MAGNiTT Tech Index Report

As investors prepare for potential listings from companies such as SpaceX, OpenAI, and Anthropic, public markets are once again becoming a critical part of the technology conversation. The next generation of tech winners will increasingly be measured not just by private valuations, but by how they perform after listing.

MENA has its own public tech story. Since 2021, more than 20 technology companies across the region have reached public markets, creating a growing universe of listed tech businesses spanning FinTech, software, digital infrastructure, mobility, and e-commerce. Yet despite this wave of IPO activity, there was no benchmark tracking how these companies collectively performed.

The MAGNiTT Tech Index (MGTI) fills that gap. As the region's first rules-based benchmark for listed technology companies, MGTI provides a transparent way to measure the performance of MENA's public tech market and track how the region's digital economy performs after companies reach public markets.

📊 Key Takeaways

MENA's listed tech market has been hiding in plain sight. MGTI finally gives investors a way to measure it.

• MENA public tech generated a +45.6% total return since January 2023, demonstrating that the region has produced meaningful public-market technology performance despite operating outside the global AI and semiconductor boom.
• MGTI's strongest year came in 2023, returning +77.8% and outperforming major global and regional benchmarks during the post-IPO re-rating cycle before moderating in 2024 and facing pressure in 2025.
• MENA public tech follows its own cycle. With a correlation of approximately 0.04 to global technology indices, MGTI behaves largely independently from the Nasdaq and other major tech benchmarks, offering differentiated exposure to regional technology growth.
• The region's VC-backed public companies significantly outperformed the broader market. The MGVC Index returned +338.9% since January 2023, highlighting how a small group of venture-backed companies created exceptional shareholder value after listing.

🎯 Who Should Read This Report 

This report is a must-read for investors, founders, exchanges, policymakers, and ecosystem leaders seeking to understand how MENA technology companies perform after listing, and how the region’s public tech market can be tracked quarter by quarter.

• VCs & LPs evaluating public-market exit pathways and post-IPO performance of venture-backed companies
• Public-market investors & analysts assessing MENA listed tech as a differentiated regional exposure
• Founders & CFOs preparing for IPO readiness, liquidity expectations, and public-market scrutiny
• Exchanges, regulators & policymakers tracking technology market depth, liquidity, and benchmark visibility
• Corporates & advisors monitoring listed tech comparables, sector performance, and capital-market narratives

   

Where is this data from?

The report was created using MAGNiTT’s proprietary data platform, the leading VC and PE data platform across the Middle East, Africa, Pakistan, Türkiye, and Southeast Asia. With data on 34,800+ startups, 22,500+ funding rounds, and 1,300+ exits, MAGNiTT offers a comprehensive directory of technology innovation trends.

For 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.

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