Saudi Arabian media giant MBC Group has acquired a 13.7% stake in Abu Dhabi-based, Middle East’s biggest music streaming platform, Anghami. 

The media giant MBC Ventures purchased a total of 4,074,533 ordinary shares, according to the U.S. Securities and Exchange Commission. Though the exact value of the investment has not been disclosed, the total value of MBC’s holding in the music streaming platform is estimated to be USD 7 million, based on Anghami’s share price on the day of the transaction. 

The investment aims to further enhance Anghami’s offerings and expand its reach and user base. Meanwhile, Anghami’s shares have more than doubled since the acquisition became public.

MBC Group, formerly known as the Middle East Broadcasting Center, is a leading media company in the MENA region, boasting a number of TV channels, radio stations, studios, and other entertainment brands. 

This news comes after last year’s announcement that UAE-based online streaming platform OSN+ merged with Anghami Inc. in a deal worth $50 million.