Dividend Power Score
A single, comprehensive score designed to measure the true strength of a company’s dividend.
This score combines three essential pillars of dividend quality:
Consistency – Measures how reliable the dividend has been over time, focusing on payment history, stability, and the absence of cuts or suspensions.
Payability – Assesses the company’s financial ability to sustain its dividend, taking into account cash flow, earnings coverage, balance sheet strength, and overall financial health.
Growth – Evaluates the long-term growth of both the dividend and the company’s share price, highlighting businesses that consistently increase payouts while creating shareholder value.
Higher scores identify companies that have historically delivered dependable income alongside sustained dividend growth and long-term capital appreciation.
Company Overview
Anghami Inc. is a digital music and audio streaming company focused primarily on the Middle East and North Africa (MENA) region. Founded as the first legal music streaming platform in the Arab world, Anghami provides on-demand music streaming, podcasts, and other digital audio content, operating at the intersection of the digital media, entertainment, and technology industries. The company generates revenue mainly through subscription-based services and advertising-supported free streaming tiers, serving both individual consumers and brand advertisers.
The company differentiates itself through localized content, Arabic music catalog depth, and region-specific features such as curated playlists, artist partnerships, and culturally relevant discovery tools. Anghami was founded in 2012 and expanded rapidly across the Arab world, later evolving into a publicly listed company in 2022 through a business combination that resulted in its listing on the Nasdaq under the ticker ANGH. Since inception, the company has positioned itself as a regional alternative to global streaming platforms by emphasizing local artists, language-specific content, and regional market expertise.
Business Operations
Anghami operates primarily through a single integrated digital platform that delivers music and audio content via mobile applications and web-based services. Its core business segments consist of subscription streaming services and advertising-supported streaming, with additional revenue generated from value-added telecom partnerships that bundle Anghami subscriptions with mobile data plans. The platform supports both free users, who experience advertising, and paid subscribers who receive ad-free access and premium features.
The company maintains licensing agreements with major global record labels, regional labels, and independent artists, enabling it to host millions of Arabic and international music tracks. Anghami also operates Anghami Studios, its original content and production arm, which focuses on exclusive podcasts, live sessions, and original audio programming. The company collaborates closely with regional telecommunications providers as strategic distribution partners, which play a significant role in user acquisition and monetization across multiple markets.
Strategic Position & Investments
Anghami’s strategy centers on deepening user engagement, expanding paid subscriptions, and strengthening its leadership position in Arabic digital audio. Growth initiatives include investment in exclusive content, expansion of podcast offerings, and development of social and interactive features designed to increase time spent on the platform. The company has also emphasized data-driven personalization and recommendation technologies to enhance user retention.
Strategically, Anghami has pursued selective acquisitions and content partnerships to expand its ecosystem. A notable transaction includes the acquisition of Spotlite Global, a music distribution and artist services platform, which supports independent artists with digital distribution, analytics, and monetization tools. This investment aligns with Anghami’s broader objective of becoming a full-stack digital music ecosystem serving both listeners and creators, while also providing additional revenue streams beyond consumer subscriptions.
Geographic Footprint
Anghami is headquartered in Abu Dhabi, United Arab Emirates, with additional operational presence in Lebanon and other regional hubs. The company’s primary markets span the Middle East and North Africa, including key countries such as Saudi Arabia, United Arab Emirates, Egypt, Lebanon, Morocco, and Jordan. These markets collectively represent the majority of its user base and revenue.
Beyond MENA, Anghami has a growing international footprint, serving users in Europe, North America, and Latin America, largely driven by Arabic-speaking diaspora communities. While international markets contribute a smaller share of revenue, they are strategically important for long-term growth, content distribution, and global artist exposure. The company’s platform is accessible worldwide, reflecting its ambition to extend Arabic music and audio content to a global audience.
Leadership & Governance
Anghami was co-founded by Eddy Maroun and Elie Habib, who remain central to the company’s leadership and strategic direction. The leadership team emphasizes a founder-led vision focused on regional authenticity, innovation, and long-term platform development. Governance is overseen by a board of directors with experience in technology, media, and emerging markets.
Key executives include:
- Elie Habib – Co-Founder and Chief Executive Officer
- Eddy Maroun – Co-Founder and Chief Technology Officer
- Akram Makarem – Chief Financial Officer
- Elias Romanos – Chief Product Officer
- Elie Chammas – Chief Content Officer
The leadership philosophy centers on combining global technology standards with localized market insight, aiming to scale responsibly while maintaining strong relationships with artists, labels, and regional partners.