Start-ups in the Middle East and North Africa secured $277 million (Dh1 billion) in funding during the first quarter of the year, up 2 per cent year on year, according to data platform Magnitt.
The increase in funding in the quarter is “largely attributed to a strong start to 2020”, before Covid-19 became a pandemic and brought the global economy to a standstill, Magnitt’s Q1 2020 Mena Venture Investment Report said.
Large funding rounds in January and February included $60m for Dubai cloud kitchen company Kitopi, $40m for Egyptian health-tech start-up Vezeeta and $35m for Dubai's SellAnyCar.com. The UAE still leads in the highest funding amount, accounting for 51 per cent of the total investments.
While funding increased marginally, the number of deals in the first three months of this year fell 22 per cent to 108. Egypt accounted for 37 per cent of all deals in the Mena region while the UAE accounted for 25 per cent and Saudi Arabia 12 per cent.
The number of start-up deals in the Mena region dropped 67 per cent in March compared to the same month last year.
While we anticipate that overall deal numbers may be flat, if not negatively [affected] to year-end, total funding will very much be [affected] by investors' risk appetite.
"Many businesses and investors will be hit by Covid-19, which may have an effect on their fundraising capabilities in the coming months," Philip Bahoshy, Magnitt's founder and chief executive, told The National.
"The true ramifications will most likely not be seen until a few months down the road as the fundraising exercise, on average, takes six months for start-ups in the Mena region."
In 2019, a record number of start-ups received venture funding, with the number of deals increasing by 31 per cent to 564.
The total value of deals dropped about 15 per cent to $704m last year but that was partly because of a $200m funding deal for Careem in late 2018.
The platform had estimated that the region's venture capital scene could witness $1bn worth of investments this year but the worldwide coronavirus outbreak is expected to put a damper on both overall deal numbers and funding, Mr Bahoshy said.
There were more than 1.85 million confirmed cases of Covid-19 globally as of Monday, according to Johns Hopkins University, with over 114,000 deaths.
More than 400,000 people have recovered.
Strict measures to contain the virus, such as stay-at-home directives and business closures, have led to the greatest challenge to the global economy since the 2008 financial crisis.
“Reaching $1bn was based on a prediction where the venture capital landscape was in a growing and stable state. The current crisis has led to a change in investment behaviour,” Mr Bahoshy said.
"While we anticipate that overall deal numbers may be flat, if not negatively [affected] to year-end, total funding will very much be [affected] by investors' risk appetite," he said.
As start-ups look for alternative ways to fundraise, Magnitt's online Investor Applications Tool recorded a 117 per cent increase in applications from January to March.
The tool, which was introduced almost two years ago, allows users to connect with 74 investors and accelerators across the region.
“We’ve seen a real spike since Covid-19 closed borders and made meeting in person impossible,” Mr Bahoshy said.
“Our data shows that 25 per cent of start-ups who apply to investors on Magnitt get accepted to a first meeting, and we know of a few start-ups so far who have actually raised rounds by initially applying to their investors on Magnitt.”
Certain sectors such as grocery delivery, health care, e-commerce and educational technology recorded an increase in customers and investor appetite. For example, Saudi online grocer Nana raised $18m in a funding round led by Saudi Technology Ventures.
"We are particularly proud to support Nana in light of the unfortunate Covid-19 outbreak," STV said last month, as Nana tripled its capacity in just 10 days amid the kingdom's restrictions to stop the spread of the virus.
Investors and accelerators in the region said in March that they are still actively investing despite the current crisis, according to Magnitt research.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
MATCH INFO
Jersey 147 (20 overs)
UAE 112 (19.2 overs)
Jersey win by 35 runs
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
Profile
Name: Carzaty
Founders: Marwan Chaar and Hassan Jaffar
Launched: 2017
Employees: 22
Based: Dubai and Muscat
Sector: Automobile retail
Funding to date: $5.5 million
FROM%20THE%20ASHES
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Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
RESULT
Copa del Rey, semi-final second leg
Real Madrid 0
Barcelona 3 (Suarez (50', 73' pen), Varane (69' OG)
SPEC%20SHEET%3A%20APPLE%20IPHONE%2014
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Ordinary Virtues: Moral Order in a Divided World by Michael Ignatieff
Harvard University Press
The years Ramadan fell in May
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
Andor
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THE SPECS
Engine: 2.0-litre 4-cylinder turbo
Power: 275hp at 6,600rpm
Torque: 353Nm from 1,450-4,700rpm
Transmission: 8-speed dual-clutch auto
Top speed: 250kph
Fuel consumption: 6.8L/100km
On sale: Now
Price: Dh146,999
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
Cultural fiesta
What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421, Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Company name: SimpliFi
Started: August 2021
Founder: Ali Sattar
Based: UAE
Industry: Finance, technology
Investors: 4DX, Rally Cap, Raed, Global Founders, Sukna and individuals
JAPANESE GRAND PRIX INFO
Schedule (All times UAE)
First practice: Friday, 5-6.30am
Second practice: Friday, 9-10.30am
Third practice: Saturday, 7-8am
Qualifying: Saturday, 10-11am
Race: Sunday, 9am-midday
Race venue: Suzuka International Racing Course
Circuit Length: 5.807km
Number of Laps: 53
Watch live: beIN Sports HD
