Start-ups in the Middle East and North Africa secured record funding of more than $1 billion in 2020, although the capital was spread across fewer deals sealed mainly in the first half of the year, according to data platform Magnitt.
The amount raised was a 13 per cent annual increase and was the first time that fundraising for Mena start-ups broke through the $1bn barrier, Magnitt's 2021 Emerging Venture Markets report showed. The capital was invested into 496 companies, which was 13 per cent fewer than the previous year.
Start-ups raised most of the $1bn in funding during the first six months of the year when they secured $725m, a 29 per cent increase from the $563m secured in the first half of 2019.
The second half of 2020 was more muted, however, as the Covid-19 pandemic took its toll on the global economy. Start-ups raised $306m during the period, down 13 per cent from the second half of 2019. The capital was invested in 198 deals, which was a 35 per cent decline from the same period in 2019.
“2020 was a rollercoaster year that highlighted the importance of leveraging data to make opportunities visible across borders,” Philip Bahoshy, chief executive of Magnitt, said. “Covid-19 rapidly accelerated the adoption of technology across emerging markets, creating larger markets and more opportunities to scale."
The Covid-19 pandemic has plunged the global economy into a deep recession, unleashing havoc on sectors from air transport, tourism, supply chains, manufacturing to shipping. On the other hand, businesses operating in key sectors such as healthcare and technology have seen an uptick in demand.
The pandemic has prompted investors to re-allocate capital away from early stage ventures to bigger-ticket seed and Series A investments ranging from $100,000 to $3m, Magnitt said.
Investors also opted to back industries such as e-commerce and FinTech, which saw increased demand during the pandemic and retained the two top spots by number of deals.
Together, e-commerce and FinTech garnered almost a quarter of all deals in 2020, according to Magnitt. Investment in healthcare start-ups more than tripled to $72m during the pandemic.
Within the region, the UAE, Egypt and Saudi Arabia accounted for 68 per cent of total deals disclosed in 2020.
The UAE, the Arab world's second-biggest economy, received the largest share of funds raised and ranked first in terms of the number of deals, the report showed.
Start-ups in the UAE attracted more than half of the total venture capital into the region and just over a quarter of the total Mena deals. Its total share of funding rose 5 per cent to $579m but its share of total deals dropped 17 per cent.
Start-ups in Saudi Arabia, the Arab world's biggest economy, sealed 18 per cent of the region's deals and 15 per cent of the total funding. The oil producer registered the highest increase in the number of deals, up 35 per cent year-on-year, and funding flows to the kingdom's start-ups rose by 55 per cent.
Bahrain recorded the highest increase in funding, with capital flows to its start-ups tripling year-on-year to $20m.
Lebanon, which is facing the worst economic crisis in its history, saw the number of deals drop by 64 per cent to 16, falling out of Magnitt's Top 7 Mena country deal ranking in 2020.
Topping the five biggest funding rounds in Mena, UAE-based EMPG raised $150m in its Series E round in April, followed by the UAE's Kitopi with $60m and Egypt's healthcare start-up Vezeeta with $40m.
Last year, a total of 243 investors participated in at least one funding round in Mena, with international funds accounting for 22 per cent of all active investment institutions, Magnitt said.
The number of international investors increased to 54 in 2020 from 51 a year earlier, while the number of active investors remained relatively stable – up 3 per cent at 243.
The impact of the pandemic was highlighted during the third quarter of 2020, when Mena start-ups recorded 91 deals, the lowest in eight quarters. The fourth quarter showed signs of a recovery, with a 57 per cent uptick in total funding.
Looking forward, Magnitt expects there will be no mega deals of more than $100m across the Mena region in 2021. It also expects Saudi Arabia will surpass Egypt in terms of both the total number of investments and total capital deployed in venture funding this year.
