Thirteen UAE-based companies are among the fastest-growing technology companies in the Middle East and Cyprus, according to a survey by global consultancy Deloitte.
The UAE-based media and entertainment company Brandripplr was ranked third on the list.
Cyprus-based online trading platform Capital.com secured the top spot, followed by Jordan's mobile payment service provider FinTech Dinarak, the second edition of the Middle East Technology Fast 50 revealed.
The list includes tech companies from industries such as software, FinTech and media and entertainment.
It recognises companies based on revenue growth over the past four years.
First-placed Capital.com recorded 2,210 per cent growth, while Dinarak and Brandripplr registered 820 per cent and 816 per cent growth, respectively, the report said.
“It is exciting to see the pool of companies participating in this year’s programme, with regional entrepreneurs exploring a wide variety of fields and developing innovative solutions that address different business challenges,” David Stark, Deloitte private leader, said.
The UAE, the Middle East’s business and finance centre, is offering incentives to attract hundreds of digital companies to set up in the country as part of a programme to draw more foreign direct investment and position itself as a global tech centre.
In the first phase of the NextGenFDI initiative, which was launched by the Ministry of Economy last July, the Emirates aims to attract 300 digital companies.
The initiative will focus on companies led by software developers, data scientists, computer programmers and digital asset entrepreneurs.
Other UAE companies that made it on to Deloitte’s top 50 list include CSPSolutions, AlgoDriven, Justlife, TruKKer, Ziwo, 3CX, Plant Shop, You Cloud Pay, Uqu, ICC Loyalty, Property Finder and Lenador Systems.
To be eligible for the survey, companies must have been founded in the Middle East or Cyprus before January 1, 2018, with headquarters in those countries. Their annual revenue must have touched at least $50,000 in 2018 and $250,000 in 2021.
Other companies in the Gulf that ranked in the top 50 list include Qatar’s Mekdam Technologies and Urban Point, Bahrain’s Beyon Cyber and Lazywait in Saudi Arabia.
The technology companies ranked this year recorded an average growth of 277 per cent and generated about $800 million in total annual revenues during 2021-2022.
Meanwhile, UAE-based education technology company Englease ranked second on Deloitte’s list of Rising Stars, which is dedicated to organisations that show great potential, but have been trading for less than three years.
Another Cyprus-based FinTech, Flexfin topped the Rising Star list.
Oman-based 44.01, which eliminates carbon dioxide by turning it into rock, topped Deloitte’s Impact list, which ranks companies that have an environmental, social and governance element.
Abu Dhabi start-up Pure Harvest Smart Farms ranked fifth on the Impact list, while Dubai-based vertical farming provider Urban Agritechs secured the ninth spot.
Saudi Arabia's EdTech company Algooru and UAE-based EdTech provider Allinners topped Deloitte’s list of Companies to Watch, which recognises the innovation and achievements of businesses who are leading the way but do not meet the Technology Fast 50 criteria yet.
UAE companies like wealth management platform Sarwa and real estate crowdfunding website Smart Crowd are among others that figured on the list.
