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</div><!-- Field: Rule-Page --><div style="width: 100%"><div style="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><b>UNITED STATES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><b>SECURITIES AND EXCHANGE
COMMISSION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><b>Washington, D.C. 20549</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><b>FORM&#160;<ix:nonNumeric contextRef="c0" name="dei:DocumentType">20-F</ix:nonNumeric></b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><b>(Mark One)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentRegistrationStatement"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span></ix:nonNumeric>
<b>REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g)&#160;OF THE SECURITIES EXCHANGE ACT OF 1934</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><b>OR</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:DocumentAnnualReport"><span style="font-family: Times New Roman, Times, Serif">&#9746;</span></ix:nonNumeric>
<b>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><b>For the fiscal year
ended&#160;<ix:nonNumeric contextRef="c0" format="ixt:date-monthname-day-year-en" name="dei:DocumentPeriodEndDate"><ix:nonNumeric contextRef="c0" format="ixt:date-monthname-day-en" name="dei:CurrentFiscalYearEndDate">December 31</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" name="dei:DocumentFiscalYearFocus">2022</ix:nonNumeric></ix:nonNumeric></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><b>OR</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentTransitionReport"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span></ix:nonNumeric>
<b>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><b>OR</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentShellCompanyReport"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span></ix:nonNumeric>
<b>SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><b>Commission file number:
<ix:nonNumeric contextRef="c0" name="dei:EntityFileNumber">001-41263</ix:nonNumeric></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><b><span style="-sec-ix-hidden: hidden-fact-0">ANGHAMI INC.</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><b>(Exact name of Registrant
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><ix:nonNumeric contextRef="c0" format="ixt-sec:edgarprovcountryen" name="dei:EntityIncorporationStateCountryCode"><b>Cayman Islands</b></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><b>(Jurisdiction of incorporation
or organization)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><b><ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine1">16th Floor, Al-Khatem
Tower</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine2">WeWork Hub71</ix:nonNumeric><br/>
<ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine3">Abu Dhabi Global Market Square</ix:nonNumeric>, Al Maryah Island, <ix:nonNumeric contextRef="c0" name="dei:EntityAddressCityOrTown">Abu Dhabi</ix:nonNumeric>, </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><ix:nonNumeric contextRef="c0" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry"><b>United Arab Emirates</b></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><b>(Address of principal
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><ix:nonNumeric contextRef="c1" name="dei:ContactPersonnelName"><b>Edgard Maroun</b></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><b>Chief Executive Officer<br/>
<ix:nonNumeric contextRef="c1" name="dei:EntityAddressAddressLine1">16th Floor, Al-Khatem Tower</ix:nonNumeric>, <ix:nonNumeric contextRef="c1" name="dei:EntityAddressAddressLine2">WeWork Hub71</ix:nonNumeric><br/>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><b>Telephone: +<ix:nonNumeric contextRef="c1" name="dei:CityAreaCode">971</ix:nonNumeric> <ix:nonNumeric contextRef="c1" name="dei:LocalPhoneNumber">2 443
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><b>(Name, Telephone,&#160;E-mail&#160;and/or
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><b>Securities registered
or to be registered pursuant to Section&#160;12(b) of the Act</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1.5pt solid; width: 32%; text-align: center"><span style="font-size: 10pt"><b>Title of each class</b></span></td> <td style="width: 2%">&#160;</td> <td style="border-bottom: black 1.5pt solid; width: 32%; text-align: center"><span style="font-size: 10pt"><b>Trading Symbol(s)</b></span></td> <td style="width: 2%">&#160;</td> <td style="border-bottom: black 1.5pt solid; width: 32%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Name of each exchange</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>on which registered</b></p></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c2" name="dei:Security12bTitle"><span style="font-size: 10pt"><b>Ordinary Shares, par value $0.0001 per share</b></span></ix:nonNumeric></td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c2" name="dei:TradingSymbol"><span style="font-size: 10pt"><b>ANGH</b></span></ix:nonNumeric></td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt"><b>The <ix:nonNumeric contextRef="c2" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">Nasdaq</ix:nonNumeric> Stock Market LLC</b></span></td></tr> <tr style="background-color: White"> <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c3" name="dei:Security12bTitle"><span style="font-size: 10pt"><b>Warrants exercisable to purchase Ordinary Shares</b></span></ix:nonNumeric></td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c3" name="dei:TradingSymbol"><span style="font-size: 10pt"><b>ANGHW</b></span></ix:nonNumeric></td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt"><b>The <ix:nonNumeric contextRef="c3" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">Nasdaq</ix:nonNumeric> Stock Market LLC</b></span></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><b>Securities registered
or to be registered pursuant to Section&#160;12(g) of the Act: None</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><b>Securities for which
there is a reporting obligation pursuant to Section&#160;15(d) of the Act: None</b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate the number of outstanding shares of each of the issuer&#8217;s
classes of capital stock or common stock as of the close of business covered by this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Outstanding as of December 31, 2022: <ix:nonFraction contextRef="c4" decimals="INF" format="ixt:num-dot-decimal" name="dei:EntityCommonStockSharesOutstanding" scale="0" unitRef="shares">26,005,654</ix:nonFraction>
Ordinary Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Indicate by check mark if the registrant
is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes <span style="font-family: Times New Roman, Times, Serif">&#9744;</span>
<ix:nonNumeric contextRef="c0" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric> <span style="font-family: Times New Roman, Times, Serif">&#9746;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">If this report is an annual or
transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section&#160;13 or 15(d) of
the Securities Exchange Act of 1934. Yes <span style="font-family: Times New Roman, Times, Serif">&#9744;</span> <ix:nonNumeric contextRef="c0" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric> <span style="font-family: Times New Roman, Times, Serif">&#9746;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Indicate by check mark whether the
registrant (1)&#160;has filed all reports required to be filed by Section&#160;13 or 15(d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)&#160;has
been subject to such filing requirements for the past 90 days. <ix:nonNumeric contextRef="c0" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric> <span style="font-family: Times New Roman, Times, Serif">&#9746;</span>
No <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Indicate by check mark whether the
registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of
Regulation&#160;S-T&#160;(&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the
registrant was required to submit such files). <ix:nonNumeric contextRef="c0" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric> <span style="font-family: Times New Roman, Times, Serif">&#9746; </span>No <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a&#160;non-accelerated&#160;filer, or an emerging growth company. See the definitions
of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; and &#8220;emerging growth company&#8221; in Rule&#160;12b-2&#160;of
the Exchange Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 21%"><span style="font-size: 10pt">Large&#160;accelerated&#160;filer</span></td> <td style="width: 1%">&#160;</td> <td style="width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td> <td style="width: 28%">&#160;</td> <td style="width: 24%"><span style="font-size: 10pt">Accelerated&#160;filer</span></td> <td style="width: 1%">&#160;</td> <td style="width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><ix:nonNumeric contextRef="c0" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory"><span style="font-size: 10pt">Non-accelerated&#160;filer</span></ix:nonNumeric></td> <td>&#160;</td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></td> <td>&#160;</td> <td><span style="font-size: 10pt">Emerging&#160;growth&#160;company</span></td> <td>&#160;</td> <td><ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:EntityEmergingGrowthCompany"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></ix:nonNumeric></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">If an emerging growth company that prepares
its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition
period for complying with any new or revised financial accounting standards &#8224; provided pursuant to Section&#160;13(a) of the Exchange
Act. <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityExTransitionPeriod"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#8224; The term &#8220;new or revised financial
accounting standard&#8221; refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification
after April&#160;5, 2012.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Indicate by check mark whether the registrant
has filed a report on and attestation to its management&#8217;s assessment of the effectiveness of its internal control over financial
reporting under Section&#160;404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared
or issued its audit report. <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:IcfrAuditorAttestationFlag"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">If securities are registered pursuant to Section
12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction
of an error to previously issued financial statements. <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Indicate by check mark whether any of those
error corrections are restatements that required a recovery analysis of incentive based compensation received by any of the registrant&#8217;s
executive offi cers during the relevant recovery period pursuant to &#167;240.10D-1(b). <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Indicate by check mark which basis of accounting
the registrant has used to prepare the financial statements included in this filing:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 19%"><span style="font-size: 10pt">U.S. GAAP&#160;&#160;<span style="font-family: Times New Roman, Times, Serif">&#9744;</span></span></td> <td style="width: 1%">&#160;</td> <td style="width: 54%"><span style="font-size: 10pt"><ix:nonNumeric contextRef="c0" name="dei:DocumentAccountingStandard">International Financial Reporting Standards</ix:nonNumeric> as issued</span></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 5%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 17%; text-align: right"><span style="font-size: 10pt">Other&#160;&#160;<span style="font-family: Times New Roman, Times, Serif">&#9744;</span></span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td><span style="font-size: 10pt">by the International Accounting Standards Board</span></td> <td>&#160;</td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">If &#8220;Other&#8221; has been checked
in response to the previous question indicate by check mark which financial statement item the registrant has elected to follow.
Item 17 <span style="font-family: Times New Roman, Times, Serif">&#9744; </span>Item 18 <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">If this is an annual report, indicate by
check mark whether the registrant is a shell company (as defined in Rule&#160;12b-2&#160;of the Exchange Act). Yes <span style="font-family: Times New Roman, Times, Serif">&#9744; </span>No <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityShellCompany"><span style="font-family: Times New Roman, Times, Serif">&#9746;</span></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TABLE OF CONTENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: white">
    <td style="width: 10%">&#160;</td>
    <td style="width: 82%">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; width: 8%; text-align: center"><span style="font-size: 10pt"><b>Page</b></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td colspan="2"><a href="#a_001"><span style="font-size: 10pt"><b>PART I</b></span></a></td>
    <td style="text-align: center">1</td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt"><b>ITEM 1.</b></span></td>
    <td><a href="#a_002"><span style="font-size: 10pt">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</span></a></td>
    <td style="text-align: center">3</td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-size: 10pt"><b>ITEM 2.</b></span></td>
    <td><a href="#a_003"><span style="font-size: 10pt">OFFER STATISTICS AND EXPECTED TIMETABLE</span></a></td>
    <td style="text-align: center">3</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt"><b>ITEM 3.</b></span></td>
    <td><a href="#a_004"><span style="font-size: 10pt">KEY INFORMATION</span></a></td>
    <td style="text-align: center">3</td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-size: 10pt"><b>ITEM 4.</b></span></td>
    <td><a href="#a_005"><span style="font-size: 10pt">INFORMATION ON THE COMPANY</span></a></td>
    <td style="text-align: center">38</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt"><b>ITEM 4A.</b></span></td>
    <td><a href="#a_006"><span style="font-size: 10pt">UNRESOLVED STAFF COMMENTS</span></a></td>
    <td style="text-align: center">66</td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-size: 10pt"><b>ITEM 5.</b></span></td>
    <td><a href="#a_007"><span style="font-size: 10pt">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</span></a></td>
    <td style="text-align: center">66</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt"><b>ITEM 6.</b></span></td>
    <td><a href="#a_008"><span style="font-size: 10pt">RESERVED</span></a></td>
    <td style="text-align: center">91</td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt"><b>ITEM 7.</b></span></td>
    <td><a href="#a_009"><span style="font-size: 10pt">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</span></a></td>
    <td style="text-align: center">99</td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-size: 10pt"><b>ITEM 8.</b></span></td>
    <td><a href="#a_010"><span style="font-size: 10pt">FINANCIAL INFORMATION</span></a></td>
    <td style="text-align: center">102</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt"><b>ITEM 9.</b></span></td>
    <td><a href="#a_011"><span style="font-size: 10pt">THE OFFER AND LISTING</span></a></td>
    <td style="text-align: center">103</td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-size: 10pt"><b>ITEM 10.</b></span></td>
    <td><a href="#a_012"><span style="font-size: 10pt">ADDITIONAL INFORMATION</span></a></td>
    <td style="text-align: center">103</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt"><b>ITEM 11.</b></span></td>
    <td><a href="#a_013"><span style="font-size: 10pt">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</span></a></td>
    <td style="text-align: center">117</td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-size: 10pt"><b>ITEM 12.</b></span></td>
    <td><a href="#a_014"><span style="font-size: 10pt">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</span></a></td>
    <td style="text-align: center">119</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td colspan="2"><a href="#a_015"><span style="font-size: 10pt">PART II</span></a></td>
    <td style="text-align: center">120</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-size: 10pt"><b>ITEM 13</b></span></td>
    <td><a href="#a_016"><span style="font-size: 10pt">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</span></a></td>
    <td style="text-align: center">120</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt"><b>ITEM 14</b></span></td>
    <td><a href="#a_017"><span style="font-size: 10pt">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</span></a></td>
    <td style="text-align: center">120</td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-size: 10pt"><b>ITEM 15</b></span></td>
    <td><a href="#a_018"><span style="font-size: 10pt">CONTROLS AND PROCEDURES</span></a></td>
    <td style="text-align: center">120</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt"><b>ITEM 16A</b></span></td>
    <td><a href="#a_019"><span style="font-size: 10pt">AUDIT COMMITTEE FINANCIAL EXPERT</span></a></td>
    <td style="text-align: center">121</td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-size: 10pt"><b>ITEM 16B</b></span></td>
    <td><a href="#a_020"><span style="font-size: 10pt">CODE OF ETHICS</span></a></td>
    <td style="text-align: center">121</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt"><b>ITEM 16C</b></span></td>
    <td><a href="#a_021"><span style="font-size: 10pt">PRINCIPAL ACCOUNTANT FEES AND SERVICES</span></a></td>
    <td style="text-align: center">121</td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-size: 10pt"><b>ITEM 16D</b></span></td>
    <td><a href="#a_022"><span style="font-size: 10pt">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</span></a></td>
    <td style="text-align: center">122</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt"><b>ITEM 16E</b></span></td>
    <td><a href="#a_023"><span style="font-size: 10pt">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</span></a></td>
    <td style="text-align: center">122</td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-size: 10pt"><b>ITEM 16F</b></span></td>
    <td><a href="#a_024"><span style="font-size: 10pt">CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</span></a></td>
    <td style="text-align: center">122</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt"><b>ITEM 16G</b></span></td>
    <td><a href="#a_025"><span style="font-size: 10pt">CORPORATE GOVERNANCE</span></a></td>
    <td style="text-align: center">122</td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-size: 10pt"><b>ITEM 16H</b></span></td>
    <td><a href="#a_026"><span style="font-size: 10pt">MINE SAFETY DISCLOSURE</span></a></td>
    <td style="text-align: center">122</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt"><b>ITEM 16I</b></span></td>
    <td><a href="#a_027"><span style="font-size: 10pt">DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</span></a></td>
    <td style="text-align: center">122</td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td colspan="2"><a href="#a_028"><span style="font-size: 10pt">PART III</span></a></td>
    <td style="text-align: center">123</td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt"><b>ITEM 17.</b></span></td>
    <td><a href="#a_029"><span style="font-size: 10pt">FINANCIAL STATEMENTS</span></a></td>
    <td style="text-align: center">123</td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-size: 10pt"><b>ITEM 18.</b></span></td>
    <td><a href="#a_030"><span style="font-size: 10pt">FINANCIAL STATEMENTS</span></a></td>
    <td style="text-align: center">123</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt"><b>ITEM 19.</b></span></td>
    <td><a href="#a_031"><span style="font-size: 10pt">EXHIBITS</span></a></td>
    <td style="text-align: center">124</td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><a href="#a_032"><span style="font-size: 10pt; font-style: normal; text-decoration: none"><b>SIGNATURES</b></span></a></td>
    <td>&#160;</td>
    <td style="text-align: center">126</td></tr>
  </table><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Certain Defined Terms</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><i>In this report, unless the context otherwise
requires, references to &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; and &#8220;Anghami&#8221; for periods
prior to the consummation of the Business Combination (as described below), refer to Anghami and its direct and indirect subsidiaries
on a consolidated basis, including Anghami Inc., and following the consummation of the Business Combination refer to Anghami Inc. and
its direct and indirect subsidiaries on a consolidated basis.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Completion of Business Combination with Vistas
Media Acquisition Company Inc.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">On February 3, 2022, we consummated a business
combination (the &#8220;Business Combination&#8221;) pursuant to the Business Combination Agreement (the &#8220;Business Combination Agreement&#8221;),
dated March 3, 2021, by and among the Company, Vistas Media Acquisition Company Inc. (&#8220;VMAC&#8221;) (which following the Business
Combination changed its name to Anghami (DE), Inc.), Anghami, an exempted company incorporated under the laws of the Cayman Islands, Anghami
Vista 1, a Cayman Islands exempted company and wholly owned subsidiary of the Company, and Anghami Vista 2, a Cayman Islands exempted
company and wholly owned subsidiary of the Company. As a result of the Business Combination, Anghami and VMAC became wholly owned subsidiaries
of Anghami Inc. On February 4, 2022, the Company&#8217;s ordinary shares commenced trading on the Nasdaq Global Market under the symbol &#8220;ANGH&#8221;
and the VMAC warrants to purchase VMAC Class A Common Stock that were converted into warrants to purchase ordinary shares of the Company
commenced trading on the Nasdaq Capital Market under the symbol &#8220;ANGHW.&#8221; <i>Refer to ITEM 5. of this report for additional
information within &#8216;Recent Developments&#8217;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Note on Presentation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Presentation of Financial Information</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">In accordance with International Financial Reporting
Standards (&#8220;IFRS&#8221;) as issued by the International Accounting Standards Board (&#8220;IASB&#8221;), we prepare our consolidated
financial statements on a historical cost basis, except for certain convertible notes, employees&#8217; share based payment and warrants
which have been measured at fair value, and lease liabilities, which have been measured at present value.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Rounding</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt">Certain monetary amounts, percentages, and other figures included in
this report have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be the arithmetic
aggregation of the figures that precede them, and figures expressed as percentages in the text may not total 100% or, as applicable, when
aggregated may not be the arithmetic aggregation of the percentages that precede them.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="a_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PART I</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">This annual report includes statements that
express our opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and
therefore are, or may be deemed to be, &#8220;forward-looking statements.&#8221; These forward-looking statements can generally be identified
by the use of forward-looking terminology, including the terms &#8220;believes,&#8221; &#8220;estimates,&#8221; &#8220;anticipates,&#8221;
&#8220;expects,&#8221; &#8220;seeks,&#8221; &#8220;projects,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;may,&#8221; &#8220;will&#8221;
or &#8220;should&#8221; or, in each case, their negative or other variations or comparable terminology. These forward-looking statements
include all matters that are not historical facts. They appear in a number of places throughout this annual report and include statements
regarding our intentions, beliefs or current expectations. Such forward-looking statements are based on available current market material
and management&#8217;s expectations, beliefs and forecasts concerning future events impacting Anghami Inc. Factors that may impact such
forward-looking statements include:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Other sections of this annual report describe
additional risk factors that could adversely impact our business and financial performance. Moreover, we operate in an evolving environment.
New risk factors and uncertainties emerge from time to time, and it is not possible for our management to predict all risk factors and
uncertainties, nor are we able to assess the impact of all of these risk factors on our business or the extent to which any risk factor,
or combination of risk factors, may cause actual results to differ materially from those contained in any forward-looking statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We qualify all of our forward-looking statements
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Although we believe the expectations reflected
in the forward-looking statements were reasonable at the time made, we cannot guarantee future results, level of activity, performance
or achievements. Moreover, neither we nor any other person assume responsibility for the accuracy or completeness of any of these forward-looking
statements. You should carefully consider the cautionary statements contained or referred to in this section in connection with the forward-looking
statements contained in this annual report and the items that we have filed as exhibits to this report with the understanding that our
actual results may be materially different from our expectations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 6; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM&#160;1. IDENTITY OF DIRECTORS, SENIOR
MANAGEMENT AND ADVISERS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>A. Directors and Senior Management</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><div><a id="a_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM&#160;2. OFFER STATISTICS AND EXPECTED
TIMETABLE</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><div><a id="a_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM&#160;3. KEY INFORMATION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>A. Reserved</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>B. Capitalization and Indebtedness</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Not applicable. &#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>C. Reasons for the Offer and Use of Proceeds</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>D. Risk Factors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">An investment in our ordinary shares and warrants
involves a high degree of risk. You should carefully read and consider the following risks, along with the other information included
in this annual report on Form 20-F. The risks described below may not be the only ones we face. If any of the risks actually occur, our
business, results of operations, financial condition, and cash flow could be materially impaired. The trading price of our ordinary and
warrants shares could decline due to any of these risks, and you could lose all or part of your investment. The risks described below
are organized by risk type and are not listed in order of their priority to us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>Summary of Risk Factors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Risks Related to Our Business Model, Strategy, and Performance</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span>&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">We face significant competition that might prohibit us from attracting and
retaining users or monetizing our products.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span>&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">We face operational risks associated with our growth, including attracting,
retaining and motivating qualified personnel and obtaining rights to stream content on favorable terms.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span>&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">Our business focuses on innovation and emphasizes long-term user engagement
over short-term results which might not be in-line with the market&#8217;s expectations.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span>&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">We may not be able to generate sufficient revenue to become profitable, or
to generate positive cash flow. In addition, our revenue growth rate may decline due to various economic and political conditions.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span>&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">Failure to convince advertisers of the benefits of our advertising offerings
could harm our advertising revenue and thus meeting our targeted growth.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span>&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">We may be subject to disputes or liabilities associated with content made
available on our platform.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span>&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">Our major content providers have the ability to unilaterally affect our access
to music and other content.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span>&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">We are a party to complex license agreements and have a complex royalty payment
schedule, which increases the difficulty of estimating the amount payable under our license agreements or relevant statutes.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 7; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span>&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">We are a party to revenue share agreements with telcos which have complex
technical integration processes and delayed credit terms. This might hinder our ability to scale and put pressure on our financial position
and cash flows.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span>&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">Financial commitments under certain license agreements may increase our financial
leverage and ultimately impact our cashflows.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span>&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">Interruptions, delays, or discontinuations in service arising from our own
systems or from third parties could harm our business.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span>&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">We may encounter challenges and complexities regarding efficiently integrating
and operating new verticals, such as offline live events (Spotlight and Anghami Lab), alongside our primary business operations.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span>&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">Our business is subject to complex and evolving laws and regulations, including
those related to copyright, privacy and data security, which may increase future compliance costs and legal fees. </span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span>&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">Other risks such as failure to protect our brand, payments-related risks,
fluctuation of our operating results, failure to implement and maintain effective internal control over financial reporting, lack of additional
capital to support our growth a global public health crisis such as COVID-19, changes of worldwide economic conditions and significant
fluctuations of exchange rates, may adversely affect our business, operating results, and financial condition.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span>&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">We have a history of losses, and expect to incur losses and significant expenses
for the foreseeable future,&#160;and our December 31, 2022 audited financial statements included disclosure that casts substantial doubt
regarding our ability to continue as a&#160;going concern.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Risks Related to Intellectual Property</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span>&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">Assertions by third parties of infringement or other violation by us of their
intellectual property rights could harm our business, operating results, and financial condition.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span>&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">Our user metrics and other estimates are subject to inherent challenges in
measurement, and real or perceived inaccuracies may harm and negatively affect our reputation and our business.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span>&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">Failure to effectively manage and remediate attempts to manipulate stream
counts and attempts to gain or provide unauthorized access to certain features of our Service could undermine investor confidence.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span>&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">Claims that Anghami does not hold necessary third-party licenses (content
or publishing) may materially adversely our business and financial position.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Risks Related to Our Operations</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span>&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">We may require additional capital to fund our operation and support business
growth and objectives, and this capital might not be available on acceptable terms, if at all.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span>&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">Our products are highly technical and may contain undetected errors, bugs,
or vulnerabilities, which could manifest in ways that could seriously harm our reputation and our business.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span>&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">Various regulations related to privacy and data security concerns pose the
threat of lawsuits and other liability, require us to expend significant resources, and may harm our business, operating results, and
financial condition.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Risks Related to Tax</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span>&#9679;</span></td><td>We are a multinational company that faces complex taxation regimes in various jurisdictions. Audits, investigations, and tax proceedings
could have a material adverse effect on our business, operating results, and financial condition.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span>&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">We face complex taxation regimes in various jurisdictions. Audits, investigations,
tax proceedings and changes to tax laws, including new proposals on taxing digital companies, in any of the jurisdictions we operate,
could have a material adverse effect on our business, operating results, and financial condition.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 8; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Risks Related to Doing Business in Jurisdictions in Which We Operate
</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span>&#9679;</span></td><td>We face geopolitical risk in the MENA Region that may have adverse impact on our business.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span>&#9679;</span></td><td>We are subject to economic and political conditions of operating in an emerging and continued instability in the Middle East.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Risks Related to Owning Our Securities</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span>&#9679;</span></td><td>The trading price of our ordinary shares has been and will likely continue to be volatile.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span>&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">We do not expect to pay cash dividends in the foreseeable future.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Risks Related to Our Status as a Foreign Private Issuer</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span>&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">As a foreign private issuer, we are exempt from a number of U.S. securities
laws and rules promulgated thereunder and the rights of our shareholders may differ from those of shareholders of a U.S. corporation.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span>&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">We are organized under the laws of Cayman Islands and our assets are not
located in the United States. It may be difficult for you to obtain or enforce judgments or bring original actions against us or the members
of our board of directors in the United States.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>Risks Related to Our Business Model, Strategy,
and Performance</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>If our efforts to attract prospective
users, retain existing users, and effectively monetize our products and services are not successful, our growth prospects and revenue
will be adversely affected.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Our ability to grow our business and generate
revenue depends on retaining, expanding, and effectively monetizing our total user base, including by increasing the number of Premium
service users and the number of users of our free (&#8220;Ad-Supported&#8221;) service and finding ways to monetize content across the
platform. We must convince prospective users of the benefits of our platform and our existing users of the continuing value of our platform.
Our ability to attract new users, retain existing users, and convert Ad-Supported Free service users to Premium service users depends
in large part on our ability to continue to offer exceptional technologies and products, compelling content, superior functionality, and
an engaging user experience. Some of our competitors, including Apple, Google, and Amazon, have developed, and are continuing to develop,
devices for which their music streaming services are preloaded, which puts us at a significant competitive disadvantage. As consumer tastes
and preferences change on the internet and with mobile devices and other internet-connected products, we will need to enhance and improve
our existing service, introduce new features, and maintain our competitive position with additional technological advances and an adaptable
platform. If we fail to keep pace with technological advances or fail to offer compelling product offerings and state-of-the-art delivery
platforms to meet consumer demands, our ability to grow or sustain the reach of our service, attract and retain users, and increase Premium
service users may be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">In addition, in order to increase advertising
revenue, we also seek to increase the listening time that our Ad-Supported Free service users spend on the Ad-Supported Free service.
The more content we stream under this service, the more advertising inventory we will have to sell. Generally, any increase in Ad-Supported
Free service user base increases the size and scope of user pools targeted by advertisers, which improves our ability to deliver relevant
advertising to those users in a manner that maximizes our advertising customers&#8217; return on investment. This, in turn, illustrates
the effectiveness of our advertising solutions and justifies our pricing structure. If we fail to grow our Ad-Supported Free service user
base, the amount of content streamed, and the listening time spent by these users, we may be unable to grow Ad-Supported revenue. Moreover,
since we primarily source Premium service users from the conversion of our Ad-Supported Free service users, any failure to grow the Ad-Supported
Free service user base or convert them to Premium service users may negatively impact our revenue.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>We face many risks associated with our
international operations. </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We have significant international operations
and plan to continue to grow internationally. However, managing our business and offering our products and services internationally involves
numerous risks and challenges, including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td>difficulties in obtaining licenses to stream content from rights organizations and individual copyright owners in countries around
the world on favorable terms;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td>lack of well-functioning copyright collective management organizations that are able to grant us music licenses, process reports,
and distribute royalties in markets;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td>fragmentation of rights ownership in various markets causing lack of transparency of rights coverage and overpayment or underpayment
to record labels, music publishers, artists, performing rights organizations, and other copyright owners;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td>difficulties in obtaining license rights to local content;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td>increased risk of disputes with and/or lawsuits filed by rights holders in connection with our expansion into new markets;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td>difficulties in achieving market acceptance of our products or services in different geographic markets with different tastes and
interests;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td>difficulties in achieving viral marketing growth in certain other countries where we commit fewer sales and marketing resources;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td>difficulties in effectively monetizing our growing international user base;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td>difficulties in managing operations due to language barriers, distance, staffing, user behavior and spending capability, cultural
differences, business infrastructure constraints, and laws regulating corporations that operate internationally;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td>application of different laws and regulations of other jurisdictions, including corporate governance, labor and employment, privacy,
telecommunications and media, cybersecurity, content moderation, environmental, health and safety, consumer protection, liability standards
and regulations, as well as intellectual property laws;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td>potential adverse tax consequences associated with foreign operations and revenue;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td>complex foreign exchange fluctuation and associated issues, including devaluation of currency in key countries that we operate in;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td>increased competition from local websites and audio content providers, some with financial power and resources to undercut the market
or enter into exclusive deals with local content providers to decrease competition;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td>credit risk and higher levels of payment fraud;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td>political and economic instability in some countries;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td>region-specific effects of global pandemics (such as COVID-19);</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td>compliance with the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act, and similar laws in other jurisdictions;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td>import and export controls and economic sanctions administered by the U.S. Department of Commerce&#8217;s Bureau of Industry and Security
and the U.S. Department of the Treasury&#8217;s Office of Foreign Assets Control;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td>restrictions on international monetary flows; and</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td>reduced or ineffective protection of our intellectual property rights in some countries.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">If we are unable to manage the complexity
of our global operations and continue to grow internationally as a result of these obstacles, our business, operating results, and financial
condition could be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Our business emphasizes rapid innovation
and prioritizes long-term user engagement over short-term financial condition or results of operations. That strategy may yield results
that sometimes do not align with the market&#8217;s expectations. If that happens, our stock price may be negatively affected. </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Our business is growing and becoming more
complex, and our success depends on our ability to quickly develop and launch new and innovative products. We believe our culture fosters
this goal. Our focus on innovations and quick reactions could result in unintended outcomes or decisions that are poorly received by our
users, advertisers, or partners. We have made, and expect to continue to make, significant investments to develop and launch new products,
services, and initiatives, which may involve significant risks and uncertainties, including the fact that such offerings may not be commercially
viable for an indefinite period of time or at all, or may not result in adequate return of capital on our investments. No assurance can
be given that such new offerings will be successful and will not adversely affect our reputation, operating results, and financial condition.
Our culture also prioritizes our long-term user engagement over short-term financial condition or results of operations. We frequently
make decisions that may reduce our short-term revenue or profitability if we believe that the decisions benefit the aggregate user experience
and will thereby improve our financial performance over the long term. These decisions may not produce the long-term benefits that we
expect, in which case our user growth and engagement, our relationships with advertisers and partners, as well as our business, operating
results, and financial condition could be seriously harmed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>We may not be able to generate sufficient
revenue to be profitable, or to generate positive cash flow on a sustained basis. In addition, our revenue growth rate may decline. </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">If we cannot successfully earn revenue at
a rate that exceeds the operational costs, including royalty and other licensing expenses, associated with our platform, we will not be
able to achieve or sustain profitability or generate positive cash flow on a sustained basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Furthermore, we cannot assure you that the
growth in revenue we have experienced over the past few years will continue at the same rate or even continue to grow at all. We expect
that, in the future, our revenue growth rate may decline because of a variety of factors, including increased competition and the maturation
of our business. You should not consider our historical revenue growth or operating expenses as indicative of our future performance.
If our revenue growth rate declines or our operating expenses exceed our expectations, our financial performance may be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Additionally, we also expect our costs to
increase in future periods, which could negatively affect our future operating results and ability to achieve profitability. We expect
to continue to expend substantial financial and other resources on:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td>securing top quality audio and video content from leading record labels, distributors, aggregators, and podcast creators, as well
as the publishing right to any underlying musical compositions;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td>creating new forms of original content;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td>our technology infrastructure, including website architecture, development tools, scalability, availability, performance, security,
and disaster recovery measures;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td>research and development, including investments in our research and development team and the development of new features;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td>sales and marketing, including a significant expansion of our field sales organization;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td>international operations in an effort to maintain and increase our member base, engagement, and sales;</td></tr></table><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td>capital expenditures that we will incur to grow our operations and remain competitive; and</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td>general administration, including legal and accounting expenses.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">These investments may not result in increased
revenue or growth in our business. If we fail to continue to grow our revenue and overall business, our business, operating results, and
financial condition will be harmed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Failure to successfully monetize and
generate revenues from podcasts and other non-music content could adversely affect our business, operating results, and financial condition.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Delivering podcasts and other non-music content
involves numerous risks and challenges, including increased capital requirements, competition, and the need to develop strategic relationships.
Growth in these areas may require additional changes to our existing business model and cost structure, modifications to our infrastructure,
and exposure to new regulatory, legal and reputational risks, including infringement liability, any of which may require additional expertise
that we currently do not have. See &#8220;&#8212;<i>We may be subject to disputes or liabilities associated with content made available
on our platform</i>.&#8221; There is no guarantee that we will be able to generate sufficient revenue from podcasts or other non-music
content to offset the costs of creating or acquiring this content. Failure to successfully monetize and generate revenues from such content,
including failure to obtain or retain rights to podcasts or other non-music content on acceptable terms, or at all, or to effectively
manage the numerous risks and challenges associated with such expansion, could adversely affect our business, operating results, and financial
condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">In addition, we enter into multi-year commitments
for original content that we produce or commission. Given the multiple-year duration and largely fixed-cost nature of such commitments,
if our user growth and retention do not meet our expectations, our margins may be adversely impacted. Payment terms for certain content
that we produce or commission will typically require more upfront cash payments than other content licenses or arrangements whereby we
do not pay for the production of such content. To the extent our user and/or revenue growth do not meet our expectations, our liquidity
and results of operations could be adversely affected as a result of such content commitments. The long-term and fixed-cost nature of
certain original content commitments may also limit our flexibility in planning for or reacting to changes in our business, as well as
our ability to adjust our content offering if our users do not react favorably to the content we produce. Any such event could adversely
impact our business, operating results, and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">To secure the rights to stream sound recordings
and the musical compositions embodied therein, we enter into license agreements to obtain licenses from rights holders such as record
labels, music publishers, performing rights organizations, collecting societies, and other copyright owners or their agents, and pays
royalties to such parties or their agents around the world. We work diligently to obtain all necessary licenses to stream sound recordings
and the musical compositions embodied therein, however, there is no guarantee that the licenses available to us now will continue to be
available in the future at rates and on terms that are favorable or commercially reasonable or at all. The terms of these licenses, including
the royalty rates that we are required to pay pursuant to them, may change as a result of changes in our bargaining power, changes in
the industry, changes in the law, or for other reasons. Increases in royalty rates or changes to other terms of these licenses may materially
impact our business, operating results, and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We have entered into license agreements to
obtain rights to stream sound recordings, including from the major international record labels who hold the rights to stream a significant
number of sound recordings such as Universal Music Group, Sony Music Entertainment, and Warner Music Group, as well as regional record
labels, such as Qanawat Nile Production and Stars for Art production &amp; distribution Offshore. If we fail to retain these licenses,
the size and quality of our catalogue may be materially impacted and our business, operating results, and financial condition could be
materially harmed.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We generally obtain licenses for two types
of rights with respect to musical compositions: mechanical rights and public performance rights. We obtain mechanical and performance
licenses for musical compositions either through local collecting societies representing publishers or from publishers directly, or a
combination thereof.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">With respect to mechanical rights, in Algeria,
Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Palestine, Qatar, Saudi Arabia, Sudan, Tunisia and UAE (together,
our &#8220;MENA Operating Area&#8221;), we pay various rights owners through a ratemaking process conducted on a case-by-case basis based
on negotiating each deal. There are cases of publishing deals which are represented by bodies which combine both mechanical and public
performance rights, such as SOLAR which represents mechanical rights of Sony Music Publishing and public performance rights from PRS and
International Copyright Enterprise Services Limited among others. Since in many countries in the Middle East &amp; North Africa (&#8220;MENA
Region&#8221;), there are no collection societies, we cannot guarantee that our licenses with the existing few collecting societies and/or
our direct licenses with publishers provide full coverage for all of the musical compositions we make available to our users in such countries.
As such there is a fragmented copyright licensing landscape which leads to publishers, songwriters, and other rights holders choosing
not to be represented by collecting societies and that adversely impacts our ability to secure favorable licensing arrangements in connection
with musical compositions that such rights holders own or control, including increasing the costs of licensing such musical compositions,
or subjecting us to significant liability for copyright infringement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">In the United States, the rates we incur for
mechanical rights are a function of ratemaking procedure conducted by an administrative agency, Copyright Royalty Board. The most recent
proceeding before the Copyright Royalty Board (the &#8220;Phonorecords IV Proceedings&#8221;) set the rates for the Section 115 compulsory
license for calendar years 2023 to 2027. The Copyright Royalty Board issued its initial written determination on January 26, 2018, and
set up the Mechanical Licensing Collective (the &#8220;MLC&#8221;). The MLC is a nonprofit organization designated by the U.S. Copyright
Office pursuant to the Music Modernization Act of 2018. In January 2021, the MLC began administering blanket mechanical licenses to eligible
streaming and download services (digital service providers or DSPs) in the United States, which we opted for and obtained a blanket license
for mechanical rights in the U.S. The MLC collects the royalties due under those licenses from the DSPs and pay songwriters, composers,
lyricists, and music publishers. We currently believe that the current rates will not materially impact our business, operating results,
and financial condition in the U.S. as although the U.S. is our biggest market outside of the MENA Operating Area, it is currently not
a significant market. However, if we do decide to expand our business (with both Arabic and international music) in the U.S., and we do
not grow in revenues and users as expected or if the rates are modified to be higher than the proposed rates, our content acquisition
costs could increase and impact our ability to obtain content on pricing terms favorable, which could negatively harm our business, operating
results, and financial condition and hinder our ability to provide interactive features in our services, or cause one or more of our services
not to be economically viable in U.S.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">In the U.S., performing rights organizations
(&#8220;PROs&#8221;) generally provide public performance rights, which negotiate blanket licenses with copyright users for the public
performance of compositions, collect royalties, and distribute those royalties to rights owners. The royalty rates that apply to us today
may be subject to changes in the future. Licenses provided by two of these PROs, the American Society of Composers, Authors and Publishers
and Broadcast Music, Inc. are governed by consent decrees which are subject to terms which could be unfavorable to us in the future. This
could affect our financial viability in the future in the U.S.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We cannot guarantee that our licenses with
collecting societies and our direct licenses with publishers provide full coverage for all of the musical compositions that we make available
on our platform.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">There also is no guarantee that we have or
will have all of the licenses we need to stream content, as the process of obtaining such licenses involves many rights holders, some
of whom are unknown, and myriad complex legal issues across many jurisdictions, including open questions of law as to when and whether
particular licenses are needed. Additionally, there is a risk that aspiring rights holders, their agents, or legislative or regulatory
bodies will create or attempt to create new rights that could require us to enter into license agreements with, and pay royalties to,
newly defined groups of rights holders, some of which may be difficult or impossible to identify. See also &#8220;<i>Risk Factors &#8212;
Risks Related to Our Business Model, Strategy, and Performance&#8212; Difficulties in obtaining accurate and comprehensive information
necessary to identify the compositions embodied in sound recordings on our platform and the ownership thereof may impact our ability to
perform our obligations under our licenses, affect the size of our catalogue, impact our ability to control content acquisition costs,
and lead to potential copyright infringement claims</i>.&#8221;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Further, we cannot guarantee that such agreements
will continue to be renewed indefinitely. For example, from time to time, license agreements with certain rights holders and/or their
agents may expire while we are still negotiating their renewals, and, per industry custom and practice, we may enter into brief contract
extension (for example, month-, week-, or even days-long) and/or continue to operate as if the license agreement had been extended. During
these periods, we may not have assurance of long-term access to such rights holders&#8217; content, which could have a material adverse
effect on our business and could lead to potential copyright infringement claims. It also is possible that such agreements will never
be renewed at all. The lack of renewal, or termination, of one or more of our license agreements, or the renewal of a license agreement
on less favorable terms, also could have a material adverse effect on our business, financial condition, and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>We are a party to many license agreements
which are complex and impose numerous obligations upon us which may make it difficult to operate our business, and a breach of such agreements
could adversely affect our business, operating results, and financial condition.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Our license agreements are primarily complex
and impose numerous obligations on it, including obligations to, among other things:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td>meet certain user and conversion targets in order to secure certain licenses and royalty rates;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td>calculate and make payments based on complex royalty structures, which requires tracking usage of content on our service that may
have inaccurate or incomplete metadata necessary for such calculation;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td>provide periodic reports on the exploitation of the content in specified formats;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td>represent that we will obtain all necessary publishing licenses and consents and pay all associated fees, royalties, and other amounts
due for the licensing of musical compositions;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td>provide advertising inventory;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td>comply with certain marketing and advertising restrictions; and</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td>comply with certain security and technical specifications.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Some of our license agreements grant the licensor
the right to audit our compliance with the terms and conditions of such agreements. Some of the license agreements also include so-called
&#8220;most favored nations&#8221; provisions which require that certain terms (including potentially the material terms) of such agreements
are no less favorable than those provided to any similarly situated licensor. If triggered, these most favored nations provisions could
cause our payments or other obligations under those agreements to escalate substantially. Additionally, some license agreements require
consent to undertake certain business initiatives and without such consent, our ability to undertake new business initiatives may be limited
and in turn could hurt our competitive position.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">If we materially breach any of these obligations
or any other obligations set forth in any of the license agreements, or if we use content in ways that are found to exceed the scope of
such agreements, we could be subject to monetary penalties and our rights under such license agreements could be terminated, either of
which could have a material adverse effect on our business, operating results, and financial condition.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>We have no control over the providers
of our content, and our business may be adversely affected if the access to music is limited or delayed. The concentration of control
of content by our major providers means that even one entity, or a small number of entities working together, may unilaterally affect
our access to music and other content.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We rely on music rights holders, over whom
we have no control, for the content we make available on our service. We cannot guarantee that these parties will always choose to license
to it. The music industry has a high level of concentration, which means that one or a small number of entities may, on their own, take
actions that adversely affect our business. For example, with respect to sound recordings, the music licensed to us under our agreements
with Universal Music Group, Sony Music Entertainment, and Warner Music Group, constitutes a large portion of music consumed on our service.
For the year ended December&#160;31, 2022, this content accounted for more than 30% of streams.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Our business may be adversely affected if
our access to music is limited or delayed because of deterioration in our relationships with one or more of these rights holders or if
they choose not to license to us for any other reason. Rights holders also may attempt to take advantage of their market power to seek
onerous financial terms from us, which could have a material adverse effect on our financial condition and results of operations, and
from time to time, we have been subject to litigation relating to our licensing of music and other content.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Even if we are able to secure rights to sound
recordings from record labels and other copyright owners, artists and/or artist groups may object and may exert public or private pressure
on third parties to discontinue licensing rights to us, hold back content from it, or increase royalty rates. As a result, our ability
to continue to license rights to sound recordings is subject to convincing a broad range of stakeholders of the value and quality of our
service.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">To the extent that we are unable to license
a large amount of content or the content of certain popular artists, our business, operating results, and financial condition could be
materially adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Our royalty payment arrangements are
complex, and it is difficult to estimate the amount payable under license agreements.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Under our license agreements, we have to pay
a royalty to record labels, music publishers, and other copyright owners in order to stream content. The determination of the amount and
timing of such payments is complex and subject to a number of variables, including the revenue generated, the type of content streamed
and the country in which it is streamed, the service tier such content is streamed on, identification of the appropriate license holder,
size of user base, ratio of Ad-Supported Free service users to Premium service users, and any applicable advertising fees, app stores
and telecom operators fees and discounts, among other variables.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Additionally, for new licensing agreements,
we have certain arrangements because of which royalty costs are paid in advance or are subject to minimum guaranteed amounts. An accrual
is estimated at the higher of the actual royalty costs to be incurred during a contractual period or the minimum guarantee.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Additionally, we also have license agreements
that include so-called &#8220;most favored nations&#8221; provisions that require that the material terms of such agreements are the most
favorable material terms provided to any music licensor, which, if triggered, could cause our royalty payments under those agreements
to escalate substantially. An accrual and expense are recognized when it is probable that we will make additional royalty payments under
these terms. Historically, we never incurred additional provisions relating to most favored nations provisions.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Determining royalty payments is complex. As
a result, we may underpay or overpay the royalty amounts payable to record labels, music publishers, and other copyright owners. Underpayment
could result in (i)&#160;litigation or other disputes with record labels, music publishers, and other copyright owners, (ii)&#160;the
unexpected payment of additional royalties in material amounts, and (iii)&#160;damage to business relationships with record labels, music
publishers, other copyright owners, and artists and/or artist groups. If we overpay royalties, we may be unable to reclaim such overpayments,
and our profits will suffer. Failure to accurately pay royalties may adversely affect our business, operating results, and financial condition.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Minimum guarantees required under certain
of our license agreements for sound recordings and underlying musical compositions may limit our operations and may adversely affect our
business, operating results, and financial condition.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Certain of our license agreements for sound
recordings and musical compositions (both for mechanical rights and public performance rights) contain minimum guarantees and/or require
that we make minimum guarantee payments. Such minimum guarantees related to content acquisition costs are not always tied to our number
of users, Premium service users, or the number of sound recordings and musical compositions used on our service. Accordingly, our ability
to achieve and sustain profitability and operating leverage on our service depends, in part, on our ability to increase revenue through
increased sales of Premium service and advertising sales on terms that maintain an adequate gross margin. The duration of license agreements
that contain minimum guarantees is typically between one and two years, but Premium service users may cancel their subscriptions at any
time. If our forecasts of Premium service user acquisition do not meet our expectations or the number or advertising sales decline significantly
during the term of the license agreements, our margins may be materially and adversely affected. To the extent Premium service revenue
growth or advertising sales do not meet our expectations, our business, operating results, and financial condition also could be adversely
affected as a result of such minimum guarantees. In addition, the fixed cost nature of these minimum guarantees may limit our flexibility
in planning for, or reacting to, changes in our business and the market segments in which we operate.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We rely on estimates of the market share of
licensable content controlled by each content provider, as well as its own user growth and forecasted advertising revenue, to forecast
whether such minimum guarantees could be recouped against our actual content acquisition costs incurred over the duration of the license
agreement. To the extent that this revenue and/or market share estimates underperform relative to our expectations, leading to content
acquisition costs that do not exceed such minimum guarantees, our margins may be materially and adversely affected.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Difficulties in obtaining accurate and
comprehensive information necessary to identify the compositions embodied in sound recordings on our platform and the ownership thereof
may impact our ability to perform our obligations under our licenses, affect the size of our catalogue, impact our ability to control
content acquisition costs, and lead to potential copyright infringement claims.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Comprehensive and accurate ownership information
for the musical compositions embodied in sound recordings is often unavailable to us or difficult or, in some cases, impossible for us
to obtain, often times because it is withheld by the owners or administrators of such rights. We currently rely on the assistance of third
parties to determine this information. If the information provided to us or obtained by such third parties does not comprehensively or
accurately identify the ownership of musical compositions, or if we are unable to determine which musical compositions correspond to specific
sound recordings, it may be difficult or impossible to identify the appropriate rights holders to whom to pay royalties. This may make
it difficult to comply with the obligations of any agreements with those rights holders.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">These challenges, and others concerning the
licensing of musical compositions embodied in sound recordings on our service, may subject us to significant liability for copyright infringement,
breach of contract, or other claims.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>If our security systems are breached,
we may face civil liability, and public perception of our security measures could be diminished, either of which would negatively affect
our ability to attract and retain Premium service users, Ad-Supported Free service users, advertisers, content providers, and other business
partners.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Techniques used to gain unauthorized access
to data and software are constantly evolving, and we may be unable to anticipate or prevent unauthorized access to data pertaining to
our users, including credit card and debit card information and other personal data about our users, business partners, and employees.
Like all internet services, our service, which is supported by our own systems and those of third parties that we work with, is vulnerable
to software bugs, computer viruses, internet worms, break-ins, phishing attacks, attempts to overload servers with denial-of-service,
or other attacks and similar disruptions from unauthorized use of our and third-party computer systems, any of which could lead to system
interruptions, delays, or shutdowns, causing loss of critical data or the unauthorized access to personal data. Computer malware, viruses,
and computer hacking and phishing attacks have become more prevalent in the music subscription industry and may occur on our systems in
the future. Because of our prominence, we believe that it is a particularly attractive target for such attacks. Though it is difficult
to determine what, if any, harm may directly result from any specific interruption or attack, any failure to maintain performance, reliability,
security, and availability of our products and technical infrastructure to the satisfaction of our users may harm our reputation and ability
to retain existing users and attract new users. Although we have developed systems and processes that are designed to protect our data
and user data, to prevent data loss, to disable undesirable accounts and activities on the platform, and to prevent or detect security
breaches, such measures may not provide absolute security, may fail, or may fail to stop such data loss or activities, and they may incur
significant costs in protecting against or remediating cyber-attacks.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Any failure, or perceived failure, by us to
maintain the security of data relating to our users, to comply with our posted privacy policy, laws and regulations, rules of self-regulatory
organizations, industry standards, and contractual provisions to which we may be bound, could result in the loss of confidence in us,
or result in actions against us by governmental entities or others, all of which could result in litigation and financial losses, and
could potentially cause us to lose users, advertisers, and revenues.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>Risks Related to Intellectual Property</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Assertions by third parties of infringement
or other violation by us of their intellectual property rights could harm our business, operating results, and financial condition.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Third parties have asserted, and may in the
future assert, that we have infringed, misappropriated, or otherwise violated their copyrights, patents, and other intellectual property
rights, and as we face increasing competition, the possibility of intellectual property rights claims against us grows.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Our ability to provide our service is dependent
upon our ability to license intellectual property rights to sound recordings and the musical compositions embodied therein, as well as
related content such as album cover art and artist images. Various laws and regulations govern the copyright and other intellectual property
rights associated with sound recordings and musical compositions. Existing laws and regulations are evolving and subject to different
interpretations, and various legislative or regulatory bodies may expand current or enact new laws or regulations. See &#8220;<i>Risk
Factors &#8212; Risks Related to Our Business Model, Strategy, and Performance&#8212; Difficulties in obtaining accurate and comprehensive
information necessary to identify the compositions embodied in sound recordings on our service and the ownership thereof may impact our
ability to perform our obligations under our licenses, affect the size of our catalogue, impact our ability to control content acquisition
costs, and lead to potential copyright infringement claims</i>.&#8221;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">In addition, music, internet, technology,
and media companies are frequently subject to litigation based on allegations of infringement, misappropriation, or other violations of
intellectual property rights. Many companies in these industries, including many of our competitors, have substantially larger patent
and intellectual property portfolios than we do. Various &#8220;non-practicing entities&#8221; that own patents and other intellectual
property rights often attempt to aggressively assert claims in order to extract value from technology companies. Further, from time to
time we may introduce new products and services, including in territories where we currently do not have an offering, which could increase
our exposure to patent and other intellectual property claims from competitors and non-practicing entities. It is difficult to predict
whether assertions of third-party intellectual property rights or any infringement or misappropriation claims arising from such assertions
will substantially harm our business, operating results, and financial condition. If we are forced to defend against any infringement
or misappropriation claims, whether they are with or without merit, are settled out of court, or are determined in our favor, we may be
required to expend significant time and financial resources on the defense of such claims. Furthermore, an adverse outcome of a dispute
may require us to pay significant damages, which may be even greater if we are found to have willfully infringed upon a party&#8217;s
intellectual property; cease exploiting copyrighted content that we have previously had the ability to exploit; cease using solutions
that are alleged to infringe or misappropriate the intellectual property of others; expend additional development resources to redesign
our solutions; enter into potentially unfavorable royalty or license agreements in order to obtain the right to use necessary technologies,
content, or materials; indemnify our partners and other third parties; and/or take other actions that may have material effects on our
business, operating results, and financial condition.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Moreover, we rely on software programmers
to design our proprietary technologies, and we regularly contribute software source code under &#8220;open source&#8221; licenses and
have made technology we developed available under open-source licenses. We cannot assure you that our efforts to prevent the incorporation
of licenses that would require us to disclose code and/or innovations in our products will always be successful, as we do not exercise
complete control over the development efforts of our programmers, and we cannot be certain that our programmers have not used software
that is subject to such licenses or that they will not do so in the future. In the event that portions of our proprietary technology are
determined to be subject to licenses that require us to publicly release the affected portions of our source code, re-engineer a portion
of our technologies, or otherwise be limited in the licensing of our technologies, we may be forced to do so, each of which could materially
harm our business, operating results, and financial condition.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Finally, some of the content offered on our
service is generated by our users or other content creators, subjecting us to heightened risk of claims of intellectual property infringement
by third parties if such users and content creators do not obtain the appropriate authorizations from rights holders.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Failure to protect our intellectual
property could substantially harm our business, operating results, and financial condition.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The success of our business depends on our
ability to protect and enforce our patents, trade secrets, trademarks, copyrights, and all of our other intellectual property rights,
including the intellectual property rights underlying our products and services. We attempt to protect our intellectual property under
patent, trade secret, trademark, and copyright law through a combination of intellectual property registration, employee, third-party
assignment and nondisclosure agreements, other contractual restrictions, technological measures, and other methods. These measures may
only offer limited protection and, moreover, are constantly evolving to meet the expanding needs of our business. Despite our efforts
to protect our intellectual property rights, unauthorized parties may attempt to copy aspects of our product and brand features, make
unauthorized use of original content we make available on our platform, or obtain and use our trade secrets and other confidential information.
Moreover, policing our intellectual property rights is difficult and time-consuming. We cannot assure you that we would have adequate
resources to protect and police our intellectual property rights, and we cannot assure you that the steps we take to do so will always
be effective.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We have filed, and may in the future file,
patent applications on certain of our innovations. It is possible, however, that these innovations may not be patentable. In addition,
given the cost, effort, risks, and downside of obtaining patent protection, including the requirement to ultimately disclose the invention
to the public, we may choose not to seek patent protection for some innovations. Furthermore, our patent applications may not be issued
as granted patents, the scope of the protection gained may be insufficient or an issued patent may be deemed invalid or unenforceable.
We also cannot guarantee that any of our present or future patents or other intellectual property rights will not lapse or be invalidated,
circumvented, challenged, or abandoned. Neither can we guarantee that our intellectual property rights will provide competitive advantages
to us. Our ability to assert our intellectual property rights against potential competitors or to settle current or future disputes could
be limited by our relationships with third parties, and any of our pending or future patent applications may not have the scope of coverage
originally sought. We cannot guarantee that our intellectual property rights will be enforced in jurisdictions where competition may be
intense or where legal protection may be weak. We could lose both the ability to assert our intellectual property rights against, or to
license our technology to, others and the ability to collect royalties or other payments. Certain countries&#8217; legal systems do not
provide the same level of support for the enforcement or protection of intellectual property rights as those of the United States, and
as a result, our intellectual property and proprietary rights may be subject to theft without, or with little, legal recourse.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We currently own the <i>www.anghami.com</i>
internet domain name and various other related domain names. Internet regulatory bodies generally regulate domain names. If we lose the
ability to use a domain name in a particular country, we may be forced either to incur significant additional expenses to market our service
within that country or, in extreme cases, to elect not to offer our service in that country. Either result could harm our business, operating
results, and financial condition. The regulation of domain names in the United States and in foreign countries is subject to change. Regulatory
bodies could establish additional top-level domains, appoint additional domain name registrars, or modify the requirements for holding
domain names. As a result, we may not be able to acquire or maintain the domain names that utilize our brand names in the United States
or other countries in which we may conduct business in the future.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Litigation or proceedings before governmental
authorities and administrative bodies may be necessary in the future to enforce our intellectual property rights, to protect our patent
rights, trademarks, trade secrets, and domain names and to determine the validity and scope of the proprietary rights of others. Our efforts
to enforce or protect our proprietary rights may be ineffective and could result in substantial costs and diversion of resources and management
time, each of which could substantially harm our operating results. Additionally, changes in law may be implemented, or changes in interpretation
of such laws may occur, that may affect our ability to protect and enforce our patents and other intellectual property.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Our user metrics and other estimates
are subject to inherent challenges in measurement, and real or perceived inaccuracies in those metrics may seriously harm and negatively
affect our reputation and business.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We regularly review key metrics related to
the operation of our business, including, but not limited to, active users, Premium subscribers and conversion, Premium average revenue
per user, unit economics and EBITDA, Premium user churn rate, Arabic content and originals content creation to evaluate growth trends,
measure performance, and make strategic decisions. These metrics are calculated using internal company data and have not been validated
by an independent third party. These numbers were not prepared with a view toward public disclosure or compliance with the published guidelines
of the SEC, or the applicable guidelines for the preparation and presentation of financial statements. While these numbers are based on
what we believe to be reasonable estimates of our user base for the applicable period of measurement, there are inherent challenges in
measuring how our service is used across large populations globally. For example, we believe that there are individuals who have multiple
Anghami accounts, which can result in an overstatement of active users. Errors or inaccuracies in metrics or data could result in incorrect
business decisions and inefficiencies.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">In addition, advertisers generally rely on
third-party measurement services to calculate our metrics, and these third-party measurement services may not reflect our true audience.
Some of our demographic data also may be incomplete or inaccurate because users self-report their names and dates of birth. If advertisers,
partners, or investors do not perceive our user, geographic, or other demographic metrics to be accurate representations of our user base,
or if we discover material inaccuracies in our user, geographic, or other demographic metrics, our reputation may be seriously harmed.
See &#8220;<i>Risk Factors &#8212; Risks Related to Our Operations&#8212; We rely on advertising revenue from our Ad-Supported Free service,
and any failure to convince advertisers of the benefits of our Ad-Supported Free service in the future could harm our business, operating
results, and financial condition,&#8221; &#8220;&#8212; We are at risk of artificial manipulation of stream counts and failure to effectively
manage and remediate such fraudulent streams could have an adverse impact on our business, operating results, and financial condition</i>,&#8221;
and <i>&#8220;&#8212; We are at risk of attempts at unauthorized access to our service and failure to effectively prevent and remediate
such attempts could have an adverse impact on our business, operating results, and financial condition</i>.&#8221;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>We are at risk of attempts at unauthorized
access to our service and failure to effectively prevent and remediate such attempts could have an adverse impact on our business, operating
results, and financial condition.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We are at risk of being impacted by attempts
by third parties to manipulate and exploit our software for the purpose of gaining unauthorized access to our service. If we have currently
failed to successfully detect and address such issues or if in the future we fail to successfully detect and address such issues, it may
have artificial effects on key performance indicators, which underlie, among other things, our contractual obligations with rights holders
and advertisers, as well as harm our relationship with advertisers and rights holders. This may also impact our results of operations,
particularly with respect to margins on our Ad-Supported Free service segment, by increasing the advertisement segment cost of revenue
without a corresponding increase to our revenue from advertisement, and could expose us to claims for damages including, but not limited
to, from rights holders, any of which could seriously harm our business. Moreover, once we detect and correct such unauthorized access
and any key performance indicators it affects, investor confidence in the integrity of our key performance indicators could be undermined.
These could have a material adverse impact on our business, operating results, and financial condition.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>We are at risk of artificial manipulation
of stream counts and failure to effectively manage and remediate such fraudulent streams could have an adverse impact on our business,
operating results, and financial condition.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We have in the past been, and continues to
be, impacted by attempts by third parties to artificially manipulate stream counts. Such attempts may, for example, be designed to generate
revenue for rights holders or to influence placement of content on Anghami-created playlists or industry music charts. These potentially
fraudulent streams also may involve the creation of non-bona fide user accounts or artists. We use a combination of algorithms and manual
review by employees to detect fraudulent streams. However, it may not be successful in detecting, removing, and addressing all fraudulent
streams (and any related user accounts). If we fail to successfully detect, remove, and address fraudulent streams and associated user
accounts, it may result in the manipulation of our data, including the key performance indicators which underlie, among other things,
our contractual obligations with rights holders and advertisers (which could expose us to the risk of litigation), as well as harm our
relationships with advertisers and rights holders. In addition, once we detect, correct, and disclose fraudulent streams and associated
user accounts and the key performance indicators they affect, investor confidence in the integrity of our key performance indicators could
be undermined. These could have a material adverse impact on our business, operating results, and financial condition.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>If we fail to develop and maintain an
effective system of internal controls covering financial reporting, we may be unable to accurately or timely report our financial results
or prevent fraud, and investor confidence and the market price of our shares may be materially and adversely impacted.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Effective internal controls over financial
reporting are necessary for us to provide reliable financial reports and, together with adequate disclosure controls and procedures, are
designed to prevent fraud. In connection with the audit of our consolidated financial statements for the years ended December 31, 2021,
and 2022, Anghami and our independent registered public accounting firm identified certain material weaknesses in our internal controls
over financial reporting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">As defined in the standards established by
the U.S. Public Company Accounting Oversight Board, a &#8220;material weakness&#8221; is a deficiency, or combination of deficiencies,
in internal controls covering financial reporting, such that there is a reasonable possibility that a material misstatement of the financial
statements will not be detected or prevented on a timely basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">In 2022, the material weaknesses identified
related to:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td>Lack of sufficiently skilled personnel with requisite IFRS and SEC reporting knowledge and experience;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td>Lack of sufficient entity level controls and sufficiently designed internal controls and financial reporting policies and procedures
including segregation of duties, that are commensurate with SEC reporting requirements; and</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td>Lack of design and operating effectiveness of IT general controls for information systems that are relevant to the preparation of
Anghami&#8217;s consolidated financial statements.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">These material weaknesses, if not remediated
in a timely manner, may lead to material misstatements in our future consolidated financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">As an emerging growth company, Anghami&#8217;s
independent registered public accounting firm was not required to and did not perform an audit of Anghami&#8217;s internal control over
financial reporting, which maybe have resulted in the identification of additional deficiencies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">As a public company, we are required to maintain
internal control over financial reporting, including adequate disclosure controls and procedures, and to report any material weaknesses
in those internal controls. For example, we are required to perform system and process evaluation and testing of our internal control
over financial reporting to allow our management to report on the effectiveness of our internal controls over financial reporting, as
required by Section 404 of the Sarbanes-Oxley Act. If we are unable to successfully remediate the identified material weaknesses, if we
discover additional material weaknesses or if we are otherwise unable to report financial statements accurately or in a timely manner,
we would be required to continue disclosing such material weaknesses in future filings with the SEC, which could adversely affect our
business, investor confidence in the company and the market price of our ordinary shares and could subject us to litigation or regulatory
enforcement actions. As a result, shareholders could lose confidence in our financial and other public reporting, which would harm our
business and the market value of our ordinary shares.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Following the identification of the material
weaknesses, Anghami has begun taking measures, and we will continue to take measures, to remediate these control deficiencies. Measures
to rectify the weaknesses and deficiencies include the implementation of an ERP, hiring outside consultants, provide technical training
for its employees and hire internal auditors Besides, management is planning to introduce technical IFRS training namely for IFRS 15 (revenue
recognition), IFRS 2 (share-based compensation), IFRS 9 (Financial Instruments), IAS 37 (provisions, contingent liabilities and contingent
assets), and IAS 38 (Intangible Assets). In addition, we have hired public accountants to assist us with accounting documentation, enhancing
reporting requirements and develop internal policies and procedures. We plan to establish an internal audit function to make sure we have
implemented best practices in financial controls. Upon the completion of the Business Combination, we implemented Code of Ethics and Corporate
Governance Guidelines in relation industry best practices.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Besides, we are in the process of implementing
control mechanisms on spending to match prospective financial statements. These mechanisms include a detailed business plan for each new
project to be approved by executive committee within the board. Anghami will be quarterly reporting the performance of these projects
for executive committee to follow-up on performance and adjust course when needed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">However, the implementation of these measures
may not fully address the material weaknesses in our internal controls covering financial reporting, and we cannot conclude that they
have been fully remediated. Our failure to correct the material weaknesses or their failure to discover and address any other deficiencies
could result in inaccuracies in our financial statements and impair our ability to comply with applicable financial reporting requirements
and related regulatory filings on a timely basis. As of the date of the filing of this annual report, such material weaknesses have not
been remediated.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>We are subject to a variety of laws
around the world. Government regulation of the internet is evolving and any changes in government regulations relating to the internet
or other areas of our business or other unfavorable developments may adversely affect our business, operating results, and financial condition.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We are an international company with offices
in UAE, Saudi Arabia, Egypt and Lebanon with further plans to expand regionally. As a result of this organizational structure and the
scope of our operations, we are subject to a variety of laws in different countries. The scope and interpretation of the laws that are
or may be applicable to us are often uncertain and may be conflicting. Additionally, as our business grows and evolves, we will become
subject to laws and regulations in additional jurisdictions. It is difficult to predict how existing laws will be applied to our business
and the new laws to which we may become subject.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We are subject to general business regulations
and laws, as well as regulations and laws specific to the internet. Such laws and regulations include, but are not limited to, labor,
advertising and marketing, real estate, taxation, user privacy, data collection and protection, intellectual property, anti-corruption,
anti-money laundering, foreign exchange controls, antitrust and competition, electronic contracts, telecommunications, sales procedures,
automatic subscription renewals, credit card processing procedures, consumer protections, broadband internet access, and content restrictions.
We cannot guarantee that we have been or will be fully compliant in every jurisdiction in which we are subject to regulation, as existing
laws and regulations are constantly changing. The adoption or modification of laws or regulations relating to the internet or other areas
of our business could limit or otherwise adversely affect the manner in which we currently conduct business. Further, compliance with
laws, regulations, and other requirements imposed upon our business may be onerous and expensive, and they may be inconsistent from jurisdiction
to jurisdiction, further increasing the cost of compliance and doing business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Moreover, as internet commerce continues to
evolve, increasing regulation by international regulators becomes more likely and may lead to more stringent consumer protection laws,
which may impose additional burdens on us. The adoption of any laws or regulations that adversely affect the popularity or growth in use
of the internet, including laws limiting internet neutrality, could decrease user demand for our service and increase our cost of doing
business. Future regulations, or changes in laws and regulations or their existing interpretations or applications, also could hinder
our operational flexibility, raise compliance costs, and result in additional historical or future liabilities, resulting in material
adverse impacts on our business, operating results, and financial condition.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>We depend on highly skilled key personnel
to operate our business, and if we are unable to attract, retain, and motivate qualified personnel, our ability to develop and successfully
grow our business could be harmed.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We believe that our future success is highly
dependent on the talents and contributions of our senior management, Edgard Maroun, our Chief Executive Officer, and Elias Habib, our
Chief Technical Officer, members of our executive team, and other key employees, such as key engineering, finance, research and development,
marketing, and sales personnel. Our future success depends on our continuing ability to attract, develop, motivate, and retain highly
qualified and skilled employees. Certain members of our senior management are free to terminate their employment relationship at any time,
and their knowledge of our business and industry may be difficult to replace. Qualified individuals are in high demand, particularly in
the digital media industry, and we may incur significant costs to attract them. If we are unable to attract and retain senior management
and key employees, we may not be able to achieve our strategic objectives, and our business could be harmed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>As per our audited financial statements,
we have a material uncertainty regarding going concern</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Our audited financial statements for the year
ended 2022 have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities
in the normal course of business. However, we have suffered recurring losses from operations and have a net capital deficiency that raises
substantial doubt about our ability to continue as a going concern. If we are unable to obtain additional financing or generate profitable
operations our ability to continue as a going concern may be in doubt. We are currently exploring financing options and taking steps to
reduce expenses and increase revenues, but there can be no assurance that we will be successful in these efforts, or that we will be able
to continue as a going concern.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>Risks Related to Our Operations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>We may require additional capital to
fund our operations and support business growth and objectives, and this capital might not be available on acceptable terms, if at all.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We intend to continue to make investments
to support our business growth and may require additional funds to respond to business challenges, including the need to develop new features
or enhance our existing services, expand into additional markets around the world, improve infrastructure, or acquire complementary businesses
and technologies. Accordingly, we may need to engage, and have engaged, in equity and debt financing to secure additional funds. If we
raise additional funds through future issuances of equity or convertible debt securities, our existing shareholders could suffer additional
significant dilution, and any new equity securities we issue could have rights, preferences, and privileges superior to those of holders
of our common shares. Any debt financing we secure in the future also could contain restrictive covenants relating to our capital raising
activities and other financial and operational matters, which may make it more difficult for us to obtain additional capital and pursue
business opportunities, including potential acquisitions. We may not be able to obtain additional financing on terms favorable to us,
if at all. If we are unable to obtain adequate financing or financing on terms satisfactory to us when required, our ability to continue
to fund our operations and support business growth, acquire or retain users, and respond to business challenges could be significantly
impaired.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Warrant holders may not elect to exercise
any of their warrants, which could significantly reduce the amount of cash we could receive from the exercise of the warrants.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Our warrants are exercisable for one ordinary
share at an exercise price of $11.50 per ordinary share. The closing price of our ordinary shares on the Nasdaq on March 31, 2023 was
$1.66 per ordinary share. As of such date, because the exercise price exceeded the price of our ordinary shares, our warrants were &#8220;out-of-the-money,&#8221;
and we believe that it is unlikely that any warrant holder would exercise any warrants at a time when the warrants are out-of-the-money.
The exercise of our warrants is discretionary by the warrant holder. Accordingly, there can be no assurance that the warrant holders will
elect to exercise any or all of the warrants. To the extent that any of the warrant holders elect not to exercise their warrants or their
warrants are exercised on a &#8220;cashless basis,&#8221; as may be permitted in certain circumstances, the amount of cash we would receive
from the exercise of the warrants will decrease. It is also possible that we may receive no money from the exercise of our warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Streaming depends on effectively working
with third-party platforms, operating systems, online platforms, hardware, networks, regulations, and standards that we do not control.
Changes in our service or those operating systems, hardware, networks, regulations, or standards, and our limitations on our ability to
access those platforms, operating systems, hardware, or networks may seriously harm our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Our service requires high-bandwidth data capabilities
and if the costs of data usage increase or access to data networks is limited, our business may be seriously harmed. Additionally, to
deliver high-quality audio, video, and other content over networks, our services must work well with a range of technologies, systems,
networks, regulations, and standards that we do not control.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We also rely on a variety of operating systems,
online platforms, hardware, and networks to reach our customers. These platforms range from desktop and mobile operating systems and application
stores to wearables and intelligent voice assistants. The owners or operators of these platforms may not share our interests and may restrict
our access to them or place conditions on access that would materially affect our ability to access those platforms. In particular, where
the owner of a platform also is our direct competitor, the platform may attempt to use this position to affect our access to customers
and ability to compete. Online platforms also may unilaterally impose certain requirements that negatively affect our ability to convert
users to the Premium service, such as conditions that limit our freedom to communicate promotions and offers to the users. Similarly,
online platforms may force us to use the platform&#8217;s payment processing systems which may be inferior to and more costly than other
payment processing services available in the market. Online platforms frequently change the rules and requirements for services like our
access to the platform, and such changes may adversely affect the success or desirability of our service. Online platforms may limit our
access to information about customers, limiting our ability to convert and retain them. Online platforms also may deny access to application
programming interfaces (&#8220;API&#8221;) or documentation, limiting functionality of our service on the platform. There can be no assurance
that we will be able to comply with the requirements of those operating systems, online platforms, hardware, networks, regulations, and
standards on which our service depends, and failure to do so could result in serious harm to our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>We face and will continue to face competition
for Ad-Supported Free service users, Premium service users, and user listening time.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We compete for the time and attention of our
users with other content providers on the basis of a number of factors, including quality of experience, relevance, diversity of content,
ease of use, price, accessibility, perception of advertising load, brand awareness, and reputation. We compete with providers of on-demand
music, which is purchased or available for free and playable on mobile devices and in the home. These forms of media may be purchased,
downloaded, and owned such as iTunes audio files, MP3s, or CDs, or accessed from subscription or free online on-demand offerings by music
providers or content streams from other online services. We face increasing competition for users from a growing variety of businesses,
including other subscription music services around the world, many of which offer services that are similar to our service, that deliver
music content over the internet, through mobile phones, and through other wireless devices. Many of our current or future competitors
are already entrenched or may have significant brand recognition in a particular region or market in which we operate or seek to penetrate.
We also compete with providers of internet radio both online and through connected mobile devices. These internet radio providers may
offer more extensive content libraries than we offer, and some may have a broader international offering than ours. We also compete with
terrestrial radio, satellite radio, and online radio. In addition, we also compete for users with providers of social media services both
online and through connected mobile devices.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We also believe that companies with a combination
of technical expertise, brand recognition, financial resources, and digital media experience also pose a significant threat of developing
competing on-demand music distribution technologies. In particular, if known incumbents in the digital media space such as Facebook choose
to offer competing services, they may devote greater resources than we have available, have a more accelerated time frame for deployment,
and leverage their existing user base and proprietary technologies to provide services that our users and advertisers may view as superior.
Furthermore, Spotify, YouTube, Amazon Prime, Apple Music, Deezer, Google Play Music, Joox, Pandora, SoundCloud, and others have competing
services, which may negatively impact our business, operating results, and financial condition. Our current and future competitors may
have higher brand recognition, more established relationships with music and other content licensors and mobile device manufacturers,
greater financial, technical, and other resources, more sophisticated technologies, and/or more experience in the markets. In addition,
Apple and Google also own application store platforms and are charging in-application purchase fees, which are not being levied on their
own applications, thus creating a competitive advantage for themselves against us. As the market for on-demand music on the internet and
mobile and connected devices increases, new competitors, business models, and solutions are likely to emerge.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We also face significant competition for users
from companies promoting their own digital music content online or through application stores, including several large, well-funded, and
seasoned participants in the digital media market. The websites and mobile applications of our competitors may rank higher than our website
and our mobile application, and our application may be difficult to locate in mobile device application stores, which could draw potential
users away from our service and toward those of our competitors. In addition, some of the competitors, including Apple, Amazon, and Google,
have developed, and are continuing to develop, devices for which their music streaming service is preloaded, creating a visibility advantage.
If we are unable to compete successfully for users against other digital media providers by maintaining and increasing our presence and
visibility online, on mobile devices, and in application stores, our number of Premium service users and songs streamed on our service
may fail to increase or may decline and subscription fees and advertising sales may suffer. See &#8220;<i>Risk Factors &#8212; Risks Related
to Our Business Model, Strategy, and Performance&#8212; If our efforts to attract prospective users, retain existing users, and effectively
monetize our products and services are not successful, our growth prospects and revenue will be adversely affected</i>.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We compete for a share of advertisers&#8217;
overall marketing budgets with other content providers on a variety of factors including perceived return on investment, effectiveness
and relevance of advertising products, pricing structure, and ability to deliver large volumes or precise types of advertisements to targeted
user demographic pools. We also compete for advertisers with a range of internet companies, including major internet portals, search engine
companies, social media sites, and applications, as well as traditional advertising channels such as terrestrial radio.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Failure to compete successfully against our
current or future competitors could result in loss of current or potential advertisers, a reduced share of our advertisers&#8217; overall
marketing budget, loss of existing or potential users, or diminished brand strength, which could adversely affect our pricing and margins,
lower revenue, increase research and development and marketing expenses, and prevent us from achieving profitability.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Our products are highly technical and
may contain undetected errors, bugs, or vulnerabilities, which could manifest in ways that could seriously harm our reputation and our
business. </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Many of the products we offer are highly technical
and complex. These products or any other product we may introduce in the future may contain undetected hardware errors, software bugs,
and other vulnerabilities. These errors, bugs, and vulnerabilities can manifest in any number of ways in our products, including through
diminished performance, security incidents, malfunctions, service disruptions, or even permanently disabled products. We have a practice
of rapidly updating our products, and as a result some errors, bugs, or vulnerabilities in our products may be discovered only after a
product has been used and may in some cases be detected only under certain circumstances or after extended use. Additionally, many of
our products are available on multiple operating systems and/or multiple devices offered by different manufacturers, and changes or updates
to such operating systems or devices may cause errors or functionality problems in our products, including rendering our products inoperable
by some users. Our products operate in conjunction with, and we are dependent upon, third-party products and services, and any error or
bug in one of these third-party products or services could thwart our users&#8217; ability to access our products and services, present
a security vulnerability, and harm our reputation. Additionally, any errors, bugs, or other vulnerabilities discovered in our code or
backend after release could damage our reputation, drive away users, allow third parties to manipulate or exploit our software, lower
revenue, impact the stability or accuracy of our user metrics or other estimates, and expose us to claims for damages, any of which could
seriously harm our business. Additionally, errors, bugs, or other vulnerabilities may-either directly or if exploited by third parties-affect
our ability to make accurate royalty payments. See &#8220;<i>Risks Related to Intellectual Property&#8212; Our royalty payment scheme
is complex, and it is difficult to estimate the amount payable under our license agreements or relevant statutes</i>.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We could also face claims for product liability,
tort, or breach of warranty. Defending a lawsuit, regardless of its merit, is costly and may divert management&#8217;s attention and seriously
harm our reputation and our business. In addition, if our liability insurance coverage proves inadequate or future coverage is unavailable
on acceptable terms or at all, our business could be seriously harmed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Interruptions, delays or discontinuations
in service arising from our own systems or from third parties could impair the delivery of our service and harm our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We rely on systems housed in our own facilities
and upon third parties, including bandwidth providers and third-party &#8220;cloud&#8221; data storage services, to enable our users to
receive our content in a dependable, timely, and efficient manner. We have experienced and may in the future experience periodic service
interruptions and delays involving our own systems and those of third parties that we work with. Both our own facilities and those of
third parties are vulnerable to damage or interruption from earthquakes, floods, fires, power loss, telecommunications failures, and similar
events. They also are subject to break-ins, sabotage, intentional acts of vandalism, the failure of physical, administrative, technical,
and cyber security measures, terrorist acts, natural disasters, human error, the financial insolvency of third parties that we work with,
and other unanticipated problems or events. The occurrence of any of these events could result in interruptions in our service and to
unauthorized access to, or alteration of, the content and data contained on our systems and that these third parties store and deliver
on our behalf. Any disruption in the services provided by these third parties could materially adversely impact our business reputation,
customer relations, and operating results.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>If we fail to accurately predict, recommend,
and play music that our users enjoy, we may fail to retain existing users and attract new users in sufficient numbers to meet investor
expectations for growth or to operate our business profitably.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Our system for predicting user music preferences
and selecting music tailored to our users&#8217; individual music tastes is based on advanced data analytics systems and proprietary algorithms.
While we have invested, and will continue to invest, significant resources in refining these technologies; however, these investments
may not yield an attractive return and such refinements may not be effective. The effectiveness of our ability to predict user music preferences
and select music tailored to our users&#8217; individual music tastes depends in part on our ability to gather and effectively analyze
large amounts of user data. In addition, our ability to offer users songs that they have not previously heard and impart a sense of discovery
depends on our ability to acquire and appropriately categorize additional songs that will appeal to each user&#8217;s diverse and changing
tastes. Although we have a large catalogue of songs available to stream, we may not be able to effectively identify and analyze additional
songs that our users will enjoy. Our ability to predict and select music content that our users enjoy is critical to our service and failure
to make accurate predictions could materially adversely affect our ability to adequately attract and retain users, increase hours spent
by users consuming video and audio content on our app (&#8220;Content Hours&#8221;), and sell advertising to meet investor expectations
for growth or to operate the business profitably.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>If we fail to effectively manage our
growth, our business, operating results, and financial condition may suffer.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Our rapid growth has placed, and will continue
to place, significant demands on our management and operational and financial infrastructure. In order to attain and maintain profitability,
we will need to recruit, integrate, and retain skilled and experienced personnel who can demonstrate our value proposition to users, advertisers,
and business partners and who can increase the monetization of the music streamed on our service, particularly on mobile devices. Continued
growth also could strain our ability to maintain reliable service levels for our users, effectively monetize the music streamed, develop
and improve our operational and financial controls, and recruit, train, and retain highly skilled personnel. If our systems do not evolve
to meet the increased demands placed on us by an increasing number of advertisers, we also may be unable to meet obligations under advertising
agreements with respect to the delivery of advertising or other performance obligations. As our operations grow in size, scope, and complexity,
we will need to improve and upgrade our systems and infrastructure, which will require significant expenditures and allocation of valuable
technical and management resources. If we fail to maintain efficiency and allocate limited resources effectively in our organization as
we grow, our business, operating results, and financial condition may suffer.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>We have incurred significant operating
losses in the past, and we may not be able to generate sufficient revenue to be profitable, or to generate positive cash flow on a sustained
basis. In addition, our revenue growth rate may decline.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Since our inception, we have incurred significant
operating losses and as of December&#160;31, 2022, had an accumulated deficit of $5,115,004. For the years ended December&#160;31, 2022,
and 2021, our operating losses were $17,379,187 and $13,564,077, respectively. We have incurred significant costs to license content and
continue to pay royalties to music labels, publishers, and other copyright owners for such content. We cannot assure you that we will
generate sufficient revenue from the sale of our services to offset the cost of our content and these royalty expenses. If we cannot successfully
earn revenue at a rate that exceeds the operational costs, including royalty expenses, associated with our services, we will not be able
to achieve or sustain profitability or generate positive cash flow on a sustained basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the future, our revenue growth rate may decline because of a variety of factors, including increased competition and the maturation of
our business. We cannot assure you that our revenue will continue to grow or will not decline. You should not consider our historical
revenue growth or operating expenses as indicative of our future performance. If our revenue growth rate declines or our operating expenses
exceed our expectations, our financial performance will be adversely affected.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
we also expect our costs to increase in future periods, which could negatively affect our future operating results and ability to achieve
profitability. We expect to continue to expend substantial financial and other resources on:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">securing
                                            top quality audio and video content from leading music labels, distributors, aggregators,
                                            as well as the publishing right to the underlying musical compositions;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">creating
                                            new forms of original content;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                            technology infrastructure, including website architecture, development tools, scalability,
                                            availability, performance, security, and disaster recovery measures;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">research
                                            and development, including investments in our research and development team and the development
                                            of new features;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">sales
                                            and marketing, including a significant expansion of our field sales organization;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">international
                                            expansion in an effort to increase our member base, engagement, and sales; and</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">general
                                            administration, including legal and accounting expenses, related to being a public company.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
investments may not result in increased revenue or growth in our business. If we fail to continue to grow our revenue and overall business,
our business, operating results, and financial condition could be harmed.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
ability to increase the number of users will depend in part on our ability to distribute our service, which may be affected by third-party
interference beyond our control.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
use of our service depends on the ability of our users to access the internet, our website, and the Anghami app. Enterprises or professional
organizations, including governmental agencies, could block access to the internet, our website, and the Anghami application for a number
of reasons such as security or confidentiality concerns or regulatory reasons that could adversely impact our user base.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
we distribute our application via smartphone and tablet application download stores managed by Amazon, Apple, Google, and Microsoft,
among others. Certain of these companies are now, and others may in the future become, our competitors, and could stop allowing or supporting
access to our service through their products, could allow access for us only at an unsustainable cost, or could make changes to the terms
of access in order to make our service less desirable or harder to access, for competitive reasons.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
rely on advertising revenue from our Ad-Supported Free service, and any failure to convince advertisers of the benefits of the Ad-Supported
Free service in the future could harm our business, operating results, and financial condition.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability to attract and retain advertisers, and ultimately to generate advertising revenue, depends on a number of factors, including:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">increasing
                                            the number of hours Ad-Supported Free service users spend listening to music or otherwise
                                            engaging with content;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">increasing
                                            the number of Ad-Supported Free service users;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">keeping
                                            up with advancements in technology;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">competing
                                            effectively for advertising dollars from other online and mobile music streaming and media
                                            companies;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">maintaining
                                            and growing relationships with marketers, agencies, and other demand sources who purchase
                                            advertising inventory from us; and</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">continuing
                                            to develop and diversify our advertisement platform, which currently includes delivery of
                                            advertising products through multiple delivery channels, including traditional computers,
                                            mobile, and other connected devices.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may not succeed in capturing a greater share of our advertisers&#8217; core marketing budgets, particularly if we are unable to achieve
the scale, reach, products, and market penetration necessary to demonstrate the effectiveness of our advertising solutions, or if our
advertising model proves ineffective or not competitive when compared to other alternatives and platforms through which advertisers choose
to invest their budgets. Failure to grow the Ad-Supported Free service user base and to effectively demonstrate the value of our Ad-Supported
Free service to advertisers could result in loss of, or reduced spending by, existing or potential future advertisers, which would materially
harm our business, operating results, and financial condition.</span></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Negative
media coverage could adversely affect our business.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
receive a high degree of media coverage in the MENA Operating Area. Unfavorable publicity regarding, for example, payments to music labels,
publishers, artists, and ther copyright owners, our privacy practices, terms of service, service changes, service quality, litigation
or regulatory activity, government surveillance, the actions of our advertisers, the actions of our developers whose services are integrated
with our service, the use of our service for illicit, objectionable, or illegal ends, the actions of any users, the quality and integrity
of content shared on our service, or the actions of other companies that provide similar services to it, could materially adversely affect
our reputation. Such negative publicity also could have an adverse effect on the size, engagement, and loyalty of our user base and result
in decreased revenue, which would materially adversely affect our business, operating results, and financial condition.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
business depends on a strong brand, and any failure to maintain, protect, and enhance the brand would hurt our ability to retain or expand
our base of Ad-Supported Free service users, Premium service users, and advertisers.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have developed a strong brand that we believe has contributed significantly to the success of our business. Maintaining, protecting,
and enhancing the &#8220;Anghami&#8221; brand is critical to expanding our base of Ad-Supported Free service users, Premium service users,
and advertisers, and will depend largely on our ability to continue to develop and provide an innovative and high-quality experience
for our users and to attract advertisers, content owners, mobile device manufacturers, and other consumer electronic product manufacturers
to work with us, which we may not do successfully. If we do not successfully maintain a strong brand, our business could be harmed.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
brand may be impaired by a number of other factors, including any failure to keep pace with technological advances on our platform or
with our service, slower load times for our service, a decline in the quality or quantity of the content available, a failure to protect
intellectual property rights, or any alleged violations of law, regulations, or public policy. Additionally, the actions of our developers,
advertisers, and content partners may affect our brand if users do not have a positive experience using third-party applications or websites
integrated with us or that make use of our content.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
trademarks, trade dress, and other designations of origin are important elements of our brand. We have registered &#8220;Anghami&#8221;
and other marks as trademarks in New York, UK, Switzerland, UAE, Saudi Arabia, Lebanon, Egypt, Jordan, and certain other jurisdictions.
Nevertheless, competitors or other companies may adopt marks similar to us or use our marks and confusingly similar terms as keywords
in internet search engine advertising programs, thereby impeding our ability to build brand identity and possibly leading to confusion
among our users. Whether or not our trademark applications are denied, third parties may claim that our trademarks infringe upon their
rights. As a result, we could be forced to pay significant settlement costs or cease the use of these trademarks and associated elements
of our brand in those or other jurisdictions. Doing so could harm our brand or brand recognition and adversely affect our business, financial
condition, and results of operation.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Various
regulations related to privacy and data security concerns pose the threat of lawsuits and other liability, require us to expend significant
resources, and may harm our business, operating results, and financial condition.</i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
collect and use personal and other information from and about our users as they interact with our Service. Various laws and regulations
govern the collection, use, retention, sharing, and security of the data we receive from and about our users. Privacy groups and government
bodies have increasingly scrutinized the ways in which companies link personal identities and data associated with particular users or
devices with data collected through the internet, and we expect such scrutiny to continue to increase. Alleged violations of laws and
regulations relating to privacy and data security, and any relevant claims, may expose us to potential liability and may require us to
expend significant resources in responding to and defending such allegations and claims. Claims or allegations that we have violated
laws and regulations relating to privacy and data security could in the future result in negative publicity and a loss of confidence
by our users and partners. Such claims or allegations also may subject us to fines, including by data protection authorities and credit
card companies, and could result in the loss of our ability to accept credit and debit card payments.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
the regulatory framework for privacy issues worldwide is currently in flux and is likely to remain so for the foreseeable future. Our
business, including our ability to operate and expand internationally, could be adversely affected if legislation or regulations are
adopted, interpreted, or implemented in a manner that is inconsistent with our current business practices and that require changes to
these practices, the design of our website, services, features, or our privacy policy. Our business could be harmed by any significant
change to applicable laws, regulations, or industry practices regarding the use of our users&#8217; personal data, for example regarding
the manner in which disclosures are made and how the express or implied consent of users for the use of personal data is obtained. Such
changes may require us to modify our services and features, possibly in a material manner, and may limit our ability to develop new services
and features that make use of the data that users voluntarily share. In addition, some of our developers or other partners, such as those
that help measure the effectiveness of ads, may receive or store information provided by us or by users through mobile or web applications
integrated with our service. We provide limited information to such third parties based on the scope of services provided. However, if
these third parties or developers fail to adopt or adhere to adequate data security practices, or in the event of a breach of their networks,
our data or our users&#8217; data may be improperly accessed, used, or disclosed.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
European Union General Data Protection Regulation (&#8220;GDPR&#8221;) came into effect on May 25, 2018, and required us to change our
privacy and data security practices. The GDPR implemented more stringent operational requirements for processors and controllers of personal
data, including, for example, requiring expanded disclosures about how personal information is to be used, limitations on retention of
information, mandatory data breach notification requirements, and higher standards for data controllers to demonstrate that they have
obtained valid consent or have another legal basis in place to justify their data processing activities. The GDPR provides that EU member
states may make their own additional laws and regulations in relation to certain data processing activities, which could limit our ability
to use and share personal data or could require localized changes to our operating model. Under the GDPR, fines of up to &#8364;20 million
or up to 4% of the total worldwide annual turnover of the preceding financial year, whichever is higher, may be assessed for non-compliance.
These new laws also could cause our costs to increase and result in further administrative costs to providing our service.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may find it necessary or desirable to join self-regulatory bodies or other privacy-related organizations that require compliance with
their rules pertaining to privacy and data security. We also may be bound by contractual obligations that limit our ability to collect,
use, disclose, share, and leverage user data and to derive economic value from it. New laws, amendments to, or reinterpretations of existing
laws, rules of self-regulatory bodies, industry standards, and contractual obligations, as well as changes in our users&#8217; expectations
and demands regarding privacy and data security, may limit our ability to collect, use, and disclose, and to leverage and derive economic
value from user data. Restrictions on our ability to collect, access and harness user data, or to use or disclose user data or any profiles
that we develop using such data, may require us to expend significant resources to adapt to these changes, and would in turn limit our
ability to stream personalized music content to our users and offer targeted advertising opportunities to our&#160;Ad-Supported Free
service&#160;users.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, any failure or perceived failure by us to comply with privacy or security laws, policies, legal obligations, industry standards,
or any security incident that results in the unauthorized release or transfer of personal data may result in governmental enforcement
actions and investigations, including fines and penalties, enforcement orders requiring us to cease processing or operate in a certain
way, litigation and/or adverse publicity, including by consumer advocacy groups, and could cause our customers to lose trust in us, which
could have an adverse effect on our reputation and business. Such failures could have a material adverse effect on our financial condition
and operations. If the third parties we work with (for example, cloud-based vendors) violate applicable laws or contractual obligations
or suffer a security breach, such violations also may put us in breach of our obligations under privacy laws and regulations and/or could
in turn have a material adverse effect on our business.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have incurred, and will continue to incur, expenses to comply with privacy and security standards and protocols imposed by law, regulation,
self-regulatory bodies, industry standards, and contractual obligations.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increased
regulation of data capture, analysis, and utilization and distribution practices, including self-regulation and industry standards, could
increase our cost of operation, limit our ability to grow our operations, or otherwise adversely affect our business, operating results,
and financial condition.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are subject to a number of risks related to credit card and debit card payments we accept.</i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
accept payments using a variety of methods, including credit and debit card transactions. For credit and debit card payments, we pay
interchange and other transaction fees, which may increase over time. An increase in those fees would require us to either increase the
prices we charge for our Premium Service, which could cause us to lose Premium service users and subscription revenue or suffer an increase
in our costs without a corresponding increase in the price we charge for our Premium Service, either of which could harm our business,
operating results, and financial condition.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
rely on third-party service providers for payment processing services. Our business could be materially disrupted if these third-party
service providers become unwilling or unable to provide these services to us. If we or our service providers for payment processing services
have problems with our billing software, or the billing software malfunctions, it could have a material adverse effect on our user satisfaction
and could cause one or more of the major credit card companies to disallow our continued use of their payment products. In addition,
if our billing software fails to work properly and, as a result, we do not automatically charge our Premium service user&#8217;s credit
cards on a timely basis or at all, our business, financial condition, and results of operations could be materially adversely affected.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are also subject to payment card association operating rules, certification requirements, and rules governing electronic funds transfers,
which could change or be reinterpreted to make it more difficult for us to comply. Any failure to comply with these rules or requirements
may subject us to higher transaction fees, fines, penalties, damages, and civil liability, and may result in the loss of our ability
to accept credit and debit card payments. Further, there is no guarantee that, even if we are in compliance with such rules or requirements,
such compliance will prevent illegal or improper use of our payment systems or the theft, loss, or misuse of data pertaining to credit
and debit cards, credit and debit card holders, and credit and debit card transactions. Certain payment card associations have proposed
additional requirements for trial offers for automatic renewal subscription services, which may hinder our ability to attract or retain
Premium service users.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we fail to adequately control fraudulent credit card transactions, we may face civil liability, diminished public perception of our security
measures, and significantly higher credit card-related costs, each of which could adversely affect our business, financial condition,
and results of operations. If we are unable to maintain our chargeback rate or refund rates at acceptable levels, credit card and debit
card companies may increase our transaction fees or terminate their relationships with us. The termination of our ability to process
payments on any major credit or debit card would significantly impair our ability to operate our business.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are subject to a number of risks related to other payment solution providers.</i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
accept payments through various payment solution providers, such as telco integrated billings and prepaid codes vendors. These payment
solution providers provide services to us in exchange for a fee and settlement terms, which may be subject to change, impacting our profitability
and cash position. Furthermore, we rely on their accurate and timely reports on sales and redemptions. If such accurate and timely reports
are not being provided, it will affect the accuracy of our reports to our licensors, and also affect the accuracy of our financial reporting.
In addition, our ability to provide subscription service is dependent on the performance of such payment solution providers. If these
service providers face technical issues that result in service downtime, our ability to generate subscription revenue could be adversely
impacted.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Emerging
industry trends in digital advertising may pose challenges for our ability to forecast or optimize our advertising inventory, which may
adversely impact the Ad-Supported Free service revenue.</i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
digital advertising industry is introducing new ways to measure and price advertising inventory. In the absence of a uniform industry
standard, agencies and advertisers have adopted several different measurement methodologies and standards. In addition, measurement services
may require technological integrations, which are still being evaluated by the advertising industry without an agreed-upon industry standard
metric. As these trends in the industry continue to evolve, our advertising revenue may be adversely affected by the availability, accuracy,
and utility of the available analytics and measurement technologies as well as our ability to successfully implement and operationalize
such technologies and standards.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
the digital advertising industry is shifting to data-driven technologies and advertising products, such as automated buying. These data-driven
advertising products and automated buying technologies allow publishers and advertisers to use data to target advertising toward specific
groups of users who are more likely to be interested in the advertising message delivered to them. These advertising products and programmatic
technologies are currently more developed in terms of advertising technology and industry adoption on the web than they are on mobile
or on other software applications and may not integrate with our desktop software version of the Ad-Supported Free service. Because the
majority of our Ad-Supported Free service user hours occur on mobile devices, if we are unable to deploy effective solutions to monetize
the mobile device usage by Ad-Supported Free service user base, our ability to attract advertising spend, and ultimately advertising
revenue, may be adversely affected by this shift.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
operating results may fluctuate, which makes our results difficult to predict.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
revenue and operating results could vary significantly from quarter to quarter and year to year because of a variety of factors, many
of which are outside our control. As a result, comparing our operating results on a period-to-period basis may not be meaningful. In
addition to other risk factors discussed herein, factors that may contribute to the variability of our quarterly and annual results include:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                            ability to retain current user base, increase the number of Ad-Supported Free service users
                                            and Premium service users, and increase users&#8217; time spent streaming content;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                            ability to effectively manage growth;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                            ability to attract and retain existing advertisers and prove that our advertising products
                                            are effective enough to justify a pricing structure that is profitable;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            effects of increased competition on our business;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                            ability to keep pace with changes in technology and competitors;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">lack
                                            of accurate and timely reports and invoices from rights holders and partners;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">interruptions
                                            in service, whether or not we are responsible for such interruptions, and any related impact
                                            on our reputation;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                            ability to pursue and appropriately time our entry into new geographic or content markets
                                            and, if pursued, our management of this expansion;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">costs
                                            associated with defending any litigation, including intellectual property infringement litigation;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            impact of general economic conditions on our revenue and expenses; and</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
                                            in regulations affecting our business.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seasonal
variations in user and marketing behavior also may cause fluctuations in our financial results. We expect to experience some effects
of seasonal trends in user behavior due to increased internet usage and sales of streaming service subscriptions and devices during holiday
periods, such as New Year&#8217;s Eve, Eid, and Christmas. We also may experience higher advertising sales during such increased usage
periods and incur greater marketing expenses as we attempt to attract new users and convert Ad-Supported Free service users to Premium
service users. In addition, expenditures by advertisers tend to be cyclical and are often discretionary in nature, reflecting overall
economic conditions, the economic prospects of specific advertisers or industries, budgeting constraints and buying patterns, and a variety
of other factors, many of which are outside our control.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we do not receive previously agreed financial incentives from the Abu Dhabi Investment Office, the results of our operations could be
adversely affected.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
headquarters are in Abu Dhabi, the capital of the UAE, at the Abu Dhabi Global Market (&#8220;ADGM&#8221;). The Abu Dhabi Investment
Office (&#8220;ADIO&#8221;), being the Abu Dhabi government&#8217;s investment attraction and development hub, has committed to providing
financial incentives to support the establishment, growth and development of our technology and research and development center in Abu
Dhabi. Pursuant to the incentive program agreement entered into between ADIO and us, dated December 23, 2020, we will be entitled to
receive these financial incentives, in the form of rebates, only upon meeting certain performance metrics and conditions. These include
establishing the project plan (which includes setting up the new global headquarters in Abu Dhabi and moving personnel to such office),
certain employment commitments and investment commitments. Based on these achievements, we will have to submit quarterly financial reports
and ADIO has the right to approve these reports and determine applicable rebates payable for such quarter. If we are unable to meet these
performance metrics or conditions in any quarter, or otherwise fail to receive the financial incentive payments, the results of our operations
could be adversely affected. An amendment has been made to the agreement in May 2023 where certain rebate amounts have been reclassified
between categories that are eligible for incentives.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
currency exchange rates fluctuate substantially in the future, the results of our operations could be adversely affected.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
we continue to expand our international operations, we become increasingly exposed to the effects of fluctuations in currency exchange
rates. We incur expenses for employee compensation, rental fees, and other operating expenses in the local currency, and an increasing
percentage of our international revenue is from users who pay us in currencies other than U.S. dollars, including the Lebanese Pound,
Egyptian Pound, Saudi Riyal, and UAE Dirham. Our principle foreign currency risk arises from Egyptian and Lebanese Pound denominated
transactions. For instance, as of December 31, 2022, we have had to reclass our bank balances in Lebanese Pounds equivalent of $17,947,
to which we have applied the Sayrafa rate which is the only officially recognized platform launched by the Central Bank of Lebanon to
other financial assets due to significant devaluation of Lebanese Pounds against U.S. dollar caused by the ongoing political and economic
situation in Lebanon. Fluctuations in the exchange rates between the U.S. dollar and other currencies may impact expenses as well as
revenue, and consequently have an impact on margin and the reported operating results. This could have a negative impact on our reported
operating results. To date, we have engaged in limited hedging strategies related to foreign exchange risk stemming from our operations.
These strategies may include instruments such as foreign exchange forward contracts and options. However, these strategies should not
be expected to fully eliminate the foreign exchange rate risk that we are exposed to.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Egypt&#8217;s
EGP currency has also experienced significant devaluation throughout 2022 and continuing into 2023. In March 2022 the EGP rose from an
exchange rate of approximately 15.7 EGP/USD to approximately 18.3 EGP/USD. It further rose to approximately 24.3 EGP/USD in November
2022 and closed at 30.60 EGP/USD on April 30, 2023. This has had an adverse impact on revenue in Egypt, which is our largest market,
and has pressed us to reprice several of our Telco plans in Egypt in order to mitigate the effects of the currency.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
impact of worldwide economic conditions may adversely affect our business, operating results, and financial condition.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
financial performance is subject to worldwide economic conditions and their impact on levels of advertising spending. Expenditures by
advertisers generally tend to reflect overall economic conditions, and to the extent that the economy continues to stagnate, reductions
in spending by advertisers could have a material adverse impact on our business. Historically, economic downturns have resulted in overall
reductions in advertising spending. Economic conditions may adversely impact levels of consumer spending, which could adversely impact
the number of users who purchase our Premium services on our website and mobile application.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consumer
purchases of discretionary items generally decline during recessionary periods and other periods in which disposable income is adversely
affected. To the extent that overall economic conditions reduce spending on discretionary activities, our ability to retain current and
obtain new Premium service users could be hindered, which could reduce our subscription revenue and negatively impact our business.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Tax</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are a multinational company that faces complex taxation regimes in various jurisdictions. Audits, investigations, and tax proceedings
could have a material adverse effect on our business, operating results, and financial condition.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to income and non-income taxes in numerous jurisdictions. Income tax accounting often involves complex issues, and judgment
is required in determining our worldwide provision for income taxes and other tax liabilities, if any. We regularly assess the likely
outcomes of these audits in order to determine the appropriateness of our tax reserves as well as tax liabilities going forward. In addition,
the application of withholding tax, value added tax, goods and services tax, sales taxes and other non-income taxes is not always clear,
and we may be subject to tax audits relating to such withholding or non-income taxes. We believe that our tax positions are reasonable
and that the tax reserves are adequate to cover any potential liability. However, tax authorities in certain jurisdictions may disagree
with our position, including the propriety of our related party arm&#8217;s length transfer pricing policies and the tax treatment of
corresponding expenses and income. If any of these tax authorities were successful in challenging our positions, we may be liable for
additional income tax and penalties and interest related thereto in excess of any reserves established therefor, which may have a significant
impact on our results and operations and future cash flow. Additionally, changes in tax laws, treaties, or regulations or their interpretation
or enforcement are unpredictable. Any of these occurrences could have a material adverse effect on the results of our operations and
financial condition.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
IRS may not agree that we should be treated as a non-U.S. corporation for U.S. federal income tax purposes.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
corporation is generally considered for U.S. federal income tax purposes to be a tax resident in the jurisdiction of our organization
or incorporation. Accordingly, under the generally applicable U.S. federal income tax rules, we, since we are incorporated under the
laws of the Cayman Islands, would be classified as a non-U.S. corporation (and, therefore, not a U.S. tax resident) for U.S. federal
income tax purposes. Section&#160;7874 of the Code provides an exception to this general rule under which a non-U.S. incorporated entity
may, in certain circumstances, be treated as a U.S. corporation for U.S. federal income tax purposes. If we were to be treated as a U.S.
corporation for U.S. federal income tax purposes, we could be subject to substantial liability for additional U.S. income taxes, and
the gross amount of any dividend payments to our non-U.S. holders could be subject to U.S. withholding tax.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
the rules for determining ownership under Section&#160;7874 are complex, unclear and the subject of ongoing regulatory change. Accordingly,
there can be no assurance that the IRS would not assert a contrary position to those described above or that such an assertion would
not be sustained by a court in the event of litigation.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we were a passive foreign investment company for United States federal income tax purposes for any taxable year, U.S. holders of ordinary
shares could be subject to adverse United States federal income tax consequences.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are or become a &#8220;passive foreign investment company,&#8221; or a PFIC, within the meaning of Section&#160;1297 of the Code for
any taxable year during which a U.S. holder holds ordinary shares, certain adverse U.S. federal income tax consequences may apply to
such U.S. holder. PFIC status depends on the composition of a company&#8217;s income and assets and the fair market value of our assets
from time to time, as well as on the application of complex statutory and regulatory rules that are subject to potentially varying or
changing interpretations. Based on the projected composition of our income and assets, including goodwill, we may be classified as a
PFIC for our current taxable year or in the foreseeable future. There can be no assurance that we will not be treated as a PFIC for any
taxable year.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we were treated as a PFIC, a U.S. holder of ordinary shares may be subject to adverse U.S. federal income tax consequences, such as taxation
at the highest marginal ordinary income tax rates on capital gains and on certain actual or deemed distributions, interest charges on
certain taxes treated as deferred, and additional reporting requirements. Certain elections (including a qualified electing fund (&#8220;QEF&#8221;)
or a mark-to-market election) may be available to U.S. holders of ordinary shares to mitigate some of the adverse tax consequences resulting
from PFIC treatment.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
a United States person is treated as owning at least 10% of our shares, such person may be subject to adverse U.S. federal income tax
consequences.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a United States person is treated as owning (directly, indirectly or constructively) at least 10% of the value or voting power of our
shares, such person may be treated as a &#8220;United States shareholder&#8221; with respect to each of us and our direct and indirect
subsidiaries (&#8220;Anghami Inc. Group&#8221;) that is a &#8220;controlled foreign corporation.&#8221; If the Anghami Inc. Group includes
one or more U.S. subsidiaries, under recently enacted rules, certain of our non-U.S. subsidiaries could be treated as controlled foreign
corporations regardless of whether we are treated as a controlled foreign corporation (although there are currently proposed Treasury
Regulations that may significantly limit the application of these rules).</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
United States shareholder of a controlled foreign corporation may be required to report annually and include in our U.S. taxable income
our pro rata share of the controlled foreign corporation&#8217;s &#8220;Subpart F income&#8221; and (in computing our &#8220;global intangible
low-taxed income&#8221;) &#8220;tested income&#8221; and a pro rata share of the amount of U.S. property (including certain stock in
U.S. corporations and certain tangible assets located in the United States) held by the controlled foreign corporation regardless of
whether such controlled foreign corporation makes any distributions. Failure to comply with these reporting obligations (or related tax
payment obligations) may subject such United States shareholder to significant monetary penalties and may prevent the statute of limitations
with respect to such United States shareholder&#8217;s U.S. federal income tax return for the year for which reporting (or payment of
tax) was due from starting. An individual that is a United States shareholder with respect to a controlled foreign corporation generally
would not be allowed certain tax deductions or foreign tax credits that would be allowed to a United States shareholder that is a U.S.
corporation. We cannot provide any assurances that we will assist holders in determining whether any of our non-U.S. subsidiaries are
treated as a controlled foreign corporation or whether any holder is treated as a United States shareholder with respect to any of such
controlled foreign corporations or furnish to any holder information that may be necessary to comply with reporting and tax paying obligations.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Doing Business in Jurisdictions in Which We Operate</b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Continued
hostilities and unrest in the MENA Region or changes in the economic, social and political environment in the MENA Region could have
an adverse impact on our business.</i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is difficult for us to predict the consequences of any political and socio-economic change that may be brought about as a result of the
unrest in several countries in the MENA Region, or what the implications of such changes will be on our operations given that legislative,
tax and business environments can be altered quickly and dramatically. Accordingly, our ability to operate our businesses regularly and
our willingness to commit new resources or investments may be affected or disrupted, potentially with corresponding reductions in revenue,
more aggressive taxation policies, increases in other expenses, restrictions on repatriating funds and difficulties in recruiting staff.
Such risks may have a material adverse effect on our business, financial condition, results of operations and/or prospects.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
as a substantial part of our assets and operations are currently located in jurisdictions which are, have been, or could in the future
be subject to political, economic and social instability, our operating results were and will be affected by any economic, social and
political developments that affect each of the countries in which we operate and, in particular, by the level of economic activity. Economic,
social and political instability leads to uncertainty over future economic conditions and policy decisions. Prolonged disruptions of
business operations due to any political or social instability could adversely affect our business.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further
incidents of political or social instability, terrorism, protests or violence may directly or indirectly affect the economies of the
markets in which we operate, which, in turn, could have a material adverse effect on our business, prospects, financial condition, cash
flows or results of operations.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are subject to the economic and political conditions of operating in an emerging market and operates against a backdrop of continued
instability and unrest in the Middle East.</i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
headquarters are in the UAE and, accordingly, our results of operations are, and will continue to be, generally affected by financial,
economic and political developments in or affecting Abu Dhabi, the UAE and the Middle East. It is not possible to predict the occurrence
of events or circumstances, such as war or hostilities, or the impact of such occurrences, and no assurance can be given that we would
be able to sustain the operation of our business if adverse political events or circumstances were to occur. A general downturn or instability
in certain sectors of the UAE or the regional economy could have an adverse effect on our business, financial condition, results of operations
and prospects.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
economic growth rates in the UAE remain above those of many more developed, as well as regional, markets, the UAE has experienced volatile
economic growth in recent years. Economic growth or performance in the UAE, in general, may not be sustained. The UAE&#8217;s wealth
remains largely based on oil and gas. Despite the UAE being viewed as being less vulnerable than some of our neighbors, due to the growth
in the non-oil sector and the sizeable wealth of the government of Abu Dhabi, fluctuations in energy prices have an important bearing
on economic growth. To the extent that economic growth or performance in the UAE subsequently declines, our business, financial condition
and results of operations may be adversely affected. In addition, the implementation by the governments of the UAE of restrictive fiscal
or monetary policies or regulations, including in respect of interest rates, or new legal interpretations of existing regulations and
the introduction of taxation or exchange controls could have a material adverse effect on our business, financial condition, results
of operations and prospects.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
the UAE is seen as a relatively stable political environment, certain other jurisdictions in the Middle East are not and there is a risk
that regional geopolitical instability could impact the UAE. Instability in the Middle East may result from a number of factors, including
government or military regime change, civil unrest or terrorism</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the risks outlined regarding the UAE, operating in Egypt and Lebanon also comes with potential political and economic risks.
Egypt has a history of political instability, including protests and military coups, which can disrupt economic activities. The country
also faces rising inflation and strain on the currency, which has significantly devalued in 2022. On the other hand, Lebanon is facing
an economic crisis and political instability, with inflation reaching 155% in 2022. Any of the foregoing circumstances could have a material
adverse effect on the political and economic stability of the Middle East in general and on the countries that we operate in and, consequently,
could have an adverse effect on our business, financial condition, results of operations and prospects.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is not possible to predict the occurrence of events or circumstances such as terrorism, war or hostilities, or more generally the financial,
political and economic conditions prevailing from time to time, or the impact of such occurrences or conditions, and no assurance can
be given that we would be able to be profitable if adverse financial, political or economic events or circumstances were to occur. A
general downturn or instability in certain sectors of the UAE, Egypt, Lebanon or the regional economy, or political upheaval therein,
could have an adverse effect on our business, results of operations and financial condition. Investors should also note that our business
and financial performance could be adversely affected by political, economic or related developments both within and outside the MENA
Region because of interrelationships within the global financial markets.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospective
investors should also be aware that investments in emerging markets, such as the UAE, are subject to greater risks than those in more
developed markets. The economy of the UAE, like those of many emerging markets, has been characterized by significant government involvement
through direct ownership of enterprises and extensive regulation of market conditions, including foreign investment, foreign trade and
financial services. While the policies of the local and central governments of the UAE generally resulted in improved economic performance
in previous years, there can be no assurance that these levels of performance can be sustained.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
business operations could be adversely affected by terrorist attacks and political instability, and other events beyond our control.</i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Terrorist
activity in the MENA Region stemming from the ongoing political instability and civil war in certain countries, including Syria and Iraq,
has had an adverse effect on consumer appetite and demand in general. There have been a number of terrorist attacks in various countries,
which are claimed to be conducted by the terrorist organization and despite the recent loss of military might and territory of such organization
in Syria and Iraq, there is no assurance that no such attempts will be carried out in the near future. The MENA Region has generally
also experienced domestic political instability caused by ethnic separatist groups. Our business, financial condition, results of operations
or liquidity could be adversely affected if such terrorist activity heightens and spreads into cities where we operate.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
do business in locations where we are exposed to a greater-than-average risk of adverse sovereign action.</i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do business in locations where we are exposed to a greater-than-average risk of adverse sovereign action, including overt or effective
expropriation or nationalization of property. Furthermore, relatively high commodity prices and other factors in recent years have resulted
in increased resource nationalization in some countries, with governments repudiating or renegotiating contracts with, and expropriating
assets from, companies that are producing in such countries. Governments in these countries may decide not to recognize previous arrangements
if they regard them as no longer being in the national interest. Governments may also implement export controls on commodities regarded
by them as strategic or place restrictions on foreign ownership or operation of strategic assets. Governments of the countries in which
we operate may adopt nationalization, expropriation, or export control policies going forward. Expropriation of assets, renegotiation
or nullification of existing agreements, leases or permits by the governments of countries in which we operate, could each have a material
adverse effect on our business, results of operations, financial condition and/or prospects.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
although not direct sovereign actions, certain countries have passed laws to favor their own economic growth. For instance, Saudi Arabia
will no longer sign contracts with foreign companies that do not have regional headquarters in the kingdom after 2023. If the governments
of countries in which we operate create similar requirements, we could be required to expend additional resources to meet such requirements
and this could adversely affect our business, results of operations, and financial condition.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
operate in regions where corrupt behavior exists that could impair our ability to do business in the future or result in significant
fines or penalties.</i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do business, and may continue to do business in the future, in countries and regions where governmental corruption has been known to
exist, and where we may face, directly or indirectly, corrupt demands by officials, or the risk of unauthorized payments or offers of
payments by one of our employees, consultants, sponsors or agents. Our existing anti-corruption safeguards and policies and any future
improvements thereon may prove to be not fully effective in preventing such unauthorized payments, and our employees and consultants
may engage in conduct for which we might be held responsible. While we are committed to conducting business in a legal and ethical manner,
there is a risk of violating applicable anti-corruption regulations that generally prohibit the making of improper payments to foreign
officials for the purpose of obtaining or keeping business. Violation of these laws may result in severe criminal or civil sanctions
or other liabilities that could materially damage our reputation and, therefore, our business, results of operations and financial condition.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Owning Our Securities</b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
trading price of our ordinary shares has been and will likely continue to be volatile. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading price of our ordinary shares has been and is likely to continue to be volatile. Since the closing of our Business Combination
on February 3, 2022, through March 31, 2023, the trading price of our ordinary shares ranged from $1.54 to $33.13. The market price of
our ordinary shares may fluctuate or decline significantly in response to the factors enumerated in this report, as well as other factors,
many of which are beyond our control, including:</span></p><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">quarterly
                                            variations in our results of operations or those of our competitors;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            accuracy of our financial guidance or projections;</span></td></tr></table><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                            announcements or our competitors&#8217; announcements regarding new services, enhancements,
                                            significant contracts, acquisitions, or strategic investments;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            overall performance of the equity markets, including fluctuations due to general economic
                                            uncertainty or negative market sentiment;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            major change in our board of directors or management;</span></td></tr></table><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">publication
                                            of research reports about us or our industry or changes in recommendations or withdrawal
                                            of research coverage by securities analysts; and</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            exercises of our warrants or redemptions of warrants by us; and sales or expected sales,
                                            or repurchases or expected repurchases, of our ordinary shares by us, and our officers, directors,
                                            and significant shareholders. <i>See </i>&#8220;<i>Future sales, or the perception of future
                                            sales, of our ordinary shares and/or warrants being offered by us or our existing securityholders
                                            may cause the market price of such securities to decline significantly.&#8221;</i></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the stock market in general, and the market for technology companies in particular, have experienced extreme price and volume
fluctuations that often have been unrelated or disproportionate to the operating performance of those companies. Price volatility over
a given period may cause the average price at which the Company repurchases its ordinary shares to exceed the trading price at a given
point in time. Securities class action litigation has often been instituted against companies following periods of volatility in the
overall market and in the market price of a company&#8217;s securities. Such litigation, if instituted against us, could result in very
substantial costs, divert our management&#8217;s attention and resources and harm our business, operating results, and financial condition.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>An
active and liquid trading market for our ordinary shares may not develop, the market price may be volatile, and investors may suffer
a loss.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to the Business Combination, there was no public market for our ordinary shares. In connection with the Business Combination, our shares
were listed on Nasdaq on February 4, 2022. However, there can be no assurance that an active and liquid trading market for our ordinary
shares will develop or be maintained. Active, liquid trading markets generally result in lower price volatility and more efficient execution
of buy and sell orders for investors. The actual market price of the ordinary shares may fluctuate because of several factors, including
those described in this section &#8220;Risk Factors,&#8221; may not reflect our actual operating performance and may be lower than the
price investors paid to purchase the ordinary shares.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
can be no assurance that our warrants will be in-the-money at any time, and they may expire worthless.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
exercise price for our public, service and private placement warrants is $11.50 per ordinary share. There can be no assurance that our
warrants will be in-the-money at any time that our warrants are exercisable and prior to their expiration, and as such, our warrants
may expire worthless. We cannot provide assurance that the trading price of our ordinary shares will be attractive to exercise our outstanding
warrants.</span></p><div>

