Music streaming giant Spotify is believed to be gearing up for a potential takeover of Abu Dhabi-based Anghami, which went public on the Nasdaq stock market in February, according to undisclosed sources.
Rumor has it that Anghami went public knowing that Spotify had shown interest in acquiring them. However, a Spotify spokesperson insisted there was no news to report on the matter, and Anghami representatives have also been tight-lipped.
Anghami, was the first Arab tech company to list on the Nasdaq, and recently moved its headquarters from Beirut to Abu Dhabi, after entering into the Abu Dhabi Investment Office’s Innovation Programme, to the tune of $545 million.
So why would a takeover make sense for Spotify? Well, for one, Anghami has a vast library of Arabic music and has signed deals with Egyptian star Amr Diab, and Saudi Arabia’s Rotana record label, the largest in the Middle East. The Abu Dhabi-based streaming service also has nearly 60% of the Middle Eastern market share, with 1.28 million paying subscribers and almost 20 million active users.
As Anghami continues to expand its reach, including a recent acquisition of Spotlight Events, a company that specializes in live events and concerts in the MENA region, interest from tech giants like Spotify will surely continue over the coming years.
Are You Ready For This Year’s GITEX Shopper Event?
We’re excited to be media partners of this year’s GITEX Shopper event, an extravaganza bringing together all the big names and retailers in electronics.
GITEX Shopper, the giant 5-day electronics extravaganza, is getting ready to open its doors to the public between December 14 and 18 at the Dubai World Trade Center.
The expo brings together all of the top electronic brands and retailers and features huge discounts on all the best tech, plus prize draws, new product launches, interactive displays and much more.
Visitors to GITEX Shopper will be able to grab all of the latest products at the best prices, from gaming consoles and speakers to drones, TV sets, and even e-scooters. This 5-day shopping extravaganza offers exclusive discounts on selected items that can’t be found elsewhere, and there are plenty of shows and demonstrations at the expo to keep the whole family entertained.
To join over 100,000 people at this year’s GITEX Shopper and grab some of 2022’s biggest bargains, head over to the official website to register your interest.