Multiples MENA Tech Index

Curated by Multiples, this index tracks publicly listed technology companies across the Middle East and North Africa.

Explore the Multiples MENA Tech Index

100

public companies
tracked

$172B

cumulative
enterprise value

2.6x

median EV/NTM revenue multiple

13%

median NTM/LTM revenue growth

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Index Performance

This chart shows the weighted market cap evolution over time for the Multiples MENA Tech Index constituents, indexed to 0% at the beginning of the period.

+31.0%

Multiples MENA Tech Index

Data as of 23 April 2026. Underlying financial data from FactSet and Morningstar. S&P 500 and NASDAQ data sourced from Yahoo Finance.

Key Index Metrics

This chart shows the median evolution over time of key valuation metrics for the Multiples MENA Tech Index constituents.

Valuation Benchmarks

This chart shows the regression relationship between valuation metrics across companies in the Multiples MENA Tech Index.

x-axis:

y-axis:

Data as of April 23, 2026. Companies with EV multiples above 50x and y-axis values above 250% are considered non-meaningful and excluded from calculation.

Company Rankings

This chart shows company rankings by selected metric within the Multiples MENA Tech Index.

Metric:

Data as of April 23, 2026. Companies with EV multiples above 50x and y-axis values above 300% are considered non-meaningful and excluded from calculation.

Companies Side-by-Side

Compare key metrics between companies in the Multiples MENA Tech Index.

Metric	Tower Semiconductor	CyberArk Software	Check Point Software
Market Cap	$25B	$21B	$15B
EV/Revenue (NTM)	12.0x	—	4.7x
EV/Gross Profit (NTM)	40.0x	—	5.3x
EV/EBITDA (NTM)	33.3x	—	11.2x
EV/FCF (NTM)	377.6x	—	11.2x
Revenue Growth	22%	—	6%
Gross Margin (NTM)	30%	—	88%
EBITDA Margin (NTM)	36%	—	42%
FCF Margin (NTM)	3%	—	42%
Rule of 40	54%	—	48%
Rule of X	82%	—	57%

Data as of April 23, 2026.

Cumulative Metrics

This chart shows the cumulative sum of selected metrics across all companies in the Multiples MENA Tech Index, over time.

Index Methodology

Similar to the NASDAQ 100 Index, the Multiples MENA Tech Index employs a modified market capitalization weighting scheme.

The weight process uses company-level weights, which are derived using company market capitalization.

Company weights are evaluated based on two rules:

Rule 1

No company's weight may exceed 24%.

Rule 2

The aggregate weight of the companies whose weights exceed 4.5% may not exceed 48%.

If neither rule is 'violated', then no adjustments are made. Only in cases where either or both of the rules are 'violated', weight adjustments are made according to a two-stage adjustment process.

Rule 1 adjustment

If no company's initial weight exceeds 24% of the Index, initial weights are used as Rule 1 weights without adjustment. Otherwise, initial weights are adjusted such that no company's weight may exceed 20% of the Index.

Rule 2 adjustment

If the aggregate weight of the companies whose Rule 1 weights exceeds 4.5% and does not exceed 48%, Rule 1 weights are used as the final weights. Otherwise, Rule 1 weights are adjusted such that:

The aggregate weight of the companies whose Rule 1 weights exceeded 4.5% is set to 40%.
Companies with Rule 1 weights below 4.5% may also have their weights adjusted to keep the initial rank order of all companies.

If the two-stage rule process results in a 'violation' of the weighting rules as previously detailed, then the process is repeated until the company weights meet the rule system.

Companies Included in the Multiples MENA Tech Index

This index tracks publicly listed tech companies in the MENA region.