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Student Of The Year 2
Director: Punit Malhotra
Stars: Tiger Shroff, Tara Sutaria, Ananya Pandey, Aditya Seal
1.5 stars
The specs
Engine: 3.9-litre twin-turbo V8
Power: 640hp
Torque: 760nm
On sale: 2026
Price: Not announced yet
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Ultra processed foods
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;
- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
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Sam Smith
Where: du Arena, Abu Dhabi
When: Saturday November 24
Rating: 4/5
Global institutions: BlackRock and KKR
US-based BlackRock is the world's largest asset manager, with $5.98 trillion of assets under management as of the end of last year. The New York firm run by Larry Fink provides investment management services to institutional clients and retail investors including governments, sovereign wealth funds, corporations, banks and charitable foundations around the world, through a variety of investment vehicles.
KKR & Co, or Kohlberg Kravis Roberts, is a global private equity and investment firm with around $195 billion of assets as of the end of last year. The New York-based firm, founded by Henry Kravis and George Roberts, invests in multiple alternative asset classes through direct or fund-to-fund investments with a particular focus on infrastructure, technology, healthcare, real estate and energy.
Bio
Born in Dibba, Sharjah in 1972.
He is the eldest among 11 brothers and sisters.
He was educated in Sharjah schools and is a graduate of UAE University in Al Ain.
He has written poetry for 30 years and has had work published in local newspapers.
He likes all kinds of adventure movies that relate to his work.
His dream is a safe and preserved environment for all humankind.
His favourite book is The Quran, and 'Maze of Innovation and Creativity', written by his brother.
The Bloomberg Billionaire Index in full
1 Jeff Bezos $140 billion
2 Bill Gates $98.3 billion
3 Bernard Arnault $83.1 billion
4 Warren Buffett $83 billion
5 Amancio Ortega $67.9 billion
6 Mark Zuckerberg $67.3 billion
7 Larry Page $56.8 billion
8 Larry Ellison $56.1 billion
9 Sergey Brin $55.2 billion
10 Carlos Slim $55.2 billion
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
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Palestine and Israel - live updates
UAE currency: the story behind the money in your pockets
The biog
Full name: Aisha Abdulqader Saeed
Age: 34
Emirate: Dubai
Favourite quote: "No one has ever become poor by giving"
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Killing of Qassem Suleimani
BEACH SOCCER WORLD CUP
Group A
Paraguay
Japan
Switzerland
USA
Group B
Uruguay
Mexico
Italy
Tahiti
Group C
Belarus
UAE
Senegal
Russia
Group D
Brazil
Oman
Portugal
Nigeria
Dengue%20fever%20symptoms
%3Cp%3EHigh%20fever%20(40%C2%B0C%2F104%C2%B0F)%3Cbr%3ESevere%20headache%3Cbr%3EPain%20behind%20the%20eyes%3Cbr%3EMuscle%20and%20joint%20pains%3Cbr%3ENausea%3Cbr%3EVomiting%3Cbr%3ESwollen%20glands%3Cbr%3ERash%26nbsp%3B%3C%2Fp%3E%0A
RESULTS
6pm: Al Maktoum Challenge Round-2 – Group 1 (PA) $55,000 (Dirt) 1,900m
Winner: Rajeh, Antonio Fresu (jockey), Musabah Al Muhairi (trainer)
6.35pm: Oud Metha Stakes – Rated Conditions (TB) $60,000 (D) 1,200m
Winner: Get Back Goldie, William Buick, Doug O’Neill
7.10pm: Jumeirah Classic – Listed (TB) $150,000 (Turf) 1,600m
Winner: Sovereign Prince, James Doyle, Charlie Appleby
7.45pm: Firebreak Stakes – Group 3 (TB) $150,000 (D) 1,600m
Winner: Hypothetical, Mickael Barzalona, Salem bin Ghadayer
8.20pm: Al Maktoum Challenge Round-2 – Group 2 (TB) $350,000 (D) 1,900m
Winner: Hot Rod Charlie, William Buick, Doug O’Neill
8.55pm: Al Bastakiya Trial – Conditions (TB) $60,000 (D) 1,900m
Winner: Withering, Adrie de Vries, Fawzi Nass
9.30pm: Balanchine – Group 2 (TB) $180,000 (T) 1,800m
Winner: Creative Flair, William Buick, Charlie Appleby
1,000 Books to Read Before You Die: A Life-Changing List
James Mustich, Workman
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
More from Rashmee Roshan Lall
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
UAE currency: the story behind the money in your pockets
Zayed Sustainability Prize
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
