DUBAI:  SHUAA Capital announced that its managed funds platform had invested in Anghami, the leading music streaming service in the Middle East and North Africa.

The  investment  is  part  of  Anghami’s  latest  funding  round and  sees  SHUAA’s  managed funds and co-investors investing in the future growth of Anghami.

Commenting  on the  investment,  Jassim  Alseddiqi,  Chief  Executive  Officer of SHUAA Capital, said: “We are delighted to have led the funding of Anghami. As a team, we have been working closely with Anghami, bringing our expertise in originating and structuring deals to bear in order to successfully complete this investment round.”

Anghami  is ideally  aligned  with  our  investment  criteria,  having  been  the  first  music streaming platform here in the region in 2012and delivering exponential growth since then.

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.”

Elie Habib, co-founder of Anghami, added: “As Anghami continues to target rapid growth and penetration, combined with our dedicated focus on profitability, we are delighted to have secured the support of SHUAA Capital and its co-investors in this latest round. Having  last  raised  funds  in  2016,  it  was  important  for  us  to  partner  with  the  right investors,  who  understand  our  region  and  our  growth  model,  and  that  is  what  SHUAA Capital and its co-investors represent for us.”

Anghami was founded in Beirut, Lebanon, in 2012as the first music streaming platform in the Middle East and North Africa. Today it is the leading music platform in the MENA region with the largest catalog comprising of more than 50 million songs available for more than 70 million users. It now has offices in Beirut, Dubai, Cairo and Riyadh.

In 2019,  Anghami  saw  the  platform deliver  10  billion  music  streams and  according  to recent research by Grand View, the global music streaming market is expected to deliver continued growth, with the Middle East and Africa expected to achieve a CAGR of over 21.% from 2020 to 2027(compared with 17.8% for the overall global CAGR).

Anghami is the leading Music platform in the MENA region with millions of songs to search from, stream, download and share. The unlimited, on-the-go music streaming service enables users to discover new music, share tracks in real-time through social networks and download content for offline play.

The company’s mission is to pioneer an ecosystem for the production and distribution of music in the Arab world, connecting artists, fans and emerging talents around music.

Anghami features licensed content from leading Arabic labels such as Platinum Records, Mazzika, Melody and many others. It also features music from the major International labels such as Universal, Sony, EMI, Warner… Founded in 2012 by Eddy Maroun and Elie Habib, a team of music and tech fanatics, Anghami caters mainly for the Middle East and North African audience and is available across the continent bringing unlimited music to the Arab diaspora. www.anghami.com

SHUAA Capital psc (DFM: SHUAA) is a leading asset management and investment banking platform, with USD 13.6billion in assets under management and with offices throughout the Middle East and the United Kingdom.

SHUAA  Capital  psc  is  recognized  for  its  strong  track  record  and  pioneering  approach  to investing through a differentiated, innovative and global product offering focused on public and private markets, debt and real estate. www.shuaa.com