Tower Semiconductor	13.8%	$224	+518%	$25B	12.0x	22%	30%	36%	3%	54%	$292K
CyberArk Software	11.2%	$409	—	$21B	—	—	—	—	—	—	—
Check Point Software	8.0%	$142	-35%	$15B	4.7x	6%	88%	42%	42%	48%	$389K
Elm	6.5%	$154	-44%	$12B	3.7x	16%	40%	25%	18%	42%	$978K
Next Vision Stabilized	4.8%	$96	+211%	$9B	27.2x	51%	—	62%	—	126%	$4M
solutions by stc	3.8%	$59	-23%	$7B	1.8x	8%	22%	15%	10%	22%	$2M
Mobileye	3.6%	$8	-46%	$7B	2.4x	6%	49%	17%	10%	19%	$459K
NICE	3.4%	$105	-33%	$6B	1.8x	9%	68%	30%	19%	38%	$338K
Talabat	2.9%	—	—	$5B	1.0x	15%	49%	12%	10%	27%	$196K
Presight AI	2.6%	$1	+61%	$5B	3.8x	24%	40%	27%	19%	50%	$3M
Tadawul Group	2.5%	$39	-20%	$5B	10.6x	12%	—	40%	—	49%	$644K
Plus500	2.3%	$61	+49%	$4B	4.3x	2%	119%	45%	40%	57%	$1M
Cellebrite	1.8%	$13	-33%	$3B	4.9x	19%	84%	27%	31%	46%	$408K
eToro	1.6%	$38	—	$3B	1.8x	9%	—	36%	35%	-58%	$9M
Rasan	1.5%	$36	+60%	$3B	9.8x	35%	—	46%	—	91%	$559K
Matrix IT	1.5%	$30	+5%	$3B	—	—	—	—	—	—	—
Odine	1.3%	$22	+966%	$2B	—	—	—	—	—	—	$300K
MBC Group	1.3%	$7	-35%	$2B	1.3x	12%	—	13%	—	15%	$206M
Nayax	1.3%	$63	+27%	$2B	4.3x	26%	50%	18%	8%	45%	$354K
Formula Systems	1.1%	$137	+32%	$2B	—	—	—	—	—	—	$116K
Alef Education	1.1%	$0	+10%	$2B	7.9x	6%	88%	70%	60%	78%	$519K
Space42	1.0%	$0	-15%	$2B	—	—	—	—	—	—	$2M
Isracard	0.9%	$5	-5%	$2B	—	—	—	—	—	—	$1M
Hilan	0.9%	$71	-5%	$2B	—	—	—	—	—	—	$254K
ONE Technologies	0.9%	$21	-3%	$2B	—	—	—	—	—	—	—
Optasia	0.8%	$1	—	$1B	—	—	—	—	—	—	—
eFinance	0.8%	$0	+72%	$1B	—	—	—	—	—	—	$178K
Aryt Industries	0.8%	$14	+86%	$1B	—	—	—	—	—	—	$782K
Al Moammar Information	0.8%	$47	+33%	$1B	—	—	—	—	—	—	$472K
Playtika	0.7%	$4	-33%	$1B	1.1x	1%	74%	28%	5%	28%	$787K
Fawry	0.7%	$0	+92%	$1B	4.8x	32%	73%	50%	28%	86%	—
Phoenix Group	0.7%	$0	-12%	$1B	11.6x	-2%	21%	—	—	—	$633K
Ituran Location & Control	0.6%	$56	+55%	$1B	2.5x	9%	52%	27%	17%	36%	$116K
Yalla Group	0.6%	$7	-12%	$1B	0.9x	4%	69%	37%	21%	39%	$420K
Hepsiburada	0.6%	$3	+11%	$1B	0.3x	39%	—	2%	—	44%	$339K
weSure	0.5%	$7	+321%	$983M	—	—	—	—	—	—	—
United International Holding	0.5%	$34	-24%	$861M	3.5x	22%	—	—	—	—	—
Telsys	0.4%	$88	+60%	$799M	—	—	—	—	—	—	$4M
Cash Plus	0.4%	$31	—	$770M	—	—	—	—	—	—	—
Jahez	0.4%	$4	-48%	$759M	0.7x	21%	57%	8%	2%	35%	$514K
Cognyte Software	0.4%	$10	+4%	$739M	1.5x	11%	73%	16%	8%	26%	$246K
Afcon Holdings	0.4%	$129	+116%	$718M	—	—	—	—	—	—	$446K
Meeza QSTP	0.3%	$1	+15%	$620M	4.3x	23%	—	33%	—	61%	—
Malam Team	0.3%	$28	+17%	$612M	—	—	—	—	—	—	—
Perfect Presentation	0.3%	$2	-44%	$564M	—	—	—	—	—	—	$90K
Hightech Payment Systems	0.3%	$71	+16%	$524M	2.8x	14%	—	22%	8%	36%	$179K
BiNBiN	0.3%	$5	-17%	$523M	—	—	—	—	—	—	$31K
