Telegram is the most valuable tech company across the Middle East
There are now over 40 tech companies valued above $1B in the Middle East (excluding Israel which is a global tech ecosystem on its own).
Telegram valued at $30.0B is the most valuable tech company in the region, followed by Trendyol Group and Elm
24 of all MENA unicorns are still private (like Tabby, Ninja, or Insider), 12 got acquired, and 13 is public.
43% of companies originated in the UAE, followed by Saudi Arabia (27%) and Turkey (24%).
What are the largest tech companies in the Middle East?
This ranking includes both exited and still-private tech companies in the MENA region, as of October 2026. For complete picture it includes government-owned institutions like Elm or solutions by stc. Ranking excludes Israel-HQ companies (which is a large tech ecosystem on its own). Most valuations are last reported or recently rumoured.
On ZIRP-era valuations: we exclude companies whose latest reported valuation would be most likely enough to hit the list, but which are expected to be now valued significantly lower.
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1
TelegramTelegram is a cloud-based instant messaging platform supporting text, voice, video calls, file sharing up to 2GB, and channels for broadcasts to unlimited subscribers. Available on iOS, Android, Windows, macOS, and Linux, it offers end-to-end encrypted Secret Chats, self-destructing messages, and bot APIs for automation. Telegram operates servers in multiple data centers worldwide, serving users across 200 countries with synchronization across unlimited devices.
$30.0B
–
–
Private
2
Trendyol GroupTrendyol Group is an Istanbul-headquartered e-commerce marketplace dominating online retail in Turkey. The platform offers fashion, electronics, beauty, and groceries from over 250,000 vendors, with same-day delivery in major cities via Trendyol Express logistics. Features include personalized recommendations, live shopping streams, and buy-now-pay-later options. Backed by Alibaba Group since 2018, Trendyol expanded into Europe with operations in Germany, Netherlands, and Poland. Founded in 2010, it processes millions of daily orders through mobile apps and web interfaces.
$16.5B
$3.2B
5.1x
Acquired
3
ElmELM Co is engaged in providing ready-made and customized digital solutions in many areas. Its ready-made solutions serve a broad segment of customers, who can subscribe to different packages of their choosing to meet their needs and suffice business requirements. The services offered by the company include Consulting, Data Analysis and Technical solutions. The segments are Digital Business, Business Process Outsourcing and Professional Services, out of which the majority are from the Digital Business segment.
$11.8B
$2.5B
4.5x
Public
4
Enpara BankEnpara Bank AS provides all types of banking transactions and modern banking services to its customers through electronic banking channels and other channels in accordance with developments in technology and banking, both domestically and internationally.
$10.4B
–
–
Public
5
NoonNoon is a digital ecosystem powering e-commerce in the Middle East. Dubai-headquartered and launched in 2017, it operates noon.com as the primary online shopping destination alongside noon Daily for groceries, noon Food delivery, NowNow one-hour service, SIVVI fashion, noon VIP membership, and payment gateways. Noon serves Saudi Arabia, UAE, and Egypt with localized logistics. The platform accelerates regional digital economy growth through talent empowerment and consumer-focused services.
$10.0B
–
–
Private
6
TalabatTalabat Holding PLC is engaged in the on-demand online food ordering, delivery, takeaway and groceries and convenience retail marketplace in the MENA region, with operations in the UAE, Kuwait, Qatar, Bahrain, Egypt, Oman, Jordan, and Iraq.
$6.7B
$1.7B
3.6x
Public
7
TabbyTabby is a Riyadh-headquartered financial-technology company founded in 2019 that provides consumer credit and money-management products across Saudi Arabia and other Gulf markets. Its core buy-now-pay-later service lets shoppers split purchases into scheduled installments at online and physical merchants. The company has expanded beyond checkout financing into the Tabby Card, longer-duration payment plans, spending accounts and consumer money-management tools. Merchants integrate Tabby to increase checkout conversion, purchase frequency and average order value. Consumers access the service through Tabby's application and at participating merchant checkouts. Tabby earns primarily commission and financing revenue from merchant and customer transactions. The company acquired Saudi digital-wallet provider Tweeq in 2024 as part of its expansion into spending accounts. STV has backed Tabby from its Series A through later growth rounds and also provided a separate NICE structured financing.
