MBC Group, a leading media conglomerate, has expanded its presence in the music streaming industry by acquiring a 13.7% stake in Anghami, a platform based in Abu Dhabi.
According to industry sources, MBC Ventures purchased 4,074,533 ordinary shares in Anghami. Although the exact financial details of the investment were not disclosed, estimates suggest MBC’s stake in the music streaming platform amounts to approximately US$7 million, based on Anghami’s share price at the time of the transaction.
This strategic investment is intended to enhance Anghami’s offerings and support its expansion initiatives, aiming to reach a broader audience and expand its user base. Anghami’s shares have seen substantial growth, more than doubling since news of the acquisition emerged.
This development comes after last year’s announcement of the merger between UAE-based online streaming platform OSN+ and Anghami Inc., a deal valued at $50 million.
MBC Group recently entered the market following an initial public offering (IPO) that raised SAR 831 million ($222 million).
