The 20 fastest growing technology companies | startups in the region

06 May 2024 3 min. read
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What are the fastest-growing technology companies headquartered in the Middle East or Cyprus? For the third year in a row, Deloitte explored the matter – crowning as the runaway winner.

Cyprus-based financial investment platform has clinched the top spot for the third consecutive year in the Technology Fast 50, with an impressive 4,411% growth.

Established in 2016 in Cyprus but operating worldwide, is a platform that enables people to invest in financial markets and cryptocurrencies through an online trading platform. Its intuitive, award-winning platform and app enables investors to trade thousands of world-renowned markets.

The 20 fastest growing technology companies | startups in the region

Saudi-based Salla, an e-commerce enablement platform for merchants of all sizes (SMEs to enterprise-level merchants), claimed second spot in the Deloitte ranking. Salla offers a comprehensive omni-channel solution, seamlessly connecting merchants to every critical touch-point within the value chain, ensuring end-to-end business operations.

Number three on the list is Rihal, an Omani company that offers digital transformation services. After building a strong base in data management, Rihal more recently expanded its services to areas such as artificial intelligence, machine learning, open low code, and robotic process automation, among others.

Completing the top 5 are GreenWise Energy, a technology company from Lebanon specialized in sustainable energy solutions, and Arib, a fintech startup from Saudi Arabia that provides data aggregation services to financing institutions.

Other companies that made the top 20 are:
6) Quiqup (logistical services to the e-commerce sector)
7) Bosta (logistics and software solutions to provides e-commerce merchants)
8) Municorn (software products for SMEs, entrepreneurs and individuals)
9) Almentor (software solutions for B2C and B2B markets)
10) AlgoDriven (helps car dealers evaluate, appraise and inspect used cars)
11) Trukker (a provider of digital freight matching services for multimodal freight)
12) Logistaas (a cloud-based ERP for logistics companies)
13) Justlife (marketplace for home services)
14) Futad (platform for matching clients with professionals specialised in marketing)
15) Dinarak (a mobile payment service provider licensed in Jordan)
16) Beyon Cyber (cyber security solutions to businesses across the region)
17) Fleetserve (AI platform that helps optimize oil distribution)
18) Ziwo (solution that helps companies talk to their clients with a crystal-clear voice)
19) Intergo Telecom (telecom company specialised in software and SaaS solutions)
20) Mintroute DMCC (platform for regional e-voucher aggregation, issuing, processing and distribution)

The Technology Fast 50 program from Deloitte recognizes technology companies based on their revenue growth over the last four years. Close to 200 companies applied to the program, with the average growth rate of the top 20 companies surpassing 2,000% growth.

“It its inspiring witnessing the remarkable accomplishments of this year’s applicants and top performers, 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,” said Scott Whalan, a leader at Deloitte.

The Rising Stars

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.

The top Rising Star spot was claimed by Lawazem, a Saudi Arabia based e-commerce company, with Circlys and Flexxpay ranking second and third – both also are fintech companies.