$277M was invested in 108 startup investment deals in MENA, an increase of 2% in total funding from Q1 2019 to Q1 2020

Despite the COVID-19 crisis, MENA's startups saw an increase in funding in Q1 2020, according to a special Q1 2020 MENA Venture Investment Report launched by MAGNiTT.

This 67-page report includes Insights into 28 industries, with a deep-dive into top industries by deals and total funding including rankings and trends of 17 countries, with a deep-dive into top countries by deals and total funding.

The report also highlights funding trends of MENA-based startups, including the top 10 deals, pre-money valuation by stage with average pre-money valuation at Seed & Series A.

Moreover, while the funding in Q1 2020 has slightly increased compared to Q1 2019, it can be seen that the majority of the top 5 funding rounds were announced before the crisis forced many countries into lockdown.

While investors highlighted to MAGNiTT that they are still actively looking to invest, the true ramifications of the crisis are not expected to be seen until several months after the start of the crisis.

The fundraising exercise often takes several months for founders and investors, delaying the impact of the current situation.

March saw a significant slowdown in number of deals, which is expected to continue over the next few months as the ramifications of COVID-19 come into play.

"Historical data highlights that investment rounds across MENA tend to take, on average, 6 months to come to fruition,” explains Philip Bahoshy, MAGNiTT’s founder & CEO.

“We will most likely not see the full impact of COVID-19 on the venture funding space yet for a few months. However, early indications have already shown a slowdown in funding announcements, as startups and investors re-evaluate their positions in this new environment.”

source: sme10x

بعد مرور أكثر من ثلاثة أشهر لظهور فايروس كورونا في العالم لم يعد الحديث عن ارتفاع الطلب على منتجات الاقتصاد الرقمي أمراً تنبئياً، بل أصبح واقعاً، فأسهم الشركات الصينية العاملة في مجال الألعاب على الانترنت، وخدمات الصحة الرقمية، والعمل عن بعد والتعلم عن بعد حلقت في بورصة "هونغ كونك" في النصف الأول من شهر فبراير/ شباط الماضي، ومازالت حتى تاريخ كتابة هذه السطور تحقق مكاسب ضخمة.

ليست الشركات الصينية النشطة في الاقتصاد الرقمي وحدها من حققت مكاسب بل سرعان ما ارتفعت أسهم الشركات الرقمية في جميع أنحاء العالم، كل ذلك يمر بهدوء على نشرات الأخبار العالمية في ظل الأخبار الأكثر سوداوية والتي تجلب معها حالة "هلع" غير مبررة والتي تحد من قدرة أصحاب الشركات الناشئة والأعمال الصغيرة على التفكير بإمكانية التكيف واستغلال الفرص لإيجاد حلول وبدائل توائم الظرف الراهن، والمؤقت.

أدت حالة الحجر الصحي المنزلي إلى ضرورة البحث عن بدائل للحصول على سلة من الخدمات التي لا يمكن توفيرها إلا عبر تطبيقات الهواتف الذكية ومنصات الانترنت، هكذا فسرا خبراء اقتصاديون الأسباب التي أدت إلى نمو مكاسب الشركات الرقمية وهي تبدو أسباب بسيطة وواضحة، لكن، وبما أن وباء كورونا ليس نهاية العالم، فإن الحالة الاضطرارية سوف تنتفي بمجرد رفع حالة الطوارئ الصحية، وهو ما بدأ يحدث بشكل تدريجي في الصين، فالحياة في اقليم خوبي الصيني (الذي كان مركزاً لانتشار وباء كورونا) بدأت تعود الى طبيعتها، فهل يعني هذا أن الأسواق سوف تصحح نفسها بعد أشهر، وفي أبعد تقدير سنة؟ إذ كان الحديث عن شركات التجهيزات والألبسة الطبية، فالفرضية الأكثر ترجيحاً هي أن ينخفض الطلب على منتجاتها، مع انحسار انتشار الفيروس، أما بشأن الشركات الرقمية فمن المرجح أن تشهد استمراراً في نموها، يمكن اعتماد هذه الفرضية انطلاقاً من ثلاثة عوامل رئيسية:

