Over the past five days, shares in one of the Middle East’s largest streaming services, Anghami, have surged by over 80% on Nasdaq. This increase follows the acquisition of 13.7% of the total ordinary shares of the company by Saudi Arabian media giant MBC.

Through its MBC Ventures arm, MBC Group has acquired 4,074,533 shares in Anghami, as reported in a filing from the US Securities and Exchange Commission (SEC).

Before this development, Anghami’s share price on Nasdaq was below the $1 mark last week. Following the conclusion of trading, the share price surged to $1.81, indicating that the stock had increased by at least 86% in just one week.

Also, this indicates that MBC’s stake in Anghami is now valued at $7.3 million.

MBC is the largest broadcaster in the Middle East, with operations spanning 13 free-to-air TV channels and its own streaming service, Shahid. In January this year, MBC made 10% of its share capital available for public trading on Saudi Arabia’s Tadawul stock exchange.

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