab, At-Home-Doc, HyperThink Systems and Urban Point, and Additess, Capital Com, Playkot, Signal Generix and Softline in Cyprus. Deloitte declined a request from The National to provide a full list of the companies in its survey.
These companies were able to prove their adaptability to thrive in the new normal, David Stark, a partner and Deloitte Private leader, said in the statement, referring to the disruption brought about by the Covid-19 pandemic and how businesses transformed to cope with the new challenges.
"This year’s finalists ... have a clear road map at the early stage where they are today and many of them are very purpose-driven,” Mr Stark said.
“It takes passion, dedication and innovation to join this elite group of fast-growing technology companies.”
In the UAE, various business incubators have been created to nurture start-ups, offering funding and mentorship, as it seeks to spur innovation and attract skilled talent. These include Abu Dhabi’s technology start-up incubator Hub71, Dubai Internet City’s tech-focused in5 business incubator and Intelak Hub, among others.
Total financing from venture capital funds in the Middle East surged 132 per cent to almost $2 billion in 2021, with the total number of deals up 5 per cent to 410, according to start-up data platform Magnitt.
Qatar, meanwhile, secured record levels of venture funding last year, with capital deployed 92 per cent higher than in 2020, Magnitt data shows. There were, however, 23 per cent fewer deals in 2021, but more late-stage rounds than ever before, it said.
The Mediterranean island nation of Cyprus, by virtue of its inclusion in the EU, provides access to European markets and the free movement of goods, services and capital, Deloitte said.
“The companies participating in this programme are both resilient and innovative, contributing to the region's digital transformation, job creation and sustainable growth,” said Emmanuel Durou, a partner and technology, media and telecommunications leader for Deloitte in the Middle East.
The consultancy also tagged several entities to its "companies to watch" list, including Dubai-based Saphyte and Netizency, Saudi Arabia-based Clever Platform and PayTabs, and Qatar-based ADGS, SkipCash and Twyla.
These companies will be eligible for the Fast 50 list once they complete the required four years of operations.
The first year of the Technology Fast 50 programme in the Middle East aims to strengthen the region's technology ecosystem by recognising and supporting business growth, innovation and entrepreneurship, Deloitte said.
Companies in Deloitte's Technology Fast 50 list
• Justlife ― the Dubai platform formerly known as JustMop, which provides home services including cleaning, pest control, salon services and Covid-19 PCR tests
• Radix ― a company in Ras Al Khaimah that provides internet top-level domain services
• Applab ― a platform that provides digitalisation services to sectors including government, oil and gas, SMEs, start-ups and corporates
• At-Home-Doc ― a service that brings doctors, online consultations, medications and laboratories to homes in less than 90 minutes
• HyperThink Systems ― an IT and business services company primarily serving the oil and gas, manufacturing, financial services, real estate, education and public sectors
• Urban Point ― a lifestyle app offering deals such as buy-one-get-one experiences and offers a data-driven way for merchants to attract new customers
• Additess ― a scientific consulting and research company, bridging the fields of academia, industry and the government
• Capital Com ― a financial trading platform spanning stock markets to cryptocurrencies backed by artificial intelligence
• Playkot ― a game development service that publishes titles for mobile and social media platforms
• Signal Generix ― uses signal processing and communications to develop solutions and add value to clients' products through the development of strong intellectual property
• Softline ― a platform that helps services companies use cloud-based solutions to digitally transform their daily practices