MAGNiTT Tech Index (MGTI) Monthly Update

MGTI closed July 2026 at 165.24, down 4.61% during the month and 4.76% year to date. The decline marked a second consecutive negative month and left the index 24.88% below its January 2025 peak, despite remaining 65.24% above its January 2023 inception level.

July’s weakness was concentrated among Saudi technology companies. Nice One, Jahez, and Rasan each declined by more than 15%, while Talabat gave back part of its second-quarter recovery. Only three of the index’s 15 constituents ended the month higher.

Against regional markets, MGTI recorded the steepest July decline. Its lower correlation with global technology benchmarks offered some protection from the broader technology reversal, but its limited exposure to semiconductors and large-cap AI continued to separate its performance from the global technology cycle.

 

📊 Key Takeaways

• A second consecutive decline. MGTI fell 4.61% in July to 165.24, leaving 2026 down 4.76% and the index 24.88% below its January 2025 peak. Part of the 20.90% second-quarter rebound has now been given back, so the recovery has not held.

• Saudi names led the fall. Nice One dropped 21.3%, Jahez 17.2% and Rasan 15.7%, and only three of the fifteen constituents rose. The index is concentrated enough that a handful of Saudi and UAE names sets its monthly direction.

• MGTI underperformed every regional market. Dubai fell 2.69% and Saudi Arabia 1.89%, while Abu Dhabi rose 1.12% and Egypt 1.87%. The gap reflects a 15-stock technology portfolio measured against diversified all-share indices.

• Low correlation helped for the first time this year. MSCI EM IT fell 12.81% and MSCI ACWI IT 5.64%, both steeper than MGTI. A correlation of 0.36 to MSCI EM IT has kept the index out of the global AI rally, and in a reversal that same distance limited the damage.

• Long-term performance remains positive despite a difficult current cycle. MGTI has returned 65.2% since January 2023, but entered August down 4.8% for 2026 and almost 25% below its January 2025 peak.

🎯 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.

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