أولاً: نمو الخدمات عبر الانترنت غير تقليدية

ظهرت خلال الفترة الماضية مجموعة من الخدمات عبر الانترنت لم تكن موجودة من قبل وأخرى لم تكن شائعة في الأسواق الأقل استهلاكاً للخدمات الرقمية ومن تلك الخدمات ما تقدمه شركة بيلوتون لدراجات التدريب المنزلية والتي تملك ميزة التواصل مع متدربين آخرين عبر شبكة الانترنت حيث ارتفع الطلب على هذه الخدمة بأكثر من 50% خلال فترة قياسية، كذلك الخدمة التي اطلقتها شركة Netflix كبديل عن المشاهدة الجماعية في صالات السينما التي أغلقت أبوابها، يمكن أن نلاحظ أيضاً نمواً هائلاً في الخدمات الطبية عن بعد وفي هذا الشأن ترى سارة ويلسون المديرة التنفيذية في NHS Digital (مركز معلومات الرعاية الصحية والاجتماعية) "بأن فايروس كورونا سوف يدفع الناس نحو الرقمنة بوتيرة سريعة، الأمر الذي سيؤدي إلى التحول في بيئة القطاع الصحي ليصبح أكثر رقمنة". قد تكون الرعاية الصحية عن بعد في عدد من الدول، لاسيما الغربية، ليست بجديدة فالولايات المتحدة مثلاً متقدمة بالفعل في عملية التحول الرقمي في مجال الرعاية الصحية، لكن المتغير الحالي هو سرعة وشمولية هذا التحول، ودخول مفهوم الرعاية الصحية الرقمية إلى أسواق جديدة، كالأسواق العربية التي مازالت فيها الرعاية الصحية عن بعد خدمة غير تقليدية.

ثانياً: الاستثمار في التحول الرقمي

بالرغم من إجراءات التحول الرقمي التي قامت بها الكثير من الشركات حول العالم إلا أن الغالبية العظمى من الشركات مازالت تعتمد على بيئة العمل التقليدي، والتي تفتقر إلى المرونة الكافية للاستمرار في العمل في ظل الظروف الراهنة، الأمر الذي يجبرها على تسريع عملية التحول الرقمي كنقل أعمال موظفيها إلى المنازل واعتماد تكنولوجيا الحوسبة السحابية، وتقنيات الاجتماعات عن بعد واعتماد المتاجر الإلكترونية والتسويق الرقمي لبيع منتجاتها، وغيرها الكثير من إجراءات التحول الرقمي التي اضطرت الشركات لتنفيذها في سبيل استمرار أعمالها، وبطبيعة الأحوال تلك العمليات ليس مجانية، فهي تتطلب من الشركات نفقات باهظة، تقدم لنا الجامعات في استراليا مثالاً عن ذلك : فلقد أجبرت العديد من الجامعات التي تستقبل الطلاب الدوليين القادمين من الصين على تجهيز منشآتها وكوادرها لإطلاق برامج التعليم عن بعد للطلاب الدوليين الذي اضطرتهم الظروف للعودة إلى بلادهم، وبفعل هذا الاستثمار السريع في التحول الرقمي لا يمكن للشركات بعد انحسار وباء كورونا أن تتخلى عن تلك الاستثمارات التي أنفقتها عليها، بل سوف تظل متمسكة بها، وهو ما يرجح أيضاً من فرضية استمرار نمو منتجات الشركات الرقمية في المستقبل.

