MENA startups hit as deals dip 67% last month: Report – Saudi Gazette

MENA startups hit as deals dip 67% last month: Report – Saudi Gazette

By Matthew AmlôtDUBAI -- Startup investment deals in MENA plummeted 67 percent in March as the coronavirus pandemic hits investor appetite, according to a report from startup data platform MAGNiTT.The coronavirus, officially known as COVID-19, has impacted business across the world as countries enter lockdowns which curtail economic activity.. It is too early to tell whether the worst has already passed," said MAGNiTT's CEO & founder Philip Bahoshy.A survey conducted by MAGNiTT found that around 59 percent of startup founders have already had their business impacted by the coronavirus, with nearly half citing revenue generation as their major concern.. The initial successes for the sector later slowed as the coronavirus took hold, prompting widespread business slowdown.. DP World takes rapid, resolute safety steps amid coronavirus pandemic.