Edarat Group	0.3%	$101	+46%	$510M	—	—	—	—	—	—	$584K
Hiper Global	0.3%	$9	+81%	$473M	—	—	—	—	—	—	—
Nice One	0.3%	$4	-58%	$469M	—	—	—	—	—	—	—
Rapac	0.2%	$30	+119%	$457M	—	—	—	—	—	—	—
Mia Teknoloji	0.2%	$1	+17%	$452M	—	—	—	—	—	—	$3M
Perion Network	0.2%	$11	+13%	$419M	0.3x	9%	89%	11%	9%	19%	$833K
Nexxen	0.2%	$7	-25%	$413M	0.8x	8%	87%	34%	22%	38%	$427K
Netcad	0.2%	$3	—	$380M	—	—	—	—	—	—	—
Saudi AZM	0.2%	$6	-17%	$377M	3.7x	—	32%	17%	—	37%	$37K
Computer Direct Group	0.2%	$106	-16%	$363M	—	—	—	—	—	—	—
Allot	0.2%	$7	+24%	$361M	2.4x	13%	71%	12%	15%	25%	$206K
Arad	0.2%	$15	-13%	$359M	—	—	—	—	—	—	—
Altınay Savunma	0.2%	$0	-13%	$350M	—	—	—	—	—	—	$113K
Orbit Technologies	0.2%	$14	+20%	$349M	—	—	—	—	—	—	—
Automated Bank Services	0.2%	$9	+19%	$346M	—	—	—	—	—	—	$550K
Terminal X	0.2%	$3	+73%	$331M	—	—	—	—	—	—	—
Patek	0.2%	$0	+34%	$316M	—	—	—	—	—	—	$170K
ARD Grup	0.2%	$1	+70%	$300M	—	—	—	—	—	—	—
Nilesat	0.2%	$8	+15%	$295M	—	—	—	—	—	—	—
Logo Yazılım	0.2%	$3	0%	$294M	1.4x	32%	—	32%	—	70%	$101K
Hitit	0.2%	$1	+1%	$282M	4.4x	48%	56%	44%	5%	90%	$81K
Saudi Cable	0.1%	$41	+12%	$271M	—	—	—	—	—	—	$35K
MBME Group	0.1%	$0	—	$240M	—	—	—	—	—	—	—
AudioCodes	0.1%	$9	-3%	$236M	0.8x	2%	66%	8%	—	11%	$260K
Türk Prysmian Kablo	0.1%	$1	+54%	$195M	—	—	—	—	—	—	$706K
Karel	0.1%	$0	+28%	$189M	—	—	—	—	—	—	$210K
Martı	0.1%	$2	-8%	$187M	3.2x	73%	62%	7%	2%	80%	$89K
Reeder	0.1%	$0	-30%	$170M	—	—	—	—	—	—	$83K
Elad Software	0.1%	$3	+40%	$170M	—	—	—	—	—	—	—
İndeks Bilgisayar	0.1%	$0	+45%	$164M	0.1x	—	—	3%	—	30%	$4M
E-Data	0.1%	$0	+329%	$161M	—	—	—	—	—	—	—
Payton Planar Magnetics	0.1%	$9	+8%	$156M	—	—	—	—	—	—	$281K
Abra IT	0.1%	$1	+20%	$142M	—	—	—	—	—	—	$1M
Forte	0.1%	$2	+41%	$141M	—	—	—	—	—	—	—
Electro Cable Egypt	0.1%	—	—	$139M	—	—	—	—	—	—	—
Maytronics	0.1%	$1	-21%	$115M	—	—	—	—	—	—	$735K
Link Bilgisayar	0.1%	$0	-99%	$106M	—	—	—	—	—	—	$705K
Fonet	0.1%	$0	+108%	$102M	—	—	—	—	—	—	$37K
Revium Recovery	0.1%	$2	+234%	$101M	—	—	—	—	—	—	—
Arab Sea	0.1%	$1	-39%	$97M	—	—	—	—	—	—	$74K
Razor Labs	0.1%	$2	+49%	$95M	—	—	—	—	—	—	—
Mackolik	0.1%	$1	+18%	$92M	—	—	—	—	—	—	—
Purity Tech	0.0%	$6	+15%	$92M	—	—	—	—	—	—	—
Netaş	0.0%	$1	+24%	$91M	—	—	—	—	—	—	$113K
Sure Global Technology	0.0%	$11	-51%	$84M	—	—	—	—	—	—	$417K
AtaTP	0.0%	$3	+74%	$84M	—	—	—	—	—	—	—
Propdo	0.0%	$9	+32%	$62M	—	—	—	—	—	—	—
iFOREX	0.0%	$3	—	$62M	0.9x	17%	79%	14%	8%	30%	—
Alarum Group	0.0%	$1	-14%	$52M	—	—	—	—	—	—	$599K
ViewBix	0.0%	$3	-32%	$36M	—	—	—	—	—	—	$75K
Better Online Solutions	0.0%	$5	+25%	$33M	—	—	—	—	—	—	$632K
MIND C.T.I.	0.0%	$1	-36%	$22M	—	—	—	—	—	—	$143K
Photomyne	0.0%	$7	-30%	$18M	—	—	—	—	—	—	—