Dubai-based entertainment streaming service OSN+ and Nasdaq-listed Anghami are merging their businesses to create one of the Middle East’s largest streaming platforms, to better compete with international rivals such as Spotify and Netflix.
The deal to combine the two companies involves cash investment of up to $50 million from OSN Group in Anghami, the companies said in a joint statement on Tuesday.
The combined business will boast $100 million in revenue and bring more than 120 million registered users and 2.5 million paying subscribers on one platform, they said.
“Joining forces with OSN+ is a leap in Anghami’s journey to reinvent entertainment in the Arab World,” said Elie Habib, co-founder of Anghami, who is also set to lead the combined business.
“We’re bringing together technology, music and video to build a comprehensive media ecosystem.”
Streaming services have grown in popularity among the digital-savvy population in the Middle East, which has become an attractive market for entertainment and technology companies over the past decade.
Music streaming services in particular have grown their subscriber base in the past few years, as the cloud-based model enables users to gain access to content on demand, with the option to download tracks for offline listening.
The global music streaming market is projected to hit $103 billion by 2030, growing at a compound annual rate of about 15 per cent from more than $34.5 billion in 2022, according to Research and Markets.
The merger of the region’s two home-grown brands will offer consumers “unprecedented digital aggregation” of premium movies, TV shows, music, podcasts and more, the companies said.
The OSN Group will invest in Anghami at a valuation of $3.65 per share, 3.9 times Anghami’s average stock price for the past month.
The transaction is expected to close in the first quarter of 2024, subject to “customary closing conditions and regulatory approvals”.
After closure of the deal, Anghami intends to maintain the listing of its ordinary shares on the Nasdaq as OSN Group will become a majority shareholder in the company.
The final amount of the OSN Group's cash investment in Anghami and the final number of Anghami securities to be issued in a private placement to OSN is “subject to adjustment based on the terms of the definitive transaction agreement”, the companies said.
In addition to its stake in Anghami, OSN will continue to run its linear TV business OSNtv, which will be led by Joe Kawkabani as group chief executive.
“As two home-grown entities with an unmatched understanding of the local market, we are confident that this new offering will change the face of the regional streaming landscape," Mr Kawkabani said.
Anghami was founded in 2012 in Beirut, before moving to Abu Dhabi in 2021 to set up in the Abu Dhabi Global Market, with the support of the Abu Dhabi Investment Office.
In February last year, it became the first technology company from the Arab world to list on New York's Nasdaq exchange.
Over the years, Anghami has broadened its portfolio beyond music streaming. It now provides in-house production, branded music and video content, concerts and live events, a record label for Arab artists, podcasts, a music lounge with live entertainment, and exclusive and original Arabic content.
In August, SRMG Ventures, the venture capital arm of Saudi Research and Media Group, invested $5 million in Anghami to bolster its growth.
MATCH INFO
AC Milan v Inter, Sunday, 6pm (UAE), match live on BeIN Sports
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if you go
The flights
Etihad and Emirates fly direct from the UAE to Seoul from Dh3,775 return, including taxes
The package
Ski Safari offers a seven-night ski package to Korea, including five nights at the Dragon Valley Hotel in Yongpyong and two nights at Seoul CenterMark hotel, from £720 (Dh3,488) per person, including transfers, based on two travelling in January
The info
Visit www.gokorea.co.uk
Juliot Vinolia’s checklist for adopting alternate-day fasting
- Don’t do it more than once in three days
- Don’t go under 700 calories on fasting days
- Ensure there is sufficient water intake, as the body can go in dehydration mode
- Ensure there is enough roughage (fibre) in the food on fasting days as well
- Do not binge on processed or fatty foods on non-fasting days
- Complement fasting with plant-based foods, fruits, vegetables, seafood. Cut out processed meats and processed carbohydrates
- Manage your sleep
- People with existing gastric or mental health issues should avoid fasting
- Do not fast for prolonged periods without supervision by a qualified expert
'Laal Kaptaan'
Director: Navdeep Singh
Stars: Saif Ali Khan, Manav Vij, Deepak Dobriyal, Zoya Hussain
Rating: 2/5
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
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- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
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- Disruption Lab and Research Centre for developing entrepreneurial skills
About RuPay
A homegrown card payment scheme launched by the National Payments Corporation of India and backed by the Reserve Bank of India, the country’s central bank
RuPay process payments between banks and merchants for purchases made with credit or debit cards
It has grown rapidly in India and competes with global payment network firms like MasterCard and Visa.
In India, it can be used at ATMs, for online payments and variations of the card can be used to pay for bus, metro charges, road toll payments
The name blends two words rupee and payment
Some advantages of the network include lower processing fees and transaction costs
The biog
Name: Sari Al Zubaidi
Occupation: co-founder of Cafe di Rosati
Age: 42
Marital status: single
Favourite drink: drip coffee V60
Favourite destination: Bali, Indonesia
Favourite book: 100 Years of Solitude
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
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- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
Roll of honour 2019-2020
Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain
West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership
UAE Premiership
}Winners: Dubai Exiles
Runners up: Dubai Hurricanes
UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II
UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby
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The biog
Favourite car: Ferrari
Likes the colour: Black
Best movie: Avatar
Academic qualifications: Bachelor’s degree in media production from the Higher Colleges of Technology and diploma in production from the New York Film Academy
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
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