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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

$165B

cumulative
enterprise value

2.3x

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.

+58.9%

Multiples MENA Tech Index

Data as of 04 October 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 October 4, 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 October 4, 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	Check Point Software	Elm
Market Cap	$27B	$13B	$12B
EV/Revenue (NTM)	10.0x	4.5x	3.5x
EV/Gross Profit (NTM)	26.1x	5.1x	8.7x
EV/EBITDA (NTM)	23.2x	11.0x	13.9x
EV/FCF (NTM)	237.5x	10.7x	17.6x
Revenue Growth	37%	5%	14%
Gross Margin (NTM)	38%	88%	40%
EBITDA Margin (NTM)	43%	40%	25%
FCF Margin (NTM)	4%	42%	20%
Rule of 40	65%	43%	43%
Rule of X	104%	48%	69%

Data as of October 4, 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	15.7%	$239	+180%	$27B	10.0x	37%	38%	43%	4%	65%	$292K
Check Point Software	7.7%	$130	-33%	$13B	4.5x	5%	88%	40%	42%	43%	$389K
Elm	6.8%	$151	-40%	$12B	3.5x	14%	40%	25%	20%	43%	$977K
Enpara Bank	6.3%	$1	-	$11B	-	-	-	-	-	-	-
Next Vision Stabilized	4.2%	$79	+79%	$7.3B	13.1x	61%	69%	59%	42%	179%	$4M
Talabat	4.1%	$0	+15%	$7B	1.3x	16%	25%	12%	9%	30%	$196K
NICE	3.9%	$114	-16%	$6.7B	1.9x	9%	67%	29%	19%	38%	$338K
solutions by stc	3.9%	$56	-17%	$6.7B	1.7x	8%	23%	16%	11%	23%	$2M
Mobileye	3.7%	$7	-44%	$6.3B	2.3x	9%	66%	25%	16%	30%	$459K
Presight AI	3.3%	$1	+4%	$5.7B	4.3x	24%	39%	27%	15%	51%	$3M
Tadawul Group	2.2%	$31	-41%	$3.8B	8.6x	9%	-	40%	-	42%	$643K
Matrix IT	1.8%	$33	-10%	$3.1B	-	-	-	-	-	-	$158K
Plus500	1.8%	$43	+3%	$3B	2.6x	2%	119%	43%	37%	58%	$1M
Space42	1.7%	$1	+18%	$2.9B	3.5x	3%	-	39%	-55%	51%	$2M
Rasan	1.6%	$36	+24%	$2.8B	7.8x	27%	70%	44%	43%	106%	$558K
Cellebrite	1.6%	$11	-35%	$2.8B	3.8x	16%	83%	29%	32%	45%	$408K
Payoneer	1.4%	$7	+22%	$2.4B	1.8x	10%	85%	26%	-	62%	$341K
Al Moammar Information	1.3%	$77	+92%	$2.3B	5.8x	11%	22%	10%	-	-	$472K
eToro	1.2%	$25	-31%	$2B	0.8x	10%	-	35%	28%	-60%	$9M
Alef Education	1.1%	$0	+2%	$1.9B	7.7x	2%	-	70%	-	77%	$519K
Nayax	1.1%	$49	+17%	$1.8B	3.1x	24%	49%	19%	7%	45%	$354K
Hilan	1.0%	$77	-3%	$1.8B	-	-	-	-	-	-	$248K
Formula Systems	1.0%	$113	-22%	$1.7B	-	-	-	-	-	-	$116K
MBC Group	1.0%	$5	-44%	$1.7B	1.3x	-5%	28%	8%	3%	-18%	$205M
ONE Technologies	0.9%	$22	-20%	$1.6B	-	-	-	-	-	-	-
eFinance	0.9%	$0	+48%	$1.6B	7.1x	-	59%	51%	-	82%	$176K
Fawry	0.7%	$0	+17%	$1.2B	3.7x	37%	70%	53%	13%	92%	-
Isracard	0.7%	$4	-14%	$1.2B	-	-	-	-	-	-	$1M
Priortech	0.7%	$100	+32%	$1.2B	-	-	-	-	-	-	$1K
Telsys	0.6%	$122	+102%	$1.1B	-	-	-	-	-	-	$4M
Optasia	0.6%	$1	-	$1.1B	3.0x	20%	-	40%	21%	65%	$698K
Afcon Holdings	0.6%	$178	+107%	$1.1B	-	-	-	-	-	-	$436K
Ituran Location & Control	0.6%	$53	+36%	$1B	2.2x	8%	51%	27%	-	44%	$124K
Suez Canal Company for Technology Settling	0.6%	$10	+149%	$949M	-	-	-	-	-	-	-
Phoenix Group	0.5%	$0	-56%	$907M	8.1x	-2%	21%	-	-	-	$633K
Hepsiburada	0.5%	$2	-4%	$872M	0.2x	31%	-	2%	-	45%	$461K
Playtika	0.5%	$2	-40%	$831M	1.0x	1%	74%	28%	9%	28%	$868K
Yalla Group	0.5%	$5	-30%	$808M	-	9%	68%	32%	30%	28%	$420K
weSure	0.5%	$5	+81%	$803M	-	-	-	-	-	-	-
RP Optical Labs	0.4%	$10	+86%	$760M	-	-	-	-	-	-	-
