– MBC Group, a Saudi Arabian media giant, quietly acquired a 13.7% stake in Anghami, a prominent music streaming service in the MENA region.

– Through its MBC Ventures arm, MBC Group purchased 4,074,533 ordinary shares of Anghami, reflecting a strategic move in the digital entertainment sector.

– Anghami’s share price surged by 59% following the public disclosure of MBC’s stake, underscoring the significance of the partnership in the MENA media landscape.

Saudi Arabia’s media powerhouse, MBC Group, discreetly acquired a 13.7% stake in Anghami, a leading music streaming service in the Middle East and North Africa (MENA) region. 

Through its MBC Ventures arm, MBC Group purchased 4,074,533 ordinary shares of Anghami, as reported in Anghami’s ownership filing with the US Securities and Exchange Commission.

While the financial details of the investment remain undisclosed, Anghami’s closing price of $1.00 on March 19 indicates a purchase value of approximately $4.074 million. 

Following the public disclosure of MBC’s stake, Anghami’s share price surged by 59% on March 20, closing at $1.59, valuing MBC’s stake at $6.48 million—the highest since December 13, 2023.

MBC Group, formerly known as the Middle East Broadcasting Center, is a state-owned media conglomerate in Saudi Arabia. 

After its successful initial public offering (IPO) on the Saudi Exchange in January, oversubscribed by 66x and raising SAR 831 million ($221.6 million), MBC Group stands as a significant player in the MENA media landscape.

The partnership between MBC Group and Anghami signifies a pivotal moment for the MENA entertainment industry. Anghami, founded in 2012 by entrepreneurs Eddy Maroun and Elie Habib, has garnered over 1.73 million subscribers across the MENA region. 

However, it faces formidable competition from global giants like Spotify, which has also eyed Anghami’s potential in the lucrative MENA market.

The collaboration with MBC Group presents several advantages for Anghami, leveraging MBC’s extensive distribution network and content creation expertise to expand its reach and enhance its offerings. 

Conversely, MBC Group’s investment in Anghami reinforces its foothold in the media streaming market, tapping into Anghami’s younger user demographic and potentially promoting its content libraries. In a recent development, Anghami renewed and expanded its partnership with Arabic record label Rotana Music, signaling further growth opportunities in live concerts and artist collaborations.