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</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
exercise of our warrants would increase the number of shares eligible for future resale in the public market and result in dilution to
our shareholders.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of March 31, 2023, we had 10,000,000 public warrants outstanding and 872,800 private warrants. To the extent our warrants are exercised,
additional ordinary shares will be issued, which will result in dilution to the holders of ordinary shares and potentially increase the
number of shares eligible for resale in the public market, which could cause a decline in the price of our ordinary shares. Sales of
substantial numbers of ordinary shares in the public market could adversely affect the market price of our ordinary shares and warrants.
See &#8220;<i>Future sales, or the perception of future sales, of our ordinary shares and/or warrants being offered by us or our existing
securityholders may cause the market price of such securities to decline significantly</i>.&#8221;</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Future
sales, or the perception of future sales, of our ordinary shares and/or warrants being offered by us or our existing securityholders
may cause the market price of such securities to decline significantly.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
sale of substantial amounts of our ordinary shares or warrants, or the perception that such sales could occur, could harm the prevailing
market price of shares of our ordinary shares and warrants. These sales, or the possibility that these sales may occur, also might make
it more difficult for us to sell equity securities in the future at a time and at a price that we deem appropriate. We believe that the
likelihood that warrant holders will exercise their warrants, and therefore the amount of cash proceeds that we would receive, is dependent
upon the market price of our ordinary shares. If the market price for our ordinary shares is less than the exercise price of the warrants
(on a per share basis), we believe warrant holders will be unlikely to exercise the warrants.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Certain
of our security holders acquired their shares at a price that is less than the market price of our ordinary shares as of the date of
this report, may earn a positive rate of return even if the price of our ordinary shares declines and may be willing to sell their shares
at a price less than shareholders that acquired our shares in the public market.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
of our securityholders may have purchased their respective ordinary shares and/or warrants at prices lower than current market prices
and may therefore experience a positive rate of return on their investment, even if our public securityholders experience a negative
rate of return on their investment. In particular, prior to the consummation of VMAC&#8217;s IPO, Sponsor purchased 2,875,000 Class B
shares of VMAC (&#8220;Founder Shares&#8221;), which were converted into ordinary shares at the closing of the Business Combination,
for an aggregate purchase price of $25,000, or approximately $0.009 per share. Of these Founder Shares, 375,000 were forfeited by our
Sponsor due to the underwriters&#8217; not exercising the over-allotment option in connection with the IPO. As a result, the Sponsor
and other shareholders are able to recognize a greater return on their investment than shareholders or holders of warrants that purchased
VMAC common stock or VMAC warrants in VMAC&#8217;s IPO, in the public market thereafter, or our ordinary shares after the closing of
the Business Combination. Furthermore, such shareholders may earn a positive rate of return even if the price of our ordinary shares
and/or warrants declines significantly. As a result, such security holders may be willing to sell their shares and/or warrants at a price
less than shareholders that acquired our shares on the public market or at higher prices than the price paid by such security holders.
The sale or possibility of sale of these ordinary shares and/or warrants, including those pursuant to this prospectus, could have the
effect of increasing the volatility in ordinary share and warrant price or putting significant downward pressure on the price of ordinary
shares and/or warrants.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Offers
or availability for sale of a substantial number of shares of our ordinary shares may cause the price of our ordinary shares to decline
and could make more difficult our ability to raise additional financing through the sale of equity or equity-related securities in the
future.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
our shareholders sell or may sell substantial amounts of our ordinary shares in the public market upon the expiration of any statutory
holding period or lockup agreements or issued upon the exercise of outstanding warrants or other convertible securities, it could create
a circumstance commonly referred to as an &#8220;overhang&#8221; and in anticipation of which the market price of our ordinary shares
could fall. The existence of an overhang, whether or not sales have occurred or are occurring, also could make more difficult our ability
to raise additional financing through the sale of equity or equity-related securities in the future at a time and price that we deem
reasonable or appropriate.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may redeem your unexpired public warrants prior to their exercise at a time that is disadvantageous to you, thereby making your Warrants
worthless.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have the ability to redeem outstanding warrants at any time after they become exercisable and prior to their expiration, at a price of
$0.01 per warrant, provided that the closing price of our ordinary shares equals or exceeds $18.00 per share (as adjusted for share sub-divisions,
share capitalizations, reorganizations, recapitalizations and the like) on each of 20 trading days within a 30 trading-day period ending
on the third trading day prior to proper notice of such redemption, and provided further that there is an effective registration statement
covering the ordinary shares issuable upon exercise of the warrants, and a current prospectus relating thereto, available throughout
the 30-day redemption period, or we have elected to require the exercise of the warrants on a &#8220;cashless basis,&#8221; and such
cashless exercise is exempt from registration under the Securities Act. If and when the warrants become redeemable by us, we may exercise
our redemption right even if we are unable to register or qualify the underlying securities for sale under all applicable state securities
laws. Redemption of the outstanding warrants could force holders (i) to exercise the warrants and pay the exercise price therefor at
a time when it may be disadvantageous to do so, (ii) to sell the warrants at the then-current market price when the holder might otherwise
wish to hold its warrants, or (iii) to accept the nominal redemption price which, at the time the outstanding warrants are called for
redemption, is likely to be substantially less than the market value of the warrants. Certain warrants held by Sponsor, or its permitted
transferees are not redeemable by us so long as they continue to be held by the Sponsor or its permitted transferees.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we do not maintain a current and effective prospectus relating to the ordinary shares issuable upon exercise of our warrants, then holders
may only be able to exercise the warrants on a &#8220;cashless basis.&#8221;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we do not maintain a current and effective prospectus relating to our ordinary shares issuable upon exercise of our warrants, at the
time that holders wish to exercise such warrants, then they may only be able to exercise them on a &#8220;cashless basis&#8221; to the
extent permitted by the terms of the warrant agreement. As a result, the number of ordinary shares that holders will receive upon exercise
of the warrants will be fewer than it would have been had such holders exercised their warrants for cash. Under the terms of the warrant
agreement, we have agreed to use our best efforts to maintain a current and effective prospectus relating to the ordinary shares issuable
upon exercise of the warrants until the expiration of the warrants. However, we cannot assure you that we will be able to do so in a
timely manner or at all. If we are unable to continue to maintain a current and effective prospectus, and there is a right existing under
the terms of the warrant agreement to exercise the warrants on a cashless basis, the potential &#8220;upside&#8221; of the holder&#8217;s
investment in the Company may be reduced.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Reports
published by analysts, including projections in those reports that differ from our actual results, could adversely affect the price and
trading volume of our shares.</i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
research analysts may establish and publish their own periodic projections for Anghami. These projections may vary widely and may not
accurately predict the results we actually achieve. Our share price may decline if our actual results do not match the projections of
these securities research analysts. Similarly, if one or more of the analysts who write reports on us downgrades our stock or publishes
inaccurate or unfavorable research about our business, our share price could decline. If one or more of these analysts ceases coverage
of us or fails to publish reports on us regularly, our share price or trading volume could decline.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Provisions
in our articles of association may delay or prevent our acquisition by a third party. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
articles of association contain provisions that may make it more difficult or expensive for a third party to acquire control of us without
the approval of our board of directors and, if required, our shareholders. These provisions also may delay, prevent, or deter a merger,
acquisition, tender offer, proxy contest, or other transaction that might otherwise result in our shareholders receiving a premium over
the market price for their ordinary shares. The provisions of our articles of association could discourage potential takeover attempts
and reduce the price that investors might be willing to pay for our ordinary shares in the future, which could reduce the trading price
of our ordinary shares.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
do not expect to pay cash dividends in the foreseeable future.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have never declared or paid any cash dividends on our share capital. We currently intend to retain any future earnings for working capital
and general corporate purposes and do not expect to pay dividends or other distributions on our ordinary shares in the foreseeable future.
As a result, you may only receive a return on your investment in our ordinary shares if you sell some or all of your ordinary shares
after the trading price of our ordinary shares increases. You may not receive a gain on your investment when you sell your ordinary shares,
and you may lose the entire amount of the investment.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
we are a holding company and have no material assets other than our direct and indirect ownership of shares in our subsidiaries. Our
ability to pay any future dividends is subject to restrictions on the ability of our subsidiaries to pay dividends or make distributions
to us, including the laws of the relevant jurisdiction in which the subsidiaries are organized or located, as well as any restrictions
in the future indebtedness of our subsidiaries or on our ability to receive dividends or distributions from our subsidiaries. Since we
are expected to rely primarily on dividends from our direct and indirect subsidiaries to fund our financial and other obligations, restrictions
on our ability to receive such funds may adversely impact our ability to fund our financial and other obligations.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Our Status as a Foreign Private Issuer</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>As
a foreign private issuer, we are exempt from a number of U.S. securities laws and rules promulgated thereunder and are permitted to publicly
disclose less information than U.S. public companies must. This may limit the information available to holders of the ordinary shares.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently qualify as a foreign private issuer, as defined in the rules and regulations of the SEC, and, consequently, we are not subject
to all of the disclosure requirements applicable to companies organized within the United States. For example, we are exempt from certain
rules under the U.S. Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;) that regulate disclosure obligations
and procedural requirements related to the solicitation of proxies, consents or authorizations applicable to a security registered under
the Exchange Act. In addition, our officers and directors are exempt from the reporting and &#8220;short swing&#8221; profit recovery
provisions of Section&#160;16 of the Exchange Act and related rules with respect to their purchases and sales of our securities. For
example, some of our key executives may sell a significant amount of ordinary shares and such sales will not be required to be disclosed
as promptly as companies organized within the United States would have to disclose. Accordingly, once such sales are eventually disclosed,
the price of ordinary shares may decline significantly. Moreover, we are not required to file periodic reports and financial statements
with the SEC as frequently or as promptly as U.S. public companies. We are also not subject to Regulation FD under the Exchange Act,
which would prohibit us from selectively disclosing material nonpublic information to certain persons without concurrently making a widespread
public disclosure of such information. Accordingly, there may be less publicly available information concerning our company than there
is for U.S. public companies.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a foreign private issuer, we are required to file an annual report on Form 20-F within four months of the close of each fiscal year ended
December&#160;31 and furnish reports on Form 6-K relating to certain material events promptly after we publicly announce these events.
However, because of the above exemptions for foreign private issuers, our shareholders may not always be afforded the same information
generally available to investors holding shares in public companies that are not foreign private issuers.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses. This would
subject us to U.S. GAAP reporting requirements which may be difficult for us to comply with.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a &#8220;foreign private issuer,&#8221; we are not required to comply with all of the periodic disclosure and current reporting requirements
of the Exchange Act and related rules and regulations. Under those rules, the determination of foreign private issuer status is made
annually on the last business day of an issuer&#8217;s most recently completed second fiscal quarter, and, accordingly, the next determination
will be made with respect to us on June&#160;30, 2023.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the future, we could lose our foreign private issuer status if a majority of our ordinary shares are held by residents in the United
States and we fail to meet any one of the additional &#8220;business contacts&#8221; requirements. Although we intend to follow certain
practices that are consistent with U.S. regulatory provisions applicable to U.S. companies, our loss of foreign private issuer status
would make such provisions mandatory. The regulatory and compliance costs to us under U.S. securities laws if we are deemed a U.S. domestic
issuer may be significantly higher. If we are not a foreign private issuer, we will be required to file periodic reports and prospectuses
on U.S. domestic issuer forms with the SEC, which are more detailed and extensive than the forms available to a foreign private issuer.
For example, we would become subject to the Regulation FD, aimed at preventing issuers from making selective disclosures of material
information. We also may be required to modify certain of our policies to comply with good governance practices associated with U.S.
domestic issuers. Such conversion and modifications will involve additional costs. In addition, we may lose our ability to rely upon
exemptions from certain corporate governance requirements of Nasdaq that are available to foreign private issuers. For example, Nasdaq&#8217;s
corporate governance rules require listed companies to have, among other things, a majority of independent board members and independent
director oversight of executive compensation, nomination of directors, and corporate governance matters. Nasdaq rules also require shareholder
approval of certain share issuances, including approval of equity compensation plans. As a foreign private issuer, we are permitted to
follow home country practice in lieu of the above requirements. While we are not currently using the following exemptions from certain
Nasdaq corporate governance standards as of the date of this annual report, as long as we rely on the foreign private issuer exemption
to certain of Nasdaq&#8217;s corporate governance standards, a majority of the directors on our board of directors are not required to
be independent directors, our remuneration committee is not required to be comprised entirely of independent directors and we will not
be required to have a nominating and corporate governance committee. Also, we would be required to change our basis of accounting from
IFRS as issued by the IASB to U.S. GAAP, which may be difficult and costly for us to comply with. If we lose our foreign private issuer
status and fails to comply with U.S. securities laws applicable to U.S. domestic issuers, we may have to de-list from Nasdaq and could
be subject to investigation by the SEC, Nasdaq and other regulators, among other materially adverse consequences.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Because
we are incorporated under the laws of the Cayman Islands, you may face difficulties in protecting your interests, and your ability to
protect your rights through the U.S. Federal courts may be limited.</i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an exempt company incorporated under the laws of the Cayman Islands. As a result, it may be difficult for investors to effect service
of process within the United States upon our directors or officers, or enforce judgments obtained in the United States courts against
our directors or officers.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
corporate affairs will be governed by our amended and restated memorandum and articles of association, the Companies Law (as the same
may be supplemented or amended from time to time) and the common law of the Cayman Islands. We will also be subject to the federal securities
laws of the United States. The right of shareholders to take action against the directors, actions by minority shareholders and the fiduciary
responsibilities of our directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands.
The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as
from English common law, the decisions of whose courts are of persuasive authority, but are not binding on a court in the Cayman Islands.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
rights of our shareholders and the fiduciary responsibilities of our directors under Cayman Islands law are different from what they
would be under statutes or judicial precedent in some jurisdictions in the United States. In particular, the Cayman Islands has a different
body of securities laws as compared to the United States, and certain states, such as Delaware, may have more fully developed and judicially
interpreted bodies of corporate law. In addition, Cayman Islands companies may not have standing to initiate a shareholder&#8217;s derivative
action in a Federal court of the United States.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have been advised by our Cayman Islands legal counsel, that the courts of the Cayman Islands are unlikely (i) to recognize or enforce
against us judgments of courts of the United States predicated upon the civil liability provisions of the federal securities laws of
the United States or any state; and (ii) in original actions brought in the Cayman Islands, to impose liabilities against us predicated
upon the civil liability provisions of the federal securities laws of the United States or any state, so far as the liabilities imposed
by those provisions are penal in nature. In those circumstances, although there is no statutory enforcement in the Cayman Islands of
judgments obtained in the United States, the courts of the Cayman Islands will recognize and enforce a foreign money judgment of a foreign
court of competent jurisdiction without retrial on the merits based on the principle that a judgment of a competent foreign court imposes
upon the judgment debtor an obligation to pay the sum for which judgment has been given provided certain conditions are met. For a foreign
judgment to be enforced in the Cayman Islands, such judgment must be final and conclusive and for a liquidated sum, and must not be in
respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in respect of the same matter, impeachable on the
grounds of fraud or obtained in a manner, or be of a kind the enforcement of which is, contrary to natural justice or the public policy
of the Cayman Islands (awards of punitive or multiple damages may well be held to be contrary to public policy). A Cayman Islands court
may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of all of the above, public shareholders may have more difficulty in protecting their interests in the face of actions taken
by management, members of the board of directors or controlling shareholders than they would as public shareholders of a corporation
incorporated in the United States.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>It
may be difficult to enforce a U.S. judgment against us or our directors and officers outside the United States, or to assert U.S. securities
law claims outside of the United States.</i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
number of our directors and executive officers are not residents of the United States, and the majority of our assets and the assets
of these persons are located outside the United States. As a result, it may be difficult or impossible for investors to effect service
of process upon us within the United States or other jurisdictions, including judgments predicated upon the civil liability provisions
of the federal securities laws of the United States. Additionally, it may be difficult to assert U.S. securities law claims in actions
originally instituted outside of the United States. Foreign courts may refuse to hear a U.S. securities law claim because foreign courts
may not be the most appropriate forum in which to bring such a claim. Even if a foreign court agrees to hear a claim, it may determine
that the law of the jurisdiction in which the foreign court resides, and not U.S. law, is applicable to the claim. Further, if U.S. law
is found to be applicable, the content of applicable U.S. law must be proved as a fact, which can be a time-consuming&#160;and costly
process, and certain matters of procedure would still be governed by the law of the jurisdiction in which the foreign court resides.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>As
a company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate governance
matters that differ significantly from Nasdaq corporate governance listing standards; these practices may afford less protection to shareholders
than they would enjoy if we complied fully with Nasdaq corporate governance listing standards.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a company incorporated in the Cayman Islands, and our ordinary shares and warrants are listed on Nasdaq. Nasdaq market rules permit
a foreign private issuer like us to follow the corporate governance practices of our home country. Certain corporate governance practices
in the Cayman Islands, which is our home country, may differ significantly from Nasdaq corporate governance listing standards.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Among
others, we are not required to: (i) have a majority of the board be independent; (ii) have a compensation committee consisting entirely
of independent directors; (iii) have a minimum of three members on the audit committee; (iv) obtain shareholders&#8217; approval for
issuance of securities in certain situations; or (v) have regularly scheduled executive sessions with only independent directors each
year.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Provisions
in our governance documents may inhibit a takeover of us, which could limit the price investors might be willing to pay in the future
for ordinary shares and could entrench management.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
governance documents contain provisions that may discourage unsolicited takeover proposals that shareholders may consider to be in their
best interests. These provisions include that our board of directors is classified into three classes of directors. As a result, in most
circumstances, a person can gain control of the board only by successfully engaging in a proxy contest at two or more annual general
meetings. We may issue additional shares without shareholder approval and such additional shares could be utilized for a variety of corporate
purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The ability for us to issue
additional shares could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer,
merger or otherwise that could involve the payment of a premium over prevailing market prices for ordinary shares.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
JOBS Act permits &#8220;emerging growth companies&#8221; like us to take advantage of certain exemptions from various reporting requirements
applicable to other public companies that are not emerging growth companies.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently qualify as an &#8220;emerging growth company&#8221; as defined in Section&#160;2(a)(19) of the Securities Act, as modified
by the Jumpstart Our Business Startups Act of 2012, which we refer to as the &#8220;JOBS Act.&#8221; As such, we take advantage of certain
exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies for as long
as we continue to be an emerging growth company, including the exemption from the auditor attestation requirements with respect to internal
control over financial reporting under Section&#160;404 of the Sarbanes-Oxley Act. As a result, our shareholders may not have access
to certain information they deem important.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, Section&#160;107 of the JOBS Act also provides that an emerging growth company can take advantage of the exemption from complying
with new or revised accounting standards provided in Section&#160;7(a)(2)(B) of the Securities Act as long as we are an emerging growth
company. An emerging growth company can therefore delay the adoption of certain accounting standards until those standards would otherwise
apply to private companies. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with
the requirements that apply to non-emerging growth companies, but any such election to opt out is irrevocable.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot predict if investors will find ordinary shares or warrants less attractive because we rely on these exemptions. If some investors
find ordinary shares or warrants less attractive as a result, there may be a less active trading market and the share price for ordinary
shares may be more volatile. When we cease to qualify as an emerging growth company, we may incur increased legal, accounting and compliance
costs associated with Section&#160;404 of the Sarbanes-Oxley Act.</span></p><div>