almeera	0.4%	$4	-11%	$735M	1.0x	7%	-	10%	8%	18%	$342K
Cognyte Software	0.4%	$9	+5%	$645M	1.3x	11%	74%	18%	8%	26%	$246K
Jahez	0.4%	$3	-45%	$634M	0.8x	15%	25%	7%	2%	39%	$537K
Hiper Global	0.3%	$11	+100%	$582M	-	-	-	-	-	-	-
Qualitau	0.3%	$117	-24%	$571M	-	-	-	-	-	-	$851K
Edarat Group	0.3%	$75	+99%	$564M	-	-	-	-	-	-	$583K
Meeza QSTP	0.3%	$1	-9%	$548M	4.5x	16%	-	35%	-	52%	-
United International Holding	0.3%	$7	-54%	$547M	2.5x	7%	-	-	-	-	-
Cash Plus	0.3%	$22	-	$546M	4.1x	12%	-	65%	20%	20%	-
Aryt Industries	0.3%	$5	-63%	$503M	-	-	-	-	-	-	$765K
Nexxen	0.3%	$9	-4%	$502M	1.0x	10%	84%	33%	23%	41%	$427K
Saudi AZM	0.3%	$8	+17%	$448M	3.9x	25%	35%	19%	-	42%	$44K
Valu	0.3%	$0	+35%	$445M	4.1x	73%	-	-	-	-	-
Hightech Payment Systems	0.3%	$58	-1%	$432M	2.3x	22%	-	18%	8%	39%	$166K
ARD Grup	0.2%	$1	+100%	$430M	-	-	-	-	-	-	-
Perfect Presentation	0.2%	$1	-48%	$425M	1.6x	18%	22%	-	-	-	$90K
Allot	0.2%	$8	-9%	$416M	2.5x	13%	63%	13%	20%	26%	$206K
Arad	0.2%	$16	-3%	$386M	-	-	-	-	-	-	-
Computer Direct Group	0.2%	$112	-26%	$385M	-	-	-	-	-	-	$152K
Odine	0.2%	$3	-34%	$364M	-	-	-	-	-	-	$274K
Rapac	0.2%	$23	+23%	$355M	-	-	-	-	-	-	-
SaverOne	0.2%	$0	+1168%	$352M	-	-	-	-	-	-	$7K
Nano Dimension	0.2%	$2	-6%	$343M	-	-	-	-	-	-	$253K
Perion Network	0.2%	$9	-7%	$342M	0.2x	9%	89%	12%	12%	17%	$833K
Nilesat	0.2%	$9	+29%	$330M	-	-	-	-	-	-	-
Nice One	0.2%	$3	-58%	$322M	0.8x	27%	26%	10%	6%	-	$425K
Saudi Cable	0.2%	$48	+22%	$320M	-	-	-	-	-	-	$35K
Terminal X	0.2%	$3	+31%	$320M	-	-	-	-	-	-	-
Logo Yazılım	0.2%	$3	-23%	$290M	1.4x	29%	32%	32%	9%	66%	$90K
Altınay Savunma	0.2%	$0	-29%	$268M	-	-	-	-	-	-	$104K
Automated Bank Services	0.2%	$7	-7%	$262M	-	-	-	-	-	-	$538K
Netcad	0.1%	$2	-	$258M	-	-	-	-	-	-	-
AudioCodes	0.1%	$11	+18%	$255M	0.9x	4%	66%	8%	-	12%	$250K
Mia Teknoloji	0.1%	$1	-43%	$252M	-	-	-	-	-	-	$3M
DOF Robotics	0.1%	$2	-27%	$251M	-	-	-	-	-	-	$198K
MER Group	0.1%	$17	+87%	$224M	-	-	-	-	-	-	-
Electreon Wireless	0.1%	$15	-23%	$219M	-	-	-	-	-	-	$34K
Hitit	0.1%	$1	-39%	$209M	3.0x	84%	58%	44%	6%	104%	$75K
Patek	0.1%	$0	-57%	$207M	1.6x	-	33%	26%	8%	-	$156K
Valens	0.1%	$2	+3%	$207M	1.4x	17%	64%	-14%	-16%	-6%	$273K
Dar Albalad for Business Solutions	0.1%	$3	-	$202M	1.9x	-	20%	17%	-	-	-
Elad Software	0.1%	$4	+6%	$198M	-	-	-	-	-	-	-
MetropolCard	0.1%	$2	-	$179M	-	-	-	-	-	-	-
İndeks Bilgisayar	0.1%	$0	+19%	$177M	0.1x	-	-	3%	-	43%	$4M
Intetra	0.1%	$1	-	$172M	-	-	-	-	-	-	-
Martı	0.1%	$2	-26%	$168M	2.1x	67%	76%	20%	7%	126%	$89K
Ingram Micro Türkiye	0.1%	$6	-39%	$153M	-	-	-	-	-	-	$3M
Payton Planar Magnetics	0.1%	$8	+14%	$146M	-	-	-	-	-	-	$281K
Electro Cable Egypt	0.1%	-	-	$144M	-	-	-	-	-	-	-
Abra IT	0.1%	$1	-10%	$143M	-	-	-	-	-	-	$1M
Forte	0.1%	$2	+21%	$142M	-	-	-	-	-	-	-
Robo.ai	0.1%	$1	-91%	$142M	-	-	-	-	-	-	$14K
Netas Telekomunikasyon	0.1%	$2	+2%	$110M	-	-	-	-	-	-	$181K
Türk Prysmian Kablo	0.1%	$1	-47%	$108M	-	-	-	-	-	-	$646K
BiNBiN	0.1%	$1	-80%	$108M	-	-	-	-	-	-	$28K
AtaTP	0.1%	$5	+97%	$108M	-	-	-	-	-	-	-
Karel	0.1%	$0	-48%	$104M	-	-	-	-	-	-	$192K
Microdata Morocco	0.1%	-	-	$97M	-	-	-	-	-	-	-
Quantum X Labs	0.1%	$4	+24%	$93M	-	-	-	-	-	-	$75K
Purity Tech	0.1%	$5	-19%	$92M	-	-	-	-	-	-	-