$6.5B
$378M
17.2x
Private
8
solutions by stcArabian Internet and Communications Services Co is an information and communication company. The company's revenue mainly comprises of Core ICT Services, IT Managed and Operational Services, and Digital Services. It derives the majority of its revenue from Core ICT Services.
$6.4B
$3.4B
1.8x
Public
9
Presight AIPresight AI Holding PLC provides digital transformation services through big data analytics powered by artificial intelligence. It combines analytics, big data and AI expertise to serve every sector of every scale, to create business and societal value. The group’s world-class omni-analytics platform, TAQ, leverages big data and analytics to deliver cutting-edge Al technology, enabling forecasting and the anticipation of outcomes to support insight-driven, decision making that shapes policy and delivers societal impact.
$5.4B
$825M
6.1x
Public
10
Dream GamesDream Games is an Istanbul-based mobile gaming studio that develops and publishes casual games such as Royal Match. The company focuses on long-lasting titles blending technology and creativity for global audiences across iOS and Android platforms.
$5.0B
$2.5B
2.0x
Acquired
11
Migros TicaretMigros Ticaret is Turkey's largest supermarket chain, operating full-range supermarkets, hypermarkets, discount stores and an online grocery business. The company dates from 1954, when the Swiss Migros cooperative and the Istanbul municipality established it, and it later passed to Koc Holding. At the time of its 2008 sale it ran more than 900 stores in 55 cities under the Migros, Tansas, Macrocenter and 5M banners plus the Sok discount format, employed over 14,800 people and generated sales of about TRY 4.3 billion in 2006, with roughly 22% of the organised food retail market. It also had a small presence in four neighbouring countries. The company is listed on Borsa Istanbul and earns revenue from retail grocery and general merchandise sales.
$3.3B
–
–
Acquired
12
DeribitDeribit is a cryptocurrency exchange specializing in futures, perpetual contracts and options and is now part of Coinbase. The platform was launched in 2016 after beginning as a dedicated Bitcoin trading venue, and it later added Ether, stablecoin-settled derivatives, spot markets and volatility-index futures. Its high-capacity matching engine, portfolio-margining tools and application-programming interfaces are designed for active retail traders, professional firms and institutional market participants. Customers use the products to hedge digital-asset exposure, execute relative-value strategies or take leveraged positions. Deribit earns revenue from trading and related exchange fees generated across those markets. The company operates from Dubai and remains a distinct derivatives platform within the broader Coinbase group.
$2.9B
$300M
9.7x
Acquired
13
RasanRasan Information Technology Co is engaged in online wholesale, electronic publishing, ready software publishing, systems analysis, design and customization of program software, software maintenance, web page design, setting up of web page hosting infrastructure, providing SMS design, and website design. Currently, it is engaged in providing insurance aggregator, online auto auction, and online leasing insurance services. The company's operating segments include Tameeni-Motors, Tameeni-Health, Leasing, Awal Mazad, and R Solutions. Maximum revenue is derived from the Tameeni Motors segment which offers a B2C digital platform providing vehicle owners access to motor insurers.
$2.9B
$174M
15.2x
Public
14
Space42Space42 PLC offers geospatial and data analytics/artificial intelligence (AI), The company combines and creates opportunities for synergies across data analytics, geospatial intelligence, and satellite communications to unlock value for customers, partners, and shareholders. Its operating segments involve Yahsat Space Services (YSS); and Bayanat Smart Solutions (BSS). Bayanat Smart Solutions (BSS) segment derives maximum revenue. It provides earth observation and geospatial solutions using a multi-sensor system, advanced data analytics using GIQ platform, and industry-specific solutions using advanced Artificial Intelligence (AI). Geographically, the company operates in United Arab Emirates, Asia, Europe, Africa, North America, and Others.
$2.8B
$577M
3.8x
Public
15
Network InternationalNetwork International is a Dubai-headquartered provider of digital payment solutions across the Middle East and Africa. Established in 1994, the company offers merchant acquiring, processing for credit and debit cards, ATM management, and consumer finance applications as a principal member of Visa and MasterCard in the UAE. Network International supports banks, retailers, and financial institutions with tailored consultancy for card programs.
