1. Mubashir (🇴🇲 Oman), an adtech that provides clients with advertising solutions across Oman and the wider MENA region, has raised an undisclosed investment round from ITHCA Group.

💻 UAE-based online streaming platform OSN+ and Lebanon-founded music streaming app Anghami Inc. have officially completed their merger, after completing the deal’s $50 million transaction and receiving all regulatory approvals, to become the Middle East’s new streaming powerhouse.

• OSN Group has acquired 55.45% in Anghami, giving it a majority stake at a valuation of $3.69 per share.

⏪ Background

Anghami was founded in 2012 in Beirut, before moving to Abu Dhabi in 2021. It was the first music-streaming platform in MENA to digitise the region’s music and has since established over 40 telco partnerships. It features music from Universal Music Group, Sony Music Entertainment, Warner Music Group and the Merlin Network.

OSN was formed in 2009, and operates across 22 countries in the MENA region, delivering content across its multiple networks OSN+, linear TV service OSNtv, and b2b offerings in each market. OSN+ also houses content from its exclusive partnerships with global studios such as HBO, NBC Universal, Paramount, as well as leading Arabic and Turkish studios.

⚙️ Break it down

Over two years ago, Anghami became the first tech company from the Arab world to sell shares on the NASDAQ, which it did through a SPAC at an enterprise value of $220 million.

Its share price has since fallen to $1.58, giving it a market value of about $41 million. OSN’s cash injection will help the stock from being delisted.

• The OSN Group is investing in Anghami at a valuation of $3.65 per share, or 3.9 times the stock’s average price for the month prior to the deal’s announcement in November 2023.

🔮 Flashforward

The combined entity will merge OSN+'s premium and exclusive library of 18,000 hours of video content with Anghami's vast catalog of more than 100 million songs and podcasts, all under one common app.

• The new platform will have some 120 million active users – 2.5 million who are paying subscribers – and $100 million in revenue.

The new app will benefit from Anghami’s strong tech stack, to deliver an enhanced streaming experience with AI-driven hyper-personalisation.

• Elie Habib, Anghami co-founder and CTO, will lead the combined entity as incoming Anghami CEO, while Joe Kawkabani will remain as OSN Group CEO.

💸 Say hello to Daleel! A Bahrain-based fintech that helps consumers find and compare financial products and helps banks and financial institutions access insights to acquire customers more effectively.

Launched in 2022 by Dania Alshowaikh, PK Shrivastava and Ridaa Shah, they've just secured an undisclosed investment round.

💰 Investor lowdown: The round was completed by Hambro Perks Spring Studios, a venture builder backed by Al Waha Fund of Funds, the global investment firm Hambro Perks, and Flat6Labs UAE, MENA’s seed and early-stage venture capital firm.

💰 Financial literacy

According to research conducted by Deel in the region, 67.9% of their respondents rated their financial understanding on the lower end while 51.4% weren’t so sure with the last financial product they applied for.

Daleel (the Arabic word for guide) is on a mission to make stepping into it as easy and accessible as possible, to empower people in building and leading a healthy financial portfolio.

⚙️ Break it down

For individuals? They get rewarded as they expand their financial horizons and work towards their financial goals. Literally.

• Search, compare and find the best financial product for yourself. Daleel offers both banking products and fintech products.

• Learn directly from Daleel’s financial experts without any middlemen.

• Earn points on the app by completing small tasks that enhance your physical and financial well-being; for instance, walking 5,000 steps daily earns users 10 points, which can be redeemed for offers with Daleel's financial and health partners.

For banks and financial institutions? The platform refines their digital experience and improves their bottom line.

• Leverage powerful customer acquisition tools and campaigns to expand your bank's reach efficiently.

• Seamlessly onboard potential leads via API integrations for a smooth conversion process.

• Gain valuable customer insights to tailor experiences and foster loyalty.

• Continuously monitor product performance, adapt offerings in real-time, and stay responsive to evolving customer needs.

🔮 Flashforward

The fresh funding will enable Daleel to accelerate expansion into Saudi Arabia and the UAE.

💡Abu Dhabi’s Investopia program – led by UAE Minister of the Economy Abdullah bin Touq Al Marri – launched its new “Next50” initiative that draws on the expertise of top CEOs to identify the country’s most promising tech startups.

🇦🇪 UAE-based multi-service app Careem has launched Careem Food and Careem Pay in Abu Dhabi as part of its expansion strategy. Careem Food operates across the UAE, Saudi Arabia and Jordan, partnering with 15,000 restaurants and serving more than 1.4 million customers in the region.

• X doesn’t mark the spot. Fidelity cuts value of X stake, implying 73% decline in former Twitter since Elon Musk’s takeover

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• Making mosques accessible. This VR application makes it easier to visit iconic mosques around the world

• The road well travelled by. Discord starts down the dangerous road of ads this week

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