MAGNiTT Tech Index (MGTI) Update | Q3 2026

MGTI closed September 2026 at 160.75, down 4.48% during the month and widening its 2026 year-to-date decline to 7.35%. The fall more than reversed August’s 1.84% gain, took the third quarter to a 7.20% decline and left the index 60.75% above its January 2023 inception level.

The decline was led by Saudi Arabia. Saudi constituents accounted for 3.86 percentage points of the index’s 4.48% fall, as TASI lost 6.17% in USD terms. Elm alone took 3.43 points off the index after falling 11.2%. Ten of the 15 constituents declined, with Nice One, Arab Sea and HPS each down more than 13%. Space42 was the standout, rising 20.5%.

Regionally, MGTI fell less than Saudi Arabia and Egypt, where EGX 30 lost 7.36% in USD terms. It trailed Dubai (+2.14%) and Abu Dhabi (+0.63%), and is now the weakest of the five regional indices for 2026.

 

📊 Key Takeaways

• MGTI gave back August’s gain and more. The index fell 4.48% to 160.75, taking the 2026 loss to 7.35% and the third quarter to a 7.20% decline.
• Saudi constituents accounted for 3.86 of the 4.48 percentage points lost, with Elm alone contributing 3.43 points as TASI fell 6.17% in USD terms.
• Breadth was weak, with one clear exception. Ten of 15 constituents declined, and Nice One, Arab Sea and HPS fell more than 13% each. Space42 rose 20.5% and added 0.73 points to the index.
• Regional performance was split. MGTI fell less than Saudi Arabia and Egypt but trailed Dubai and Abu Dhabi, and it is now the weakest of the five regional indices for 2026.
• The global technology gap keeps widening. MSCI EM IT is up 82.14% in 2026 and 320.67% since January 2023, against MGTI’s 60.75%. A correlation of 0.36 means MGTI behaves largely independently of the global AI trade. That independence has also kept it out of 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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