SRMG Ventures, the venture capital arm of Riyadh-based conglomerate and the largest publishing company in the Middle East, the Saudi Research and Media Group, has announced a $5 million investment in Anghami, which is the Arab world’s rival to Spotify, according to Variety.
SRMG Ventures in a statement said that, besides the investment, it will be providing the Middle East music and entertainment streamer its “extensive media reach, content library and portfolio of leading assets in audio/podcasts.”
SRMG Ventures added that it would enable Anghami to snag a larger share of the fast-growing music streaming sector expected to “reach $700 million in the Middle East and North Africa in 2026.”
The largest integrated media group in the MENA region which includes widely-read publications like Arab News, Asharq Alawsat and others, also recently announced that it will add a travel magazine to its portfolio: LIST Magazine will focus on the travel and tourism offerings from Saudi Arabia, the region and the world.
In 2019, SRMG launched a partnership with the UK-based Independent to launch IndependentArabia.com, and the conglomerate has also partnered with U.S.-based VICE NEWS.