$2.8B
$438M
6.3x
Acquired
16
InsiderInsider is a Turkey-founded enterprise software company established in 2012 that develops an artificial-intelligence-based customer-experience and marketing platform. The software connects customer data from websites, mobile applications, messaging, email, advertising and other channels into a common profile. Marketing and digital-commerce teams use those profiles to predict customer behavior, build segments and personalize interactions across the customer journey. The platform includes tools for journey orchestration, experimentation, product recommendations, customer-data management and conversational engagement. Insider serves large consumer-facing companies in retail, travel, financial services, telecommunications and other industries, with customers including global brands operating across many countries. It sells the platform to businesses through recurring software subscriptions and associated implementation and support services. The company remains privately held and has used successive venture and growth rounds to expand its product and international sales organization.
$2.5B
$200M
12.5x
Private
17
GetirGetir is an Istanbul-headquartered ultrafast delivery service operating in urban markets across Turkey, Europe, and beyond since 2015. Users order groceries, essentials, and pharmacy items via mobile app with credit card payments, receiving deliveries in 10-15 minutes tracked live. The network employs dark stores for rapid fulfillment, serving millions through localized warehouses in cities like London, Berlin, and Milan before scaling back some international operations.
$2.5B
$800M
3.1x
Acquired
18
Al Moammar InformationAl Moammar Information Systems Co is an Information Technology(IT) company. It offers operating systems, system analysis, software designing and programming, software maintenance, web design, web hosting, data processing, and other related services. The company's segments include a Business Services Management unit, a Solutions unit, a Systems unit, an IT security unit, a Networking unit, an Operations and maintenance unit, and a Data center unit.
$2.4B
$339M
7.9x
Public
19
1inch1inch is a decentralized exchange aggregator operating across 10 blockchains including Ethereum, BNB Chain, Polygon, and Arbitrum. Headquartered in DIFC, UAE, and operated by Degensoft Ltd in BVI, it offers smart routing for optimal swaps, a non-custodial wallet, fusion mode for gasless trades, and institutional APIs for high-volume liquidity access.
$2.3B
–
–
Private
20
MooveMoove is a mobility-finance company founded in 2020 and headquartered in Dubai. It supplies vehicles and revenue-based financing to drivers working through ride-hailing and delivery platforms. The company uses mobility and payment data to underwrite drivers who may lack access to conventional vehicle credit. Drivers make recurring payments from operating income, while Moove earns financing, leasing and fleet-service revenue. The business expanded from Africa into Europe, the Middle East, India and the Americas through partnerships with platforms including Uber and Waymo. In January 2025 Moove announced the acquisition of Brazilian mobility provider Kovi, adding a large Latin American fleet and connected-vehicle technology. Later reporting treats Kovi's operations as acquired, while the brand and management continued. This moove.io company is distinct from the Brazilian lubricant manufacturer, Irish estate agency and US fitness application that share the Moove name.
$2.1B
–
–
Private
21
Property FinderProperty Finder is a Dubai-headquartered digital real estate marketplace operating in the UAE, Saudi Arabia, Egypt, Qatar, Bahrain, and Turkey. The platform lists verified residential and commercial properties via web and mobile apps, enabling searches for apartments in Dubai Marina or villas in Riyadh suburbs. Professionals use tools like myCRM Pro for lead management with API support, Data Finder for market analytics, Lead Tracker for engagement monitoring, Mortgage Finder for financing options, and Online Masterclass for training.
$2.0B
$117M
17.1x
Acquired
22
Aleph GroupAleph Group is a global digital-advertising infrastructure company that connects major online media platforms with advertisers in markets where those platforms require local commercial representation. The group operates through regional businesses including IMS Internet Media Services and maintains teams across Latin America, Europe, the Middle East, Africa and Asia. It provides local sales, campaign support, payments, compliance and technology that allow advertisers to buy digital media across multiple platforms. Aleph also develops payment and financial-technology capabilities intended to simplify cross-border advertising transactions. Its customers include global digital platforms, advertising agencies and brands seeking audiences in high-growth markets. Revenue is generated through media representation, advertising services, technology and related transaction services. MercadoLibre invested strategically in Aleph in 2021 alongside an agreement to collaborate on monetizing advertising inventory and developing digital-advertising opportunities.
