Led by Saudi Arabia and the UAE, the Middle East’s tech startup industry is booming as they drive digital adoption and growth. Now, countries like Bahrain, Jordan, Cyprus, and Tunisia have been winning investor interest as they build their ecosystems.

According to Deloitte’s second Middle East Technology Fast 50, Cyprus-based online trading platform Capital.com topped the list, followed by Jordan’s fintech firm Dinarak in second place, and Brandripplr, a media and entertainment corporation with offices in the UAE, came in third. Thirteen UAE-based firms are among the fastest-growing technology businesses in the Middle East. 

The list represents tech firms from the software, fintech, and media and entertainment sectors. It honors businesses based on their sales growth over the previous four years. 

According to the research, the top-ranked Capital.com grew by 2,210%, while Dinarak and Brandripplr saw 820% and 816%, respectively. Along with CSPSolutions, AlgoDriven, Justlife, TruKKer, Ziwo, 3CX, Plant Shop, You Cloud Pay, Uqu, ICC Loyalty, Property Finder, and Lenador Systems, other UAE businesses that made it onto Deloitte’s top 50 list of firms are Ziwo, You Cloud Pay, Uqu, and Lenador Systems.

Mekdam Technologies and Urban Point from Qatar, Beyon Cyber from Bahrain, and Lazywait from Saudi Arabia are among the other Gulf companies that made the top 50 list.

This year’s top technology companies saw average annual revenue growth of 277%, or roughly $800 million, from 2021 to 2022.