ثالثاً: تجربة تغيير بيئة العمل والاستهلاك

يرتبط عامل التجربة بالعاملين السابقين، فاكتشاف الشركات لمزايا بيئة الأعمال الرقمية، سوف يدفعها للاستمرار في تطوير نموذج العمل الرقمي والتخلي عن العديد من أدوات العمل التقليدية، أما على صعيد الاستهلاك، وهو الأهم، فتتجلى من خلال تغيير سلوك المستهلكين فالملايين من المستهلكين لم يكن لديهم أي تجربة أو تعامل سابق مع منتجات الشركات الرقمية، كالتعلم والطب عن بعد، وخدمات التوصيل والمنتجات الإلكترونية وغيرها، إن خوض مستهلكين جدد تجربة الاستهلاك عبر الانترنت سوف يمكن الشركات الرقمية من تعزيز قاعدة عملائها، "فاقتصاد الحجر الصحي" كما بات يطلق عليه في الصين سوف ينمي عادات استهلاكية جديدة فالأشخاص الذين يضطرون اليوم لهذه التجربة قد يتحولون إلى عملاء دائمين في المستقبل.

على الرغم من الأخبار المتشائمة حول تباطؤ النمو العالمي تظهر التجربة الصينية حتى الآن إشارات مختلفة، فبعد انحسار وباء كورونا في الصين، تشهد المحال التجارية في الصين ارتفاعاً في حجم مبيعاتها والتي تجاوزت المستويات المسجلة في نفس الفترة من العام الماضي، وهو مؤشر جيد حول إمكانية تصحيح الأسواق لنفسها في الفترة التي ستلي انتهاء حالة الطوارئ الصحية، كما تفيد التجربة الصينية بأن الشركات التي تجيد التأقلم في الوقت الحالي عبر التحول الرقمي سوف تحقق مكاسب مستقبلية من خلال استغلال حالة "الطلب المكبوت" على المنتجات التي سببها الحجر الصحي.

By: Ven Iyer

5G stands for the 5th generation of mobile networking and communication technologies.

We use 4G today but 5G is touted to be up to 100 times faster than 4G.

This new technology is important because it can revolutionize the way we work, play, and live. It can revolutionize our homes (Internet of Things), schools (remote learning), offices (automation), shops (personalized retail), factory floors (robotics and automation), and hospitals (remote real-time diagnosis and treatment). 

It can also revolutionize the way we communicate, travel (through autonomous vehicles), and consume entertainment (allowing us to download movies to our cellphones in seconds and enjoying augmented reality and virtual reality).

5G is able to enable hyper-connectivity between gadgets, machines, and people in countless permutations and combinations, and it can transform societies, cities, countries, and the world.

All of this is done through a combination of greater wireless capacity, ultra-fast connection, and data transmission speeds, with minimal time lag or latency. 

The roll-out of 5G could be a decade-long process, and it will have a huge and wide-ranging impact. Consulting firm McKinsey reports that every second 127 devices are connected to the internet.

The number of Internet of Things (IoT) devices is projected to increase from 7 billion in 2018 to 22 billion by 2025.

Leading research firm Gartner predicts that by the end of 2020, there will be 26 times as many connected things as there are humans.

And MIT Technology Review believes that between 2020 and 2035, the contribution of 5G to the global gross domestic product (GDP) will be close to the size of India's economy today, a total of $2.7 trillion. 

How can you potentially profit from the 5G boom? Here are five smart ways. 

1. Cell tower landlords

This refers to companies like American Tower (NYSE:AMT), Crown Castle, and SBA Communications, all of which are real estate investment trusts (REITs).

They rent out space on cell towers to cellphone carriers to mount their antennas, small cells, and other wireless equipment.

Leasing out space on cell towers is attractive because of modest construction costs, low maintenance costs, the non-cancellable nature of the leases, and decent leasing income.

The increasing adoption of 5G will result in increased data transmission and consumption, translating into sustained profit growth for the cell tower landlords.

Among the cell tower landlords, American Tower Corporation stands out for several compelling reasons, including its size, global presence, long-term growth opportunities, consistent incremental growth in revenue and cash flows, high operating margins, and low maintenance capital expenditures. 

Between 2014 and 2019, American Tower's operating revenues grew by approximately 80% to $7.4 billion, its net income grew by 57% to $1.2 billion, and its dividend per common share grew from $1.40 to $3.15. That's the kind of across-the-board growth that investors like to see. 