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</div><div><a id="a_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM&#160;4.
INFORMATION ON THE COMPANY</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
History and Development of the Company</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overview</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Founded
in 2012, Anghami was the first music-streaming platform in the Middle East and North Africa (the &#8220;MENA Region&#8221;). Anghami&#8217;s
business focuses on the following countries within the MENA Region: Algeria, Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya<i>,
</i>Morocco, Oman, Palestine, Qatar, Saudi Arabia, Sudan, Tunisia and UAE (together, our &#8220;MENA Operating Area&#8221;). We are now
the leading regional digital music entertainment technology platform in our MENA Operating Area, with the largest catalog, offering approximately
99 million songs to more than 121 million registered users as of December 31, 2022, 1.52 million paid subscribers and 18.8 million active
users, with more than 11.6 billion streams per year as of December 2022. We are a music application and platform that offers listeners
in the MENA Operating Area Arabic and international music to stream and download.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
service is offered through a choice of two primary plans: Free (Ad-supported) and Anghami Plus (Premium service). Within the Premium
service, we offer four main subscription plans: our individual Anghami Plus plan, the Family Anghami Plus Plan (1 plan for 6 individual
accounts at a discounted price), the Student Plan (discounted and restricted to students), the limited Anghami Plus plan (a more restricted
Plus plan currently available through selected partners or in certain territories). These plans differ in both pricing and duration ranging
from daily to yearly offers. The pricing plans differ by country and currencies.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have licensing agreements with thousands of independent labels and distributors to provide users with access to a vast catalog of music.
We have long-standing business relationships with major global labels including Universal Music Group, Sony Music and Warner Music Group.
We have a physical presence in UAE, Saudi Arabia, Egypt and Lebanon, in the MENA Region to establish and maintain strong partnerships
with labels, artists, brands, and telecommunication companies. In addition, we have established strategic relationships with 42 telecommunication
companies across the MENA Operating Area, which we believe will help us to boost free user acquisitions and facilitate subscriptions
in our effort to maintain a leading paying conversion rate amongst music streaming services in the MENA Operating Area<i>.</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
artificial intelligence and machine learning algorithms process over 56 million data points collected from our users every day. We utilize
over nine years of historical user data to understand user trends, predict user behavior, and invest in growth areas that we believe
are likely to generate the highest return on investment. Anghami expects its use of data collection and historical user data to help
improve monetization and continue to be a key driver of revenues.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We
are headquartered in Abu Dhabi, at the ADGM, and have offices in Beirut, Dubai, Cairo and Riyadh. ADIO, being the Abu Dhabi government&#8217;s
investment attraction and development hub, has committed to providing financial incentives to support the establishment, growth and development
of our technology and research and development center in Abu Dhabi, subject to us meeting certain performance metrics and conditions.
ADIO will make available the financial incentives to the Group as part of the agreement. The terms of the Incentive program are effective
through 30 June 2025. As of December 31, 2022 we had accrued government grants of $2,055,978. The accrued government grants are due from
governmental entities not yet claimed.<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Corporate
History and Structure</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anghami
Inc. is a Cayman Islands exempted company incorporated in March 2021. Our direct and indirect key subsidiaries include:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anghami,
                                            Cayman Islands exempted company incorporated in February 2012;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DigiMusic
                                            S.A.L. (Off-Shore), a Lebanese entity established in November 2011;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anghami
                                            FZ LLC, a limited liability company, registered in the UAE, Dubai, established in May 2014;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anghami
                                            for Digital Content, a joint-stock company, registered in Egypt, established in March 2017
                                            (&#8220;ADC&#8221;);</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anghami
                                            KSA Co., a limited liability company, registered in the Kingdom of Saudi Arabia, established
                                            in May 2018;</span></td></tr></table><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anghami
                                            Technologies Ltd, a limited liability company, registered in the UAE, Abu Dhabi, established
                                            in December 2020;</span></td></tr>
                                                                              </table><div>

