Streaming Service Anghami Raises Fresh Funds from Shuaa Capital

Prominent Middle Eastern Spotify rival Anghami has sold a stake to Dubai-based asset management and investment banking platform, Shuaa Capital.

Shuaa Capital, led by CEO Jassim Alseddiqi, has $14 billion in assets under management. The firm is best known for its financial services, private equity and investments in real estate. The size of its investment in Beirut-based Anghami was undisclosed. Anghami’s co-founder and CTO Elie Habib subsequently told CNN that the company had been “approached by multiple parties” with acquisition and equity deal offers.

Shuaa’s Alseddiqi said in a statement regarding the deal: “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.”

Habib toldGulf News: “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”.

HEADER IMAGE from @JassimAlseddiqi on Twitter