$2.0B
–
–
Private
23
Alef EducationAlef Education Holding Plc is an EdTech company that designs impactful learning experiences for students customized to different curriculums. The company operates in three segments: The Education solution segment, which provides customers the right of access to the Group’s learning platform. The Support and services segment includes ancillary services such as IT infrastructure setup and maintenance support and services, and the Financial investments segment pertains to the maintenance of the investment portfolio for returns based on market dynamics. The majority of its revenue is generated from the Education solution segment.
$1.9B
$210M
8.2x
Public
24
BarqBarq is a platform that integrates financial tools with social networking capabilities aimed at the furry community.
$1.9B
–
–
Private
25
Peak GamesPeak Games is an Istanbul-based mobile gaming studio founded in 2010, specializing in casual puzzle and match-three titles. Flagship games Toon Blast and Toy Blast generate over 12 million daily active users, consistently ranking in the top U.S. iPhone grossing charts. The company emphasizes autonomous teams for rapid development and global monetization.
$1.8B
$600M
3.0x
Acquired
26
AcıbademAcibadem Healthcare Group is a Turkish private healthcare network operating hospitals, outpatient centers and clinical service businesses. The organisation serves customers and counterparties in B2C and B2B markets through products, infrastructure, services or investment activity suited to its sector. Its operating model generates income through services, depending on the business line and transaction period. The company is classified here using the historical entity that existed when the investment occurred, rather than a later owner or successor brand. This description is intended to distinguish the transaction target from similarly named entities and to give enough business context for a standalone database record. Acibadem Healthcare Group serves B2C and B2B customers through activities spanning Hospitals & Clinics.
$1.7B
–
–
Acquired
27
eFinanceE-Finance For Digital And Financial Investments SAE is developing integrated platforms in Egypt's digital revolution. It is a fintech platform and developer of digital payments infrastructures. The company invests in platforms and solutions that serve everyone from government agencies to ordinary consumers. The business has seven operating segments; Services and operation of cards, Integrated solutions, installation, and technical support services, card center services, hosting services, maintenance and network contracts, and others. It derives a majority of its revenue from the Services and operation of the cards segment.
$1.7B
$129M
12.5x
Public
28
D360 bankD360 Bank is a Riyadh-based digital bank serving customers across Saudi Arabia through a mobile-first platform. It is licensed by the Saudi Central Bank and operates under Sharia-compliant banking principles. Individuals use D360 for current and savings accounts, cards, domestic and international transfers, bill payments and personal-finance tools. The bank also targets entrepreneurs and small businesses with digitally delivered financial services. Its technology is designed to provide onboarding, payments and account management without a conventional branch network. D360 earns banking income from financing activities, account services, payments and related fees. An investment consortium led by Derayah Financial and including Saudi Arabia's Public Investment Fund established the bank, while STV participated in its 2022 capital round. The bank moved into full operations after receiving regulatory clearance and has grown to more than one million customers.
$1.6B
–
–
Private
29
KitopiKitopi is a Kitchen as a Service platform enabling restaurants to launch delivery-only venues with managed kitchens and software infrastructure. Operating in the United Arab Emirates, Saudi Arabia, Kuwait, and Bahrain since 2018, it supports rapid expansion for food brands minimizing upfront investments. The model facilitates virtual restaurant concepts across the Gulf region.
$1.6B
–
–
Private
30
NinjaNinja is an Abu Dhabi-based quick commerce operator delivering groceries and daily essentials within 10 minutes. Launched in UAE, it operates dark stores in major cities and expands through hyperlocal fulfillment networks.
$1.5B
–
–
Private
31
XPANCEOXPANCEO is a deep tech firm developing smart contact lenses as interfaces for AI-powered XR computing. The invisible, weightless lenses enable XR experiences merging real and digital worlds for social media, content, gaming, health monitoring, night vision, and zoom. Features include privacy and security protocols. Detailed at xpanceo.com.
