Deloitte launched the Technology Fast 50 program in the United Arab Emirates, Saudi Arabia, Bahrain, Qatar and Cyprus. This program is a competition to select the fastest growing established and emerging technology companies in the public and private sectors, and to provide the opportunity for these companies to demonstrate their superiority and growth in various technology fields. It is worth noting that Deloitte first launched this program in North America in 1995, and then expanded it to include technology companies in the Europe, Middle East, Africa and Asia Pacific regions.
With this annual competition, Deloitte aims to identify, rank and honor the fastest growing technology companies in the public and private sectors based on the revenue growth they have achieved over the past four years in all technology-related areas such as telecommunications, environmental technology, financial technology, device technology, healthcare, and science. Life, media, entertainment, and software. As it aims to determine the winning company, the competition will look at the revenue generated by the participating companies between 2017 and 2020. Applications from companies headquartered in the United Arab Emirates, Kingdom of Saudi Arabia, Kingdom of Bahrain, State of Qatar and Cyprus will be accepted.
Commenting on the competition, David Stark, Partner in Charge of Private Sector Services at Deloitte Middle East, said: “The long-term success of this competition in various countries has empowered tech startups that have been recognized as program winners, and increased exposure opportunities. In addition to providing more growth opportunities for her in the market, her brand recognition, increasing her network of relationships with potential customers.
Building a more sustainable future
Kyriakos Charlampides, Head of High Growth Private Sector Companies at Deloitte Middle East, said: “This competition aims to showcase the depth and breadth of innovations in various technology fields in the countries of the region by providing an opportunity for many dynamic technology companies. the ability to influence to demonstrate the level of these innovations; Consequently, these companies will, over time, contribute to shaping the future economic foundation for development in the various countries of the region. Through the launch of this competition, Deloitte seeks to increase the pace of growth of these technology companies in the region by creating a platform that connects emerging technology companies, investors and major technology companies, in addition to continuing the support that Deloitte provides to these vital companies in support of their efforts to build a more robust and sustainable future. to all countries in the region.
The eligibility to rank the participating companies among the 50 fastest growing companies is determined by meeting the following criteria:
Achieving annual revenues of at least $50,000 in 2017, 2018 and 2019, in addition to $250,000 during 2020.
The headquarters of the participating companies should be in the UAE, Saudi Arabia, Qatar, Bahrain and Cyprus.
Working on developing or manufacturing software and technological devices of private ownership, or investing huge sums in research and development.
And that the participating companies have an ownership structure that does not include subsidiaries (subsidiaries) owned by strategic enterprises.
Submissions will close on September 30, 2021, and the results of the competition will be announced in November 2021.