The Middle East North Arica (MENA)region faces no greater challenge than employmentgeneration. An expanding literature on 'gazelles'suggests that a small percentage of fast-growing small andmedium enterprises (SMEs) generate the majority of new jobsin diverse economies. This paper observes thecharacteristics of fast growing SMEs included in World BankInvestment Climate Assessment (ICA) enterprise surveys inthe MENA region. The identified enterprises characteristicsassociated with high growth among SMEs include being aninnovator, offering workers formal training and receiving aninternational quality certification. In Egypt, a paneldataset allows observation of true 'gazelles' SMEsthat grew an average of 20 percent or more over more than 4years. There, analysis links enterprise gazelle status amongmanufacturers to training employees, using email or having acompany website, being less than 10 years old, getting ahigh number of inspections, experiencing fewer powerinterruptions, and using foreign-licensed technology(considered here a type of innovative behavior).