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

$187B

cumulative
enterprise value

3.2x

median EV/NTM revenue multiple

13%

median NTM/LTM revenue growth

Jump to Section

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.

+61.1%

Multiples MENA Tech Index

Data as of 18 May 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 May 18, 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 May 18, 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	Elm
Market Cap	$31B	$21B	$14B
EV/Revenue (NTM)	14.1x	—	4.5x
EV/Gross Profit (NTM)	43.4x	—	11.3x
EV/EBITDA (NTM)	36.6x	—	18.0x
EV/FCF (NTM)	76.9x	—	26.8x
Revenue Growth	27%	—	16%
Gross Margin (NTM)	33%	—	39%
EBITDA Margin (NTM)	39%	—	25%
FCF Margin (NTM)	18%	—	17%
Rule of 40	58%	—	43%
Rule of X	89%	—	69%

Data as of May 18, 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	15.9%	$279	+574%	$31B	14.1x	27%	33%	39%	18%	58%	$292K
CyberArk Software	10.4%	$409	—	$21B	—	—	—	—	—	—	—
Elm	7.2%	$183	-33%	$14B	4.5x	16%	39%	25%	17%	43%	$976K
Check Point Software	6.5%	$124	-46%	$13B	4.2x	4%	88%	41%	42%	44%	$389K
Next Vision Stabilized	4.6%	$98	+213%	$9B	23.8x	60%	—	61%	—	148%	$4M
Mobileye	4.3%	$10	-38%	$8B	3.4x	7%	50%	17%	11%	21%	$459K
solutions by stc	3.6%	$59	-16%	$7B	1.7x	8%	22%	15%	10%	22%	$2M
Talabat	2.8%	$0	-39%	$6B	1.0x	15%	50%	12%	9%	28%	$196K
NICE	2.5%	$86	-49%	$5B	1.5x	9%	68%	30%	19%	38%	$338K
Presight AI	2.5%	$1	+28%	$5B	4.0x	24%	40%	27%	19%	51%	$3M
Tadawul Group	2.2%	$36	-23%	$4B	9.8x	10%	—	37%	—	44%	$643K
Plus500	2.1%	$59	+30%	$4B	4.1x	2%	119%	45%	40%	56%	$1M
Cellebrite	1.6%	$13	-22%	$3B	4.7x	19%	84%	27%	31%	46%	$408K
eToro	1.6%	$41	-32%	$3B	2.0x	11%	—	37%	30%	-56%	$9M
Rasan	1.5%	$39	+79%	$3B	10.6x	33%	72%	46%	51%	91%	$558K
Odine	1.5%	$27	+1551%	$3B	—	—	—	—	—	—	$296K
Matrix IT	1.4%	$29	-13%	$3B	—	—	—	—	—	—	—
Nayax	1.2%	$64	+24%	$2B	4.4x	25%	49%	18%	8%	45%	$354K
MBC Group	1.1%	$7	-43%	$2B	—	—	—	—	—	—	$205M
Formula Systems	1.1%	$136	+12%	$2B	—	—	—	—	—	—	$116K
Space42	1.0%	$0	-11%	$2B	—	—	—	—	—	—	$2M
Alef Education	0.9%	$0	-2%	$2B	7.5x	6%	88%	70%	59%	78%	$519K
Isracard	0.8%	$5	-8%	$2B	—	—	—	—	—	—	$1M
Hilan	0.8%	$67	-19%	$2B	—	—	—	—	—	—	$263K
Al Moammar Information	0.8%	$51	+42%	$2B	—	—	—	—	—	—	$472K
ONE Technologies	0.8%	$21	-18%	$2B	—	—	—	—	—	—	—
eFinance	0.7%	$0	+69%	$1B	—	—	—	—	—	—	$174K
Playtika	0.7%	$4	-25%	$1B	1.1x	2%	75%	27%	4%	29%	$787K
Phoenix Group	0.7%	$0	-26%	$1B	11.6x	-1%	21%	—	—	—	$633K
Fawry	0.7%	$0	+76%	$1B	4.5x	34%	—	53%	—	94%	—
Optasia	0.6%	$1	—	$1B	—	—	—	—	—	—	—
Priortech	0.6%	$100	—	$1B	—	—	—	—	—	—	$1K
Aryt Industries	0.6%	$11	+68%	$1B	—	—	—	—	—	—	$809K
Suez Canal Company for Technology Settling	0.6%	$13	—	$1B	—	—	—	—	—	—	—
Qualitau	0.6%	$231	—	$1B	—	—	—	—	—	—	$851K
Ituran Location & Control	0.6%	$57	+50%	$1B	2.6x	8%	52%	27%	17%	36%	$124K
Yalla Group	0.5%	$7	-5%	$996M	0.7x	4%	69%	38%	23%	38%	$420K
weSure	0.5%	$7	+313%	$993M	—	—	—	—	—	—	—
Telsys	0.5%	$105	+48%	$950M	—	—	—	—	—	—	$4M
RP Optical Labs	0.5%	$13	—	$932M	—	—	—	—	—	—	—
