Music Streaming Platform Anghami Raises Funds from UAE Investment Giant SHUAA Capital
Though the amount has not been disclosed, the deal means SHUAA Capital has acquired a stake in Anghami.
Considered the leading music streaming platform in the Middle East, Anghami has announced that it has received an undisclosed investment from SHUAA Capital, a UAE-based asset management and investment banking company.
Though few details surrounding the transactions have been revealed, it’s believed that SHUAA Capital has acquired a stake in the company as a result.
Founded in 2012 in Beirut by Eddy Maround and Elie Habib, Anghami stands as the biggest music streaming platform in the region, boasting over 70 million users and additional offices in Dubai, Cairo and Riyadh. In 2019, the platform recorded over 10 billion streams and a surge in use during a pandemic-hit 2020 also suggest equally impressive numbers.
On part of SHUAA Capital, the deal will have been motivated by projections that suggest that the music streaming market in the Middle East and Africa will achieve a compound annual growth rate of over 21.0%, between 2020 and 2027.
"Anghami is ideally aligned with our investment criteria, having been the first music streaming platform here in the region in 2012 and delivering exponential growth since then,” Jassim Alseddiqi, CEO of SHUAA Capital, commented on the announcement.” At SHUAA Capital, we continue to seek out investments with the potential to create significant value for our investors and for our investee companies such as Anghami. This is a continuation of our investment journey into the technology space and we are keen to invest in technology solutions and services."