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<td style="width: 0.25in">&#160;</td><td style="width: 0.25in">&#160;</td><td>&#160;</td></tr>
                                                                                   </table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spotlight
                                            Recreational Services LLC*, a limited liability company, registered in the UAE, Dubai.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
3 June 2022, the Group acquired 100% of the shares of Spotlight Recreational Services LLC (&#8220;Spotlight&#8221;), a Company incorporated
under the laws of the United Arab Emirates, pursuant to the signed sale and purchase agreement. Spotlight is engaged in operating live
events. This acquisition has been accounted for in accordance with IFRS 3 Business Combinations.</span></td>
</tr></table><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 3, 2022, we completed the Business Combination. Prior to the closing of the Business Combination Anghami Inc, was a wholly owned
subsidiary of Anghami. The following diagram illustrates our current organizational structure after the closing of the Business Combination:</span></td>
</tr></table><div>



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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anghami
Inc. is subject to certain of the informational filing requirements of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange
Act&#8221;). Because Anghami Inc. is a &#8220;foreign private issuer&#8221;, we are exempt from the rules and regulations under the Exchange
Act prescribing the furnishing and content of proxy statements, and the officers, directors and principal shareholders of Anghami Inc.
are exempt from the reporting and &#8220;short swing&#8221; profit recovery provisions contained in Section&#160;16 of the Exchange Act
with respect to their purchase and sale of common shares. In addition, Anghami Inc. is not required to file reports and financial statements
with the SEC as frequently or as promptly as U.S. public companies whose securities are registered under the Exchange Act. However, the
Company is required to file with the SEC an Annual Report on Form&#160;20-F&#160;containing financial statements audited by an independent
accounting firm. The SEC also maintains a website at www.sec.gov that contains reports and other information that Anghami Inc. files
with or furnishes electronically to the SEC.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
website address of Anghami Inc. is www.anghami.com/investors. The information contained on the website does not form a part of, and is
not incorporated by reference into, this annual report.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
Business Overview</b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Industry
Overview</b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Global
Music Recording Industry</i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
global music recording industry has been making a strong comeback after a period of decline in the early 2000s and is steadily achieving
positive growth due in large part to the advent of music streaming. According to the International Federation of the Phonographic Industry
(&#8220;IFPI&#8221;), recorded music revenue returned to growth in 2015 after the global industry&#8217;s lowest revenue in 2014 of $14
billion. After nearly two decades of piracy-driven declines, in 2015 global recorded music revenues grew more than 3.57% from the prior
year, and global recorded music revenue growth accelerated in 2016 reaching $15.8 billion, an increase of 8.97% from 2015. Since that
time the industry has rebounded to $24.0 billion in revenue in 2021 and further grew by 9.2% in 2022 to reach $26.2 billion. The industry,
bolstered by music streaming, has now experienced nearly a decade of positive growth.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Streaming
Behind Music Industry Return to Growth</i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
return to growth of the global recording industry was primarily driven by streaming, as its growth replaced the decline in physical music
sales. According to the IFPI, streaming revenue grew by 11.5% in 2022 to reach $17.5 billion or 67.0% of global recorded revenue, with
subscription revenue accounting for $12.7 billion and growing by 10.3%. There were 589 million paying subscribers in 2022, up from 523
million in 2021 and 443 million in 2020.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Streaming
is growing globally, including in emerging markets. The ease of access to the internet, exponentially increasing internet penetration,
and high smartphone adoption were drivers for this growth and turned streaming into the dominant global format in the music industry.
The COVID-19 pandemic has only increased the impact and importance of music streaming, as digital delivery platforms allowed continued
use during the pandemic despite government shutdowns and social distancing behaviors.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that the music streaming market still has potential for significant growth and is still in its early stage. Adoption and penetration
rates have plenty of room to increase both in established and growing markets. In 2022, the IFPI recorded 589 million users of paid subscription
accounts in the industry generally, which is far fewer than the 5.31 billion unique mobile phone users.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Music
Streaming Industry in the Middle East and North Africa Region</i></b></span></p><div>

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</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Decreasing
popularity of physical CDs and album purchases is a global phenomenon and applicable to all music markets around the globe, including
the MENA Region, which in recent years has shown significant growth in online music streaming adoption rates.</span></p><div>

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</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
MENA Region is particularly well suited to growth in the online music streaming space. According to IFPI report, MENA region achieved
the third highest growth in recorded music revenue across all regions with a growth rate of 23.8% in 2022, and streaming accounted for
95.5% of music consumption, the highest rate of any region globally.</span></p><div>

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</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, according to Middle East and Africa Music Streaming Market Forecast to 2027 &#8211; COVID-19 Impact and Regional Analysis By
Content Type (Audio Streaming and Video Streaming), Streaming Type (Live Streaming and On-demand Streaming), and End User (Commercial
and Individual) Report issued by Insight Partners in September 2020, the music streaming market in the MENA Region is expected to grow
fast at a Compound Annual Growth Rate (CAGR) of 9.5% from $1.5 billion in 2019 to $3.2 billion by 2027.</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
total global Arab and Pakistani diaspora is substantial and is considered one of the world&#8217;s fastest-growing populations. This
diaspora also constitutes a favorable demographic for the music streaming space, with a large portion of this group aged between 10-35
years old.</span></p><div>

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</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
MENA Region also has one of the highest smartphone penetration rates in the world (especially the Gulf Cooperation Council (&#8220;GCC&#8221;)
region). According to Mobile Consumption in a Post-Growth World, a Deloitte Global Mobile Consumer Survey, Middle East Edition 2019,
97% of the population overall in UAE and Saudi Arabia own a smartphone. This region also has a high internet penetration. Another study
conducted by market research company Ipsos indicates a substantial embrace of music streaming in the region with 50% of music streamers
listening to music online on a daily basis and around 30% using these services for at least 3-5 hours a day.</span></p><div>

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</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Despite
international brands such as Apple, Spotify, and Deezer entering the MENA Region, we have positioned ourselves as the leading streaming
platform in the MENA Operating Area with first mover advantages due to being a local company and benefiting from its prior experience
and history in the market. Our digital streaming offering benefits from and is differentiated by cultural fit, localized content and
language, products adapted to local tastes and consumer behavior, an AI engine that caters to local tastes, and strong relationships
with regional brands and telecommunications providers and a large user database. Today, we are one of the largest digital music streaming
players in the MENA Operating Area. Spotify and Deezer launched in the fourth quarter of 2018 with Deezer having exclusive content with
Rotana, a major Arabic label. In 2022, Anghami was able to retain Rotana content and sign an exclusive partnership with Amr Diab, the
biggest Arab artist in MENA.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have business relationships with more than 42 telecommunications providers, which we refer to as &#8220;Telcos&#8221;, across the MENA
Operating Area, giving us a competitive edge, as we expect to have priority position with Telcos&#8217; customers, access to more marketing
and technical flexibility to control and optimize the subscriber&#8217;s lifecycle (the process of a customer moving from Telco to a
Premium service with Anghami. We leverage the Telcos&#8217; strong marketing capabilities and reach to drive acquisition of new Anghami
Premium subscribers using above the line marketing (during offer launches or seasonal campaigns) and ongoing below the line campaigns
to promote our service, fueled by the exclusive content that we acquire and new features that we launch.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also collaborate with leading media groups in the MENA Operating Area, mainly MBC Group, one of the largest media conglomerates in MENA.
This collaboration has enhanced our visibility in the region, primarily through association of our brand with widely viewed TV shows
such as The Voice and Arab Idol.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Strengths</b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Localized
Content</i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are the sound of the MENA Region. Arabic musical content is hyper-local. It is comprised of many subgenres and is a relatively small
percentage of the global music catalogue.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Multiplicity
                                            of Subgenres</i>.&#160;The MENA Region has a large diversity of local musical content and
                                            music taste is often divided by sub regions within the MENA Region. For example, GCC countries
                                            have a local taste for Khaleeji content. While the Levant region&#8217;s listeners focus
                                            on two distinct content categories: (1) Iraqi content and (2) the female artists popular
                                            in the broader Eastern Mediterranean. North African content falls into three major content
                                            categories: (1) Egyptian, (2) Rai (North Africa) and (3) Sudanese. Each of these interest
                                            groups comprises its own musical genre and has a large fan base across the MENA Region and
                                            among the international Arab diaspora.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Local
                                            Content with Room for Growth</i>. The entire Arabic music catalog on Anghami includes about
                                            894,000 songs, or around 1% of Anghami music library. The Arabic catalogue accounts for 58%
                                            of total streams on Anghami in 2022 which proves a huge potential for content creation and
                                            further growth. New, and in certain cases exclusive, Arabic content is expected to attract
                                            new users to the Anghami Premium service. In recent years the traditional Arabic content
                                            has been supplemented by younger generations who favor international remixes, Arabic hip
                                            hop and indie music with a large presence of female artists.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Anghami
Content Strategy</i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that the availability of unique content will drive new users and further increase in streaming adoption in the MENA Region. Accordingly,
we are working to create our own original content, which we believe will help us acquire users and distinguish us from our competition.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
its inception, Anghami collected data from more than 98 million downloads. This data collection provides Anghami with irreplaceable information
regarding trends and tastes, including which artists are trending and how music genres and interests are split by demographics and country.
This data provided us with test cases for and helped us in creating Anghami originals, which is a program whereby Anghami partners with
local artists to create new songs and release them on our platform. From 2017 to 2022, Anghami created more than 150 original songs.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to continue to create content for Anghami Originals both via our relationships with local and international artists and through
potential acquisitions of Arabic content from existing labels. During the first quarter of 2022, Anghami made a huge push in Arabic content
creation by signing an exclusive agreement with Amr Diab, the largest Arab artist in MENA. Under this agreement, Anghami exclusively
streams Amr Diab existing content and creates exclusive and original content over the next three years.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Two-Sided
Marketplace</i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anghami
as a platform connects artists and fans bringing value in the form of a two-sided marketplace, meaning that it has the ability to provide
value both to users and to artists. Users have the ability to enjoy and discover new music while remaining connected with their favorite
artists. While for artists, the platform allows them both to reach and interact with fans and have access to analytics that drive a better
understanding of the artist&#8217;s audiences and their needs. This two-sided market approach is discussed more fully below:</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration:underline">Benefits
for Users</span></i></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
allow users to discover and play their favorite music based on algorithms for recommendations as well as human curation:</span></p><div>

