Leading community platform MAGNiTT in a January 7 report ranked Egypt as the country with the most startup investment deals closed in 2019 in the Middle East and North Africa region. According to figures displayed in the report, the number of startup investments increased 31 percent compared to 2018. The CEO and founder of MAGNiTT Philip Bahoshy said in the report that the MENA startup platform thrived in 2019, seeing the highest number of startups in the regions’ history. In a previous report that Egypt along with Saudi Arabia and Jordan saw the greatest funding growth. The Financial technology sector showed the strongest appearance amongst other industries, recording 13 percent of the total deals, according to MAGNiTT’s findings, while the e-commerce sector occupied 11 percent.

Source: Egypt Independent January 13, 2020 14:37 UTC