2. Cell phone carriers

Cell phone carriers are expected to enjoy sustained enhanced profits from the introduction of 5G because customers will have to pay more for services. Choosing among the four better-known carriers in America, namely AT&T (NYSE:T), Verizon (NYSE:VZ), T-Mobile, and Sprint, for 5G investing isn't easy. However, AT&T and Verizon are the biggest among the carriers, and they appear to be competitively positioned. 

I like AT&T over Verizon for one main reason. Last September, activist investor Paul Singer's Elliott Management purchased $3.2 billion of AT&T stock. Elliott Management then sent an open letter to AT&T's board that noted among other things that its large investment reflected a deep conviction in AT&T's "extraordinary value opportunity" and that the firm believed that "AT&T can achieve $60+ per share of value by the end of 2021."

My view is that Elliott Management is likely to succeed in holding AT&T's feet to the fire, producing enhanced performance and solid profit growth.

3. Core technology companies

Core technology companies include companies manufacturing or enhancing core wireless networking technologies for 5G, such as semiconductor manufacturers, cellular networking and satellites, hardware and software (including testing and bandwidth optimization), enhanced mobile broadband modems, and new radio technology. These companies include Skyworks Solutions, Qorvo, and Qualcomm.

Because there are so many core technology companies that will likely compete in the 5G market, I think investors could be better off buying an exchange-traded fund (ETF) that's focused on 5G rather than buying individual stocks. ETFs to consider include The Defiance 5G Next Gen Connectivity ETF and First Trust Indxx NextG ETF. The former looks more attractive because of its lower expense cost of 0.30% vs. 0.70% for the First Trust ETF.

4. Smartphones, wearables, and home technology companies

There are several companies that sell smartphones, wearables, and home technology, but none of them matches up to Apple (NASDAQ:AAPL). Apple is an American innovation juggernaut that has revolutionized consumer technology.

Riding the coattails of Apple to profit from 5G is a smart idea because you are investing in one of the best management teams, corporate employers, and technology innovators in the world, with eye-popping profitability and a fortress-like balance sheet. Most importantly, your investment will benefit not only from Apple's forthcoming 5G iPhones but also from its forays into other promising areas including healthcare, autonomous driving, and satellites.

5. Jack of all trades and master of them all

NVIDIA (NASDAQ:NVDA) is arguably one of the most respected technology companies in the world today, pioneering technologies necessary to transform science fiction into reality. In October 2019, NVIDIA unveiled Aerial, a software development kit (SDK) for telecom operators building 5G wireless Radio Access Networks (RANs). Aerial helps telecommunications companies offering 5G Networks to optimize wireless networks and AI models "running at the edge."

These telecom companies can use the same computing infrastructure required for 5G networking to provide AI services for smart cities, smart factories, smart healthcare, augmented reality/virtual reality (AR/VR), and cloud gaming. With Aerial, NVIDIA has made a strategic foray into the 5G wireless market. NVIDIA's partnership with industry leaders like Ericsson, Red Hat and Microsoft will help it deliver an end-to-end solution to telecom companies. 

I think that the speed, capacity, reliability, versatility, and multi-functionality of NVIDIA's platforms promise to enhance the deployment of 5G, making it truly transformative. This stock is truly a jack of all trades, but instead of being a master of none it's a master of them all.

source: fool

Qatar made a comprehensive leap in the industrial sector over the past three years, where the volume of investments has reached over QR262bn.

The rise in investments contributed to the state’s ability to face challenges, maintain the stability of the local market and boost exports, said the Assistant Undersecretary for Industry Affairs at the Ministry of Commerce and Industry (MoCI) Mohammed Hassan Al Malki. 

Al Malki said in an interview with Qatar News Agency (QNA) that the past three years have posed a real challenge to both extractive and manufacturing aspects of the industrial sector, which has succeeded greatly in consolidating its pillars and establishing its bases to play its central role in the economic growth of the state. 

He said that the state has dealt intelligently with the unjust blockade imposed on it since mid-2017, and managed to turn this crisis into an opportunity to accelerate its plans in the development of the industrial sector and maintaining economic growth. 