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<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Free
                                            Ad-Supported and Paid Experience.</i><b>&#160;</b>Users have access to a free, ad-supported
                                            tier of Anghami which also provides access to very rich high-quality content. This free offering
                                            allows users to discover the service. Our aim is that once engaged such users will opt to
                                            subscribe for a premium paid experience through different plans. These include individual
                                            monthly subscriptions, but also provide specialized offerings such as family plans, student
                                            plans and other discount plans. We also offer flexibility to pay weekly and daily especially
                                            in low ARPU markets and users can pay by various means such as billing through mobile carrier,
                                            vouchers, cash payment solutions or credit and debit card. This flexibility of plan choice,
                                            flexibility in method of payment, and flexibility in timing of payment, are all designed
                                            so that we can suit each user&#8217;s individual needs. Finally, our relationship with 42
                                            Telcos also makes it convenient for users to become paying customers who subscribe to our
                                            platform.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Playlists
                                            and Personalization.</i> With access to more than 99 million tracks, we provide users with
                                            curated and machine-learning generated playlists that are built to suit their tastes starting
                                            from the moment they open Anghami. The more they listen and engage, the more we understand
                                            their music DNA and behavior, and the more we can provide them with content that matches
                                            their tastes, moods and preferences. We believe this tailored and personalized approach delivers
                                            higher engagement.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Multi-Platform
                                            Product Availability.</i> We reach users wherever they are, be it on mobile, tablet, web,
                                            desktop, car, Smart TV, Smart Watch, Gaming console, etc., accessible with a single user
                                            ID. We continue to strive to provide a seamless experience that is available across all platforms.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration:underline">Benefits
for Artists &amp; Creators</span></i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Anghami platform allows artists to connect with and reach a wide audience through a variety of features, such as Live Radio, that are
unique to our platform. Moreover, we provide artists with tools to access data and analytics and, most importantly, an upload tool which
allows artists to publish their content directly to the platform and access reports, sales and performance data without the need for
a distributor or a third party.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Monetization.</i>&#160;Since
                                            2012, Anghami built the digital music economy in the MENA Operating Area and has been the
                                            largest music streaming platform in the MENA Operating Area in terms of payouts to artists,
                                            which exceeded $55 million since inception.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exposure.</i>&#160;We
                                            offer artists access to millions of fans through various features in-app making their work
                                            visible to their relevant audience via editorial, promoting the artist&#8217;s work on the
                                            platform or on social media accounts of Anghami or the artist, and curation. We also promote
                                            artists&#8217; work through our digital media, TV partnerships such as MBC and other media
                                            outlets.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Artist
                                            Promotions via Amplify.</i> We enable artists, creators and their managers to promote their
                                            own work on the platform via paid promotions under a program named Amplify. This program
                                            allows artists, creators, and managers to gain visibility, reach new potential fans and grow
                                            the audiences that they feel are relevant to their popularity.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Data
                                            &amp; Analytics.</i> We provide numerous analytics for artists through our Anghami Artists
                                            app and dashboard interface. These offerings include demographics of that artists listening
                                            audience, geographical locations of their listeners, information about similar artists, playlist
                                            data and revenues accrued from their work.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Branded
                                            Collaboration via Anghami Studios.</i> Through Anghami Studios, our production team works
                                            to provide branded content opportunities that will bring artists and brands together to create
                                            content that features brand placements. This process brings exposure, revenues and valuable
                                            brand associations to artists and brands.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Strong
Local Partnerships</i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anghami
was the pioneer of Telco partnerships in the MENA Operating Area. Since the early days of the company, given the region&#8217;s low credit
card penetration and the team&#8217;s extensive experience in the telecom industry, we prioritized Telco partnerships because they are
a primary payment collection mechanism that users of the region trust and are familiar with.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
relationship with Telcos has evolved over the years to become more of a strategic alliance benefiting both Anghami and Telcos. This beneficial
relationship functions as follows:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Telcos
                                            use Anghami as a tool to enhance their brand image by associating their Telco brand with
                                            an entertainment service that their customers love. This enables them to attract youth audiences,
                                            gain market share in high value segments, and drive higher data consumption. Our service
                                            helps Telcos increase their customer retention and satisfaction as well as boosting their
                                            ARPU and their customers&#8217; uptake of new packages.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                            small but effective team has a substantial experience in the industry, both technically and
                                            commercially, and is dedicated to onboarding Telcos. The team works closely with Telcos across
                                            the region to create mutually beneficial value propositions by proposing appropriate and
                                            tailored offerings based on their strong understanding of each market. We understand the
                                            challenges and best practices of each country and each Telco specifically on the commercial,
                                            pricing, technical, marketing and legal levels. This helps us build products and services
                                            that perform better than other music streaming platforms and in a more efficient manner and
                                            that are customized to the Telco needs:</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            offer Anghami Premium service as a standalone service. It is accessible through daily, weekly
                                            and monthly packages depending on the territory and is enabled using direct carrier billing
                                            or other more traditional charging methods.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anghami
                                            Premium service is soft or hard bundled (which means that the Anghami subscription can either
                                            be automatically included in the mobile subscription or the Telco customer has the option
                                            to purchase the subscription through his Telco) with the Telco packages, which allows the
                                            customers to have access to the service part of the package free of charge for a certain
                                            period or as long as they are subscribed.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            have relationships with 42 Telcos across the MENA Operating Area, which provides us with
                                            an advantage of priority within the Telco process, marketing, and technical support, reducing
                                            our need to engage third parties.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Backed
                                            by our engineering team and given our experience in integrating with a vast array of Telco
                                            systems and infrastructures, we can integrate and launch services with distinct Telcos very
                                            quickly and with minimal difficulties and issues. Telco teams trust us to launch the products
                                            they need and customize them based on their requirements on tight deadlines.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Direct
                                            integration with Telcos allows us to have better control of the subscriber&#8217;s lifecycle.
                                            We have implemented several mechanisms that allow us to increase subscriber retention and
                                            maximize ARPU by enabling grace periods, retrial, and auto payment mechanisms that are customized
                                            by market and product.</span></td></tr></table><div>

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<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            leverage on the Telco&#8217;s strong marketing capabilities to drive acquisition of new Anghami
                                            Premium service subscribers using: (a) above the line communication during offer launches
                                            or seasonal campaigns; and (b) ongoing below the line communication to promote the service,
                                            fueled by the exclusive content that we acquire as well as new features that are deployed.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            utilize our access to artists and major entertainment events in the region to provide our
                                            Telco partners with exclusive and attractive promotional events that lead to mobile service
                                            activations throughout the year. They use these to promote our service and allow the Telcos
                                            to associate with events and artists that create engagement with their customers. Events
                                            such as artists meet and greet, VIP concert tickets giveaways, access to private sessions
                                            with artists, and access to major regional events such as the Formula 1 in Abu Dhabi.</span></td></tr></table><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Growth Strategies</b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are already the market leader in music streaming in the MENA Operating Area, but it still has ample room to grow. Our growth strategy
is focused around four areas: (1) capitalizing on increasing digital music market growth in the MENA Region; (2) leveraging our current
market position and knowledge to increase revenue generation and market penetration; (3) new user acquisition and launch of new services;
and (4) new revenue streams.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Capitalizing
on Growth</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to capitalize on increasing digital music market growth in the MENA Region in three main areas: (1)&#160;growth in streaming in
our core markets; (2) a strong and increasing demand for Arabic music; and (3) the ability of Arabic music to &#8220;go global&#8221;
with popularity expanding beyond the Arab world and its diaspora.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Large
                                            Streaming Growth Potential in Core Markets.<b>&#160;</b></i>Music streaming penetration in
                                            our key markets is currently very low in comparison to other more economically developed
                                            markets. For example, only approximately 6% of the Addressable Market (defined as the part
                                            of a country&#8217;s population that is 10 to 50 years old and with access to an internet
                                            connection) in Saudi Arabia has been reached, which is our largest market. Our target markets
                                            in North Africa (i.e., Tunisia, Algeria and Morocco) also have low market penetration relative
                                            to other countries. Whereas the music streaming penetration in the U.S. is approximately
                                            35% of the addressable market. Anghami expects to benefit from this growing penetration as
                                            consumer behavior shifts from traditional methods (such as radio, digital downloads, CDs)
                                            to using music streaming. IFPI report mentioned that growth in recorded music revenue in
                                            MENA amounted to 35% with streaming market share amounting to 95.3%, which we believe puts
                                            Anghami in good position to achieve future growth potential.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Strong
                                            Demand for Arabic Music.<b>&#160;</b></i>We believe that there is room for growth and strong
                                            demand for a greater breadth of Arabic music. The entire Arabic music catalog on Anghami
                                            includes about 894,000 songs in comparison to the international music catalog that includes
                                            about 98 million songs. Given that Arabic music represents 58% of our music streams, we believe
                                            there is a compelling growth potential for Arabic content. Anghami expects to benefit from
                                            the strong latent demand for more Arabic music content created both by Anghami (through our
                                            Anghami Originals) and by other international music labels. To this extent, Anghami signed
                                            three years exclusive content with Amr Diab, the largest Arab artist in MENA. Existing Amr
                                            Diab content will be exclusively available to Anghami in addition to three albums created
                                            over the contract period.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Arabic
                                            Music Going Global.<b>&#160;</b></i>We believe that the Arabic music genre is on the cusp
                                            of going global similar to what occurred with: (1) Latin music in the early 2000s (e.g.,
                                            Shakira&#8217;s hit album Laundry Service in 2001) and (2) Korean music (often called K-Pop)
                                            in the past 8 years (e.g., smash hit Gangnam Style released in 2012 and more recently BTS
                                            (Bangtan Boys) in 2019). The global appeal of Arabic music has also been highlighted with
                                            the global success of the movie Fast &amp; Furious 7, the theme song of which and background
                                            music were all Arabic-inspired. In response to the global appeal of Arabic music, the two
                                            leading global music labels (Universal Music and Warner Music) have all announced in 2021
                                            landmark initiatives to support the creation more Arabic music content:</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Universal
                                            Music announced on April 6, 2021, the creation of a dedicated division for Arabic music called
                                            Universal Music MENA; and</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warner
                                            Music announced in February 2021 its investment in a leading Arabic music label.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anghami,
as the leading music streaming platform with the largest streaming distribution network in the MENA Operating Area, will benefit from
this new Arabic music content in two ways. The new Arabic content will: (1) attract more users in our focus markets and also across the
global diaspora of Arabs (the &#8220;Arab Diaspora&#8221;) and (2) create a new revenue stream for Anghami as Anghami strategically licenses
this content globally.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2021, Anghami launched a joint venture with Sony Music Entertainment called Vibe Music Arabia. The JV aims to leverage Sony&#8217;s
global distribution network and Anghami&#8217;s artist relations to create new Arabic content tailored for younger generations and aiming
for global presence.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Leveraging
Current Market Position and Knowledge.</i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
aim to leverage our current market position and knowledge to increase revenue generation and market penetration through: (1) maintaining
and utilizing our leading local brand name, (2) our knowledge of user behavior, and (3) the growth in digital advertising in the MENA
Region.</span></p><div>

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<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Maintain
                                            Leading Brand Name.</i> As the first music streaming platform in the MENA Operating Area
                                            and the market leader, we believe we are synonymous in our target markets locally with music
                                            streaming. We have market-leading brand appeal among both the MENA Operating Area&#8217;s
                                            music artists and music streaming users. This market-leading position provides Anghami with
                                            an ability to leverage its market position and brand recognition to spur interest in both
                                            its new products and features and new Arabic music content.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Knowledge
                                            of Local User Behavior.<b>&#160;</b></i>We have a unique proprietary data set covering music
                                            streaming user&#8217;s behavior in the MENA Operating Area. We have been collecting user
                                            behavior data since inception and currently collect approximately 56 million user data points
                                            per day. We have a strong data-driven music recommendation engine that gives Anghami unique
                                            insights on the type and positioning of new Arabic music in the MENA Region. Anghami already
                                            creates its own content (Anghami Originals) and believes it has proven the business case
                                            for data-driven new Arabic content creation and distribution.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Growth
                                            in Digital Advertising.</i> As one of the leading data-driven digital advertising platforms
                                            in the MENA Operating Area, Anghami will benefit from the accelerating shift of advertising
                                            spend from traditional advertising to digital advertising. According to Statista, the total
                                            online advertising expenditures in the MENA Region was anticipated to grow by 15% in 2022
                                            and is further expected to grow at a Compound Annual Growth Rate (CAGR) of 17% between 2022
                                            and 2024. We believe the growth of digital advertising in the MENA Region is accelerating
                                            and we are uniquely positioned to benefit from this growth.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>New
user acquisition and launch of new services.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anghami
intends to target the Arab diaspora with content and products. There is a large Arab diaspora living outside the MENA Region, mostly
in the Americas, Europe and Africa. This Arab diaspora is fairly affluent and educated and has maintained a strong ethnic identity and
lasting links back home in the Arab world. While, in the past, we have not targeted this Arab diaspora, recently, we have developed new
music streaming products and content specifically designed for the Arab diaspora. We have recently launched a bundled product, in the
U.S., in partnership with a leading Arabic video streaming platform. The collaboration represents a strategic initiative to expand our
reach to Arabic-speaking audiences beyond our existing core markets. By leveraging the complimentary products of both parties, we aim
to provide a compelling offering that caters to this underserved demographic.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Head of International Partnership is Los Angeles-based music industry entrepreneur and manager, Wassim &#8220;Sal&#8221; Slaiby, the
CEO of XO Records, a top music label that The Weekend co-founded, and of SALXCO, his artist management firm. Sal has been instrumental
in building an international user base for us and expanding our business globally. Sal will oversee our presence and launch in the U.S.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
starting in May 2023, we plan to launch a new offering with a number of additional innovative features, that leverage both our unique
user behavior knowledge and our deep technology credentials.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anghami
also intends to use features such as Live Radio, that offers unique experiences like participation in real-time alongside content; podcasts,
which have gained significant traction with users, creators, brands, and advertisers; micro payments (which relate to social billing
on the live radio or live concerts, where users can tip the broadcaster or artist, and Anghami will receive a share of that amount) and
e-gifting options to attract new users to its platform.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>New
Revenue Streams</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2022, Anghami entered the offline events business through (1) the acquisition of Spotlight and (2) the launch of Anghami Lab.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anghami&#8217;s
                                            acquisition of Spotlight, a well-established events and concert company in the MENA region,
                                            was completed in the second half of 2022. The acquisition allowed Anghami to penetrate the
                                            live events and concerts space, enabling us to generate revenue from offline activities and
                                            expand our presence in the live music space. Furthermore, the acquisition of Spotlight created
                                            new opportunities to unlock synergies and connections between the physical and digital music
                                            experience. In 2022, Spotlight managed and executed 16 concerts and generated revenue of
                                            $4,864,015.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            the third quarter of 2022, Anghami partnered with Addmind, a leading player in the hospitality
                                            industry in the Middle East, to launch Anghami Lab. The partnership was backed by Sela, a
                                            semi-governmental events services company with a mission to develop and commercialize events
                                            in Saudi Arabia. The partnership aims to establish innovative entertainment venues that specialize
                                            in music, live performances, and Food &amp; Beverage. The first location opened in Riyadh,
                                            KSA, as a rooftop venue and lounge that hosted a number of successful live concerts and corporate
                                            events. Anghami Lab generated revenue of $4,498,779 in 2022.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that there is still a big opportunity to capitalize on offline events going forward. With the world and the region coming out
of COVID-19 restrictions, people are willing to enjoy outdoor activities including music events. Anghami is looking to leverage on those
events to (1) create a strong brand equity, (2) generate revenues, and (3) create synergies between online and offline.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Create
                                            strong brand equity.</i> Anghami has strong relationships with regional artists. Creating
                                            music events in partnerships with those artists will enable Anghami to leverage the artist&#8217;s
                                            social media presence to promote Anghami as a go to brand for music streaming and entertainment
                                            in MENA. This will ultimately result in organic user growth.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Generate
                                            revenue. </i>Via ticket sales, events sponsorship and promotions.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Create
                                            synergies between offline and online. </i>Live performance creates original content. By streaming
                                            the content live on Anghami, users will be spending more time on the app, thus increasing
                                            user engagement and the likelihood of converting free users to paying subscribers. In addition,
                                            Anghami plans to monetize its Live Radio feature via selling tickets for offline music events,
                                            thus increasing ARPU.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Business Model</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
offer both paid subscriptions known as the &#8220;Anghami Plus&#8221; or &#8220;Premium&#8221; service and ad-supported free services
known as the &#8220;Ad-Supported&#8221; service. We currently operate in 16 countries.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
offer users four main subscription plans within our Anghami Premium service: our individual Anghami Plus plan, the Family Anghami Plus
Plan (1 plan for 6 individual accounts at a discounted price), the Student Plan (discounted and restricted to students), the limited
Anghami Plus plan (a more restricted Plus plan currently available through selected partners or in certain territories). These plans
come in monthly, 3-month, 6-month and 12-month subscription options (both renewed and non-renewed) and can be purchased through the distribution
channels listed above. The pricing plans differ by country and currencies. Additionally, and with selected partners (mainly Telco operators)
and territories we offer daily and weekly subscription options.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenue</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have three primary revenue streams: (i) Revenue from subscriptions; (ii) Revenue from advertisement; and (iii) Revenue from live events.
Revenues are primarily driven from Premium subscriptions (through app stores, our Telco partners, and direct debit and card purchases),
which generated 56% of total revenues during fiscal year ended December 31, 2022, whereas data driven advertising contributed 25% of
total revenues and live events contributed the remaining 19% of total revenues during the fiscal year ended December 31, 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over
the years, we have experienced increased engagement from users, which we believe is due to the compatibility of our platform across various
devices, including smartphones, desktops, cars and game consoles. Our Premium users (that is, users of Anghami Plus, our premium service)
average about 75.2 minutes per day in 2022. Our Premium users have streamed 1.6 times the amount of content per month than non-Premium
users. The latter are steadily converting into the Premium service at an average rate of 16% in 2022 with a healthy ratio of DAU to MAU
(DAU and MAU are defined as Daily Active Users and Monthly Active Users respectively. Active users are the users who used our app for
at least once over the respective period).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration:underline">Premium
Service</span></i></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Premium service provides paying subscribers with unlimited online and offline high-quality streaming and download access to our catalog,
commercial-free.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
through the Premium service are generated via three main payment channels: (i) through the app stores (Google Play and Apple Store),
(ii) through our Telco partners, or (iii) through direct debit and card purchases. An offline channel is also available through which
consumers can purchase vouchers from partner stores that provide limited access to our Premium service. So far, we have partnered with
42 Telcos distributed among 16 countries. Most of our Telco partnerships include valuable offerings to the end users such as data bundles,
where customers can subscribe to our platform and receive a certain amount of data to use on it. In addition, Telcos often advertise
our services and plans with a significant marketing budget. We are also expanding to new online payment channels that are gaining popularity
in the region such as STC Pay in Saudi Arabia and Fawry Pay in Egypt as well as integrating with mobile wallets of various banks and
mobile operators that are becoming more popular as payment channels.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Premium
service is the largest revenue stream, and our marketing efforts focus on growing our Premium user base while investing in the product
to enhance our free to premium conversion rates. Our efforts translated into consistent new subscriber growth, with the aggregate monthly
subscribers (Telco and direct) increasing from 595,980 in January 2019 to 1,521,472 in December in 2022. We have also invested heavily
in increasing the retention of our subscriber base by offering tailored plans and through an advanced algorithmic content recommendation
engine. Over time, the churn of the monthly paying subscribers has continued to trend lower from 7.7% in January 2019 to 6.1% in December
2022.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><img alt="" src="image_002.jpg"/>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to drive the sales of our Anghami Premium service we rely on:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Converting
                                            the Anghami Free user base</i>:&#160;Using owned and paid media channels we have built a
                                            conversion engine that relies on segmentation to target free users along their journey with
                                            the different available subscription plans directly or through partners by offering them
                                            discounts, no commitment plans and free trials. We also run big seasonal campaigns (for example:
                                            Eid offer, White Friday offer, Saudi National offer) that have longer trial periods (usually
                                            three months for new subscribers) that drive subscriptions and revenues significantly across
                                            the year; and</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Acquiring
                                            Anghami Premium service subscribers (through Business to Business (&#8220;B2B&#8221;) partners):</i>&#160;We
                                            leverage both Telco partners and distribution partners to run major seasonal above the line
                                            (ATL) campaigns and monthly below the line (BTL) campaigns that drives the acquisition of
                                            new Anghami Premium service subscribers who purchase the subscription either from the partner
                                            or get it for free (subsidized by the partner) as a part of a bundle or product sold by the
                                            partner.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to increase subscriber&#8217;s retention and lifetime value (LTV) we have implemented several mechanisms to address churn whether
involuntary, for instance, because of payment related issues such as expired credit card, or voluntary, that is the Premium user choosing
to unsubscribe. Starting 2020, we increased re-subscription rate of churned users by 53% by reviewing all audiences and user journey
at different stages: grace period to churn and post-churn, and adding customized messages based on the churn reason and subscription
channels in different placements (in-app, email, push notifications, SMS). On the Telco level we also implemented smart charging mechanisms
and extended grace periods that reduce involuntary churn and maximize the ARPU.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anghami
has also signed separate servicing agreements with 12 of the Telco operators, our B2B partners, through which Anghami sells its Premium
subscription at a discount directly to the Telco operators. These Telco operators then go on to offer Anghami Premium service to their
user base as part of a broader package. These agreements are based on a discounted subscription fee and tied to a minimum revenue guarantee
scheme.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration:underline">Revenue
from advertisement </span></i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Ad-Supported Service has no subscription fees and provides Ad-Supported users with limited on-demand online access to our catalog on
their computers and shuffle-only access on compatible mobile devices and tablets. This segment contributes to our revenues and also works
as a marketing tool, increasing our engagement with users who often convert to our Premium service. We generate revenue for our Ad-Supported
segment from the sale of display, audio, video and content sponsorship solutions delivered through advertising impressions. We source
our advertising customers through advertising agency, Digital Media Service (&#8220;DMS&#8221;), who receive a 40.5% revenue share of
the gross advertising value. To date, more than 280 global brands have advertised on our platform. In 2020, we launched an additional
&#8220;direct ads&#8221; service, whereby Anghami directly works with brands while DMS invoices and collects the receivables with a 10%
revenue share. These advertising arrangements typically specify the type of advertising product, pricing, insertion dates, and number
of impressions in a stated period.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
for our Ad-Supported segment is affected primarily by the number of our Ad-Supported users, the total Content Hours per MAU of our Ad-Supported
users, and our ability to provide innovative advertising products that are relevant to our Ad-Supported users and enhance returns for
our advertising partners. Our advertising strategy centers on the belief that advertising products that are based in music and are relevant
to the Ad-Supported user can enhance Ad-Supported users&#8217; experiences and provide even greater returns for advertisers.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
had seven active barter agreements during 2022 with partners such as Amazon Prime, beIN and Noon whereby Anghami provides to Amazon Prime
marketing services that generated $4.3 million during 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
offer different advertising campaigns on our platform, primarily in the form of:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">branded
                                            content &#8212; producing a song tailored to a specific brand. We have initiated this revenue
                                            stream starting 2020, we have seen recurring and increasing revenue from existing brands.
                                            Key customers are mainly coming from telecom, gaming and FMCG industries;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">content
                                            promotion &#8212; banner ads, promotion on certain playlists, audio ads, etc. We believe
                                            that this revenue stream has significant growth potential as Anghami&#8217;s brand equity
                                            increases; and</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">sponsored
                                            playlists.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Variable Cost Structure</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><i><span style="text-decoration:underline">Licensing Agreements</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We have a rich catalog of over 99 million
songs. We have signed content agreements with up to 2,000 music labels and artists. Obtaining license agreements and paying royalties
are the two prevailing costs of sales. In exchange for the right to stream certain music, royalty costs are due to music record labels
and publishers. Royalties are calculated monthly based on the percentage of revenue and the music labels&#8217; respective market share.
In addition, Premium service user royalties depend on the number of subscribers while royalties for free users depend on the number of
streams. Licensing agreements include several terms related to paying royalties, minimum guaranteed payments, marketing commitments, reporting
and audit rights. Generally, the contracts are valid for 1 year, and renegotiated on annual basis, the label holds the right to terminate
the agreements if any breach of terms takes place. The content cost, which represents the royalties paid to the labels, calculated based
on the number of streams/revenue generated for each category separately (Revenue from subscriptions and Revenue from advertisement), constitutes
a major part of our variable costs and amounts to 47% of our revenue (excluding revenue from live events).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We have long standing relationships with both
global and local music companies despite a fragmented market. Among these are the top three global music labels: Universal Music Group,
Sony Music Entertainment, and Warner Music Group; alongside the largest regional labels: Rotana, Qanawat, Watary, Platinum record and
Nay. Arabic label agreements provide for global coverage while most of the international music agreements are restricted to the MENA Operating
Area. We have also signed an exclusive three year agreement with Amr Diab, the biggest artist in the Arab World whereby Anghami becomes
the sole distributor of Amr Diab content globally, for the next three years. In addition, Amr Diab will create exclusive content for Anghami
over the contract term.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><i><span style="text-decoration:underline">Payment Fees/Expenses</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The various payment channels we use are entitled
to a portion of our revenue. The emerging markets are characterized by very low credit and debit cards penetration, which is why we have
focused on diversifying our payment channels to increase our user base. Partnerships with the Telco operators acted as a key catalyst
to help us achieve and maintain a leading paying conversion rate amongst music streaming services in the MENA Operating Area.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The take rate varies depending on the payment
channel as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td><i>Direct carrier billing and Telco B2B</i>:&#160;51.2% of our total subscription revenues in 2022 were paid via direct carrier billing
and Telco B2B. The Telco operator&#8217;s share is subject to a revenue share agreement that varies by operator and by country. On average,
Telcos charge a 30% transaction fee.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td><i>App stores</i>:&#160;36.8% of our total subscription revenues in 2022 were paid via app stores and are subject to revenue share
agreements with the relevant app store. Apple Store and Google Play charge 30% of the transaction value. Apple stores reduces the take
rate to 15% of the transaction value in the second year of the retained user&#8217;s subscription, while Google store reduced the take
rate to all subscribers to 11% as of June, 2022.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td><i>Vouchers</i>:&#160;To cater to users who are not used to transacting online, we sell vouchers via an offline distribution network
such as Epay, Cash United, Virgin Megastores, LikeCard, Fawry, BOB, Libanpost, Whish/Itel, Librairie Antoine, CashPlus, YouGotAGift (YGAG),
Wafa Cash, Akwad, Al Khdmah Pro, STC Pay, Resal KSA. 7.0% of our total subscription revenues in 2022 were paid via vouchers. Distribution
partners charge up to 10% fee of the voucher value. In addition, vouchers are often combined with an advertising campaign and sold to
our advertising brands, who then distribute it to its customers.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td><i>Debit and credit cards</i>: There is generally a fixed transaction fee per transaction plus a variable rate that varies according
to the country and currency. 5.0% of our subscription revenues in 2022 were paid via debit and credit cards, average fees amount to 5.4%.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">B2B Telco contracts described above are not
subject to a revenue share agreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><i><span style="text-decoration:underline">Variable Technology costs</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We partnered with Amazon Web Services (&#8220;AWS&#8221;)
to host our servers and to provide scalability, redundancy, security and ensure continuity of our operations. In addition, we partnered
with other third-party technology providers to optimize our services and the music listening experience. On an average, monthly variable
technology costs in 2022 amounted to $316,293. These costs vary month-to-month based on usage and app features (video vs. audio streaming,
etc.). During the first half of 2022, technology costs experienced an increase due to a strategic decision to allocate time and resources
to optimize the platform&#8217;s backend code and improve efficiency. Although this increase was temporary, the optimization effort has
resulted in long-term benefits by enhancing the platform&#8217;s scalability, flexibility, and cost-effectiveness, leading to faster data
insights and more efficient business decisions. The optimization effort has also yielded notable performance improvements and cost savings
that have carried through to the second half of 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>Our Services</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Unique User Experience</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We combine a sleek and seamless user interface
with our artificial intelligence and machine learning capabilities to create a sophisticated yet user-friendly platform accessible on
every kind of device. We provide a customized on-boarding process to ensure that from the moment users open the Anghami application, they
see a personalized homepage with content that reflects our understanding of their music tastes. Users are able to explore our deep library
of content with a variety of features including personalized mixtapes, song recommendations and playlists with top charts by country and
genre. We provide effortless search capabilities using the universal search bar, Radar and Personal DJ features.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We also give our users different ways to search,
browse, engage, and discover music and other content. These include:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td><span style="font-size: 10pt"><i>Mixtapes</i>:&#160;We have built a machine learning model that learns from users&#8217; streaming
habits and generates weekly and daily personalized mixtapes that fit their music taste. They are part of our effort to increase music
discoverability, personalize the user&#8217;s experience by ensuring that we provide them with a variety of content inspired by the music
they like.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: left">
    <td style="width: 20%">&#160;</td>
  <td style="text-align: center; width: 30%"><img alt="" src="image_003.jpg"/></td>
  <td style="text-align: center; width: 30%"><img alt="" src="image_004.jpg"/>&#160;</td>
    <td style="width: 20%">&#160;</td></tr>
</table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td><span style="font-size: 10pt"><i>Personalized recommendations</i>:&#160;Our AI-powered recommendation system fuels different parts
of the platform. Our explore page is shaped around personalized playlists, albums, and songs that match the users&#8217; expectations.
Those recommendations rely on their music DNA, time of day, day of week, and other factors, to surface the content that the users are
most likely to enjoy and therefore increase time spent on the application. Whenever users interact with any song, album, or artist, we
utilize our recommendation system to generate a list of similar content that is also personalized to make sure they enjoy a pleasant music
experience.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: left">
    <td style="width: 20%">&#160;</td>
  <td style="text-align: center; width: 30%"><img alt="" src="image_005.jpg"/></td>
  <td style="text-align: center; width: 30%"><img alt="" src="image_006.jpg"/>&#160;</td>
    <td style="width: 20%">&#160;</td></tr>
</table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td><i>Playlists</i>:&#160;We provide users with the ability to create their own playlists to organize their library and access their
favorite songs easily. They can also discover playlists that are made by other users or by our own curation team. Our team has built over
4,000 playlists so users can browse among more than a 100 genres and moods and find a variety of playlists that fit their different moods
and tastes.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img alt="" src="image_007.jpg"/></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td><span style="font-size: 10pt"><i>Search Functions</i>: To allow proper discoverability of our entire library, we give users the ability
to search for all types of content. Users can find songs, albums, artists, playlists, podcasts, moods, genres, and even other users on
Anghami. They can also search for songs using parts of their lyrics. Our search engine is integrated with various virtual assistants like
Siri and Google assistant to make it even easier to search and find content using audio commands.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><img alt="" src="image_008.jpg"/></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 23.25pt">&#9679;</td><td><span style="font-size: 10pt"><i>Videos</i>:&#160;We also have invested in expanding our content offerings to include videos. Embedding
video clips into activity-based playlists helps provide a visual layer to our content offerings, allowing artists to promote their music
further through graphics or photos on social media platforms while the song is playing. Integrating video into our playlists enables us
to convert our listeners into content viewers.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><img alt="" src="image_009.jpg"/></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td><span style="font-size: 10pt"><i>Podcasts</i>:&#160;We offer a growing number of podcasts, which have gained significant traction
with users, creators, brands, and advertisers. Our platform enables seamless dissemination of podcasts covering a wide range of genres
and topics, including technology, sports, business and finance, travel, and cooking, among many others. According to a report by eMarketer,
global podcast listeners are expected to reach 504 million in 2024 up from 275 million in 2019 representing a Compound Annual Growth Rate
(CAGR) of 12.9%. This engagement presents a significant opportunity for Anghami as we believe we have the ability to enhance the podcast
user experience with a better product that is focused on discovery, especially since we are working on original podcasts and have developed
a curated podcast section for the MENA Operating Area users.</span></td></tr></table><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><img alt="" src="image_010.jpg"/></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td><i>Radar:&#160;</i>Discovery of new music is a big part of any user&#8217;s experience on Anghami. With a single tap, a user can trigger
Radar, a recognition feature which would identify the music playing around them, display the song with all its details then add it to
a special playlist for easy access. This allows users to discover new songs they hear on TV, radio, or at public places and add them to
their library. Our Radar ensures offline experiences are complimented by a smooth online experience on the platform.&#160;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><img alt="" src="image_011.jpg"/>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Immersive User Engagement</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">In addition to our large catalogue of music,
we offer unique opportunities to our users to engage with the Anghami community through features that create an immersive social experience
such as chats, stories, Anghami Live and music rooms.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td><i>Chats: </i>To increase user-to-user interaction and extend the time spent in-app, we allow users to share music with their friends
directly on Anghami instead of having to use a third party chat application. This simplifies the users&#8217; experience and encourages
them to interact with others around music. Users can exchange songs and text messages via Chats and instantly create a shared mixtape
that matches both their tastes.&#160;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><img alt="" src="image_012.jpg"/></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>&#160;</b></p><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td><span style="font-size: 10pt"><i>Stories: </i>Stories allow users to share the music they play with their followers in a unique way.
All stories are displayed at the top of the explore page. Users can choose to share songs manually or automatically so they can be posted
as chapters in their stories. Stories are 15 seconds previews of songs that users can browse in a seamless manner and react to them using
Emoji&#8217;s and text replies. They allow users to discover new music through their friends and interact with others around music.&#160;</span></td></tr></table><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td><span style="font-size: 10pt"><i>Live Radio:&#160;</i>Live Radio offers a number of unique features. Any user, including artists,
DJs, content creators and music influencers, will be able to talk alongside playing songs, playlists and podcasts from our large library
of music. It gives everyone the chance to participate in a real-time version of a podcast experience and, by creating their own virtual
events, users will be able to bring together communities with live interaction. Other features include applauding the host, sending text
comments, meeting other participants and side-chats.&#160;</span></td></tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><img alt="" src="image_014.jpg"/>&#160;&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt"><i>Music Match: </i>As part of the social music experience, Anghami allows users to find people that
have a similar music taste. A music match is a score that shows on any user suggestions component and on a user&#8217;s profile page.
We surface a special section of users that have a high music match on the explore page. This increases engagement between users and helps
them build new friendships.</span></td></tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><img alt="" src="image_015.jpg"/>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><img alt="" src="image_016.jpg"/>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Advertising Solutions</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We offer the following advertising solutions:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><i><span style="text-decoration:underline">Media Offerings:</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td><i>Audio Ads</i>:&#160;Audio ads, our core offering, are 15-second ad slots that sit in between songs, and cannot be skipped. They
are accompanied by a companion banner with a call to action that can link to a landing page. It creates a one-on-one environment between
the brand and the user. We have also recently released a unique audio to leads solution. This allows brands to collect Anghami first party
data via a lead form that the ad leads to. This lead form can be customized with a message from the brand, to make the user want to submit
their leads.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td><i>Video Ads</i>:&#160;Anghami allows brands to communicate their video copies, either 15-seconds or 30-seconds of length. These also
appear in between the users&#8217; listening experience.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td><i>Display Ads</i>:&#160;Display, which is one of the most common media formats in the market, is available on Anghami across multiple
formats. These are best used to drive traffic to a landing page. One of the reasons we offer video and display, apart from being common
and known formats, is because our research has shown that combining video and display with audio drives further impact across brand funnel
metrics.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td><i>Programmatic Integration</i>:&#160;Our media solutions are available programmatically, through what are typically referred to as
demand side platform (&#8220;DSP&#8221;s). Programmatic is used by clients to buy in real-time and have more cross campaign visibility.
We can guarantee audio on programmatic at a fixed price, however our display solutions are available to be bought in real-time by a programmatic
DSP.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We have designed a new pricing scheme for
ads that depends on the number of streams delivered to users rather than number of impressions. Besides, we introduced additional formats
for ads delivery in which users listen to shorter ads over shorter intervals. We believe that these changes will increase ads inventory
and ultimately increase our yield from advertising revenue.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><i><span style="text-decoration:underline">Content Promotion Offerings and Production</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We offer brands the ability to promote their
own music content to achieve more streams. We typically do this by making the content more discoverable on the platform and easily searchable.
We also provide brands the ability to sponsor a playlist. Sponsoring a playlist gives the brand 100% share of voice on that playlist,
with a logo on the cover of the playlist and a display masthead within the playlist. A brand can also create their own playlist which
we can in turn promote on the platform, while also leveraging the platform&#8217;s AI to recommend customized playlists to users, with
a branded message.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We also offer both audio and music production
capabilities to advertisers. Branded content is a significant part of our advertising unit, as brands have become more accustomed to creating
content to communicate their message, and build favorability. Anghami produces music in various forms for brands and manages the entire
process. Most notably, Anghami produces songs that brands end up owning and can promote on Anghami, as well as across other media channels.
Furthermore, Anghami also creates music videos to support the songs, the majority of which are shot in studios. We have also started creating
experiences in the form of concerts. These can be pre-recorded and post-edited, or live. With the latter, Anghami allows brands to host
the concert live via their new live feature, where people can stream live and engage with the brand, as well as with each other.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><i><span style="text-decoration:underline">Data Solutions</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">To measure the effectiveness of our ad campaigns,
we run research to note the awareness, favorability and recall brands have on the platform. In certain instances, we run searches on the
platform to note the current level of awareness a brand may have. We send these research documents to brands post-campaign and measure
against the initial awareness they had. We have also automated and decentralized certain tools to give clients the ability to cherry pick
insights and create audience profiling on the platforms as well as traffic campaigns, specifically audio, display, video and playlist
promotions. We have also surveyed our users via Global Web Index, across different verticalized questions and audience behavior &#8212;
for example, their favorite car brand &#8212; and made this available via a tool to our clients to support their campaigns.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>Marketing</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Over the last ten years, we have endeavored
to build a strong and local brand, focusing on our mission to provide users with the ability to socialize and get entertained beyond simply
listening to music. As we grew and became the leading music streaming platform in MENA, we decided to refresh our brand during the first
quarter of 2022 to highlight the importance of both music lovers and creators in growing the ecosystem and to show our commitment to empower
our users to share their voice with the world. &#8220;Anghami, the World is Listening&#8221;.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Our key differentiator is our ability to adapt
our marketing strategy to seasonality and our agile approach to real-time events which allows us to be relevant and closer to users while
sounding familiar. We listen to our different user segments and create custom experiences based on their different needs in each market
or region. We make use of the different internal and external marketing touchpoints to ensure we have a 360 coverage in our communications
throughout the user journey in-app and through external channels. The objective being to have a unified and efficient way to spread brand
love while acquiring, engaging, retaining and converting users to our premium service: Anghami Plus.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Digital Marketing</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Our digital footprint covers all leading networks
in our key markets driving mainly our performance and social media marketing. We rely heavily on data analytics and experimentation in
our decision making by using internal tools and custom dashboards that reflect the performance of our campaigns and ongoing efforts. This
data allows us to continuously optimize and make strategic budgeting allocation decisions and drive optimal performance results in each
market, platform and channel at any given point in time.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">On social media, our aim has always been to
build a strong and engaged community with our users, artists and partners. An example of which has been by rewarding our Anghami Premium
service users by giving them the chance to win exclusive signed merchandise from their favorite local and international artists. Our most
recent addition has been our blog &#8220;Anghami talks&#8221; which was created in order to keep all stakeholders up-to-date by showcasing
our latest business and product news and updates which allowed us to have better press coverage.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Owned Media</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We deploy lifecycle marketing and communication
efforts on our own platform by using all owned channels from push, email marketing, SMS, native display and audio ads. Our in-app process
is built on user behavior throughout their lifecycle, but tailored to each person. A new user will go through an on-boarding process for
us to better understand their music taste, they can optionally choose to opt in to Anghami Premium, completely for free during the trial
period, and discover the full Anghami experience. And we use the power of machine learning to recommend customized and relevant content
and communication at the relevant time in their journey, in an effort to keep our users engaged and retained. One great example is our
yearly 2022 End of Year campaign. We leverage our usage data to provide an engaging experience personalized to each and every user with
the ability to drive shareability and virality. This campaign consistently increases our engagement and resurrects dormant users.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We offer free trials of Anghami Premium service
in all our markets and have created custom pricing models with a wide option of payment methods to cater to all user segments. We also
offer a wide range discounted plan price, some of which are seasonal campaigns and some are available throughout the year.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Offline Marketing</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">In the early days and through our partnership
with MBC, Anghami relied a lot on TV media for brand building and brand affinity. This helped increase our brand presence in the region,
especially through the association with the popular TV shows such as The Voice and Arab Idol. We run several out-of-home campaigns in
Egypt, Saudi Arabia, UAE and Lebanon, throughout the year, promoting the brand as well as new releases and artists. We also get offline
exposure through key partners such as the Dubai International Airport where we offer free and easy web access to our platform to all airport
visitors when accessing the Wi-Fi landing page. We also get support from our Telco partners who run major co-branded outdoor campaigns
across the region.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>Competition</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We compete for the time and attention of our
users across different forms of media, including traditional broadcast, terrestrial, satellite, and internet radio, other providers of
on-demand music streaming services (Spotify, YouTube, YouTube Music, Apple Music, Deezer, Google Play Music, and SoundCloud), and other
providers of in-home and mobile entertainment such as cable television, video streaming services, and social media and networking websites.
We compete to attract, engage, and retain users with other content providers based on a number of factors, including quality of the user
experience, content range and quality, ease of use of the Anghami application, price, accessibility, perceptions of advertising load on
our Ad-Supported Free service, brand awareness, and reputation. Many of our competitors enjoy competitive advantages such as greater name
recognition, legacy operating histories, and larger marketing budgets, as well as greater financial, technical, human, and other resources.
In addition, some of our competitors, including Google, Apple, and Amazon have developed, and continue to develop, devices for which their
music streaming service is preloaded, creating a visibility advantage.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Additionally, we compete to attract and retain
advertisers and a share of their advertising spend for our Ad-Supported Free service. We believe our ability to compete depends primarily
on the reputation and strength of our brand as well as our reach and ability to deliver a strong return on investment to our advertisers,
which is driven by the size of our Ad-Supported free user database, our advertising products, our targeting, delivery and measurement
capabilities, and other tools.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We also compete to attract and retain highly
talented individuals, including data scientists, engineers, product designers, and product managers. Our ability to attract and retain
personnel is driven by compensation, culture, and the reputation and strength of our brand. We believe we provide competitive compensation
packages and foster a team-oriented culture where each employee is encouraged to have a meaningful contribution to Anghami. We also believe
the reputation and strength of our brand helps us attract individuals that are passionate about our brand.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">For information on competition-related risks,
see &#8220;<i>Risk Factors &#8212; Risks Related to Our Business Model, Strategy, and Performance&#8212; If our efforts to attract prospective
users, retain existing users, and effectively monetize our products and services are not successful, our growth prospects and revenue
will be adversely affected</i>,&#8221; &#8220;<i>Risk Factors &#8212; Risks Related to Our Operations&#8212;We face and will continue
to face competition for Ad-Supported Free service users, Premium service users, and user listening time</i>,&#8221; and &#8220;<i>Risk
Factors &#8212; Risks Related to Our Operations&#8212;Our business depends on a strong brand, and any failure to maintain, protect, and
enhance the brand would hurt our ability to retain or expand our base of Ad-Supported Free service users, Premium service users, and advertisers.</i>&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>Intellectual Property</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Our success depends in part upon our ability
to protect our technologies and intellectual property. To accomplish this, we rely on a combination of intellectual property rights, including
trade secrets, patents, copyrights, and trademarks, as well as contractual restrictions, technological measures, and other methods.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We have filed and acquired several active
patent applications and issued patents in the MENA Operating Area, the United States and other countries. We continue to pursue additional
patent protection, both in the United States and other countries outside the MENA Operating Area, where appropriate and cost effective.
We intend to hold these patents as part of our strategy to protect and defend our technology, including to protect and defend Anghami
in patent-related litigation.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Our registered trademarks include our primary
mark &#8220;Anghami&#8221; and various versions of the Anghami logo. In addition, &#8220;Anghami&#8221; is registered in several jurisdictions
such as New York, the European Union, UK, Switzerland, UAE, Saudi Arabia, Lebanon, Jordan and Egypt. We also have pending trademark applications
in the United States, and other countries for certain Anghami marks. Finally, we have a portfolio of internet domain names, including
our primary domain <i>www.anghami.com.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">In addition to the forms of intellectual property
listed above, we own rights to proprietary processes and trade secrets, including those underlying the Anghami platform. We use contractual
and technological means to control the use and distribution of our proprietary software, trade secrets, and other confidential information,
both internally and externally, including contractual protections with employees, contractors, customers, and partners. Finally, we also
have licenses with various rights holders to stream sound recordings and the musical compositions embodied therein, as further described
under &#8220;&#8212; <i>Licensing Agreements</i>&#8221; below, as well as licenses to stream sound recordings in videos and other types
of content.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>Licensing Agreements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">In order to stream music to our users, we
generally secure rights both to the sound recordings and the musical compositions embodied therein (i.e., the musical notes and the lyrics).
To secure such rights, we obtain licenses from, and pay royalties to, rights holders or their agents. Below is a summary of certain provisions
of our license agreements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Sound Recording License Agreements with
Major and Independent Record Labels</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We have license agreements with record label
affiliates of the three largest music companies for English/International Music &#8212; Universal Music Group, Sony Music Entertainment,
and Warner Music Group &#8212; as well as Merlin, which represents the digital rights on behalf of numerous independent record labels.
Similarly, we have license agreements with independent labels, as well as companies known as &#8220;aggregators&#8221; (for example, Believe
International).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">For Arabic music we have similar license agreements
in place with Rotana, Mazzika, Qanawat, Chbk, Nay for Media, and Watary which represent digital rights on behalf of prominent Arabic artists.
These agreements typically require us to pay royalties and make minimum guaranteed payments, and they include marketing commitments, advertising
inventory, and financial and data reporting obligations. The sound recording rights granted to us with respect to these agreements, generally
having a duration of 1 year; top 20 labels account for 88% of total streams for the year ended December 31, 2022. These license agreements,
generally are not automatically renewable and apply to the Middle East in case of the international major labels and globally for the
Arabic labels and aggregators. The license agreements also allow for the record label to terminate the agreement in certain circumstances,
including, for example, our failure to timely pay sums due within a certain period, our breach of material terms. These agreements generally
provide that the record labels have the right to audit us for compliance with the terms of these agreements. Further, they contain &#8220;most
favored nations&#8221; provisions, which require that certain material contract terms are at least as favorable as the terms we have agreed
to with any other record label. See the section entitled &#8220;<i>Risk Factors &#8212; Risks Related to Our Business and Industry &#8212;
Minimum guarantees required under certain of our license agreements for sound recordings and underlying musical compositions may limit
our operations and may adversely affect its business, operating results, and financial condition</i>.&#8221;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Musical Composition License Agreements
with Music Publishers</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">With respect to the underlying musical compositions
embodied in the sound recordings we stream, we generally secure both reproduction (&#8220;mechanical&#8221;) and public performance rights
from the owners of the compositions (or their agents). In the United States, the rates we pay are for mechanical rights, a function of
a ratemaking proceeding conducted by an administrative agency called the Copyright Royalty Board. The most recent proceeding before the
Copyright Royalty Board (the &#8220;Phonorecords IV Proceedings&#8221;) set the rates for the Section 115 compulsory license for calendar
years 2023 through 2027. The Copyright Royalty Board issued its initial written determination on January 26, 2018 and set up the Mechanical
Licensing Collective (The MLC). The MLC is a nonprofit organization designated by the U.S. Copyright Office pursuant to the historic Music
Modernization Act of 2018. In January 2021, The MLC began administering blanket mechanical licenses to eligible streaming and download
services (digital service providers or DSPs) in the United States, which Anghami opted for and obtained a Blanket License for Mechanical
Rights in the US. The MLC collects the royalties due under those licenses from the DSPs and pays songwriters, composers, lyricists, and
music publishers. We currently believe that the current rates will not materially impact our business, operating results, and financial
condition in the US as although the US is our biggest market outside of the MENA Operating Area, it is not significant in comparison to
our markets in the MENA Operating Area. However, if our business does decide to expand fully (with Arabic and International music both)
in the US market, and does not perform as expected or if the rates are modified to be higher than the proposed rates, our content acquisition
costs could increase and impact our ability to obtain content on pricing terms favorable to us, which could negatively harm our business,
operating results, and financial condition and hinder our ability to provide interactive features in our services, or cause one or more
of our services not to be economically viable in US.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">In the United States, public performance rights
are generally obtained through intermediaries known as PROs, which negotiate blanket licenses with copyright users for the public performance
of compositions in their repertory, collect royalties under such licenses, and distribute those royalties to copyright owners. We have
obtained public performance licenses from, and pay license fees to, the major PROs in the United States, including ASCAP, and are in the
process of obtaining licenses from other prominent PRO, including SESAC, Inc., among others. These agreements have music usage reporting
obligations and audit rights for the PROs. In addition, these agreements typically have one to two year terms, and some have continuous
renewal provisions, with either party able to terminate for convenience with one to two months&#8217; prior written notice, and are limited
to the territory of the United States and its territories and possessions.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">With respect to publishing rights in the MENA
Operating Area, Anghami pays on the rates to various rights owners through a ratemaking process conducted on a case-by-case basis negotiating
each license. We obtain mechanical and performance licenses for musical compositions either through local collecting societies representing
publishers or from publishers directly, or a combination thereof. There are cases of publishing deals which are represented by bodies
or agents which combine both Mechanical and Public Performance rights. Since in many countries in the MENA Operating Areas there are no
collection societies we cannot guarantee that our licenses with the existing few collecting societies and/or our direct licenses with
publishers provide full coverage for all of the musical compositions we make available to our users in such countries. As such there is
a fragmented copyright licensing landscape which leads to publishers, songwriters, and other rights holders choosing not to be represented
by collecting societies and that adversely impacts our ability to secure favorable licensing arrangements in connection with musical compositions
that such rights holders own or control, including increasing the costs of licensing such musical compositions, or subjecting us to significant
liability for copyright infringement. Some Arabic labels cover Anghami on publishing rights; these labels own the mechanical and public
performance rights of their content. Accordingly, our licensing agreements cover both master rights and publishing rights.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">From time to time, our license agreements
with certain rights holders and/or their agents, including both sound recording license agreements with major and independent record labels
and musical composition license agreements with music publishers, may expire while we negotiate renewals. Per industry custom and practice,
we and those rights holders may continue such agreements on a month-to-month basis or enter into other short-term extensions, and/or continue
to operate as if the license agreement had been extended (including by our continuing to make music available). It also is possible that
such agreements will never be renewed at all. The lack of renewal, or termination, of one or more of our license agreements, or the renewal
of a license agreement on less favorable terms, could have a material adverse effect on our business, financial condition, and results
of operations. See &#8220;<i>Risk Factors &#8212; Risks Related to Our Business Model, Strategy and Performance &#8212; We have no control
over the providers of our content, and our business may be adversely affected if the access to music is limited or delayed. The concentration
of control of content by our major providers means that even one entity, or a small number of entities working together, may unilaterally
affect our access to music and other content.&#8221;</i></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We also obtain licenses directly from artists,
through our Dashboard License Agreement, that contains simpler terms of the licensing agreement signed with the labels and distributors.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We opted to create new and original content
as part of our Anghami Originals project, whereby we create new content for artists through collaboration agreements, in addition to hosting
and producing Anghami Sessions with the artists whereby the latter performs his/her songs in a different format and set up. Anghami Originals
and Anghami Sessions&#8217; intellectual property is sometimes owned by Anghami or by the artist or even co-owned, with ownership being
addressed on a case by case basis. Anghami also produces music in various forms for brands. This branded content is owned by the brands
and promoted on Anghami.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>Government Regulations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We are subject to many U.S. federal and state,
European, Luxembourg, MENA Operating Area and other foreign laws and regulations, including those related to privacy, data protection,
content regulation, intellectual property, consumer protection, rights of publicity, health and safety, employment and labor, competition,
and taxation. These laws and regulations are constantly evolving and may be interpreted, applied, created, or amended in a manner that
could harm our business. In addition, it is possible that certain governments may seek to block or limit our products or otherwise impose
other restrictions that may affect the accessibility or usability of any or all of our products for an extended period of time or indefinitely.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">In the area of information security and data
protection, the laws in several jurisdictions require companies to implement specific information security controls to protect certain
types of information. Data protection, privacy, consumer protection, content regulation, and other laws and regulations are very stringent
and vary from jurisdiction to jurisdiction. In particular, we are subject to the data protection/privacy regulation under the laws of
the EU.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The framework legislation at an EU level with
respect to data protection currently is Directive 95/46/EC (the &#8220;Data Protection Directive&#8221;). The purpose of the Data Protection
Directive is to provide for the protection of the individual&#8217;s right to privacy with respect to the processing of personal data.
Each member state is obligated to have national legislation consistent with the Data Protection Directive. We are therefore subject to
the local implementing rules of the European countries where we are established (for example, Luxembourg and Sweden). These local laws
can impose stringent rules relating to the way in which we process personal data.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Data Protection Directive will be superseded
by the General Data Protection Regulation (&#8220;GDPR&#8221;), which came into effect on May 25, 2018. The GDPR is intended to create
a single legal framework that applies across all EU member states. However, there are certain areas where EU member states can derogate
from the requirements in their own legislation. It is therefore likely that we will need to comply with these local regulations in addition
to the GDPR. Local Supervisory Authorities will be able to impose fines of up to 4% of annual worldwide turnover of the preceding financial
year or &#8364;20 million, whichever is greater, for non-compliance. These data protection authorities will have the power to carry out
audits, require companies to cease or change processing, request information, and obtain access to premises. Where consent is relied upon
as the legal basis for processing personal data, businesses must be able to demonstrate that the data subjects gave their consent to the
processing of their personal data and will bear the burden of proof that consent was validly obtained and can be withdrawn at any time.
The GDPR implemented more stringent operational requirements for processors and controllers of personal data, including, for example,
requiring enhanced disclosures to data subjects about how personal data is processed, limiting retention periods of personal data, requiring
mandatory data breach notification, and requiring additional policies and procedures to comply with the accountability principle under
the GDPR. In addition, data subjects have more robust rights with regard to their personal data.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Our privacy policy and terms and conditions
of use describe our practices concerning the use, transmission, and disclosure of user information and are posted on our website.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Employees</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December 31, 2022 and 2021, we had 145 and 174 full-time and
part-time employees, respectively, including 2 part-time employees as of December 31, 2022 and 5 part-time employees as of December 31,
2021. The following table provides a breakdown of our employee base by function as of the dates indicated:</p><div>

