SHUAA Capital, the Emirati asset management and investment banking platform, announces its investment in Anghami, the leading music streaming service in the Middle East and North Africa directly competing with Spotify.

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.

“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.”

Elie Habib, co-founder, Anghami

Anghami was founded in Beirut 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. 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.

“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.”  

Jassim Alseddiqi, CEO, SHUAA Capital