The Abu Dhabi Investment Office (ADIO) and music streaming service provider Anghami have inked a deal that will see the latter establish its global headquarters and research and development (R&D) centre in Hub 71.
As per the terms of the deal, the ADIO will provide Anghami with financial and non-financial incentives to set up at Hub71. Hub 71 is billed as Abu Dhabi’s global tech ecosystem, and is a flagship Ghadan 21 initiative supporting innovative ideas and technologies. The partnership is said to be part of the ADIO’s recently announced Innovation Programme valued at $545m, which is part of the Abu Dhabi government’s Ghadan 21 accelerator programme.
“Abu Dhabi is rapidly emerging as a go-to destination for innovation-focused companies, a place where ambitious businesses can pursue digital transformation in a stable, enabling and supportive environment. We are committed to providing support for technology companies, recognising that progress in this area unlocks opportunities across other sectors by bringing fundamental capabilities and infrastructure that all industries will benefit from,” said Dr Tariq Bin Hendi, director-general of ADIO.
Anghami was set-up in Lebanon in 2012 and is billed as the first music streaming platform in the MENA region. It has offices in Beirut, Dubai, Cairo and Riyadh and offers more than 50m songs to more than 70m users. The firm recently completed a funding round led by Shuaa Capital, the statement noted.
He added, “The ADIO’s Innovation Programme allied to Abu Dhabi’s advanced infrastructure is a powerful platform for success. Much like our work to ‘turn the desert green’ through AgTech, we believe we can shift sand to silicon by accelerating growth in the ICT sector. We’re excited to partner with Anghami and bring an industry pioneer with a track record of growth – and the opportunity for further growth – to Abu Dhabi.”
Eddy Maroun, co-founder of Anghami commented, “As we seek to tap into the considerable growth opportunities for Anghami, Abu Dhabi was a natural choice for our new global headquarters and R&D centre. The commitment to supporting innovation, access to a deep pool of talent and the advanced infrastructure all make it ideally suited to our requirements. We are excited for this new chapter in Anghami’s journey and grateful for the opportunities we’ve been offered by Abu Dhabi and the ADIO to be established in one of the most vibrant cities in the Middle East.”