The state has dealt intelligently with this situation, addressed weaknesses in the industrial sector and turned them into strengths, which has led to the success of this sector in covering many of the market needs of industrial products, especially food and pharmaceutical products, which have become competitive with those in the region and the world, he added. 

Al Malki pointed out that the volume of investments in the industrial sector has now reached QR262bn, up from QR255bn in 2017, registering a growth of nearly 3 percent over the past three years.

“Investment growth in the industrial sector continues, and we have a clear strategy for the coming years covering a number of vital sectors, reinforced by important regulatory and legislative reforms in the business environment,” he added. 

He said that the number increased to 893 factories in the current year from 765 factories in 2017, an increase of approximately 17 percent, he said adding, focus over the past three years has been on the food industries, which has made a major leap and contributed to securing the market needs from the necessary goods. 

On the industrial sectors, the Assistant Undersecretary explained that the construction and transport industries sector tops list due to its association with 2022 World Cup projects, with 249 factories (27.9 percent of the total factories in the country), followed by the chemical and petrochemical industries, with 231 industrial establishments assisted by the abundance of raw materials (25.9 percent of the total number of factories). 

He said that the cement and building materials sector, and due to the urbanization witnessed by the state, ranks third with 178 factories, accounting for nearly 20 percent of the total number of factories, then the food and beverage industry sectors , which has 80 factories, accounting for 9 percent of the total number of factories in manufacturing industries.

Al Malki attributed the growth in the industrial sector during the past years to improving many investment laws and increasing the facilities provided to investors, in addition to enhancing private sector’s infrastructure, and addressing many of the challenges facing the local and foreign investor, besides other factors that strengthened the Industrial investment. 

He pointed out that Ministry of Commerce and Industry offers a variety of facilities, including those related to providing industrial lands, customs exemptions on raw materials, equipment and machinery, a preference for electricity pricing, and providing integrated services and advanced infrastructure of electricity, water, sanitation and others.

“There is a great direct support for the industrial investor, and last year we exempted factories from the rental fees for a full year and more than 400 factories benefited from them, whether in the industrial zone that belongs to the ministry or Manateq company’s Mesaieed industrial area,” he added. 

He added: “The manufacturing industries strategy aims to form a map for the next ten years until 2030, Technology part is an important part of this strategy, as the industry today depends mainly on it.” 

He stressed that great attention is given to the technological industries sector, which enhances the successes and achieving the goals set in the industrial strategy.

“We hope to reach our goals by 2030, especially with attention given by the government to this sector,” he said. 

source: thepeninsulaqatar

The foundation stones for two new projects worth more than OMR14 million were laid on Sunday in the Governorate of Muscat.

This was done for the construction of the sixth building in the Knowledge Oasis Muscat (KOM) and the facility building in Al Rusayl Industrial City.

These two projects are aimed to provide advanced services and facilities that will encourage local, regional and international investments in its various industrial cities.

The laying of the foundation stones was done under the auspices of Hilal bin Hamad Al Hasani, Chief Executive Officer of the Public Establishment for Industrial Estates – Madayn.

“These projects play a key role in contributing to the advancement of the industrial sector in the Sultanate, and eventually reflect positively on the national economy and the business environment,” Al Hasani said.

He added that: “In light of the rapid industrial growth in the country and to contribute in achieving Oman 2040 vision, Madayn alongside its investment arm – Shumookh Investment and Services Company, aim at developing the infrastructure in the various industrial cities across Oman.

These efforts play a major role in realising ‘live-work-play’ environments and developing advanced infrastructure that is able to compete globally and attract new investments and partnerships.”


Al Hasani calls upon Omani Small and Medium Enterprises (SMEs) registered with the Public Authority for Small and Medium Enterprises Development (Riyada) and the local companies to submit their proposals related to supply and construction services to the main contractor of the two projects in KOM and Al Rusayl.

