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 Capital starts 2021 with investment in the Technology sector. SHUAA Capital funds & co-investors invest in “Anghami”; it is one of the leading and high growth tech companies in the Middle East and we look forward to working together with “Anghami”. @SHUAA_Capital @anghami pic.twitter.com/dBloo7pKOb
— Jassim Alseddiqi (@JassimAlseddiqi) January 5, 2021
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”.