How Has COVID-19 Affected MENA Start-ups So Far?

How Has COVID-19 Affected MENA Start-ups So Far?

While businesses continue to adapt to life with the on-going pandemic and the severe consequences of lockdowns imposed by governments to control the spread of the novel Coronavirus, the impact has not been as negative for everyone.

Despite most world countries reporting sharply shrinking economies and many international companies announcing measures to minimize their losses following months of closures and movement restrictions, some business sectors have actually seen boosting profit and golden opportunities, including many start-ups in the Middle East and North Africa.

According to a report published by the Dubai-based leading start-up data platform MAGNiTT, MENA startups received $659 million worth of investments during the first six months of 2020, which is about 95% of the total investments over the whole of 2019. The report also noted that while investments in MENA start-ups during the