Talking on the sidelines of the event, Eng. Musallam Al Hudaifi, Chief Executive Officer of Shumookh Investment and Services – the investment arm of Madayn, stated that KOM 6 project in the KOM and the facility building in Al Rusayl Industrial City come in line with the key projects implemented by Shumookh.

“The total cost of developing KOM 6 building at the Knowledge Oasis Muscat is estimated at OMR10.3 million.

With a total building area of 51,000 sqm and 500 parking spaces on the two-floor basement, the project will consist of eight floors (two-floor basement + ground floor + six floors).

Besides, the building will comprise 21,000 sqm of the rental area that will provide a variety of services and facilities to the visitors and employees based at the Knowledge Oasis Muscat and its adjacent areas,” Al Hudaifi said.

Moreover, the total value of developing the facility building at Al Rusayl Industrial City is pegged at OMR4.2 million.

“With a total building area of 19,000 sqm and 230 parking spaces at the basement level, the facility building will consist of 10 floors (one-level basement + ground floor + eight floors).

Featuring a rental area of 8,500 sqm, the building will provide various facilities to the visitors and employees based at Al Rusayl Industrial City and the neighbouring areas,” the officials informed.

They added that the facilities will include banking services, travel agency, cafes, restaurants and groceries, in addition to office spaces for government and private bodies.

In addition to the KOM 6 building project and the facility building project in Al Rusayl, more projects will be announced soon in KOM, Al Mazunah Free Zone and the other industrial cities of Madayn.

source: timesofoman

The central banks of the United Arab Emirates (UAE) and Saudi Arabia, the two largest Arab economies, on Saturday announced stimulus plans worth a combined $40 billion to ease the impact of the coronavirus outbreak in their respective countries.

The UAE regulator plans to support banks and businesses in the country, where the outbreak is affecting major economic sectors such as tourism and transport, with a 100 billion dirham ($27 billion) economic plan, it said on Saturday.

In a separate statement, the Saudi Arabian Monetary Authority said it had prepared a 50 billion riyal ($13.32 billion) package to help small and medium-sized enterprises (SMEs) cope with the economic impacts of coronavirus.

The disease has so far infected 85 people in the UAE and 105 in Saudi Arabia.

The Saudi funding aims to grant SMEs six-month deferrals on bank payments, concessional financing and exemptions from the costs of a loan guarantee program, SAMA said.

Concerts, sporting events and industry conferences have been canceled or postponed in the past few weeks in the UAE to contain the spreading of the new coronavirus.

In Dubai, the Middle East’s trade, finance, tourism and transportation hub, some businesses have started to feel the pain from the global travel slowdown caused by the outbreak.

Saudi Arabia, which has already suspended the Umrah pilgrimage and locked down its eastern Qatif region where many infections are located, plans to halt all international flights for two weeks from Sunday.

The UAE central bank said it will provide 50 billion dirhams through collateralized loans at zero cost to all banks operating in the UAE while an additional 50 billion dirhams will be freed up from lenders’ capital buffers.

“The CBUAE is allowing banks to free-up their regulatory capital buffers to boost lending capacity and support the UAE economy,” it said in a statement.

It said the scheme offers banks relief for up to six months from the payments of principal and interest on outstanding loans for affected private sector companies and retail customers.

Committed to peg

Adding to a likely economic slowdown caused by the virus, Saudi Arabia and the UAE are also expected to face wider fiscal deficits this year because of lower oil prices, due to an oil price war between Riyadh and Moscow.

The Gulf states’ currencies, which are pegged to the U.S. dollar, weakened in the forwards market last week.

The UAE regulator said on Saturday it maintained its commitment to the peg for the dirham, and said foreign currency reserves amounting to 405 billion dirhams as of March 10 were “adequate” to safeguard the stability of the currency.

Other measures introduced by the UAE central bank on Saturday include reducing by 15-25% the amount of capital banks have to hold for loans to SMEs, and better terms for first-time home buyers.

Importantly for the local real estate sector - which has been struggling in Dubai for the past decade - banks will be allowed to increase their exposure to real estate loans.

