Nicosia, Cyprus. Deloitte published the results of the fifth edition of its Middle East and Cyprus Technology Fast 50, ranking the region’s fastest-growing technology startups. The programme assesses companies based in Cyprus and the Middle East by revenue growth over the past four years.
Programme scope and ranking basis
The programme ranks technology companies in Cyprus and the Middle East according to their revenue growth over the past four years. Deloitte said the initiative has also developed into a platform for recognising growth, resilience and ambition across a regional startup ecosystem.
Categories and recognition
This year’s edition covers companies across five categories. Alongside the main Technology Fast 50 ranking, Deloitte also recognised companies in the Rising Star, Impact, Women in Leadership and Kiyadat categories.
The Rising Star category focuses on younger startups with strong growth prospects. Impact recognises companies that have integrated ESG elements into their core business. Women in Leadership highlights technology companies led by women. Kiyadat focuses on established technology companies led by, or founded by teams made up of at least 50 per cent people from GCC countries.
Milestones and geographic distribution
Deloitte said this year’s results marked milestones for the programme, with the top five Fast 50 companies including three from the United Arab Emirates and two from Saudi Arabia for the first time.
Deloitte also reported that the top ten companies in the Rising Stars category are all based in the UAE and Saudi Arabia. Cyprus maintained a visible presence, with 14 per cent of the companies included this year based on the island.
Which of the programme’s categories do you consider most relevant for assessing technology companies in the region?