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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table provides a breakdown of our employee base by geographic
location as of the dates indicated:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">Riyadh</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">4</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 4pt; font-weight: bold">Total</td><td style="padding-bottom: 4pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">145</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 4pt; font-weight: bold">&#160;</td>
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">In 2022, we took a decision to downsize our
total workforce by 22% as part of several cost-cutting measures that were implemented.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>C. Organizational Structure</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Anghami is a limited liability company incorporated
in the Cayman Islands on 14 February 2012. Anghami owns and controls multiple subsidiaries in Egypt, Saudi Arabia, United Arabi Emirates,
Lebanon and UK.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Anghami Inc. was incorporated on March&#160;1,
2021 and a wholly owned subsidiary of Anghami. On February 3, 2022, upon the completion of the Business Combination with VMAC, Anghami
and VMAC (later renamed as Anghami (DE) Inc.) became wholly owned subsidiaries of Anghami Inc. A list of the subsidiaries of the Company
as of the closing date of the Business Combination is included in Exhibit 8.1 to this Report. See also the diagram illustrating our current
organizational structure under &#8220;<i>Item 4 &#8211; Information on the Company &#8211; A. History and Development of the Company &#8211;
Corporate History and Structure</i>&#8221; of this Report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>D. Property, Plants and Equipment</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We operate an asset-light business and host
the vast majority of our data on cloud servers, as such, our Property, Plants and Equipment is limited to office fit outs and electronic
equipment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

