Innovation isn’t always about disruption. Sometimes, it’s about consistency, timing, or doing something better.

The Fast Company Middle East’s Most Innovative Companies list aims to recognize organizations that are quietly but steadily influencing industry evolution. In a region undergoing rapid economic and social transformation, the list has become a way to assess what’s working, who is thinking differently, building with intent, and setting useful precedents for others.

We spoke to previous honorees about what the recognition meant to them, and how their approach to innovation has shifted since.

A LASTING IMPACT

For many companies, being featured on the Most Innovative Companies list has marked a moment of validation, and in some cases, acceleration of growth.

Reflecting on the experience, Dr. Azad Moopen, Founder Chairman of Aster DM Healthcare, described the 2024 recognition as “an affirmation of our purpose and a catalyst for greater ambition.”

“This recognition elevated trust in our brand, enhanced our global credibility, and opened doors to strategic partnerships, government collaborations, and access to forward-thinking talent,” he stated, adding that it energized teams to continuously challenge norms and find bold, tech-led solutions to real healthcare problems.

Since then, Aster has moved ahead with its digital transformation and regional expansion. Among its milestones was the launch of the myAster app in Saudi Arabia, which features the region’s first Arabic AI voice response, developed with Google Cloud and unveiled at LEAP 2025.

At Tap Payments, the recognition in 2023 spotlighted the company’s mission and growing influence. Co-founder and CEO Ali Abulhasan said, “We’ve always focused on building products that truly help our clients grow by making it easier for them to get paid and run their businesses. This recognition motivates us to keep finding better ways to do that.”

He noted that the company has since expanded its presence across MENA, formed new partnerships, and continued to improve the payment experience. Tap Payments now serves more than 120,000 merchants and has acquired new licenses in Qatar, the UAE, and Egypt, making it licensed across the entire GCC and expanding further into the MENA region.

To improve customer experience, the company integrated Apple Pay for desktop browsers and embedded 3DS technology to streamline checkout and reduce cart abandonment, while maintaining security.

Mazen Nahawi, Founder and Group CEO of CARMA, shared that being on the 2024 list strengthened the company’s profile across industries.

“Such accolades are catalysts that open new avenues for strategic partnerships, firmly positioning the business at the forefront of industry discussions and accelerating its growth trajectory in media intelligence.”

For GMG, the 2024 recognition aligned with its internal culture and long-term goals. “It is both an honor, and a reflection of the mindset we’ve already cultivated across the organisation,” said Kapil Sethi, Deputy Chief Executive Officer.

“It pushes us to challenge industry norms and collaborate in new ways. It opens doors to partnerships and conversations we might not have had otherwise.”

WHAT INNOVATION MEANS

For Abulhasan, innovation begins not in the lab but in the market.

“Innovation starts with listening,” he says. “When we really understand what businesses need, we can build products that help them grow.”

He describes it as finding smarter ways to solve real-world problems, grounded in practical insights and local context. That includes understanding the nuances of different markets, from regulatory frameworks to consumer behavior.

“Each country has its own culture, economy, and regulations,” he explains. “Tailoring products to fit how businesses operate and how consumers prefer to pay is essential.”

“Every country in the MENA region has its own culture, economy, and rules,” he explains. “It’s important to build products that fit how businesses work and how people like to pay.“

Timing, he believes, is just as important as the idea itself. “Launching too early creates confusion; launching too late means missing the wave.” That’s why Tap’s approach includes working with regulators and anticipating shifts in the ecosystem.

Simplicity, too, is non-negotiable. “Businesses don’t have time for complicated setups,” he says. “Your product should just work with what they already have.”

Ultimately, for Abulhasan, innovation is not just about building better payment products, it’s about fostering economic growth. “It’s also about collaboration and enabling opportunities across the region.”

Sethi shares a similar view. For him, innovation is grounded in connection.

He says that “staying deeply connected to your market, being open to change, and moving beyond what’s comfortable” drives real progress.

“You can’t innovate in isolation,” he adds. “Build the right ecosystem around you, from partners and institutions to communities, and keep collaboration at the heart of your growth.”

INNOVATION FOR ASPIRING COMPANIES

For Nahawi, innovation starts with creating the right culture that values experimentation over perfection.

“Companies must empower their teams to consistently challenge the status quo, to boldly try new ideas, and deeply learn from both their triumphs and setbacks. Creating a supportive environment where curiosity is celebrated and unconventional thinking is genuinely rewarded is non-negotiable.”

He also emphasizes the importance of investing in people. “Your employees are a company’s greatest asset. They are the true engine of innovation. Provide them with the necessary resources, the training, and the opportunities to pursue those groundbreaking ideas.”

Moopen agrees that innovation is rooted in relevance.

“My advice to aspiring companies is to focus relentlessly on the unmet needs of your customers, and don’t be afraid to break the mold, especially when it comes to legacy systems.”

He sees innovation not as a project, but as a mindset. “It’s woven into every layer of the organization. Build diverse, agile teams that are encouraged to experiment, and partner with ecosystem players.”

He adds that success should be measured not only by revenue but also by an idea’s reach and resonance.

“Awards will follow when your purpose aligns with bold execution.”

The Most Innovative Companies 2025 applications are now open to companies of all sizes, from startups to established industry leaders, in various sectors such as retail, real estate, entertainment, education, and enterprise. Nominations are now open.