News

OSN-Anghami Merger Creates New MENA Media Giant

The combined entity will leverage Anghami’s advanced infrastructure to enhance the streaming experience, with OSN integrating 18,000 hours of premium content.

Published

4 months ago

April 5, 2024

Nour Nasir

Anghami

In a significant development, OSN has secured a controlling stake in Anghami, consolidating its position as the Middle East’s premier online media and streaming service provider. Initially announced in November 2023, the acquisition has now received all necessary regulatory approvals.

Anghami stands out as the leading music technology platform in the Middle East and North Africa, boasting a strong market presence and rapid growth. With OSN Group now owning 55.45% of Anghami’s shares (valued at $3.69 each, representing a 1.9x of the closing price on March 28), the combined entity emerges as a formidable media force.

This strategic move unites 120 million registered users and around 2.5 million paid subscribers, and will generate nearly $100 million in revenue upon completion. The merger integrates OSN+’s extensive library of premium video content, spanning 18,000 hours, with Anghami’s vast catalog of over 100 million songs and podcasts.

Moreover, the combined entity will leverage Anghami’s advanced technological infrastructure to enhance the streaming experience through AI-driven hyper-personalization and upcoming cutting-edge products.

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Elie Habib, co-founder and CTO of Anghami will assume the role of CEO in the merged company, underscoring a commitment to continuity and expertise. Meanwhile, Joe Kawkabani will remain at the helm as CEO of OSN Group.

Anghami’s journey has been marked by several transformative deals, including a SPAC buyout culminating in a listing on Nasdaq New York, reflecting its evolution and resilience in the market.

The Middle East’s media landscape continues to witness dynamic shifts, evident in notable events such as the high-profile IPO of Saudi MBC Group on Tadawul and the acquisition of Starzplay Arabia by e& Group’s E-Vision and ADQ. The developments highlight the region’s growing dominance of the global media industry.

News

Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

1 day ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.