</div><!-- Field: Page; Sequence: 69; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><div><a id="a_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM&#160;4A. UNRESOLVED STAFF COMMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">None.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><div><a id="a_007"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM&#160;5. OPERATING AND FINANCIAL REVIEW
AND PROSPECTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Overview</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Anghami is a technology-driven&#160;mobile-first&#160;music platform
that offers listeners in the MENA Operating Area unlimited Arabic and international music to stream and download.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Today we are the leading music-streaming&#160;platform in the MENA
Operating Area. We partner with mobile telecom operators across the region, have direct relationships with 42 Telcos, and with MBC group,
the largest media group in the MENA Region, and utilize these relationships and our business plan to fuel growth and boost customer acquisition.
We digitize local Arabic music catalogs and also offer innovative social features allowing users to chat and meet locally. Furthermore,
we utilize our artificial intelligence (&#8220;AI&#8221;) and machine learning algorithms, to predict user behavior, capture investment
returns and spur product development. With an Arabic speaking population of over 400&#160;million worldwide, we plan to continue to expand
our user base globally and invest in delivering a unique music streaming experience.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We offer more than 99&#160;million songs to more than 121&#160;million
registered users with more than 11.5&#160;billion streams per year as of December 2022. We currently monetize our service through subscriptions,
advertising and live events. Our Premium service users numbered 1.52&#160;million, and our Ad-Supported&#160;free service users were 6.70&#160;million
as of December&#160;31, 2022. The Premium service and Ad-Supported&#160;users support each other&#8217;s growth, and we leverage the Telco&#8217;s
strong marketing capabilities to drive acquisition of new Premium subscribers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have long standing business relationships within the music industry,
locally in the MENA Operating Area and globally with the major music labels including Universal Music Group, Sony Music Entertainment,
Warner Music Group and the Merlin Network. We also have licensing agreements with thousands of independent labels to provide users with
legal access to a vast catalog of music.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our investors currently include leading MENA financial investors including
venture capital firms, asset management, private equity firms, strategic shareholders and other leading telecommunications companies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Recent Developments</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Content Growth</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Anghami invested significantly in content acquisition and creation
to further differentiate itself from its competitors and provide unique content to its users. Initiatives include:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td><i>Rotana Content</i>:&#160;In April 2022, Anghami launched a new partnership with Rotana. Anghami had previously removed Rotana content
in 2019 as a result of Rotana&#8217;s partnership with Deezer. We believe that the reinstated partnership between Anghami, the largest
streaming platform in the Region, and Rotana, the largest Saudi label, is key for Anghami&#8217;s growth in Saudi Arabia; it provides
additional content not yet available on other streaming platforms and further increases the likelihood of subscription of free users.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td><i>Amr Diab</i>:&#160;In February 2022, Anghami signed an exclusive partnership with Amr Diab, the largest artist in MENA with more
than 22 million followers on social media and 1 billion streams per year. Amr Diab owned content will not be available on any other streaming
platform for the duration of the contract. In addition, he will create three original albums to be streamed exclusively on Anghami.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td><span style="font-size: 10pt"><i>Vibe Music Arabia</i>:&#160;In December 2021, Anghami announced a joint venture with Sony Music to
create a new Arabic label, Vibe Arabia (&#8220;Vibe&#8221;). Vibe will leverage on Anghami&#8217;s regional artist relations and Sony&#8217;s
global reach to create original Arabic content, mashups and mixes between Arabic and international music. Vibe plans on releasing around
20 songs in 2022<i>.</i></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 70; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Completion of Business Combination with Vistas Media Acquisition
Company Inc.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">On February 3, 2022, we consummated the previously
announced business combination (the &#8220;Business Combination&#8221;) pursuant to the Business Combination Agreement (the &#8220;Business
Combination Agreement&#8221;), dated March 3, 2021, by and among the Group, Vistas Media Acquisition Group Inc. (&#8220;VMAC&#8221; or
the &#8220;SPAC&#8221;) , Anghami, an exempted Group incorporated under the laws of the Cayman Islands (&#8220;Anghami&#8221;), Anghami
Vista 1, a Cayman Islands exempted Group and wholly-owned subsidiary of the Group (&#8220;Vistas Merger Sub&#8221;), and Anghami Vista
2, a Cayman Islands exempted Group and wholly-owned subsidiary of the Group (&#8220;Anghami Merger Sub&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Pursuant to the Business Combination Agreement,
each of the following transactions (among others) occurred at the closing of the Business Combination:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">-</td><td style="text-align: left">VMAC and Vistas Merger Sub consummated the merger of Vistas
Merger Sub with and into VMAC, with VMAC being the surviving Group and continuing as a wholly-owned subsidiary of the Group known as
Anghami (DE), Inc. (the &#8220;Vistas Merger&#8221;), Anghami and Anghami Merger Sub consummated the merger of Anghami Merger Sub with
and into Anghami, with Anghami being the surviving Group and continuing as a wholly-owned subsidiary of Anghami Inc.;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">-</td><td style="text-align: left">Each outstanding share of VMAC&#8217;s Class A Common Stock,
including the PIPE shares, the Share Based Payment shares, the Extension Payment shares, and Class B common stock, par value USD 0.0001
per share, was exchanged for one ordinary share of the Group;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">-</td><td style="text-align: left">each issued and outstanding VMAC warrant to purchase VMAC
Class A Common Stock ceased to represent a right to acquire shares of VMAC Class A Common Stock and was converted into the right to acquire
the same number of ordinary shares, at the same exercise price and on the same terms as in effect immediately prior to the closing of
the Business Combination; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">-</td><td style="text-align: left">All 25,697 Class A ordinary shares of Anghami were exchanged
for ordinary shares of Anghami Inc. for 5,070,164 shares, all 59,954 Class B ordinary shares of Anghami were exchanged for ordinary shares
of Anghami Inc. for 11,829,265 shares, all 5,578 Class C ordinary shares of Anghami were exchanged for ordinary shares of Anghami Inc.
for 1,100,571 shares</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In connection and immediately prior to the consummation
of the Business Combination, VMAC sold 4,056,000 shares of its Class A common stock, par value USD 0.0001 per share (&#8220;VMAC Class
A Common Stock&#8221;) for gross proceeds of USD 40,560,000 to the subscribers in the private placement (the &#8220;PIPE&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Also, VMAC issued 540,000&#160;shares (the &#8220;Share
Based Payments&#8221;) of VMAC Class&#160;A Common Stock and 152,800&#160;warrants to purchase VMAC Class&#160;A Common Stock at an exercise
price of USD 11.50 per share to certain service providers for services rendered in connection with the Business Combination, and VMAC
also issued 100,000&#160;shares (the &#8220;Extension Payment&#8221;) of VMAC Class&#160;A Common Stock to Vistas Media Sponsor, LLC (&#8220;Sponsor&#8221;)
as the result of the conversion the USD 1,000,000 loan that Sponsor made to VMAC to fund extension payment to extend the period of time
that VMAC had to consummate its initial business combination;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The net proceeds received from business combination
is as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; text-align: center">&#160;</td><td style="white-space: nowrap; text-align: center; font-weight: bold; font-style: italic">&#160;</td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; font-style: italic; text-align: center">2022</td><td style="white-space: nowrap; text-align: center; font-weight: bold; font-style: italic">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; white-space: nowrap; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; white-space: nowrap; text-align: center; font-weight: bold; font-style: italic">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; font-style: italic; text-align: center">USD</td><td style="padding-bottom: 1.5pt; white-space: nowrap; text-align: center; font-weight: bold; font-style: italic">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: justify">Cash from reverse recapitalization from IPO Trust</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">102,075,880</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Shares redeemed from the IPO Trust</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(99,595,773</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt">Proceeds from reverse recapitalization</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Cash from reverse recapitalization from PIPE Trust &#8211; net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30,427,800</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Reverse recapitalization transaction costs</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(9,470,709</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 4pt">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">23,437,198</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The number of shares of Common Stock issued immediately
following the consummation of the Business Combination was as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: justify">VMAC&#8217;s Public Shareholders, outstanding prior to the business combination</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">10,000,000</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Less redemption of VMAC&#8217;s public shares</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(9,757,033</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify">Net VMAC&#8217;s Public Shareholders</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">242,967</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">2,830,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Shares issued to PIPE</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4,056,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">640,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: justify">Sponsor, PIPE and Transaction Cost Shares issued</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">7,526,000</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: justify">Total shares outstanding immediately after the Business Combination</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">25,768,967</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt">Shares issued against exercise of warrants during 2022</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">236,687</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: justify; padding-bottom: 4pt">Total shares outstanding as of December 31, 2022</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The exchange of Anghami&#8217;s shares for Anghami
Inc.&#8217;s shares will be accounted for as a transaction under common control in accordance with IFRS. The exchange of VMAC&#8217;s
shares for Anghami Inc.&#8217;s shares will be accounted for as a &#8220;reverse acquisition&#8221; in accordance with IFRS. Under this
method of accounting, VMAC will be treated as the &#8220;acquired&#8221; Group for financial reporting purposes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">This determination was based on the guidance provided
in IFRS 3 (Business Combinations) and IFRS 10 (Consolidated Financial Statements) and was primarily based on the assumptions that Anghami&#8217;s
operations will substantially comprise the ongoing operations of the Combined Group, Anghami&#8217;s designees are expected to comprise
a majority of the governing body of the Combined Group, Anghami&#8217;s senior management will comprise the senior management of the Combined
Group, and Anghami&#8217;s existing shareholders will be the largest group of shareholders of the Combined Group following the consummation
of the Business Combination.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Accordingly, for accounting purposes, the exchange
of VMAC&#8217;s shares for Anghami Inc. shares will be treated as the equivalent of Anghami Inc. issuing shares for the net assets of
VMAC, accompanied by a recapitalization. It has been determined that VMAC is not a business under IFRS, hence the transaction is accounted
for within the scope of IFRS 2 (&#8220;share-based payment&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 72; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In accordance with IFRS 2, the difference in the
fair value of Anghami Inc.&#8217;s equity instruments deemed issued to VMAC shareholders over the fair value of identifiable net assets
of VMAC represents a service for listing and is accounted for as a share-based payment which is expensed as incurred. The net assets of
the Combined Group will be stated at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the exchange
of VMAC&#8217;s shares for Anghami Inc.&#8217;s shares will be deemed to be those of Anghami Inc. , the summary of which is as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><b>Fair value of net assets of VMAC comprising:</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><b>USD</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: justify">Cash and cash equivalents</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">43,040,107</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Trade Payables</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(9,146,258</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt">Warrants Liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(7,625,965</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">26,267,884</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-style: italic; text-align: justify">Less: Fair value of consideration comprising:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">7,478,964 Anghami Inc. ordinary shares issued at 10 USD</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">74,789,640</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify; padding-bottom: 4pt">Share listing expenses recognized in profit or loss</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">48,521,756</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Offline Activations and Revenue Streams</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td><i>Spotlight</i>:&#160;on June 3 2022, Anghami acquired Spotlight Recreational Services LLC, a well-established events and concert
company operating mainly in UAE, KSA and Egypt. The acquisition of Spotlight provides an opportunity to leverage synergies between online
and offline music delivery, to create new experiences for listeners and to strengthen Anghami&#8217;s brand awareness, building stronger relationships
with artists in the region..</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td><i>Anghami Lab</i>:&#160;In August 2021, Anghami announced a partnership with Addmind, a leading hospitality group within MENA. Subsequently
in 2022, the first Anghami Lab location opened in Riyadh, KSA, a music venue, lounge and studio where creators can experiment by co-creating
music inspired by both Arabic and international cultures to be performed live. Anghami Lab enables synergies whereby live and offline
events can be promoted through Anghami&#8217;s various digital channels and the resulting music can be made available exclusively on the
Anghami app.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>A. Operating Results</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Revenue</i></b><i>.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We operate and manage our business in three reportable segments: (1)
<i>Revenue from subscriptions</i>, Anghami&#8217;s Premium service, branded as Anghami Plus, which accounts for around 56% of the revenues
during the fiscal year ended December&#160;31, 2022, (2)&#160;<i>Revenue from advertisement</i>, consisting of advertising revenue generated
from Ad-Supported&#160;free service, which accounts for 25% of the revenues during the fiscal year ended December&#160;31, 2022 and (3)
<i>Revenue from live events</i>, consisting of revenue generated from Spotlight and Anghami Lab, which account for 19% of the revenues
during the fiscal year ended December 31, 2022. We identify these lines of businesses based on the organizational units used by management
to monitor the performance and other key aspects of our business in order to make operational decisions, including but not limited to
the type of subscriber, the channel of subscribing customer (direct subscriptions, app stores or Telcos (Business to Customer (&#8220;B2C&#8221;)
or B2B), the type and volume of the content consumed, the intellectual property (&#8220;IP&#8221;) owners of the consumed content, the
country of the subscribing customer, research and development and capital allocations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Revenue from subscriptions. </i>Our Premium
service segment provides paid subscribers with a commercial free streaming experience, unlimited access to online streaming content and
unlimited downloads across various devices. In addition, Premium subscribers can download encrypted music and have access to exclusive
contents and pre-releases. As of December&#160;31, 2021, and 2022, we had approximately 1.44&#160;million and 1.52&#160;million Premium
subscribers, respectively. New Premium subscriber growth is driven by conversion of Ad-Supported&#160;and free trial users. Premium subscribers
are split into two groups. First, direct subscription, which includes subscribers who subscribe via Apple Store, Google Play Store, Paypal,
our website or through prepaid subscription cards. Second, Telco subscription, which includes subscribers who subscribe via the Telco
network. We have two types of subscribers through the Telco network: (1) B2C subscribers who choose to subscribe to Anghami Plus (our
Premium service) and pay their subscription through their mobile carrier billing, and (2) B2B subscribers to whom we sell bulk subscriptions
at a discount to the Telcos, which in return bundle our subscription with other services and sell the bundled plan to their users.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Revenue from advertisement. </i>Without a
subscription fee, our Ad-Supported&#160;free service users are provided with limited access to on-demand&#160;online streaming content
with audio or video advertisements played intermittently. We generate revenue from charging the brands a fee on cost per 1,000 impressions
(&#8220;CPM&#8221;) basis of the display, audio and video advertising. The fee rate varies across countries and regions. In addition,
we sell branded content to advertisers where we customize audio and music video contents for brands that wish to release songs featuring
their brands. Among the brands that we worked with are PUBG, EA Sports, Galaxy, Mars, New Balance, PepsiCo, and Vice Arabia. Revenue from
our Ad-Supported&#160;segment is impacted by the profile of our Ad-Supported&#160;free service users, our ability to reach the target
audience with respect to the advertisers and in the geographic markets in which we operate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Revenue from live events. </i>In 2022, Anghami entered the live
events space through the acquisition of Spotlight and the Launch of Anghami Lab. Spotlight generates revenue primarily through concert
ticket sales and sponsorships, whilst Anghami Lab generates revenue both through F&amp;B sales as well as concerts, live events ticket
sales, and hosting of corporate events.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Cost of Revenue.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cost of revenue consists mainly of royalty costs, publishing rights
costs, processing fees and technology infrastructure.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Content acquisition and royalty costs. </i>Our
content cost makes up 43% of the total cost of revenue for the year ended December&#160;31, 2022. We pay the content cost, which mainly
represents royalty fees, to music labels for the right to stream their content on our platform. For the advertisement&#160;segment, the
content cost is driven by the number of streams per label, net proceeds from advertising revenue and the per stream rate. For the Premium
service segment, the content cost is dependent on the number of subscribers, the share of streams per label, the rate per subscriber,
the rate per stream and revenue per subscriber. Rates per subscriber and rates per stream vary by country and region. The cost of labels
are calculated per country on a monthly basis. In certain cases, our negotiated rates are dependent on meeting certain key performance
indicators (&#8220;KPI&#8221;s) like growth of subscribers or implementing content usage restriction on Ad-Supported&#160;users. Certain
content cost agreements require a minimum annual guarantee to be paid by us. This minimum guarantee is renegotiated annually and is typically
recouped against monthly calculated costs, but not always. In certain cases, we might not recoup the full minimum guarantee which will
result in higher content cost and lower gross profit margin. The un-recouped&#160;balances have not been significant to date.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Included in this expense are the costs associated with publishing rights.
Publishing rights are comprised of mechanical licensing and public performance licensing. Mechanical rights grant its holder the right
to reproduce and distribute copyrighted musical compositions while public performance rights enable songwriters, composers and music publishers
to have the exclusive right to play and authorize others to play their music under copyright laws. Similar to content cost, we negotiate
with Performing Rights Organizations (&#8220;PRO&#8221;s) on rates, minimum guarantees, and settlement terms for mechanical and public
performance rights. PROs are organizations that track, license, and pay for songwriters and publishers their royalties.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Payment processing and agency fees. </i>We
incur significant processing fees relating to app stores such as Apple Store and Google Play and through the revenue sharing agreements
with Telcos. Credit card usage is low in the MENA Region, so we partnered with the leading Telcos in the region to utilize their network
as a payment processing solution. Similar to the app store fees, Telcos&#8217; revenue sharing agreements vary depending on the nature
of the partnership (B2B v.s. B2C) and average stand at 30% of the revenue generated from subscribers through the Telco network for B2C
partnerships in relation to app store fees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Technology infrastructure Costs.</i>These
costs relate to the cloud computing and server rental expenses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Amortization of intangible assets. </i>Cost of revenue also includes
amortization of intangible assets relating to the product development, including part of the engineers&#8217; salaries (see the section
entitled &#8220;&#8212; Key Components of Our Operating Results &#8212; Cost of Revenue &#8212; Research and Development&#8221; below)
and costs related to new song and podcast creations. Since 2017, we have created more than 150 songs in which we partner with top and
rising artists to create a new song or remix an existing song. The cost to create a new song including lyrics, mixing and mastering, artist
fees and production and podcasts costs are capitalized under intellectual property. Intangible assets with finite lives are typically
amortized on a straight-line basis over their estimated useful lives, typically over 3 to 5 years. Intangibles are assessed for impairment
whenever there is an impairment indication like change in technology, consumer behavior and adverse economic conditions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Furthermore, we invest heavily in research and development.
We have been focused on creating distinctive application features that enhance user experience and increase user engagement on the platform,
such as unique features like live radio, chats, stories as well as additional feature to go live in 2023. We capitalize product development
as part of our engineering cost. Capitalized cost is amortized on a straight-line&#160;basis over a five-year&#160;period and reported
under the cost of revenue. In 2022, we capitalized 2.3% of engineering salaries related to major enhancement of existing functionality
or development of new features and decreased from the 24% capitalization in 2021. Time spent by engineers on research of new features
or managing day-to-day&#160;operations like content ingestion, Telco integrations and reporting are expensed as part of monthly employee
expenses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Online and other costs. </i>This mainly includes
the software subscriptions cost utilized by the engineering team.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Barter transaction cost. </i>These costs
represent the value of the marketing and other services that Anghami provides to its partners. This is accounted for in exchange for the
barter revenue that is recognized.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Live events cost. </i>Live events cost includes
the cost of sales of Spotlight and Anghami Lab. Spotlights cost of sales consist of events expenses (primarily artist fees and travel
expenses as well as venue rentals), whilst Anghami Lab costs of sales include F&amp;B costs, venue rental charges, staff salaries &amp;
accommodation, utilities and events and entertainment costs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Selling and Marketing Expenses</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Advertising expenses. </i>Advertising expenses
consist of fees paid to advertising and branding agencies to promote and sell ad campaigns to regional and international brands on our
platform. We partner with the largest digital ad agency in the MENA Region.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Marketing and branding expenses. </i>This
includes all the digital and social media campaigns, television, offline and outdoor campaigns utilized to promote our brand recognition,
user acquisition and user retargeting. In 2022, it also included the marketing-related portion of the exclusivity deal with Amr Diab.
It also includes all software subscriptions needed for marketing such as appearance of Anghami on search engines as well as marketing
research needed for developing growth and acquisition strategies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>General and Administrative Expenses</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">General and administrative expenses consist mainly of employee compensations,
rental expenses, utilities cost, Estimated Credit Loss (ECL) provisions, share-based&#160;compensation expense and depreciation of property
and equipment. Employee compensation includes salaries and benefits of finance, accounting, legal, analytics, and operations teams.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Consultancy and Professional Fees</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consultancy and professional fees are related to legal, audit, and
tax advisory.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In 2022, we incurred a total of $2.1 million of professional fees,
$1.0 million of which were legal fees in relation to the SPAC, approximately $0.7 million of audit fees and approximately $0.4 million
as other consultancy fees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>SPAC reverse recapitalization expense</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The exchange of Anghami&#8217;s shares for Anghami Inc.&#8217;s shares
was accounted for as a transaction under common control in accordance with IFRS. The exchange of VMAC&#8217;s shares for Anghami Inc.&#8217;s
shares was accounted for as a &#8220;reverse acquisition&#8221; in accordance with IFRS. Under this method of accounting, VMAC was treated
as the &#8220;acquired&#8221; company for financial reporting purposes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The SPAC reverse recapitalization expense amounted to $48.5 million
in 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Key Performance Indicators</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition to the IFRS financial metrics that we regularly monitor,
we also monitor the following metrics to evaluate our business, measure our performance and identify trends affecting our business. The
metrics provided below are unaudited and were not prepared with a view toward public disclosure or compliance with the published guidelines
of the SEC, or the applicable guidelines for the preparation and presentation of financial statements.<b><i>&#160;</i></b>The metrics
provided below may not be comparable to metrics issued by other issuers or competitors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Active Users</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We track active users as an indicator of the size of the audience engaged
with our platform. Active users are the users who used our app for at least once over a three month look back period from the period-end&#160;reported.
We use the three-month period because we have strong seasonality of music consumption in the MENA Operating Area due to major holidays.
For example, users consume less content during Ramadan, the Muslim holy month, while music activity increases in December. The table below
sets forth our active users as of December&#160;31, 2020 2021, and 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left; padding-bottom: 1.5pt">Active Users (at year-end)</td><td style="width: 1%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">18,762,596</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="width: 1%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">18,186,330</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="width: 1%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">18,354,766</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Overall active users increased from 18.2 million in 2021 to 18.8 million
in 2022, despite the economic challenges in Egypt and Lebanon.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Premium Subscribers, Conversion and ARPU</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We define Premium subscribers as users who have completed registration
on our platform and activated a payment method for Premium services. Premium subscribers include subscribers who are within a grace period
of up to 30 days after failure to pay their subscription fee as well as free trial users. We define the Premium average revenue per user,
or ARPU, as the monthly measure of total Premium subscription revenue earned during a specific month, divided by the total number of Premium
subscribers over the period of that specific month, that contributed towards the monthly revenue. Premium subscribers at the month-end&#160;are
counted without duplication, that is, if a single subscriber has subscribed to different plans over the month, that subscriber is counted
as one single subscriber. Free trial users are not counted for the purposes of ARPU. Total Premium subscription revenue includes revenue
earned from all types of Premium subscribers (daily, weekly, monthly, semi-annual&#160;and annual) and is calculated on an accrual basis
excluding any unearned revenue at month-end. We have one of the highest Premium subscribers&#8217; conversion rates in emerging markets
amounting to 16% in 2022, driven by our marketing efforts and a strong partnership with Telcos, who launch seasonal SMS campaigns to entice
users to subscribe to our Premium services. Conversion rate means the total number of Premium subscribers (daily, weekly, monthly, semi-annual,
annual and free trial users) across all Premium subscription plans that contributed to the revenue from subscriptions in any given month
divided by the number of MAUs for that month. Daily Premium subscribers are those subscribers who subscribe to our daily Premium plan
(meaning the subscription covers one day), whereas Monthly Premium Subscribers are those who subscribe to our monthly Premium plan (meaning
the subscription covers one month). Premium subscribers include subscribers to all types of Premium plans (daily, weekly, monthly, semi-annual&#160;and
annual). Starting 2018, we have focused on increasing daily premium subscribers as a starting point for our users to try our Premium services,
and then incentivize them to convert into monthly Premium subscribers through long term offers, free trials and discounts which explains
the growth in monthly paying subscribers from 1.17 million at December 31, 2020 to 1.20 million at December 31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The table below sets forth our Premium subscribers, monthly Premium
subscribers, ARPU and our direct integration from Telco users for the months of December 2022, December 2021 and December 2020.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; text-align: center">&#160;</td><td style="white-space: nowrap; text-align: center; font-weight: bold">&#160;</td>
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    <td style="white-space: nowrap; text-align: center">&#160;</td><td style="white-space: nowrap; text-align: center; font-weight: bold">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><i>*</i></td><td style="text-align: justify"><i>Average for the year</i></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ARPU increased from $1.92 average for the year 2021 to $2.09 average
for the year 2022 due to the increase in Premium Subscribers as well as the growth in revenue within the adverstisement segment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Unit Economics </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We measure our efficiency by the rate of investment, or ROI, on marketing
expenses, defined as our total annual revenue divided by the total annual amount of sales, branding and marketing expenses. We optimized
our limited marketing budget by leveraging our expertise, and data across different marketing channels, such as Facebook, Instagram or
app stores, and across different countries to attract new users in various demographics. Our ROI decreased from 5.8 times in 2020 to 4.4
and 4.2 times in 2021 and 2022 respectively, driven by increased spending on marketing. With the launch of new data sharing restrictions
on iOS, ad campaign targeting is becoming more expensive and less efficient. As such, we have opted to push into organic growth via content
acquisition like Amr Diab partnership, creating original content for brand differentiation, and partnership with global brands like Sony
and Amazon to tap into their large user network. The table below sets forth our average ROI on marketing expense for the years ended December&#160;31,
2020, 2021, and 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 77; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>User Engagement</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We focused on maintaining strong user engagement to minimize churn
and increase Premium conversion. Despite the economic and operational challenges from COVID-19, we maintained a stable average daily streaming
time for Premium subscribers from 2019 to 2022. The average daily streaming time remained stable at around 1.25 hours for Premium subscribers
and around 45 minutes for Ad-Supported&#160;users. We achieved this through both our technology and content marketing initiatives. On
the technology front, we launched new features such as live radio that enables broadcasters to stream their playlists and songs to their
followers live. We also improved our machine learning algorithm, so more users listened to the playlists recommended by the platform.
On the content marketing initiatives front, we launched multiple initiatives like live events with artists, partnerships with top international
DJs such as Marshmallow to create exclusive playlists on Anghami to attract new users and building music communities across the MENA Operating
Area. We also rebranded the Anghami logo in 2022 to better tailor for users of the TikTok app and attract more Generation Z users. We
define a churned subscriber as a monthly paying subscriber who churned from his or her Premium subscription during a given month and did
not recover during 30 days following the churn date (look back period). Churn rate is defined as the percentage of monthly Premium subscribers
who stopped paying Premium fee in the 30-day&#160;look back period from the indicated period end, out of the total Premium subscribers.
The table below sets forth the churn rate for the years 2020, 2021 and 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Arabic Content and Originals Creation</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We stand out for our strong local Arabic content and user base. For
the year ended December&#160;31, 2022, Arabic songs streaming time on our platform stabled at approximately 58% of total streams (up from
53% as at December 31, 2021), although Arabic catalogue represented only 1% of Anghami&#8217;s total song library. We believe this represents
an opportunity to invest in Arabic content creation. Since the beginning of 2018, we have created more than 150 original Arabic songs
that generated an ROI of 59% on our production cost with the best successes from Arabic and international remixes. Not only has it built
a foundation for strong relationships with international labels, creating Arabic contents will also be a cornerstone of our growth strategy
and a key differentiator for us. Subsequently in 2022, we signed an exclusive contract with Amr Diab whereby Anghami has exclusive access
to all Amr Diab owned content in addition to future releases over the contract period. Further to that, Anghami brought back Rotana content,
which is critical to Saudi Arabia market growth.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Results of Operations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In 2022, our Premium subscription revenue increased by 5.4% compared
to 2021 driven by the increase in Premium subscriber, while revenue from advertisement increased by 22.5% compared to 2021. Total Premium
subscribers (which includes free trial subscribers) increased as of December 31, 2022 by 5.7% compared to December 31, 2021. Free trial
users are not counted for the purposes of ARPU and therefore the denominator used in calculating the ARPU is smaller than it would be
if these free trial users were included. The average ARPU for the fiscal year 2022 of $2.09 increased by 8.7% compared to the average
ARPU of $1.92 for the fiscal year 2021. The increase in ARPU in 2022 is due to the increase in Premium Subscribers as well as the growth
in revenue within the advertisement segment.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our performance in 2022 varied across our core geographies. KSA was
the best performing market with revenue growing by $6.3 million year-on-year (from $8.3 million in 2021 to $14.6 million in 2022) or 76.3%
year-on-year mainly driven by the increase from the newly launched Anghami Lab as well as growth in revenue from advertisement (Revenue
from advertisement is attributed to a country based on where the advertising campaign is viewed). Revenue from UAE increased by $6.8 million
year-on-year (from $6.0 million to $12.8 million) or 113.2% year-on-year driven by the incremental revenue from Spotlight (Spotlight was
acquired in 2022 and primarily operates within UAE). On the other hand, revenue from Lebanon decreased by $1.3 million year-on-year (from
$4.8 million to $3.6 million) due to the economic downturn and the devaluation of the Lebanese currency against the USD.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Revenues</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The table below presents our revenues from each of our segments:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">R<i>evenue from subscriptions.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">For the year ended December&#160;31, 2022, revenue
from subscriptions comprised 56% of our total revenue. Compared with 2021, the revenue from subscriptions increased by $1.4 million, or
5.4%. The growth in subscription revenue is driven by the increase in number of monthly paying subscribers mainly direct subscribers on
app stores (both google and apple). The growth in subscribers is a result of continued comprehensive campaigns made throughout the year
to push free users and low ARPU daily subscribers to convert to monthly subscribers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Revenue from advertisement.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">For the year ended December&#160;31, 2022, the
revenue from the advertisement&#160;segment comprised close to 25% of our total revenue. Compared with 2021, revenue from advertisement
increased by $2.2&#160;million or 22.5%. The increase was driven primarily by barter agreements executed with key strategic partners such
as Amazon Prime, Noon and beIN.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Revenue from live events</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The year ended December 31, 2022, marked our launch
of live events through Spotlight and Anghami Lab. Live events is a new vertical within Anghami that aims to diversify revenue streams
and leverage synergies between offline and online music delivery. Spotlight and Anghami Lab generated $4.9 million and $4.5 million respectively
for the year ended December 31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below presents a breakdown of our expenses:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Content acquisition and royalty costs</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Content acquisition and royalty costs have increased
by $1.2&#160;million or 7.6% during the year ended December&#160;31, 2022, compared to 2021. The increase is mainly due to (1) the expenses
from the addition of Rotana&#8217;s catalogue, one of the region&#8217;s largest labels and (2) the expenses from the exclusivity deal
signed in February 2022 with Amr Diab, one of the MENA region&#8217;s leading artists (a $10 million exclusive deal covering a period
of 3 years where Anghami obtains exclusivity over Amr Diab&#8217;s entire music catalogue).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Payment processing and agency fees</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Payment processing and agency fees decreased by
$0.6 million or 8.9% year-on-year, partly due to change in revenue share policy of Google Store. In 2022, Google Store dropped revenue
share fees to 11% to all subscribers from the prevailing 15%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Technology infrastructure costs</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">During the year ended December&#160;31, 2022,
technology infrastructure cost increased by $0.8 million. This is primarily due to our strategic decision to invest time and resources
to optimize our backend code. The optimization efforts have led to a temporary increase in usage and costs mostly during the first half
of 2022, however, these improvements are expected to generate long term cost efficiencies while also rendering the platform significantly
more scalable and less costly.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Amortization of intangible assets</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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$159,744 or 22.4% during the year ended December&#160;31, 2022 compared to 2021. Intangible assets, include the costs of application development
and original content creation, have increased during the year ended December&#160;31, 2022, which resulted in a higher amortization cost.
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Online and other costs</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This mainly includes the software subscriptions
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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the year ended December&#160;31, 2022, compared to 2021. The increase was primarily driven by additional usage dedicated to the R&amp;D
project to optimize our backend code, which will ultimate result in cost savings.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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with partners whereby Anghami provides marketing services to the partner and vice versa. Major partners include Amazon Prime, Noon and
beIN. Barter costs represent the value of the marketing and other services that Anghami provides to its partners against the recognized
barter revenue.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This includes the costs associated with Spotlight
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; white-space: nowrap; text-align: center">&#160;</td><td style="white-space: nowrap; text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 81; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">For the year ended December&#160;31, 2022, as
compared to 2021, consolidated gross profit increased by $309,783&#160;or 3.4% while the gross margin has decreased from 25.5% to 19.3%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The overall decrease was partially impacted by
the decrease in gross profit margin in the Subscriptions segment where (1) the economic downturn and currency devaluation in Egypt and
Lebanon caused a significant drop in revenue whereas a large portion of our costs remained fixed and (2) cost of revenue increased further
to the additional expenses from the Rotana and Amr Diab deals.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Additionally, the gross margin within the Advertisement
segment experienced decline due to three primary reasons. Firstly, the accounting for barter agreements which records equal amounts of
revenue and costs, ultimately results in a neutral impact on gross profit but a negative impact on gross margin percentage. Secondly,
due to the economic downturn and currency devaluation in Egypt and Lebanon, two of our core markets. Finally, 2022 was a transitional
year for Anghami in the Advertisement segment, where we focused on redefining our strategy to reduce our reliance on media-based standard
advertising and, instead, we focused on leveraging our platform&#8217;s unique selling points in production, branded content, and direct
ads. The shift in strategy led to a temporary decrease in the gross margin in the first half of 2022 but demonstrated significant improvement
in margin for the second half of 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The newly added Live events segment positively
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">While our gross margin dropped in 2022 compared
to 2021, we note than many improvements were made in the second half of 2022 compared to the first half. Content costs, Technology and
infrastructure costs, as well Payment processing and agency fees all decreased as percentage of revenue in line with our continued focus
on efficiency and profitability.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Advertising and marketing expenses</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Advertising expenses</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The decrease is attributed to a lower contribution
from agency advertising to overall advertising revenue in 2022 compared to 2021. This is because a greater portion of advertising revenue
in 2022 was generated from Anghami Studios and Anghami Direct Ads.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Marketing and branding expenses</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">This mainly relates to the marketing and branding
expenses to grow our brand. Marketing and branding expenses increased by $4.2&#160;million, or 86.1% during the year ended December&#160;31,
2022, as compared to 2021. The primary contributor to this increase is the exclusivity deal signed with Amr Diab .</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>General and administrative expenses</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; white-space: nowrap; text-align: center">&#160;</td><td style="white-space: nowrap; text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1.5pt; white-space: nowrap; text-align: center">&#160;</td><td style="white-space: nowrap; text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">218,801</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">65,997</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">345,816</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">158.1</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">152,804</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">231.5</td><td style="text-align: left">%</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">514,643</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">474,865</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">89,362</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">39,778</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">8.4</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">385,503</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">327,808</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">416,435</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">84,114</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(88,627</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(21.3</td><td style="text-align: left">)%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">332,321</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">299,697</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">202,052</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">73,465</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">97,645</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">General and Administrative expense increased by $6.3 million, or 57.6%
from 2021 to 2022, this increase is mainly due to the increase in the number of employees and relocation of staff from Beirut to Abu Dhabi
which began in in 2021 and continued through 2022. In addition, we have moved our head office to Abu Dhabi which increased rent charges
and was accompanied by an increase in travel expenses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Finance costs</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; white-space: nowrap; text-align: center">&#160;</td><td style="white-space: nowrap; text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1.5pt; white-space: nowrap; text-align: center">&#160;</td><td style="white-space: nowrap; text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 83; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Interest on Convertible notes</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Interest on Convertible notes decreased because Anghami obtained a
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The loans from Alkonost and MEVP converted into Anghami Inc. shares
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Interest on Working Capital Loans</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Working capital loans were repaid upon the consummation of the Business
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Non-IFRS Financial Measures</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This annual report includes certain non-IFRS&#160;financial measures,
such as EBITDA. We present EBITDA, a non-IFRS&#160;performance measure, to supplement the financial results presented in accordance with
IFRS. EBITDA is defined as earnings before interest, income tax, depreciation and amortization. We believe EBITDA is useful to investors
for evaluating the operating performance against competitors, which commonly disclose similar performance measures. However, our calculation
of EBITDA is susceptible to varying calculations and may not be comparable to other similarly titled performance measures of other companies.
EBITDA is not intended to be a substitute for any IFRS financial measure. You should not consider EBITDA in isolation, or as a substitute
for an analysis of our results as reported on our consolidated financial statements appearing elsewhere in this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>EBITDA</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; white-space: nowrap; text-align: center">&#160;</td><td style="white-space: nowrap; text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the year ended December&#160;31, 2022, as compared to 2021, EBITDA
loss increased by $1.2 million. The increased EBITDA loss was impacted by the currency devaluation and economic downturn in Egypt and
Lebanon and was further driven by additional professional fees incurred in relation to the Business Combination, the additional expense
due to the addition of the Rotana catalogue, the rise in salaries further to the expansion strategy initiated in 2021 and the company
moving its headquarter to Abu Dhabi (which has a higher salary scale). For a discussion of the limitations associated with using EBITDA
rather than IFRS measures and a reconciliation of EBITDA to net loss, see discussion below under the heading <i>&#8220;Non-IFRS Financial
Measures&#8221;</i> and the section entitled &#8220;<i>Selected Historical Financial Data of Anghami</i>.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 84; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table presents a reconciliation of EBITDA to the net
loss for the periods indicated:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-indent: -0.125in; padding-left: 0.125in; white-space: nowrap; text-align: center">&#160;</td><td style="white-space: nowrap; text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1.5pt; white-space: nowrap; text-align: center">&#160;</td><td style="white-space: nowrap; text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>B. Liquidity and Capital Resources</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On February 3, 2022, we consummated the Business Combination pursuant
to the Business Combination Agreement. As a result of the Business Combination, Anghami and VMAC became wholly owned subsidiaries of Anghami
Inc.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to the Business Combination, we funded our operations primarily
through the issuance of convertible debt and equity instruments. Upon the completion of the Business Combination, the Company raised a
total of $32.9 million out of which $23.4 million were received after deducting reverse recapitalization transaction costs of $9.5 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the years ended December 31, 2022 and 2021 we had a loss for the
financial year of $61.2&#160;million and $18.1&#160;million, respectively. As of December 31, 2022 and December&#160;31, 2021, we had
cash and cash equivalents of $3.1 million and $0.7&#160;million, respectively. Our cash and cash equivalents consist primarily of cash
with banks or other financial institutions that is unrestricted as to withdrawal and use. Our cash and cash equivalents are primarily
denominated in U.S. Dollars as well as in local currencies of the markets where we operate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We require and will continue to need significant
cash resources to, among other things, fund our working capital requirements, increase our headcount, make capital expenditures (including
those related to product development), and expand our business across targeted markets. As a result, we expect that we will need to raise
capital in the future from equity and / or debt sources.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Our future capital requirements depend on
many factors including our growth rate, the continuing market acceptance of our offerings, the timing and extent of spending to support
our efforts to develop our platform, the expansion of sales and marketing activities, and the expansion of our business into new geographies
and markets. Further, as part of our growth strategy, we expect to enter into arrangements to acquire products, services, and/or technologies.
To enhance our liquidity position or increase our cash reserve for future investments or operations through additional financing activities,
we may in the future seek equity or debt financing. The issuance and sale of additional equity would result in further dilution to our
shareholders. The incurrence of indebtedness would result in increased fixed obligations and could result in operating covenants that
would restrict our operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We believe that our historical ability to raise and deploy capital
to fund the development of our platform and expansion of our operations would enable us to access financing on reasonable terms. However,
there can be no assurance that such financing would be available to us on favorable terms or at all. If the financing is not available,
or if the terms of such financing are not acceptable to us, we may be forced to decrease the level of investment in our platform, scale
back our operations, defer investments to execute on our growth strategy or execute a combination of these cost management strategies,
which could have an adverse impact on our business and financial prospects. The loss for the financial year in current and prior periods
we have incurred since inception are consistent with our strategy and plans for continued growth and expansion. We expect to continue
to incur losses as we execute on our operating plan and expand our product offerings.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Cash Flow</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table summarizes our cash flows for each of the periods
presented:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Operating Activities</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During the year ended December&#160;31, 2022, cash flows from operating
activities were positive at $84,663, primarily due to the positive impact resulting from the optimization of our working capital.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Investing Activities</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The 2022 cash outflows from investing activity of $12.6 million was
driven by (i) additions in property and equipment primarily, in relation to fit out costs for the set up and launch of Anghami Lab, (ii)
additions to intangible assets which primarily include the value of the exclusivity contract with Amr Diab, the cost of producing original
content and app development capitalization as a result of implementing additional major features, (iii) investment in Vibe Music Arabia,
the Joint Venture with Sony Music and (4) the cash cost of the acquisition of Spotlight.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Financing Activities</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During the year ended December&#160;31, 2022 net cash inflows from
financing activities were $15.0&#160;million consisting primarily of the proceeds from the PIPE financing the reverse capitalization net
of the SPAC transaction costs of VMAC and the repayment of existing loans and borrowings as part of the Business Combination.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Free Cash Flow</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Free cash flow represents the total sum of operating and investing
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is due to the factors explained in the previous three headings.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><!-- Field: Page; Sequence: 86; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Indebtedness</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our principal debts are comprised of trade accounts payables, bank
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Contractual Obligations and Commitments</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Anghami is subject to the following minimum guarantee
amounts relating to investments in joint ventures and the content on its service and publishing rights, the majority of which relate to
initial investments and minimum royalty payments associated with its license agreements for the use of licensed content and publishing
royalties, as at December 31:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition to the minimum guarantees listed above, Anghami is subject
to various service agreements including a service agreement with Amazon for the use of Amazon servers and cloud.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>D. Trend Information</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our business exhibits significant seasonality. Historically our fourth
quarter is our strongest quarter, driven by large advertising spending from our advertisers during the holiday season. In addition, we
face seasonal fluctuations during Ramadan, the Muslim holy month. Ramadan started in April in 2022 but is a floating holiday and shifts
by approximately 10 days each year. During Ramadan, our user activities and revenues from advertisement and subscriptions drop significantly
due to general reductions in people&#8217;s daily leisure activities. To reduce the impact of Ramadan&#8217;s seasonality on our user
engagement and revenues, since 2017 we launched a special Ramadan subscription that offers Ramadan-related&#160;content to offset the
negative impact on our user engagement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Competition</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We still consider piracy to be our main competitor, as the copyright
protection laws are still developing in the MENA Region. However, we believe the early stage of regulations on music copyrights represents
an opportunity for our growth as we provide a legal and premium experience with higher quality contents than piracy with the option to
upgrade for more unique features.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our other competitors include global streaming services. In 2015, Apple
Music launched globally including in the MENA Region, but our number of subscribers kept growing. In 2018, both Spotify and Deezer launched
in the MENA Region. In 2019, YouTube Music also expanded to the MENA Region, with the support from various contents from YouTube and the
power of Google Search. We believe that the competition can help increase the general awareness of music copyrights, which in turn helps
to expand the market and therefore benefits the entire music streaming industry.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There are other non-significant&#160;local music streaming platforms
with limited reach to Telco users, except a few Telco driven platforms such as Etisalat Music in Egypt. Huawei Music is available preinstalled
in Huawei devices but has a relatively small market recognition. Amazon Music is currently not available in the MENA Region. Amazon Prime
subscribers get an Anghami Plus subscription.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Revenue from advertisement</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We anticipate further growth in revenues from advertisement as we have
shifted this year towards a diversified strategy focused around our platform&#8217;s unique selling points (&#8220;USP&#8221;). Our reliance
on media and impression-based advertising as the primary source of revenue is decreasing due to the challenges posed by tech giants like
TikTok and YouTube offering wider reach at lower prices.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To counter these challenges, we have diversified beyond traditional
media offerings by leveraging our custom technology, production capabilities, and various business streams to monetize. This diversification
has expanded our pool of advertising solutions beyond standard media, which remains a key contributor to our revenue.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Music and sound can instantaneously trigger an emotional response,
increase awareness and attribution, improve perceptions, drive consideration and build deeper connections. Today music listening is at
an all-time high and people rely on their favorite songs to accompany their various experiences. Anghami leverages the connection between
music and activities by providing people with playlists made up of the best songs for activities like running, driving, exercising etc.
and offers brands the opportunity to sponsor those targeted playlists. When brands tap into the power of music and sound, experiences
will be better and personal connections with the brand will be stronger. The targeting algorithm does not only use data and technology,
but also considers the emotions of the consumer. Anghami&#8217;s playlists and &#8220;moods&#8221; allow marketers to reach target audiences
while they are in a certain mood or emotion (what we call the &#8220;Narrative of Emotions&#8221;). This allows marketers to directly
attach brands to specific associations and feelings the consumers are experiencing at that moment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our advertisement strategies are anchored by a combined platform USP
and Narrative of Emotions, setting us apart from competitors like Facebook and Google. By focusing on emotions and our understanding of
the local market, we have positioned ourselves as a top-of-funnel platform, making us an attractive choice for brands in the region.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our diversification strategy is already proving to be successful, with
growing shares of production (Anghami Studios), branded content, and direct Ads revenue, while media-based (standard advertising) share
is decreasing as on an aggregate level.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, our third-party agency partner DMS is committed to increasing
advertising efforts in key regions where we operate, which, combined with our emphasis on diversification, unique USP, and focus on emotional
narrative, positions us well for continued growth and success in the competitive advertising landscape.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Live events</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The strategic additions of Spotlight and Anghami Lab have provided
us with organic diversification of our revenue streams, and have offered existing Anghami users as well as non-users additional ways to
consume music.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During the first year of launch in 2022, our live events businesses
accounted for nearly 20% of our total revenue. We anticipate that this segment will play a more pivotal role in our business moving forward
as these newly-launched businesses continue to grow and develop under our brand.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Looking ahead, we are committed to integrating our live events business
with our core offering, thus leveraging synergies between offline and online music experiences. In the medium term, we expect live events
to become increasingly intertwined with our platform, as we strive to offer our users a seamless and comprehensive music experience. We
believe that these efforts will not only enhance the overall value proposition of our platform, but also strengthen our competitive position
within the industry.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Geographic expansion strategy</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the short term from 2022 to 2023, we remain committed to expanding
our market share among the younger generation in our existing geographic markets. In the medium term from 2023 to 2025, we plan to focus
on French-speaking&#160;North Africa, Iraq and the Arab diaspora, a large population of Arabs who live outside the MENA Region. With over
20&#160;million Arabs living in North America and Europe, Arab diaspora represents a large opportunity to grow our users beyond the MENA
Region. We have developed new music streaming products and original content specifically designed for this population, mainly by combining
Arabic music with English and French lyrics or tunes. In the longer term, we plan to expand into South Asia, mainly Pakistan. With a population
of 220&#160;million people, almost half of the Arab world&#8217;s population, Pakistan has similar market dynamics to the MENA Region
with a large young population, a significant Telco user base and high mobile phone ownerships. We expect our experiences in the MENA Operating
Area could bring us success in Pakistan.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Premium subscription growth strategy</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We remain committed to driving growth in our core Premium subscriptions
offering, as we continue to implement measures such as optimizing subscription plans in countries impacted by currency devaluation, as
well as targeting services and geographies that generate higher ARPU. Furthermore, we are prioritizing growth in our direct channels and
will renegotiate key Telco deals to enhance our revenue streams. Additionally, we plan to introduce new Telco bundles that generate higher
ARPU. Furthermore, we are working on developing unique supplementary features that will be exclusively available to Premium users. These
strategic initiatives are expected to drive growth in our subscription revenue and strengthen our unique position in the region.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>E. Critical Accounting Estimates</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Critical Accounting Policies and Estimates</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The consolidated financial statements of the Group comply with International
Financial Reporting Standards (&#8220;IFRS&#8221;) as issued by the International Accounting Standards Board (&#8220;IASB&#8221;) and
have been prepared on a historical cost basis, except for certain convertible notes, employees&#8217; share based payment and warrants
which have been measured at fair value, and lease liabilities, which have been measured at present value.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The preparation of the consolidated financial statements in conformity
with IFRS requires the application of certain critical accounting estimates and assumptions. It also requires management to exercise its
judgment in the process of applying the accounting policies. The areas involving a greater degree of judgment or complexity, or areas
in which assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 3.5.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The consolidated financial statements are presented in United States
dollar (USD) which is also the functional currency of the Group. The Group has assessed the operation of each of its subsidiaries and
determined that the functional currency of the subsidiaries is the same as the Group&#8217;s functional currency, as each subsidiary operate
as an extension of the Group since they lack the required autonomy and are dependent on the Group and other subsidiaries in providing
their services. The USD is considered the functional currency of the Group as it is the main currency that influences the sales prices
for services, cost of revenues, expenses and financing activities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The consolidated financial statements have been rounded off to the
nearest USD, except when otherwise indicated. Foreign currency transactions are translated into the functional currency using the exchange
rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions
and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are recognized
in the consolidated statement of comprehensive income within foreign exchange loss, net.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Revenue recognition</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Revenue from subscriptions</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Group generates subscription revenue from the sale of the premium
service in which customers can listen on-demand and offline. Premium services are sold directly to end users and through partners who
are generally telecommunications companies that bundle the subscription with their own services or collect payment for the stand-alone
subscriptions from their end customers. The Group satisfies its performance obligation, and revenue from these services is recognized,
on a straight-line basis over the subscription period. Premium services are paid in advance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Premium partner subscription revenue is based on a per-subscriber rate
in a negotiated partner agreement. Under these arrangements, a premium partner may bundle the premium service with its existing product
offerings or offer the premium service as an add-on to their services. Payment is remitted to the Group through the premium partner. The
Group assesses the facts and circumstances, including whether the partner is acting as a principal or agent, of all partner revenue arrangements
and then recognizes revenues either gross or net. Premium partner services, whether recognized gross or net, have one material performance
obligation, which is the delivery of the premium service. The service provided by the premium partners is to act as a payment gateway
to collect the subscription fees and transfer it to the Group against receiving a fee calculated as a percentage of revenue collected.
The Group has assessed each of its premium partner subscription revenue agreements and concluded that revenue should be recognized on
a gross basis as the Group controls the music streaming service provided to the premium users and remains responsible to deliver the music
streaming services at the agreed quality during the full subscription period; in addition, the Group has full discretion in determining
the price of the music streaming services offered. The fees paid to the premium partner against the services provided by them is recognized
as part of cost of revenue in the consolidated statement of comprehensive income.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, the Group sells premium subscriptions to third party
service providers who bundle the purchased premium subscriptions with other services and products they deliver to their end-users. Under
this product, the third-party service providers are the Group&#8217;s customers and not their end-users. The Group&#8217;s only material
performance obligation is the delivery of the music streaming service. The third-party service providers do not provide any services to
the Group. The Group recognizes the revenue received from such third-party service providers over the sold premium subscriptions and vouchers
validity period which starts on their respective activation day.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Revenue from advertisement</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Group&#8217;s advertising revenue is primarily generated through
display, audio, and video advertising delivered through advertising impressions. The Group&#8217;s advertising revenue is generated through:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: left">Agency Sales Channel: the Group entered into an arrangement
with an advertising agency that sells ads campaigns to global and regional brands. These advertising arrangements are typically sold
on a cost-per-thousand basis and are evidenced by an Insertion Order (&#8220;IO&#8221;) that specifies the terms of the arrangement such
as the type of ad product, pricing, insertion dates, and number of impressions in a stated period. The advertising agency promotes the
Group&#8217;s advertising products based on a pre-agreed sales commission based on generated revenue. The Group sets the pricing schedule
for ads impressions and approves the ads before their display on the Anghami platform and remains responsible to deliver the advertising
products to the advertising client. Advertising clients and advertising agency send for the Group&#8217;s approval the advertisement
to be displayed on the Anghami platform and the IOs that specify the number of ads impressions, campaigns periods, and the agreed service
fees.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(2)</td><td style="text-align: left">Direct Sales Channel: the Group works directly with advertising
clients. The Group&#8217;s sales team identifies and manages these advertising clients and approves their advertising campaigns sent
via IOs which acts as a contract between the Group and the advertising clients.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(3)</td><td style="text-align: left">Programmatic Advertising Channel: the Group generates revenue
from adverstisement through arrangements with certain advertising exchange platforms to distribute advertising inventory for purchase
on a cost-per-thousand basis through their automated exchange. The Group has control over which ads are to be displayed on its platform,
volumes and selection criteria.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(4)</td><td style="text-align: left">Barter deals: Revenue is recorded at the fair value of non-cash
consideration received or promised from the customer. The fair value is measured at contract inception.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Revenue is recognized over time based on the number of impressions
delivered.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Live events</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Group generates its live events revenues from the sale of tickets,
sponsorships &amp; food &amp; beverages to customers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.55pt 0pt 0; text-align: justify"><b>Cost of revenue</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.55pt 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.55pt 0pt 0; text-align: left">Cost of revenue consists predominantly
of label and publishing costs related to content streaming, payment processing, agency fees and barter transaction costs. The Group incurs
label and publishing costs to certain music record labels, music publishers, and other rights holders for the right to stream music to
the Group&#8217;s users. Label and publishing costs are typically calculated using negotiated rates in accordance with license agreements
and are based on either subscription and advertising revenue earned, user/usage measures, or a combination of these. The determination
of the amount of the rights holders&#8217; liability is complex and subject to a number of variables, including the revenue recognized,
the type of content streamed and the country in which it is streamed, the product tier such content is streamed on, identification of
the appropriate license holder, size of user base, ratio of Ad-Supported users to premium subscribers, and any applicable advertising
fees and discounts, among other variables. Some rights holders have allowed the use of their content on the platform while negotiations
of the terms and conditions are ongoing. In such situations, label and publishing costs are calculated using estimated rates. In certain
jurisdictions, rights holders have several years to claim royalties for musical compositions and therefore estimates of the label and
publishing payables are made until payments are made. The Group has certain arrangements whereby label and publishing costs are paid in
advance or are subject to minimum guaranteed amounts. An accrual is established when actual label and publishing costs to be incurred
during a contractual period are expected to fall short or exceed the minimum guaranteed amounts.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.55pt 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.55pt 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.55pt 0pt 0; text-align: left">The expense related to these accruals
is recognized in cost of revenue. Cost of revenue also includes payment processing fees for subscription revenue, server&#8217;s rental
and other infrastructure costs, amortization of intangible assets, and expenses incurred to produce music content sold to brands and ads
clients.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.55pt 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.55pt 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.55pt 0pt 0; text-align: left">Amortization of podcast content assets
is recorded over the shorter of the estimated useful economic life, or the license period (if relevant), and begins at the release of
each episode. Amortization is calculated on double-declining basis similar to internally developed music content. We make payments to
podcast publishers, whose content we monetize through advertising sales.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.55pt 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.55pt 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Group incurs expenses from barter deals with
third parties where the Group receives advertising services which can be reliably measured at the fair value of those advertising services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group incurs expenses related to the purchase
of food and beverage, venues rent, artists fees &amp; artists&#8217; logistics fees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Selling and marketing expenses</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Sales and marketing expenses are primarily comprised
of marketing campaigns on digital platforms, outdoor campaigns, advertising agency cost and cost of working with record labels and artists
to promote the availability of new releases on the Group&#8217;s platform.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>General and administrative expenses</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">General and administrative expenses are comprised
primarily of employee compensation and benefits for functions such as accounting, analytics, legal, human resources, consulting fees,
and other costs including facility and equipment costs, director fees, depreciation of property and equipment and the provision for employee
share-based compensations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Income tax expense</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The tax expense for the period comprises current
and deferred tax. Tax is recognized in the consolidated statement of comprehensive income except to the extent that it relates to a business
combination, or items recognized directly in equity or in other comprehensive income.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Current tax comprises the expected tax payable
or receivable on the taxable income or loss for the year and any adjustment to tax payable or receivable in respect of previous years.
It is measured using tax rates enacted or substantively enacted at the reporting date.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Deferred tax is recognized on all temporary differences
at the reporting date between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding
tax bases used in the computation of taxable profit, with the following exceptions:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Where the temporary difference arises from the
initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination that at the time of the
transaction affects neither accounting nor taxable profit or loss;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In respect of taxable temporary differences associated
with investments in subsidiaries, associates and joint ventures, where the timing of reversal of the temporary differences can be controlled
and it is probable that the temporary differences will not reverse in the foreseeable future; and</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Deferred tax assets are recognized only to the
extent that it is probable that a taxable profit will be available against which the deductible temporary differences and carried forward
tax credits or tax losses can be utilized.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The carrying amount of deferred tax assets is
reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available
to allow all or part of the deferred tax assets to be utilized. Unrecognized deferred tax assets are reassessed at each reporting date
and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Deferred tax assets and liabilities are measured
on an undiscounted basis at the tax rates that are expected to apply when the asset is realized or the liability is settled, based on
tax rates and tax laws enacted or substantively enacted at the reporting date.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Current and deferred tax is charged or credited
directly to other comprehensive income or equity if it relates to items that are credited or charged to, respectively, other comprehensive
income or equity. Otherwise, income tax is recognized in the consolidated statement of comprehensive income.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The withholding tax (WHT) incurred on distributions
from foreign jurisdiction are comprised of distributions made from subsidiary entities (mainly Anghami KSA and ADC) to the Group. In addition,
WHT include taxes paid by the Group for income generated from Telco partners. These Telco partners operate in countries where the Group
does not have an operating entity and has service agreements with Telco companies. The tax on services performed by non-resident Group
is deducted from the Group&#8217;s payments received from the Telco partners based on WHT rates for the respective countries which are
established as part of the existing WHT regimes for each country. WHT has been presented with the income taxes in these consolidated financial
statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Share-based compensation</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Employee share-based compensation</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Employees of the Group receive remuneration in
the form of share-based compensation transactions, whereby employees render services in consideration for equity instruments. The cost
of equity-settled transactions with employees is determined by the fair value at the date of grant using an appropriate valuation model.
The cost is recognized in the consolidated statement of comprehensive income, together with a corresponding credit to other reserves in
equity, over the period in which the service conditions are fulfilled.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The cumulative expense recognized for equity-settled
transactions with employees at each reporting date until the vesting date reflects the Group&#8217;s best estimate of the number of equity
instruments that will ultimately vest. The expense for a period generally represents the movement in cumulative expense recognized at
the beginning and end of that period and is recognized in employee share-based compensation. When the terms of an equity-settled transaction
award are modified, the minimum expense recognized is the expense as if the terms had not been modified, if the original terms of the
award are met. An additional expense is recognized for modifications that increase the total fair value of the share-based compensation
transaction or are otherwise beneficial to the grantee as measured at the date of modification.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><!-- Field: Page; Sequence: 92; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->88<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Share-based payment to service provider</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The cost of other equity-settled transactions
is determined by the fair value at the date when the grant is made using an appropriate valuation model.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">That cost is recognized in general and administrative
expense (Note 8), together with a corresponding increase in equity (other capital reserves), over the period in which the service and,
where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled
transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group&#8217;s
best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the consolidated statement of comprehensive
income for a period represents the movement in cumulative expense recognized as at the beginning and end of that period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>IFRS 16 Leases</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Lease liabilities</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At the commencement date of the lease, the Group recognizes lease liabilities
measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance
fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected
to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain
to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the
option to terminate. Variable lease payments that do not depend on an index or a rate are recognized as expenses in the period in which
the event or condition that triggers the payment occurs.</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In calculating the present value of lease payments,
the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily
determinable. Our incremental borrowing rate is determined based on estimates and judgments, including our credit rating and a credit
spread.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">After the commencement date, the amount of lease
liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount
of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments
or a change in the assessment to purchase the underlying asset.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Short-term leases and leases of low-value assets</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Group applies the short-term lease recognition
exemption to its short-term leases (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not
contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases that are considered of low value
(i.e., below USD&#160;5,000, when new). Lease payments on short- term leases and leases of low-value assets are recognized as expense
on a straight-line basis over the lease term.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Right-of-use assets (ROU)</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Group recognizes right-of-use assets at the
commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less
any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use
assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement
date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term
and the estimated useful lives of the assets, as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify; background-color: rgb(204,238,255)">
<td style="white-space: nowrap; width: 0.55in; text-align: left">&#9679;</td><td style="white-space: nowrap; text-align: justify; width: 15%">Office spaces</td>
                                                                                    <td style="white-space: nowrap; text-align: center">4 - 5 years</td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><!-- Field: Page; Sequence: 93; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->89<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">If ownership of the leased asset transfers to
the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated
useful life of the asset.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Variable lease payments that do not depend on
an index or a rate are recognized as expenses (unless they are incurred to produce inventories) in the period in which the event or condition
that triggers the payment occurs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The determination of whether an arrangement is
(or contains) a lease is based on the substance of the arrangement at the inception of the lease. The arrangement is, or contains, a lease
if fulfilment of the arrangement is dependent on the use of a specific asset (or assets) and the arrangement conveys a right to use the
asset (or assets), even if that asset is (or those assets are) not explicitly specified in an arrangement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Trade and other receivables</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">A trade receivable represents the Group&#8217;s
right to an amount of consideration that is unconditional (i.e. only the passage of time is required before payment of the consideration
is due). Trade receivables are stated at original invoice amount less a provision for any uncollectible amount.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Contract assets and contract liabilities</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Contract assets</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">A contract asset is the right to consideration
in exchange for goods or services transferred to the customer. If the Group performs by transferring goods or services to a customer before
the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration that is conditional.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Contract liabilities</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">A contract liability is recognized if a payment
is received or a payment is due (whichever is earlier) from a customer before the Group transfers the related subscription services. Contract
liabilities are recognized as revenue when the Group performs its obligations under the contract (i.e., transfers control of the services
to the customer).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property and equipment</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property and equipment are stated at cost less
accumulated depreciation and any impairment in value.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depreciation is calculated on a straight-line
basis over the estimated useful lives of the assets at the following rates:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: justify">Furniture and fixtures</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3-5 years</span></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Office and computer equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">5 years</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">General installations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">5 years</span></td><td style="text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The carrying values of property and equipment
are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. If any such
indication exists and where the carrying values exceed the estimated recoverable amount, the assets are written down to their recoverable
amount.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-weight: normal">Expenditure
incurred to replace a component of an item of equipment that is accounted for separately is capitalized and the carrying amount of the
component that is replaced is written off. Other subsequent expenditure is capitalized only when it increases future economic benefits
of the related item of property and equipment. All other expenditure is recognized in the consolidated statement of comprehensive income
as the expense is incurred.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Intangible assets</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-weight: normal">The Group recognizes
internal application and content development costs, podcasts and original content as intangible assets only when the following criteria
are met: the technical feasibility of completing the intangible asset exists, there is an intent to complete and an ability to use or
sell the intangible asset, the intangible asset will generate probable future economic benefits, there are adequate resources available
to complete the development and to use or sell the intangible asset, and there is the ability to reliably measure the expenditure attributable
to the intangible asset during its development. Until development of the underlying intangible asset is completed and is available for
intended use, the costs incurred are reflected as work in progress. </span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p><div>