$1.4B
–
–
Private
32
AIQAIQ is an Abu Dhabi-headquartered provider of cloud infrastructure solutions tailored for energy and utilities sectors in the Middle East. The company delivers high-performance computing for oil and gas simulations, partnering with ADNOC for AI-accelerated seismic data processing. Established in 2019 as a joint venture with G42, AIQ operates data centers in the UAE supporting petabyte-scale workloads.
$1.3B
$72M
18.7x
Acquired
33
stc paystc pay is a Riyadh-headquartered digital wallet application and subsidiary of stc Group in Saudi Arabia. Aligned with Vision 2030, it enables secure mobile payments, money transfers, and merchant connections using stc's telecom network. The platform covers daily transactions for consumers and businesses, including bill payments and QR code scanning.
$1.3B
$278M
4.8x
Private
34
HubXHubX is an Istanbul-based mobile app studio developing scalable applications across gaming, e-commerce, and social verticals. The company has launched products reaching users in 160 countries and invests in ecosystem startups through its venture arm. HubX builds in-house titles and white-label solutions, partnering with platforms like Google Play and App Store for distribution. Its portfolio includes hyper-casual games and utility apps optimized for emerging markets in Asia and Latin America.
$1.3B
–
–
Private
35
FawryFawry is an Egyptian electronic-payments and financial-services platform founded in 2008 and headquartered in Cairo. It connects consumers, merchants, banks, billers and government entities through physical points of sale and digital channels. Services include bill payment, merchant acceptance, collections, mobile transactions and adjacent financial products. Revenue comes from transaction fees, commissions and services sold across its payments network. Fawry is listed on the Egyptian Exchange and operates as a regulated technology-enabled payments company. ADQ acquired a 12.6% minority position in 2022 through the same negotiated Egyptian share-purchase program that covered four other listed companies. Its hybrid network links digital rails with a broad merchant footprint, supporting cash and electronic payment use cases.
$1.2B
$165M
6.8x
Public
36
HepsiburadaD-MARKET Electronic Services & Trading offers an e-commerce platform in Turkey and the surrounding region. The company is comprised of one reportable segment, namely e-commerce operations. The Group derives revenue from the sales of goods, marketplace revenues and other revenues.
$1.2B
$1.7B
0.6x
Public
37
MagnatiMagnati is a UAE-based payment solutions provider serving retail, hospitality, government, and e-commerce sectors. Founded in 2021 and headquartered in Abu Dhabi, it processes transactions through POS terminals, online gateways, and mobile apps supporting contactless and NFC payments. The company integrates with over 100 acquirers and issues virtual cards for B2B payments across the Middle East.
$1.1B
–
–
Acquired
38
Electric Vehicle Infrastructure CompanyElectric Vehicle Infrastructure is a supplier of AC and DC fast-charging stations for electric vehicles in Saudi Arabia. Headquartered in Riyadh, the company deploys charging networks at highways, malls, and residential areas supporting CHAdeMO, CCS, and Tesla protocols. Launched in 2021, it operates over 200 stations nationwide and collaborates with Aramco and Public Investment Fund initiatives to expand EV adoption in the Kingdom.
$1.1B
–
–
Private
39
OptasiaOptasia is a B2B2X AI-powered fintech platform covering scoring, financial decisioning, disbursement and collection. The company operates across Africa, the Middle East, Asia, Europe, and Latin America. Its services include: Micro Lending, Airtime Advance, and Data Monetization.
$1.1B
$265M
4.2x
Public
40
CadenaCadena is a Dubai-based international business development firm featuring a Discovery Portal with over 2 million global prospects. AI tools BuyBeacon and IntelliConnect prioritize leads using machine learning for GCC, North America, and APAC markets. An accredited Enterprise Sales Team navigates local regulations and cultures. CadenaPay employs predictive analytics for B2B payment risk assessment and invoice factoring services.
