According to a recent survey by global consultancy Deloitte, thirteen UAE-based companies are among the fastest-growing technology companies in the Middle East and Cyprus. The survey, known as the Middle East Technology Fast 50, revealed that Brandripplr, a UAE-based media and entertainment company, ranked third on the list. Capital.com, a Cyprus-based online trading platform, secured the top spot, followed by Jordan’s FinTech Dinarak, a mobile payment service provider.
The report showed that first-placed Capital.com recorded an impressive 2,210% growth, while Dinarak and Brandripplr registered 820% and 816% growth, respectively. The survey also noted that the technology companies ranked this year recorded an average growth of 277% and generated about $800 million in total annual revenues during 2021-2022.
Other UAE companies that made it onto 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.
The UAE, known as the business and finance centre of the Middle East, is actively offering incentives to attract hundreds of digital companies to set up in the country as part of a program to draw more foreign direct investment and position itself as a global tech centre. The NextGenFDI initiative, which was launched by the Ministry of Economy last July, aims to attract 300 digital companies in its first phase. The initiative focuses on companies led by software developers, data scientists, computer programmers, and digital asset entrepreneurs.
Additionally, Deloitte’s survey also includes a list of Rising Stars, which is dedicated to organizations that show great potential but have been trading for less than three years. UAE-based education technology company Englease ranked second on this list, while Cyprus-based Flexfin topped the list. Deloitte also released an Impact list, which ranks companies that have an environmental, social, and governance element. Oman-based 44.01, which eliminates carbon dioxide by turning it into rock, topped this list. Meanwhile, Abu Dhabi start-up Pure Harvest Smart Farms ranked fifth on the Impact list, and Dubai-based vertical farming provider Urban Agritechs secured the ninth spot.
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