Professional services firm Deloitte has launched its Technology Fast 50 Program, a competition for fast growing technology companies in both established and emerging technologies, in the UAE, Saudi Arabia, Qatar, Bahrain and Cyprus.
The program provides them with a platform to showcase their leading position in the field.
The Technology Fast 50 Program was originally founded in 1995 by Deloitte in North America and has expanded to include programs in EMEA and APAC as well.
Deloitte’s Technology Fast 50Programranks and recognizes the 50 fastest growing technology companies, public or private, based on percentage revenue growth over four years. It includes all related industry sectors – communications, environmental technology, fintech, hardware, healthcare and life sciences, media and entertainment, software.
For the 2021 ranking, revenues from 2017 to 2020 will be analysed. Applications will be considered from companies headquartered in the UAE, Saudi Arabia, Qatar, Bahrain and Cyprus.
“The long-standing success of the program across various geographies has empowered emerging growth companies that have been recognized as Technology Fast 50 winners to gain increased visibility, brand recognition, networking, and further growth opportunities,” said David Stark, Deloitte Private Leader in the Middle East.
“The Deloitte Technology Fast 50 Program aims to showcase the depth and scope of innovation across our region. This will be driven by many of the dynamic and inspiring young companies that, in time, will help form the future economic bedrock for our region’s development,” said Kyriacos Charalambides, High Growth Segment Leader of Deloitte Private in the Middle East.
“Our ambition is to enable the acceleration of the growth of our regional ecosystems by connecting start-ups, investors and corporates, and purposefully continuing to support such vibrant businesses as they help build a stronger and more sustainable future for all.”
Eligibility for the Fast 50 ranking requires fulfilment of the following criteria:
• Annual revenues of at least $50,000 in 2017, 2018 and 2019 and $250,000 in 2020;
• Operational headquarters in the region (United Arab Emirates, Saudi Arabia, Qatar, Bahrain or Cyprus);
• The company develops or manufactures proprietary technologies or spends a significant amount of capital on research and development;
• The company has an ownership structure that excludes majority-owned subsidiaries of strategic entities.
The application process will close on September 30, 2021 and results will be announced in November 2021.
The impact of the Technology Fast 50 Program extends far beyond the countries where the companies are based. All participating companies that meet the program’s criteria (not only those that make the top 50) also have the opportunity to be recognized in Europe, Middle East and Africa (EMEA) Fast 500 ranking. Alongside Deloitte’s US and Asia Pacific Fast 500 initiatives, this will bring them local, national and international exposure.
Note: Unless otherwise requested, all qualifying entrants from the Fast 50in the United Arab Emirates, Saudi Arabia, Qatar, Bahrain and Cyprus, will automatically be entered into the Fast 500 EMEA. To qualify for the Deloitte Technology Fast 500 EMEA, a company must have base-year operating revenues of €50,000 (2017) and a current year (2020) operating revenue of at least €1,000,000.