$1.1B
–
–
Private
41
MidasMidas is a Mumbai-headquartered digital brokerage platform offering commission-free trading in U.S. equities, Indian stocks, mutual funds, and cryptocurrencies. Regulated by SEBI, the app provides access to NYSE, NASDAQ, and NSE exchanges with real-time quotes, zero custody fees, and margin trading facilities. Founded in 2021, it serves Indian investors through a mobile-first interface supporting U.S. options and IPO access alongside demat accounts for domestic markets.
$1.0B
–
–
Private
42
The Open PlatformThe Open Platform is an UAE-headquartered venture studio building Web3 consumer applications. It co-founds startups in decentralized social networks and gaming, providing product development and go-to-market expertise. Since 2021, it has launched five projects including NFT platforms and has raised $20 million for its portfolio, partnering with founders to scale on Ethereum and Polygon.
$1.0B
–
–
Private
43
MNT-HalanCairo-based MNT-Halan provides microfinance lending, digital payments, and banking services in Egypt. The company offers mobile wallets, debit cards, installment plans, and e-commerce financing through its app, targeting unbanked populations. MNT-Halan operates across urban and rural areas, partnering with merchants for cashless transactions and expanding into insurance products.
$1.0B
$300M
3.3x
Private
44
SallaSalla is a Riyadh-headquartered e-commerce platform tailored for Saudi Arabia and Arabic-speaking markets. Merchants build branded online stores with custom domains, manage inventory via web and mobile apps, generate automatic invoices, integrate with Instagram shopping, access customer databases, apply discounts, and utilize analytics reports for sales optimization.
$1.0B
–
–
Private
45
Advanced Digital Gaming TechnologyAdvanced Digital Gaming Technology (ADGT) is a UAE-based fintech platform offering payments and data intelligence for regulated digital markets, including commercial gaming.
$1.0B
–
–
Private
46
Andalusia LabsAndalusia Labs is a blockchain infrastructure provider building tools for decentralized economic systems. The company develops protocols for token issuance, liquidity management, and cross-chain interoperability, supporting web3 applications in DeFi and digital asset markets.
$1.0B
–
–
Private
47
Loom GamesLoom Games is a mobile studio crafting hybrid-casual puzzle games with innovative mechanics for broad player engagement.
$1.0B
–
–
Acquired
48
TamaraTamara is a buy-now-pay-later platform that enables installment payments for online shopping across Saudi Arabia and the GCC region. Headquartered in Riyadh with additional offices in the United Arab Emirates, Egypt, Germany, and Vietnam, the company launched operations in September 2020. Tamara partners with major retailers such as SHEIN, Jarir, Noon, IKEA, and H&M alongside thousands of local merchants to facilitate flexible payment options for consumers.
$1.0B
$360M
2.8x
Private
49
FassetFasset is a Dubai-headquartered Islamic digital bank utilizing blockchain technology. It allows users worldwide to save, invest, send, and spend via a mobile app compliant with Sharia principles. Backed by investors like Liberty City Ventures and Fatima Gobi Ventures, Fasset launched in 2021 to serve Muslim communities globally.
$1.0B
–
–
Private
Data and methodology
Underlying data
Public markets data is powered by FactSet (consensus analyst estimates), and Morningstar (historical data). Data points are calendarized to December where relevant: retrieved data on financial year ends (e.g. FY, FY+1 etc.) are mapped to calendar years (2025A, 2026E etc.) before the appropriate month weights are then applied to prior/future fundamentals.
Private transaction data is multi-sourced, aggregated from harvesting public information, 3rd party APIs, and data engineering. All data is verified and provided with an extensive manual process. If data permits, we apply our own logic to get to the EV. For example, for a large M&A deal with available information on the target's net debt, we might adjust a valuation to fully reflect an accurate EV. In all other cases, we take the reported valuation as the numerator. Financials: we source LTM revenue and LTM EBITDA data from company filings, press releases, or other verified sources. If LTM data is unavailable, we take the 'next best-fit' period (run-rate or calendar year), provided it makes sense in a given case. For example, if a deal closed in November 2025, we might take full-year 2025 revenue as a revenue benchmark.
Any raw figures are harmonised to USD for comparison purposes.
This page is built on data available at Multiples. Sign up for a free trial to see the full dataset.
