MAGNiTT Tech Index (MGTI) Monthly Update | August 2026

MGTI closed August 2026 at 168.28, up 1.84% during the month and reducing its 2026 year-to-date decline to 3.00%. The gain ended three consecutive months of negative returns and left the index 68.28% above its January 2023 inception level.

The recovery was broad. Eleven of the index’s 15 constituents advanced, led by Jahez, Arab Sea, Talabat, and Space42, several of which had been among July’s weakest performers. Elm and Solutions by stc remained the principal drags on the index.

Yet August also reinforced the growing gap between MENA public technology and the global technology cycle. MGTI’s 1.84% return trailed MSCI ACWI IT, MSCI EM IT, and the Nasdaq as global technology resumed its advance, leaving the index’s structural absence of semiconductor and large-cap AI exposure increasingly visible in relative performance.

 

📊 Key Takeaways

• MGTI returned to positive monthly performance. The index gained 1.84% to 168.28, ending three consecutive monthly declines and reducing its 2026 loss to 3.00%.
• The rebound was broader than the headline suggests. Eleven of 15 constituents gained, with Jahez, Arab Sea, Talabat, and Space42 each rising by more than 14%, indicating that August’s recovery extended beyond a single company.
• Regional performance remained mixed. MGTI outperformed Dubai and Abu Dhabi in August but trailed Saudi Arabia and Egypt, while its year-to-date return remained negative alongside Dubai.
• Global technology continued to widen the performance gap. MSCI ACWI IT rose 5.94%, MSCI EM IT 5.16%, and the Nasdaq 3.93% in August, all ahead of MGTI, as semiconductor and large-cap AI exposure remained a major differentiator.
• Diversification from the global AI cycle remains structural. MGTI’s correlation with MSCI EM IT stands at just 0.36, meaning the index behaves relatively independently from the global technology trade, but that same independence has limited its participation in 2026’s strongest technology theme.

🎯 Who Should Read This Report 

This update is for those benchmarking MENA listed technology, reading public-market sentiment across the Gulf, and tracking the region's technology ecosystem as it moves into public markets

• Institutional investors and asset managers benchmarking MENA technology exposure against Gulf all-share indices and global technology indices in USD.

• Analysts and research teams tracking the volatility, correlation and beta profile of a 15-stock listed technology universe.

• IPO candidates and investor relations teams understanding where a listing would sit within index weight, sector and country composition.

• Policymakers and exchanges monitoring the depth of the listed technology universe across Saudi Arabia, the UAE, Egypt and Morocco.

Where is this data from?

To create MAGNiTT Tech Index (MGTI), MAGNiTT combined proprietary venture data with verified public-market data, including exchange filings, annual reports, share price history, free float market capitalization, liquidity metrics, FX data, and public disclosures. The index methodology applies a documented screening process covering MENA headquarters, verified technology revenue, minimum free float market capitalization, trading liquidity, and continuous post-listing trading history.

With data on 34,800+ startups, 22,500+ funding rounds, and 1,300+ exits, MAGNiTT offers a comprehensive directory of technology innovation trends.

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