“When the exposure reaches 20% of the banks’ loan portfolio (measured by risk-weighted assets), banks will be allowed to increase it to 30%, but will be required to hold more capital,” it said.

The central bank also introduced regulations which reduce banking fees for small companies.

The Dubai and Abu Dhabi stock exchange indices dropped last week amid coronavirus concerns and because of tumbling oil prices.

To contain volatility in the markets, the central bank said it plans to issue guidelines on margin calls, asking banks to request additional collateral before liquidating stocks in the event of a market downfall.

source: cnbc

Cairo Angels, a global network of angel investors focused on supporting startup opportunities in Egypt, the Middle East and Africa, is delighted to announce its top finalists who will move to the final round and pitch their solution virtually on Wednesday at 6:00 PM CT.

Finalist Startups are: 

• Kofoof under iNet.works, founded by Mohammad AboAli, iNet.works is a software company that specializes in business software development that helps worldwide businesses succeed. 

- Markazzy, founded by Omar Nasser, the first platform in Egypt that helps homeowners find, choose and use home improvement products with ease and convenience. 

- NIoTEK, founded by Anas Naguib, NIoTEK is a startup that joins hardware and Software and apply them in Internet of Things (IoT) to help companies make better. 

- Tactful AI, founded by Mohamed Elmasry, Tactful is AI-powered and data-centric customer engagement technology. Unlike traditional contact center and helpdesk solutions that only optimize the workload, Tactful uses AI and real-time analytics to provide 360-view of the customer and empower customer care agents to deliver personalized and rewarding experience across digital platforms.

The initiative was launched by Mr. Ayman Ashour, Advisory Board Member at The Cairo Angels has decided to support the campaign  #نحنا في ضهرك ("We’ve Got Your Back") one week ago with EGP 100,000, which aims at helping elderly or vulnerable people living alone complete their shopping and errands. lowering their risk of infection from the novel coronavirus.

The network is seeking to establish a secure and updated database for volunteers, whose identity can be verified through social media accounts and ID cards, with the inclusion of reviews.

Zeina Mandour, General Manager at The Cairo Angels said “We are launching a series of activities to support startups in MENA region.“ 

Also Zeina highlighted that Cairo Angels believes in the importance of solidarity with the most vulnerable and the idea of this campaign is to bring the ingenuity of startups, technology for a societal support and solidarity effort at this time of global crisis. 

Finally she mentioned “We at Cairo Angels are grateful for the support of our partners Mayday and Microsoft who have agreed to provide additional important awards to the ultimate winner of the competition.“ 

The winner will be announced on Thursday after the voting is done and will start working directly with The Cairo Angels team who will provide mentorship and support for his solution besides the funding.

source: magnitt

   The Digital Economy is no longer a just a concept, but rather an operational reality for more and more firms, research firm IDC told its attendees at its annual Directions conference this week. In a variety of presentations, analysts discussed how technology is impacting enterprises and the overall economy, with the research firm predicting that within three years, more than half of global GDP will be driven by "digitally transformed" enterprises.

Because of concerns about the coronavirus, the conference was held online, and IDC President Crawford Del Prete said the group now expects that IT growth in 2020 will probably end up at 2.5 to 3 percent, a couple points lower than the firm was expecting before the virus outbreak.

Del Prete said the digital economy is increasingly being driven by more powerful platforms, with ecosystems gaining lots of developers, as well as buy-in from major enterprises. As a result, he said innovation has accelerated, particularly the ability to target the specific needs of customers.

We are moving to a more data driven world, but success involves transforming data into insights. Customers today expect engagement, personalization and simplicity, and it is incumbent among suppliers to provide these capabilities.

He described the "fast five" big trends of today's digital economy.

AI is everywhere, with the technologies being incorporated into more and more products. Everyone is a developer, with more people able to create applications and more applications being created today than ever.

The cloud is no long seen as a location, but rather as a platform, which includes edge devices and needs to be managed. Trust now includes more than just security. Customers want to work with you to create automated solutions as quickly as possible.

