Saudi Arabia’s SRMG Makes Strategic Investment in Anghami, Spotify’s MENA Region Rival
variety.comNick Vivarelli International Correspondent SRMG Ventures, the venture capital arm of Ryadh-based conglomerate Saudi Research and Media Group, has announced a small but significant $5 million investment in Anghami, which is the Arab world’s rival to Spotify.
SRMG Ventures in a statement said that, besides the investment, it will be providing the Middle East music and entertainment streamer its “extensive media reach, content library and portfolio of leading assets in audio/podcasts.” It claims this will enable Anghami to snag a larger share of the fast-growing music streaming sector expected to “reach $700 million in the Middle East and North Africa in 2026.” As part of the agreement, SRMG will be invited to join Anghami’s board of directors and will have the option to increase its investment in the music streaming service going forward.
Anghami, which was founded in 2012 in Beirut, last February became the first tech company from the MENA region to be list on New York’s Nasdaq exchange.
Since its launch, Anghami has expanded its portfolio beyond music streaming. It now provides in-house productions, branded music and video content, concerts and live events, as well as a record label for Arab artists and podcasts.
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