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SRMG Ventures Invests $5 Million To Boost Anghami’s Growth

As part of the agreement, the Riyadh venture capital firm will also have the option to increase its investment in the future.

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1 year ago

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srmg ventures invests $5 million to boost anghami's growth

With 120 million registered listeners and a catalog of over 100 million songs, streaming platform Anghami has become the go-to destination for Arabic and international music, podcasts, and entertainment in the MENA region.

Now, the venture capital arm of the Saudi Research and Media Group, SRMG Ventures, has invested $5 million in the Arab world’s Spotify equivalent, giving a further boost to the company’s growth.

SRMG Ventures announced that it will offer its “extensive media reach, content library, and portfolio of leading assets in audio/podcasts,” enabling Anghami to grab a larger share of a fast-growing music streaming sector predicted to “reach $700 million in the Middle East and North Africa in 2026”.

Last year, the market size for audio in the MENA region increased by 35%, primarily due to the popularity of cloud-based music streaming services.

“This demand coupled with the commercial opportunity […] makes digital audio and media one of the investment priorities for SRMG Ventures. These opportunities are also demonstrative of our strategy and commitment to support and develop the media ecosystem,” explained Jomana Al-Rashid, chief executive of SRMG.

Also Read: Dubai Community Launches AI-Powered Pedestrian Crossings

According to Grand View Research, global music streaming is projected to hit a value of $103 billion by 2030, growing at a yearly rate of 15%. Anghami is a key player in that growth, becoming the first technology company from the Arab world to be listed on New York’s Nasdaq stock exchange in February 2023.

SRMG Ventures explained that its investment in Anghami aligns with its strategy of backing businesses showing strong commercial growth. The venture capital company is also focused on media creators and immersive, interactive entertainment, with initial investments including Telfaz11, a Saudi media studio, and Vuz, a VR social media application.

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UAE Prepares To Launch Two Satellites: Thuraya-2 And MBZ-SAT

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum chaired the first meeting of the Supreme Space Council yesterday.

Published

5 days ago

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December 17, 2024

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uae prepares to launch two satellites thuraya-2 and mbz-sat

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister of the UAE, chaired the first meeting of the Supreme Space Council in Dubai on December 16, 2024. The session highlighted the UAE’s ambitious space plans and took stock of the sector’s economic progress.

The council emphasized the growing role of private companies in advancing space technologies, noting that their contributions are now equal to that of the public sector. Members also praised initiatives like the Space Economic Zones Programme, which are designed to fuel innovation and investment in the space industry.

Discussing the UAE’s space journey, HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum remarked, “The national space sector continues to grow and advance, and we take immense pride in the remarkable achievements we have accomplished over the years”.

Sheikh Hamdan also received updates on two upcoming satellite projects: Thuraya-2 and MBZ-SAT. Thuraya-2, developed by Space42, is slated for launch this December. Meanwhile, the MBZ-SAT, created by the Mohammed Bin Rashid Space Centre (MBRSC), will soon follow. MBRSC, a major driver of the UAE National Space Programme, continues to lead the nation’s space-related developments.

Space42 took the opportunity to showcase its advancements, including ongoing collaborations between public and private entities. The company also outlined strategies to promote innovation, boost revenue streams, and create new opportunities for growth in the sector.

Also Read: IBM Opens New Doha Office To Support Qatar’s Digital Growth

The UAE’s current projects build on a growing legacy of space exploration. Back in 2020, the nation made headlines with its Mars mission, successfully sending a probe into the planet’s orbit in 2021. This mission, which is now in its second phase as of June 2024, has been collecting critical data to develop a comprehensive diurnal image of Mars.

The UAE also ventured into lunar exploration with an unmanned mission aimed at studying untouched regions of the Moon’s surface. While the probe ultimately crashed during its landing attempt after communication was lost seconds before touchdown, the effort represented a significant step in the country’s exploration ambitions.

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