Riffing off the common comment that "data is the new oil," he said, "Data will no longer be viewed as 'oil,' but as water. It is essential for life but needs to be accessible and clean."

For the full text, please read:

source: uk.pcmag

From medical consultations to free services, local startups become more agile in light of crisis

More startups and entrepreneurship stakeholders have started to adapt and enhance their services in light of the COVID-19 - known as the “coronavirus” - spread, in an aim to help customers and partners get through this phase safely and healthy.

Highlights from the ecosystem:

• The Cairo Angels seeks solutions for “We’ve got your back” initiative with EGP 100,000

Angel investment network The Cairo Angels is supporting the #احنا_في_ضهرك (“We’ve got your back”) initiative with EGP 100,000, which aims at helping elderly or vulnerable people living alone complete their shopping and errands.

The network is seeking to establish a secure and updated database for volunteers, whose identity can be verified through social media accounts and ID cards, with the inclusion of reviews.

Hence, existing startups and/or startup founders are needed to develop the product and launch it within one week. Applications are accepted until March 25th, 2020.

• Taskty offers sanitization services for companies, factories

Home improvement website Taskty built teams to offer sanitization services for companies and factories alike at cheap prices, following the guidelines of the World Health Organization (WHO) and the Egyptian Ministry of Health. Additionally, Taskty is conducting phone training with the cleaners, technicians and workers that are registered on their website on how to best keep themselves and their customers safe.

• estshara launches “Salamet Masr” initiative

Medical consultation platform estshara launched the Salamet Masr initiative to help fight COVID-19, by providing free medical consultations on the coronavirus through its application by consulting a doctor via a voice call or text chat.

Moreover, the app spreads awareness and educates the community about the symptoms and methods of preventing the disease.

Users can access the free consultations by entering the Promocode “freedoc” in the estshara application, available until March 31, 2020. estshara is a platform that provides online healthcare consultations, aiming to make healthcare services accessible to everyone in the MENA region.

• WideBotbuilds free Arabic-speaking chatbots for businesses

Arabic chatbot company WideBot is offering three months of bot building for free on their platform, so that businesses can completely shift their communication with other brands, employees and customers online. Using the Promocode “BeSafe” allows interested businesses and startups to set up their chatbots, and thus, reduce face-to-face interactions. Widebot is the first Arabic-focused bot-builder platform, which does not require coding and uses AI to maximize conversions and increase loyalty.

• TakeStep offers free sessions, launches COVID-19 symptom-checker with Al-Tibbi

Egyptian healthcare startup TakeStep now offers startups and their families free psychiatric sessions in order to help them cope with the psychological impact of the COVID-19 spread worldwide. Psychologists are coining the term “corona phobia” to describe how people are affected by the panic and fear that comes along with the virus-spread. This could include anxiety, depression, as well as severe fear of germs. Additionally, TakeStep partnered with Al-Tibbi to launch a free symptom-checker for the coronavirus, in which website visitors can enter the symptoms they feel, and be diagnosed either positive or negative for COVID-19.

• Brainy Squad launches free online consultations for businesses

Creative agency Brainy Squad launched free online consultation sessions to support businesses facing economic consequences of the spread of COVID-19.

These sessions provide expertise to help businesses adopt the best digital transformation tactics to ensure continuity and growth under the current conditions. Brainy Squad is a creative one-stop-shop for businesses’ digital and creative needs.

• Breadfast waives delivery fees, adds more products for customers’ convenience

Online native grocery application Breadfast added more commodities to its offering at their customers’ convenience, in support of the ''stay at home'' safety measures.

These products include fruits, vegetables, groceries, hand sanitizers and face masks. Additionally, the company applied special safety standards at all stages of production, packaging, and delivery, while customers can leave a note to have their order left at the door.

Breadfast also waived all delivery fees until the end of the month in support of customers’ circumstances during the current times.

Breadfast is an online grocery application that produces fresh bakeries using products like eggs and flour also produced by Breadfast, in addition to providing other groceries delivered daily to their customers’ doorstep.

source: zawya