Anghami, one of the largest streaming services in the Middle East, has seen its shares surge by more than 80 per cent on the Nasdaq over the past five trading days. Following the disclosure that Saudi Arabian media powerhouse MBC has acquired 13.7 per cent of the company’s total ordinary shares, according to a filing with the US Securities and Exchange Commission (SEC).
The SEC filing reveals that MBC Group, through its investment arm MBC Ventures, has bought 4,074,533 ordinary shares in Anghami, according to Gulf Business.
Anghami’s share price on the Nasdaq was hovering just below the $1 mark last Friday, but by the close of trading this Thursday, it had risen to $1.81, marking an increase of at least 86 per cent in a week. Anghami debuted on the Nasdaq in February 2022.
This development values MBC’s stake in Anghami at $7.3M as of Friday morning. MBC is the largest broadcaster in the Middle East, operating 13 free-to-air TV channels and running its own streaming service Shahid, akin to Netflix. In January this year, MBC listed 10 per cent of its shares on Saudi Arabia’s Tadawul stock exchange.
Since 2021, Anghami, often referred to as the Spotify of the MENA region, has been headquartered in Abu Dhabi with additional offices in Beirut, Cairo, and Riyadh, employing over 160 staff members, With a user base exceeding 70 million across the Middle East, North Africa, Europe, and the US, the company has established itself as a major player in the streaming industry.
Tech analysts view Anghami as the regional equivalent of Spotify. Operating on a freemium model, Anghami offers users access to millions of international and Arabic songs for free, while its subscription service, Anghami Plus, provides additional features such as offline listening, lyrics display, and unlimited song downloads for paying subscribers.
