SHUAA Capital invests in Anghami – MENA’s leading technology streaming service


The investment reflects SHUAA’s increased focus on technology investments for 2021 and beyond 

Jassim Alseddiqi, Chief Executive Officer of SHUAA Capital

United Arab Emirates: SHUAA Capital psc (DFM: SHUAA), the leading asset management and investment banking platform in the region, announces that its managed funds platform has 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 2012 and 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 2012 as 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 21.0% from 2020 to 2027 (compared with 17.8% for the overall global CAGR).

About SHUAA Capital psc:

SHUAA Capital psc (DFM: SHUAA) is a leading asset management and investment banking platform, with USD 13.6 billion 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. 

The asset management segment, one of the region’s largest, manages real estate funds and projects, investment portfolios and funds in the regional equities, fixed income and credit markets; it also provides investment solutions to clients, with a focus on alternative investment strategies. The investment banking segment, mandated to lead several sukuk issuances for a total of more than USD 500 million in the past 12 months, provides corporate finance advisory, transaction services, private placement, public offerings of equity and debt securities, and structured products, while also creating market liquidity on OTC fixed income products. The firm is regulated as a financial investment company by the Emirates Securities and Commodities Authority.

About SHUAA GMC Limited:

SHUAA GMC Limited is and Authorized Person regulated by the ADGM Financial Services Regulatory Authority with Registered Number 000001199 and registered address at Abu Dhabi Global Market, Al Khatem Tower Level 32, P.O. Box: 764606, Abu Dhabi, UAE. 

About Anghami: 

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.