Abu Dhabi-based streaming company Anghami received a $5 million investment from the venture capital arm of the Saudi Arabia media company SRMG, the companies announced in a joint statement Monday (Aug. 21).

The largest publicly traded media company in the Middle East and North Africa region, SRMG is the publisher of Arabic and English-language international and business newspapers like Asharq Al-Awsat, Arab News and Aleqtisadiah. In June, SRMG partnered with Billboard to launch Billboard Arabia.

As the region’s most popular music streamer, Anghami has reported rapid growth since going public on the Nasdaq in early 2022 and said it expects to become profitable this year. With SRMG’s investment and appetite to be a destination for artists, the deal will “bolster Anghami’s growth trajectory through its extensive media reach, content library, and portfolio of leading assets in audio/podcasts,” according to the statement.

In March, Anghami said its revenue grew by more than 35% to $48 million in 2022, driven by a 21% year-over-year uptick in paid subscribers to 1.52 million, according to preliminary unaudited results. Anghami claims 120 million registered users overall.

The Middle East and North Africa (MENA) remains one of the world’s fastest-growing sectors for music, with revenue from recorded music climbing by nearly 24% in 2022, according to the IFPI.

Founded in 2012, Anghami has expanded its business beyond streaming to include in-house productions, branded music and video content, concerts, podcasts and a record label for Arab artists.

Anghami CEO/co-founder Eddy Maroun called the investment a milestone for his company that will allow it to “unlock further opportunities to champion the music ecosystem.”

“We have continually evolved to meet our audience’s changing demands and support the region’s rising entertainment and music industry,” Maroun said in the statement. “This partnership will propel regional artists to greater heights, expand their global reach, and create new touchpoints for our users and artists alike.”