Hepsiburada	0.5%	$3	-4%	$914M	0.2x	37%	—	2%	—	47%	$515K
United International Holding	0.4%	$12	-73%	$844M	3.4x	22%	—	—	—	—	—
Afcon Holdings	0.4%	$145	+181%	$821M	—	—	—	—	—	—	$462K
almeera	0.4%	$4	—	$756M	1.0x	6%	—	8%	4%	17%	$351K
Cash Plus	0.4%	$30	—	$737M	—	—	—	—	—	—	—
Cognyte Software	0.4%	$10	-10%	$711M	1.4x	11%	73%	16%	9%	26%	$246K
Jahez	0.4%	$3	-51%	$693M	0.9x	19%	56%	8%	2%	32%	$537K
Meeza QSTP	0.3%	$1	+12%	$601M	4.6x	20%	—	32%	—	55%	—
Malam Team	0.3%	$27	-1%	$600M	—	—	—	—	—	—	—
Edarat Group	0.3%	$115	+57%	$579M	—	—	—	—	—	—	$583K
Perfect Presentation	0.3%	$2	-41%	$552M	—	—	—	—	—	—	$90K
Netcad	0.3%	$4	—	$523M	—	—	—	—	—	—	—
Rapac	0.3%	$34	+124%	$519M	—	—	—	—	—	—	—
Mia Teknoloji	0.3%	$1	+49%	$513M	—	—	—	—	—	—	$3M
Hightech Payment Systems	0.3%	$68	+16%	$504M	2.7x	14%	—	22%	8%	37%	$179K
Hiper Global	0.2%	$9	+45%	$446M	—	—	—	—	—	—	—
Nexxen	0.2%	$8	-34%	$428M	0.8x	9%	85%	33%	21%	40%	$427K
BiNBiN	0.2%	$4	-35%	$426M	—	—	—	—	—	—	$31K
MetropolCard	0.2%	$5	—	$418M	—	—	—	—	—	—	—
Nice One	0.2%	$4	-59%	$413M	—	—	—	—	—	—	—
Perion Network	0.2%	$10	-4%	$407M	0.2x	9%	89%	11%	9%	19%	$833K
ARD Grup	0.2%	$1	+108%	$389M	—	—	—	—	—	—	—
Altınay Savunma	0.2%	$0	+4%	$385M	—	—	—	—	—	—	$112K
Arad	0.2%	$15	-15%	$362M	—	—	—	—	—	—	—
Saudi AZM	0.2%	$6	-22%	$358M	3.5x	—	32%	17%	—	37%	$37K
Computer Direct Group	0.2%	$103	-27%	$354M	—	—	—	—	—	—	—
Allot	0.2%	$7	-17%	$349M	2.1x	13%	63%	12%	18%	25%	$206K
Orbit Technologies	0.2%	$14	+11%	$349M	—	—	—	—	—	—	—
Automated Bank Services	0.2%	$9	+28%	$345M	—	—	—	—	—	—	$569K
Patek	0.2%	$1	+45%	$340M	—	—	—	—	—	—	$168K
Nilesat	0.2%	$9	+39%	$337M	—	—	—	—	—	—	—
Logo Yazılım	0.2%	$3	+11%	$332M	1.6x	27%	—	31%	—	70%	$101K
Terminal X	0.2%	$3	+86%	$331M	—	—	—	—	—	—	—
Nano Dimension	0.2%	$2	—	$331M	—	—	—	—	—	—	$253K
Saudi Cable	0.1%	$41	+21%	$276M	—	—	—	—	—	—	$35K
Hitit	0.1%	$1	+3%	$270M	4.1x	48%	57%	44%	5%	92%	$81K
MER Group	0.1%	$19	—	$260M	—	—	—	—	—	—	—
Electreon Wireless	0.1%	$16	—	$245M	—	—	—	—	—	—	$36K
MBME Group	0.1%	$0	—	$240M	—	—	—	—	—	—	—
Karel	0.1%	$0	+50%	$217M	—	—	—	—	—	—	$208K
Türk Prysmian Kablo	0.1%	$1	+65%	$213M	—	—	—	—	—	—	$697K
AudioCodes	0.1%	$8	-12%	$210M	0.7x	3%	67%	8%	—	11%	$260K
Elad Software	0.1%	$4	+53%	$188M	—	—	—	—	—	—	—
İndeks Bilgisayar	0.1%	$0	+69%	$186M	—	—	—	—	—	—	$4M
Martı	0.1%	$2	-32%	$175M	2.9x	72%	62%	8%	3%	80%	$89K
E-Data	0.1%	$0	+351%	$172M	—	—	—	—	—	—	—
Payton Planar Magnetics	0.1%	$10	+23%	$168M	—	—	—	—	—	—	$281K
Reeder	0.1%	$0	-36%	$157M	—	—	—	—	—	—	$82K
Abra IT	0.1%	$1	+15%	$145M	—	—	—	—	—	—	$1M
SaverOne	0.1%	$148	—	$139M	—	—	—	—	—	—	$7K
Forte	0.1%	$2	+39%	$137M	—	—	—	—	—	—	—
Electro Cable Egypt	0.1%	—	—	$136M	—	—	—	—	—	—	—
Solrom Holdings	0.1%	$3	—	$130M	—	—	—	—	—	—	$2M
E&M Computing	0.1%	$3	—	$128M	—	—	—	—	—	—	—
Link Bilgisayar	0.1%	$0	-99%	$124M	—	—	—	—	—	—	$696K
Fonet	0.1%	$0	+162%	$114M	—	—	—	—	—	—	$37K
AtaTP	0.1%	$4	+144%	$109M	—	—	—	—	—	—	—
Maytronics	0.1%	$1	-39%	$104M	—	—	—	—	—	—	$657K
Revium Recovery	0.1%	$2	—	$101M	—	—	—	—	—	—	—
PaymenT	0.1%	$3	—	$100M	—	—	—	—	—	—	—