Press Release
• The Fast 50 top 3 featured companies from Cyprus and Saudi Arabia, with Cyprus-based Municorn leading the rankings
• Ranked companies recorded an average growth rate of 8,823%, with 29 achieving over 1,000% growth, a new record for the programme
Deloitte Middle East has released the results of the fourth edition of the Middle East Technology Fast 50, recognising the fastest-growing technology companies across Cyprus and the Middle East. The programme ranks companies based on revenue growth over the past four years and showcases the innovation and entrepreneurial spirit that continues to define the region’s technology landscape.
This year marked a new milestone, with over 200 applications received for the first time, reflecting growing engagement and maturity in the region’s start-up ecosystem. Saudi Arabia led in terms of representation, accounting for 30% of the ranked companies, followed by the UAE (28%) and Cyprus (16%).
The average growth rate across the Fast 50 rankings reached 8,823%, with 29 companies achieving more than 1,000% growth, up from 21 in the previous edition. Fintech (22%) and Software (31%) emerged as the dominant sectors once again. The company with the highest growth rate within the Fast 50 category, Municorn, reported a 20,164% increase, highlighting the exceptional scalability of the top-performing entrants.
Kyriacos Charalambides, Fast 50 Programme Leader, comments: “I am thrilled about the companies featured in our listing for their transformative, groundbreaking technologies that are set to redefine the world as we know it, and the tech entrepreneurs who are changing conventional industries and propelling growth. They have all skillfully combined their expertise and passion to develop robust businesses that are experiencing remarkable growth. We are proud that our programme allows us to showcase these visionary entrepreneurs who are reshaping our lives, and the way we work and communicate, all while creating significant opportunities for addressing future challenges”.
By identifying and recognising companies in Cyprus and the Middle East that demonstrate exceptional growth and innovation, the Technology Fast 50 programme helps solidify their role in shaping the future of the wider region’s economy.
The Fast 50 top 3 featured companies from Cyprus and Saudi Arabia, while the Rising Star category – which recognises younger companies with strong potential – was led by entrants from the UAE and Saudi Arabia. “The fintech landscape in the region is evolving rapidly, with tech companies leading the charge in transforming financial services and setting new industry standards”, says Stelios Kyriakides, Partner at Deloitte Cyprus.
The fourth edition also saw progress in diversity, with 18% of ranked companies being women-led, up from 15% last year. In line with Deloitte’s commitment to inclusion, the Women in Leadership category continued to shine a spotlight on female-led tech ventures that meet the Fast 50 programme’s core ranking criteria.
A new category introduced this year, Kiyadat, focused on highlighting the achievements of GCC national founders. The category received strong interest and reflected the growing role of local talent in building the technology ecosystem. The Impact category, aimed at companies placing Environmental, Social, and Governance (ESG) principles at the heart of their mission, introduced an independent Impact Jury for the fourth edition. Nominees were evaluated across three key dimensions: impact, excellence, and implementation, following a structured pitching process.
Deloitte will host a series of Fast 50 Connect events across the region in May to acknowledge this year’s winners and provide further opportunities to connect with investors, corporates, and peers from the wider Fast 50 network, helping amplify success for programme participants.
For more information about the fourth edition of Deloitte Technology Fast 50 and to see the full results, please visit: https://deloi.tt/43UuKtV
