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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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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.

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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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Lebanon Ministers Meet Visa Over National Digital Payment Platform

Finance and technology ministers say a comparative study and roadmap will follow before any decision on adopting a model.

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lebanon ministers meet visa over national digital payment platform

Lebanon’s finance and technology ministers met representatives from Visa last week to discuss a proposed unified national digital payment platform for government services, according to a readout from the Ministry of Finance.

The meeting brought together Finance Minister Yassin Jaber, Minister of State for Technology and Artificial Intelligence Kamal Shehadeh, a Visa delegation, and experts from both ministries. Discussion focused on whether Lebanon could establish a single platform through which citizens and institutions would pay taxes, fees, fines and other official transactions electronically, using mobile phones and other digital channels.

The Visa delegation presented examples from countries that have adopted unified government payment platforms, including the United Arab Emirates, Singapore, Estonia and Jordan. According to the readout, the examples were presented as having increased collection rates and expanded financial inclusion.

Talks covered settlement mechanisms, direct transfer to the treasury account, financial reconciliation, risk management, cybersecurity, fees, and an operational model that would involve the private sector. The parties agreed to continue technical and institutional consultations, prepare a comparative study, and develop an implementation roadmap before any decision on adopting a model for Lebanon.

Jaber said the Ministry of Finance had already enabled citizens to pay using credit cards and e-wallets through transfer companies, but described the proposed platform as a further step. He framed the development of electronic payment and collection systems as a priority within the ministry’s modernization plan.

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Shehadeh outlined the citizen-facing concept as a single mobile application through which users could settle obligations to ministries, government institutions and other bodies.

“The idea, in short, is that any citizen downloads an application on their mobile phone, through which they can pay all service obligations for all ministries, government institutions, or those owned by the Lebanese state, and others as well, as the platform is not limited only to state institutions,” he said.

Shehadeh added that the platform would not displace banks and money transfer companies that currently provide collection services to the state, calling it complementary to their work.

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