Dubai-based fund manager, Shuaa Capital, has followed up on its vow to make more tech-related investments by taking a stake in music streaming platform, Anghami.
In 2020, the firm, which is more commonly associated with real estate and private equity, announced plans to launch a dedicated technology fund and is currently in talks with a partner to jointly manage the fund.
“Anghami is ideally aligned with our investment criteria, having been the first music streaming platform here in the region in 2012, delivering exponential growth,” said Jassim Alseddiqi, chief executive at Shuaa Capital.
“This is a continuation of our investment journey into the technology space and we are keen to invest in technology solutions and services,” he added.
Anghami launched in Beirut in 2012 and has more than 70 million users across the Mena region and generated more than 10 billion streams in 2019.
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