Dubai investment banking firm Shuaa Capital said on Tuesday it invested an undisclosed amount as part of a new funding round in Middle East music streaming service Anghami.
Shuaa's managed funds platform will invest to help grow Anghami, the Middle East's answer to Spotify with more than 55 million users, the asset management company said in a statement on the Dubai Financial Market, where its shares trade.
“We have been working closely with Anghami, bringing our expertise in originating and structuring deals to bear in order to successfully complete this investment round,” Jassim Alseddiqi, Shuaa Capital’s chief executive, said.
"Anghami is ideally aligned with our investment criteria, having been the first music streaming platform here in the region in 2012 … delivering exponential growth. This is a continuation of our investment journey into the technology space and we are keen to invest in technology solutions and services.”
Anghami, which started with an investment of $200,000 from it’s two founders in 2012, has raised over $40 million from investors including Dubai venture capital firm Middle East Venture Partners and investment firm Samena Capital.
The Lebanon-born music streaming app raised an undisclosed amount from a Series B round in November 2016, led by Samena Capital and telco Du.
Prior to that, it had two fundraising rounds, led by MEVP, in 2012 and 2014.
"As Anghami continues to target rapid growth and penetration, combined with our dedicated focus on profitability, we are delighted to have secured the support of Shuaa Capital and its co-investors in this latest round,” Elie Habib, co-founder of Anghami, said.
“Having last raised funds in 2016, it was important for us to partner with the right investors, who understand our region and our growth model,” he added.
The global music streaming market is expected to deliver continued growth, with the Middle East and Africa market forecast to grow over 21 per cent from 2020 to 2027, compared with 17.8 per cent globally, according to recent research by Grand View Research.
Currently, Anghami has a catalogue comprising more than 50 million songs. It has offices in Beirut, Dubai, Cairo and Riyadh.
It remained the market leader in the region for almost seven years before other players such as Swedish audio streaming company Spotify and Deezer, the music streaming platform backed by Saudi Arabian businessman Prince Alwaleed bin Talal, entered the market in 2018.
In 2019, Anghami said it delivered 10 billion music streams.
MEYDAN RESULTS
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
What is safeguarding?
“Safeguarding, not just in sport, but in all walks of life, is making sure that policies are put in place that make sure your child is safe; when they attend a football club, a tennis club, that there are welfare officers at clubs who are qualified to a standard to make sure your child is safe in that environment,” Derek Bell explains.