</div><!-- Field: Page; Sequence: 94; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->90<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-weight: normal">Intangible assets
with finite lives are typically amortized on a straight-line and double declining basis over their estimated useful lives based on the
nature of the intangible asset, typically over 3 to 5 years. Intangibles are assessed for impairment whenever there is an impairment indication
like change in technology, consumer behavior and adverse economic conditions. The amortization period and the amortization method for
an intangible asset are reviewed at least annually. Changes in the expected useful life or the expected pattern of consumption of future
economic benefits embodied in the asset are accounted for by changing the amortization period or method, as appropriate, and are treated
as changes in accounting estimates. The amortization of intangible assets is recognized in the consolidated statement of comprehensive
income in the cost of revenue, Selling &amp; distribution expenses and General &amp; Administrative expenses categories depending on the
function of the intangible assets.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An intangible asset is derecognized upon disposal (i.e., at the date
the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising upon
derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included
in the consolidated statement of comprehensive income.</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Goodwill</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Goodwill is the excess of the consideration transferred over the net
identifiable assets acquired and liabilities assumed. Goodwill is tested annually for impairment, or more regularly if certain indicators
are present. Goodwill is evaluated for impairment by comparing the recoverable amount of the Group&#8217;s operating segments to the carrying
amount of the operating segments to which the goodwill relates. If the recoverable amount is less than the carrying amount an impairment
charge is determined. The recoverable amount of the operating segments is based on fair value less costs of disposal. The Group determines
the fair value of the operating segments using a combination of a discounted cash flow analysis and a market-based approach.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_008"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM&#160;6. RESERVED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>A. Directors and Senior Management</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Our directors and senior management are as
follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">Name</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Age</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">Position</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 30%; text-align: justify">Edgard Maroun</td><td style="width: 1%">&#160;</td>
    <td style="width: 9%; text-align: center">48</td><td style="width: 1%; text-align: left">&#160;</td>
    <td style="width: 59%; text-align: justify">Chief Executive Officer, Director</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Elias Habib</td><td>&#160;</td>
    <td style="text-align: center">50</td><td style="text-align: left">&#160;</td>
    <td style="text-align: justify">Chief Technology Officer, Chairman</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Rabih Khoury</td><td>&#160;</td>
    <td style="text-align: center">57</td><td style="text-align: left">&#160;</td>
    <td style="text-align: justify">Interim Vice President, Finance</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Choucri Khairallah</td><td>&#160;</td>
    <td style="text-align: center">37</td><td style="text-align: left">&#160;</td>
    <td style="text-align: justify">Chief Premium Officer</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Hossam El Gamal</td><td>&#160;</td>
    <td style="text-align: center">48</td><td style="text-align: left">&#160;</td>
    <td style="text-align: justify">Chief Brand Officer</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">F.&#160;Jacob Cherian</td><td>&#160;</td>
    <td style="text-align: center">58</td><td style="text-align: left">&#160;</td>
    <td style="text-align: justify">Director</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Kaswara Saria Alkhatib</td><td>&#160;</td>
    <td style="text-align: center">54</td><td style="text-align: left">&#160;</td>
    <td style="text-align: justify">Director</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Jana Yamani</td><td>&#160;</td>
    <td style="text-align: center">35</td><td style="text-align: left">&#160;</td>
    <td style="text-align: justify">Director</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Klaas Baks</td><td>&#160;</td>
    <td style="text-align: center">49</td><td style="text-align: left">&#160;</td>
    <td style="text-align: justify">Director</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Abhayanand Singh</td><td>&#160;</td>
    <td style="text-align: center">41</td><td style="text-align: left">&#160;</td>
    <td style="text-align: justify">Director</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Fawad Tariq Khan</td><td>&#160;</td>
    <td style="text-align: center">40</td><td style="text-align: left">&#160;</td>
    <td style="text-align: justify">Director</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Edgard Maroun</i></b> serves as our Chief
Executive Officer. Mr.&#160;Maroun is Anghami&#8217;s co-founder and has served as Chief Executive Officer and as a member of Anghami&#8217;s
Board of Directors since 2012. Mr.&#160;Maroun handles the business development and strategic partnerships among music labels, telecommunication
companies, advertisers and the media. Prior to founding Anghami, Mr.&#160;Maroun was VAS Manager at PowerMeMobile, a company that engineered
SMS gateways for mobile operators from 2001 to 2012. Mr.&#160;Maroun received a bachelor&#8217;s degree in law and a master&#8217;s degree
in private law from the University of La Sagesse in Lebanon, a master&#8217;s degree in business administration in international business
from Bordeaux Business School (Kedge) and a master&#8217;s degree in business administration from Notre Dame University, Lebanon.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Elias Habib</i></b> serves as our Chief
Technology Officer. Mr.&#160;Habib is Anghami&#8217;s co-founder and has served as Anghami&#8217;s Chief Technology Officer and as the
chairman of its Board of Directors since 2012. Prior to founding Anghami, Mr.&#160;Habib was the co-founder and Chief Technology Officer
of PowerMeMobile, since 2003. Previously, Mr.&#160;Habib served as IT Manager at Naharnet, and developed an online e-commerce store for
Getforless. Mr.&#160;Habib received a bachelor&#8217;s degree in Computer Science and a master&#8217;s degree in Software Engineering
from the Lebanese American University in Lebanon.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Rabih Khoury</i></b> serves as our Interim
Vice President of Finance. Mr. Khoury is Managing Partner &amp; Chief Exit Officer with Middle East Venture Partners (MEVP), one of the
leading Technology VC asset managers in MENA. MEVP is an institutional asset manager regulated by both DFSA and ADGM. Mr. Khoury has extensive
experience in venture capital, private equity and advisory, having executed more than US$5 billion in transactions and raised more than
US$2 billion&#160;in&#160;capital..</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Choucri Khairallah</i></b> serves as the
Chief Premium Officer. Mr.&#160;Khairallah served as Anghami&#8217;s since Vice President, Business Development since February&#160;2018.
As our Vice President, Business Development, Mr.&#160;Khairallah is responsible for overseeing strategy, marketing, global partnerships,
and product offerings for Anghami&#8217;s subscription business. Mr.&#160;Khairallah previously served as Business Development Manager
and Product and Account Manager at Anghami. Prior to joining Anghami in 2013, Mr.&#160;Khairallah was Product Implementation Team Lead
at Invigo. Mr.&#160;Khairallah holds a bachelor&#8217;s degree in Science in Electrical and Computer Engineering from the American University
of Beirut and graduated with distinction in 2007.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Hossam El Gamal</i></b> serves as the Chief
Brand Officer. Mr.&#160;El Gamal was Anghami&#8217;s Vice President, North Africa from March&#160;2019 until the Closing of the Business
Combination. He is responsible for the brand&#8217;s image and experience and oversees marketing, design, public relations, and customer
service. He began working at Anghami in January&#160;2016 as a Country Director in Egypt. Prior to joining Anghami, Mr.&#160;El Gamal
was Marketing Director at ALZWAD Mobile Services (ZMS) from 2011 to 2015 and Head of Retail and Channel Marketing at Etisalat Telecommunication
Company from 2007 to 2011. Prior to that he served as the Head Retail Operations and Marketing for Linea Fashion. Mr.&#160;El Gamal received
a bachelor&#8217;s degree in Mechatronics Engineering from the Higher Technological Institute, Cairo, and a master&#8217;s degree in business
administration from the University of ESLSCA Business School, France.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>F. Jacob Cherian</i></b> serves as a Director.
Previously, Mr.&#160;Cherian served as VMAC&#8217;s Chief Executive Officer and a member of its board of directors since April&#160;2020.
Mr.&#160;Cherian co-founded&#160;and served as Chief Executive Officer and a director of&#160;I-AM&#160;Capital Acquisition Company Inc.
(&#8220;I-AM&#8221;), a special purpose acquisition company, from August&#160;2017 to February&#160;2019.&#160;I-AM&#160;completed a $50&#160;million
initial public offering in August&#160;2017 and completed a business combination in December&#160;2018, listing the first e-sports&#160;company
on Nasdaq (Simplicity Esports&#160;&amp; Gaming). Mr.&#160;Cherian also served as Chairman, Chief Executive Officer and director of Millennium
India Acquisition Company Inc., a special purpose acquisition company, from March&#160;2006 to October&#160;2013, completing a $58&#160;million
initial public offering in July&#160;2006. Millennium India completed a business combination with SMC, an India-headquartered&#160;leading
diversified financial services company with over 2,500 locations in over 500 cities serving approximately 1.7&#160;million customers in
India and the Middle East. Mr.&#160;Cherian&#8217;s prior work and experience with JP Morgan&#160;&amp; Co., as a director at KPMG LLP
and as Partner at Computer Sciences Corp., a Fortune 500 global information technology&#160;&amp; services company spans 15&#160;years
and three continents of Europe, Middle East and South Asia. Mr.&#160;Cherian holds a B.A. in Accounting&#160;&amp; Information Systems
from Queens College of CUNY and an MBA in International Finance from St. John&#8217;s University. He has also served as Adjunct Professor
of Finance at the Tobin College of Business at St. John&#8217;s University&#8217;s MBA Program for ten&#160;years. Mr.&#160;Cherian has
served as a member of the board of directors on a number of public and private and not-for&#160;profit boards</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Kaswara Saria Alkhatib</i></b> is the Chairman
of Webedia Arabia Holding Ltd. and the Chief Marketing Officer of Events Center (part of General Entertainment Authority of Saudi Arabia).
Mr.&#160;Alkhatib has been serving as Chairman of Webedia Arabia Holding Ltd. since 2018. Prior to that, Mr.&#160;Alkhatib joined UTURN
Entertainment in 2011 and served as its Chairman from March&#160;2013 until 2018, launched &#8216;Made in Saudi Films&#8217;, a production
and post-production house in 2009 and served as its Chief Exeucitve Officer until 2018, and founded and served as chief executive officer
of FullStop in 2002. Mr.&#160;Alkhatib holds a bachelor of technology degree in Computer Engineering from Jamiat Al-Malik Abdulaziz. We
believe Mr.&#160;Alkhatib is qualified to serve on our board of directors due to his extensive knowledge and experience in the broadcasting
and entertainment industries.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Jana Yamani</i></b> leads MBC Talent, MBC
Academy, and MBC Hope at Middle East Broadcasting Center (MBC). Mrs.&#160;Yamani joined MBC Group in October&#160;2019. Prior to that
she founded Outar International from December&#160;2016 until October&#160;2019, led Fellowships and Traineeships at Misk Foundation from
August&#160;2017 until September&#160;2019, managed customer experience projects with Medallia from November&#160;2015 until July&#160;2016,
and consulted for McKinsey&#160;&amp; Company prior to that. Mrs.&#160;Yamani holds a master&#8217;s of science degree in Computation
for Design and Optimization from the Massachusetts Institute of Technology and a bachelor&#8217;s degree of science in Computer Science
and Mathematics from Northeastern University. We believe Mrs.&#160;Yamani is qualified to serve on our board of directors due to her knowledge
and experience in the broadcasting and entertainment industries.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Dr. Klaas Baks, Ph.D.</i></b> served on
VMAC&#8217;s board of directors since August&#160;2020. Dr.&#160;Baks is the Co-Founder&#160;and Director of the Emory Center for Alternative
Investments and has been a finance professor at Emory University&#8217;s Goizueta Business School since September&#160;2002. He teaches
courses in private equity, venture capital and distressed investing and has been recognized with nine awards, including Emory University&#8217;s
highest award for teaching excellence, the Emory Williams Distinguished Teaching Award, the Marc F.&#160;Adler Prize for Teaching Excellence
awarded by alumni and the Donald R.&#160;Keough Award for Excellence. Since October&#160;2014, Dr.&#160;Baks has served as the Atlanta
Chair for Tiger&#160;21, a peer-to-peer&#160;learning network for high-net-worth&#160;investors whose members manage more than $50&#160;billion
and are entrepreneurs, inventors and top executives focused on improving investment acumen and exploring common issues of wealth preservation,
estate planning and family dynamics. Dr.&#160;Baks also serves as a director or advisor for various companies and investment funds, including
American Virtual Cloud Technologies (NASDAQ:&#160;AVCT) (since July&#160;2017) &#8212; acquired through a SPAC business combination, Buckhead
One Financial (since January&#160;2018), JOYN (from May&#160;2017 to March&#160;2020), Peachtree Hotel Group (since August&#160;2016),
Backend Benchmarking (since April&#160;2018) and TWO Capital Partners (since September&#160;2009). Dr.&#160;Baks also has served on the
Investment Committee of the Westminster Schools Board of Trustees since September&#160;2017. Prior to joining Emory University, he held
positions at Fuji Bank in Tokyo, Japan, Deutsche Bank in Hong&#160;Kong and the International Monetary Fund in Washington, D.C.&#160;Dr.&#160;Baks&#8217;s
research and teaching focuses on issues in alternative investments, entrepreneurial finance and investment management, and he has published
papers in numerous academic and business journals, including the Wall Street Journal. Dr.&#160;Baks studied at the Wharton School at the
University of Pennsylvania, during which he spent two&#160;years at Harvard University as part of his doctoral research on the performance
of actively managed mutual funds, and earned a Ph.D. in finance. He also earned a Master of Arts in economics from Brown University, a
Master of Science in econometrics, cum laude from Groningen University and a diploma in Japanese language and business studies from Leiden
University.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Abhayanand Singh</i></b> served as VMAC&#8217;s
Co-Founder&#160;and group Chief Executive Officer since April&#160;2018 and has served as a member of our board of directors<b><i>&#160;</i></b>since
April&#160;2020. Mr.&#160;Singh also has served as a director of JB Ventures Group Ltd., a film financing investment company, since May&#160;2019.
Previously, he served as the co-founder&#160;and chief executive officer of Indie Muviz Pte. Ltd (&#8220;Muviz&#8221;), a digital streaming
and content production company. He also has experience in the banking, private equity and asset management industries, as a managing director
of Pinnacle Fund Management Ltd, an investment management company, from 2010 to 2013, and as an assistant vice president at HSBC from
2005 to 2010. Over the last six&#160;years, Mr.&#160;Singh&#8217;s companies have invested in more than 15 films and series across productions
and distributions, which have been released worldwide, including in China and across several leading OTT/Digital platforms globally. Mr.&#160;Singh
also serves as a director of<b><i>&#160;</i></b>Sidus Consulting Pte. Ltd., a management consulting company, and Muviz. Mr.&#160;Singh
holds an MBA in marketing from Chetana&#8217;s Institute of Marketing&#160;&amp; Research Mumbai and a bachelor&#8217;s degree in Business
Administration from the University of Lucknow, India</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Fawad Tariq Khan </i></b>is the managing
director at SHUAA, a leading asset management and investment banking platform with approximately $14 billion in assets under management.
He joined SHUAA in 2014 and heads up its investment banking group with responsibilities for SHUAA&#8217;s advisory, capital markets and
credit business lines. He also serves on the board of directors of Northacre, a London-based real estate developer, and NCM Investment
Company, a global foreign exchange and commodities platform. Mr. Khan started his career at Deloitte &amp; Touche in September&#160;2006,
based out of London, before eventually joining the Dubai office where he helped set up its Middle East debt advisory practice. Mr. Khan
served on multiple public companies&#8217; boards in the United Kingdom, UAE, Kuwait and Bahrain. He holds a Bachelor of Science in Computer
Science from University College Cork and a Master of Science in Business Studies from UCD Smurfit Business School. We believe Mr. Khan
is qualified to serve on our board of directors due to his extensive financial and regional knowledge as well as public company experience.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The business address for each of the directors
and executive officers of the Company is 16th Floor, Al-Khatem Tower, WeWork Hub71, Abu Dhabi Global Market Square, Al Maryah Island,
Abu Dhabi, United Arab Emirates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Family Relationships</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">There are no family relationships between any
of the directors. There are no family relationships between any director and any of the senior management of our Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Arrangements or Understandings</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Upon the closing of the Business Combination,
our directors were appointed to three classes pursuant to the terms of the Business Combination Agreement. For more information about
the classes to which our directors were appointed, see &#8220;ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES - Board Practices - Classified
Board of Directors.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>B. Compensation</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>Anghami Executive Compensation</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">For the year ended December 31, 2022, Anghami&#8217;s
executive officers received total compensation of approximately <span>$</span>2,119,723. The total compensation
paid to Anghami&#8217;s executive officers consists of base salary, and the value of stock options granted in 2022. Anghami&#8217;s executive
officers are also entitled to and earn sales commission as well as certain statutory medical insurance and allowances, to the extent applicable.</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>Compensation of Directors and Officers</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Our executive compensation program reflects
Anghami&#8217;s compensation policies and philosophies, as they may be modified and updated from time to time.</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">For 2023, we anticipate that we will pay a
retainer of $35,000 per year to our non-employee directors, $20,000 per year to the chairperson of our audit committee, $20,000 per year
to the chairperson of our compensation committee and $20,000 per year to the chairperson of our nominating committee.</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><i>Eligibility and Administration</i></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Employees or directors (including executive
directors), non-executive directors or consultants of Anghami Inc. or of any member of our group are eligible to participate in the LTIP.&#160;The
LTIP is administered by the Compensation Committee.</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><i>Nature of the LTIP and Form of Awards</i></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The LTIP is an &#8220;umbrella&#8221; arrangement
which, to give the Compensation Committee maximum flexibility, allows various types of award to be granted. It is intended that the LTIP
will be used to grant Performance Share Awards, Restricted Stock Awards and Market Value Stock Options to employees, non-executive directors
or consultants of any member of the Group. Performance Share Awards must be granted subject to performance targets. Performance Share
Awards and Restricted Stock may be granted in the form of nil (or nominal) cost options to acquire ordinary shares; or contingent rights
to receive ordinary shares. Market Value Stock Options will be granted as an option to acquire ordinary shares at market value.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><i>Individual limits</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The LTIP contains individual limits which
provide that the market value of ordinary shares that may be granted under award to any one awardholder in any financial year of Anghami
Inc. cannot exceed 200 per cent of annual base salary.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><i>Source of Ordinary Shares and dilution
limits</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Awards are satisfied by newly issued ordinary
shares. The aggregate number of ordinary shares which may be issued or transferred pursuant to awards under the LTIP is 5,000,000 preference
shares, which is approximately equal to 0.23% of our total issued share capital in issue at the time.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><i>Grant of awards</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Compensation Committee may, in its absolute
discretion, determine which participants (if any) will be selected for the grant of an award. The Compensation Committee may consider
recommendations made by our executive directors as to which participants should be selected. Awards may then be granted to selected participants
at any time. No Award may be made in breach of any Dealing Restriction. No Award may be made after February 3, 2032.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><i>Performance targets</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Performance Share Awards will always be subject
to performance targets. Performance targets are defined as any performance-related condition(s)&#160;relating to the performance of any
one or more of Anghami Inc., a Subsidiary, a division and/or the awardholder measured over the applicable performance period specified
for the relevant award. The Compensation Committee has the discretion to reduce the number of ordinary shares that vest to ensure that
the vesting outcome is appropriate in light of the underlying business performance of the Group. The Compensation Committee may amend
a performance target if an event occurs which causes the Compensation Committee to consider it appropriate to do so. The amended performance
target shall not be materially more or less demanding to satisfy than the original performance target was when first set and must be a
fairer measure of performance than the original performance target.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><i>Vesting of awards</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Performance Share Awards will normally vest
on the third anniversary of grant, subject to the satisfaction of the performance targets. Restricted Stock Awards will vest on such dates
as the Compensation Committee may determine on or before the grant of the awards. Market Value Stock Options will vest on such dates as
the Compensation Committee may determine on or before the grant of the awards. On or before the grant of an award, the Compensation Committee
shall determine whether the award shall be subject to a post-vesting holding period. If so, and to the extent that the Compensation Committee
considers it appropriate, the Compensation Committee shall also determine the basis upon which the post-vesting holding period will operate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><i>Leaving employment</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">If an award holder leaves employment with
the Group his award will lapse unless he is a &#8220;good leaver&#8221;. An award holder will be a &#8220;good leaver&#8221; if the reason
for leaving is death, ill-health, injury, disability, redundancy, retirement, the transfer of the employing business or company, or otherwise
at the discretion of the Compensation Committee. If the award holder is a good leaver then any awards shall vest on the date on which
they would have vested had the cessation not occurred subject to any performance targets being satisfied and, unless in exceptional circumstances
the Compensation Committee determines otherwise, taking into account a time pro-rata reduction to reflect the period of time between grant
and cessation relative to the length of the vesting period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><i>Corporate events</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">In the event of a takeover of Anghami Inc.,
awards shall vest early subject, unless the Compensation Committee determines otherwise, to a Time Pro-Rata Reduction. If we are or may
be affected by a demerger, delisting, special dividend or other event which, in the opinion of the Compensation Committee, would affect
the market price of a Share to a material extent, the Compensation Committee may allow Awards to Vest at such time as it sees fit.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">If there is an Internal Reorganisation and
awardholders are invited to accept an exchange of awards, or the Compensation Committee determines that there will be an automatic exchange
of awards, awards shall not vest as a result of the Internal Reorganisation, and at the end of the period in which awardholders may accept
such an invitation or upon an automatic exchange of awards (as applicable), the awards shall lapse in full.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><i>Rights attaching to ordinary shares and
transferability</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Ordinary shares allotted or transferred under
the LTIP will rank alongside shares of the same class then in issue. We will apply to the Securities and Exchange Commission for the listing
of any newly issued ordinary shares. Awards are not transferable (except on death) and are not pensionable benefits.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><i>Amendment</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Compensation Committee may amend the LTIP
in any respect. However, no alteration or amendment may be made to any of the provisions of the LTIP if it would adversely affect the
rights of an existing awardholder, except where the alteration or amendment has been approved by the awardholder who would be adversely
affected by the alteration or amendment. All alterations and amendments to the LTIP are subject to any approvals required pursuant to
the rules of the applicable stock exchange or any listing, regulatory or governmental authority and taking into account any exemptions
provided by such rules.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><i>Indemnification Agreements with Directors
and Executive Officers</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Anghami Inc. has also entered into indemnification
agreements with its directors and executive officers. Cayman Islands law does not limit the extent to which a company&#8217;s memorandum
and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be
held by a Cayman Islands court to be contrary to public policy, such as to provide indemnification against fraud or willful default or
the consequences of committing a crime. The Amended and Restated Memorandum and Articles of Association of the Company (our &#8220;Chater&#8221;)
provides for indemnification of its officers and directors to the fullest extent permitted by law, including for any liability incurred
in their capacities as such, except through their own actual fraud, willful default or willful neglect. We have or will maintain insurance
on behalf of its directors and executive officers. We have entered into contracts with certain of our directors and executive officers
providing indemnification of such directors and executive officers by us to the fullest extent permitted by law, subject to certain limited
exceptions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions,
we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act
and is theretofore unenforceable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>C. Board Practices</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For our current directors and executive officers,
see &#8220;<i>Item&#160;1. Identity of Directors, Senior Management and Advisers</i>&#8221; of this Report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>Corporate Governance</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We believe our corporate governance is structured
to align our interests with those of our shareholders. Notable features of this corporate governance include:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>we have a majority of independent directors, in accordance with Nasdaq rules that apply for foreign private issuers, and independent
director representation on our audit, compensation and nominating committees immediately following the consummation of the Business Combination,
and our independent directors will meet regularly in executive sessions without the presence of our corporate officers or non-independent
directors;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>at least one of our directors qualifies as an &#8220;audit committee financial expert&#8221; as defined by the SEC; and</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>we have implemented a range of other corporate governance practices, including implementing a robust director education program.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>Classified Board of Directors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">In accordance with our articles of association,
our Board is divided into three classes with only one class of directors being elected in each year and each class (except for those directors
initially appointed as Class&#160;I and Class&#160;II directors) serving a three-year term. The initial Class&#160;I and Class II directors&#8217;
terms will expire at the annual general meeting to be held in 2023, and the initial Class&#160;III directors&#8217; term will expire at
the annual general meeting to be held in 2024.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Our Class I directors are Fawad Tariq Khan.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Our Class II directors are Kaswara Saria Alkhatib,
Klaas Baks and Abhayanand Singh.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Our Class III directors are Elias Habib, Edgard
Maroun, Jana Yamani and F. Jacob Cherian.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>Independence of our Board of Directors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">A majority of our board consists of independent
directors and we have an independent audit committee, nominating committee and compensation committee.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>Board Committees</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Audit Committee</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Our audit committee is responsible for, among
other things:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>meeting with our independent registered accounting firm regarding, among other issues, audits, and adequacy of our accounting and
control systems;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>monitoring the independence of the independent registered public accounting firm;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>verifying the rotation of the lead (or coordinating) audit partner having primary responsibility for the audit and the audit partner
responsible for reviewing the audit as required by law;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>pre-approving all audit services and permitted non-audit services to be performed by our independent registered public accounting
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>determining the compensation and oversight of the work of the independent registered public accounting firm (including resolution
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>establishing procedures for the receipt, retention and treatment of complaints received by us regarding accounting, internal accounting
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Our audit committee consists of Klaas Baks and
Kaswara Saria Alkhatib, with Klaas Baks serving as the chair of the committee. Each of the directors who serves on the audit committee
qualifies as independent directors according to the applicable rules and regulations of the SEC and Nasdaq with respect to audit committee
membership. In addition, all of the audit committee members meet the requirements for financial literacy under applicable SEC and Nasdaq
rules and at least one of the audit committee members qualifies as an &#8220;audit committee financial expert,&#8221; as such term is
defined in Item&#160;407(d)&#160;of Regulation&#160;S-K.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Compensation Committee</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Our compensation committee is responsible
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>reviewing and approving on an annual basis the corporate goals and objectives relevant to our Chief Executive Officer&#8217;s compensation,
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>approving all special perquisites, special cash payments and other special compensation and benefit arrangements for our officers
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>reviewing, evaluating and recommending changes, if appropriate, to the remuneration for directors.; and</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Our compensation committee consists of Jana
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Nominating Committee</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Our nominating committee is responsible for,
among other things:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>identifying individuals qualified to become members of our board of directors, consistent with criteria approved by our board of directors;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>overseeing succession planning for our Chief Executive Officer and other executive officers;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>periodically reviewing our board of directors&#8217; leadership structure and recommending any proposed changes to our board of directors;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>overseeing an annual evaluation of the effectiveness of our board of directors and its committees; and</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>developing and recommending to our board of directors a set of corporate governance guidelines.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Our nominating committee consists of Fawad
Tariq Khan and Abhayanand Singh, with Fawad Tariq Khan serving as the chair of the committee.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>Risk Oversight</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Our board of directors is responsible for
overseeing our risk management process. Our board of directors focuses on our general risk management strategy, the most significant risks
facing us, and oversees the implementation of risk mitigation strategies by management. Our audit committee is also responsible for discussing
our policies with respect to risk assessment and risk management. Our board of directors believes its administration of its risk function
has not negatively affected our board of directors&#8217; leadership structure.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>D. Employees</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Information regarding the employees of Anghami
Inc. is included under &#8220;<i>Item&#160;4. Information on the Company &#8211; B. Business Review &#8211; Employees</i>&#8221; of this
Report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>E. Share Ownership</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">See &#8220;<i>Item 7. Major Shareholders and
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><div><a id="a_009"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM&#160;7. MAJOR SHAREHOLDERS AND RELATED
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>A. Major Shareholders</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The following table shows the beneficial ownership
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white">
  <tr style="vertical-align: top">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white">
  <tr style="vertical-align: top">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The SEC has defined &#8220;beneficial ownership&#8221;
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is also deemed to be, as of any date, the beneficial owner of all securities that such shareholder has the right to acquire within 60
days after that date through (i)&#160;the exercise of any option, warrant or right, (ii)&#160;the conversion of a security, (iii)&#160;the
power to revoke a trust, discretionary account or similar arrangement, or (iv)&#160;the automatic termination of a trust, discretionary
account or similar arrangement. In computing the number of shares beneficially owned by a person and the percentage ownership of that
person, ordinary shares or common shares subject to options or other rights (as set forth above) held by that person that are currently
exercisable, or will become exercisable within 60 days thereafter, are deemed outstanding, while such shares are not deemed outstanding
for purposes of computing percentage ownership of any other person. Each person named in the table has sole voting and investment power
with respect to all of the ordinary shares and common shares shown as beneficially owned by such person, except as otherwise indicated
in the table or footnotes below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Hossam El Gamal</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">F. Jacob Cherian</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Kaswara Saria Alkhatib</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Jana Yamani</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Klaas Baks</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">All directors and executive officers as a group</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; font-style: italic; text-align: left">Five Percent or More Holders:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Entities affiliated with Shuaa Capital (2)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4,043,332</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">15.5</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Entities affiliated with Vistas Media Sponsor, LLC (3)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,250,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">12.5</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">MBC Ventures Limited (4)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,124,533</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">12.0</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">MEVP Cayman LTD (5)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,289,862</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">8.8</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Samena Beats Holdings (6)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,976,608</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7.6</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Mobily Ventures Holdings W.L.L. (7)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,318,002</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5.1</td><td style="text-align: left">%</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To our knowledge, except as noted above, no person or entity is the
beneficial owner of more than 5% of the voting power of the Company&#8217;s stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify">Less Than 1%</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in">(1)</td><td style="text-align: left">Unless otherwise noted, the address of each director and executive officer of the Company is c/o Anghami Inc., 16th Floor, Al-Khatem
Tower, WeWork Hub71, Abu Dhabi Global Market Square, Al Maryah Island, Abu Dhabi, United Arab Emirates.</td></tr></table><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="text-align: left; width: 0.25in">(2)</td><td style="text-align: left">Shares held by Shuaa Capital and their other related entities.</td></tr></table><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: left; width: 0.25in">(3)</td><td style="text-align: left">Includes (i) 1,768,500 ordinary shares held of record by Vistas Media Sponsor, LLC, (ii) 1,000,000 shares held of record by Vistas
Media Capital Pte. Ltd, and (iii) 481,500 shares held of record by other Vistas-related directors and investors. The address for Vistas
Media Sponsor, LLC is c/o 30 Wall Street, 8th Floor, New York, New York 10005.</td></tr></table><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: left; width: 0.25in">(4)</td><td style="text-align: left">The address of MBC Ventures Limited is Craigmuir Chambers, Road Town, Tortola VG1110, British Virgin Islands. Sheikh Walid Al Brahim
is the sole shareholder of MBC Ventures Limited. Based on information reported on Schedule 13G filed by MBC Ventures Limited with the
SEC on April 3, 2023.</td></tr></table><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="text-align: left; width: 0.25in">(5)</td><td style="text-align: left">The address of MEVP Cayman LTD is P.O. Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. Investment and voting decisions
for MEVP Cayman LTD are made by a majority vote of its investment committees and /or the board of directors, as applicable. As a result,
no single person controls investment or voting decisions with respect to the shares held by the MEVP Cayman LTD or has or shares beneficial
ownership of such securities.</td></tr></table><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="text-align: left; width: 0.25in">(6)</td><td style="text-align: left">The address of Semena Beats Holdings is P.O. Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.</td></tr></table><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="text-align: left; width: 0.25in">(7)</td><td style="text-align: left">The address of Mobily Ventures Holdings W.L.L. is Unit 1237, Building 574, Road 31, Block 611, Al-Himriya, Kingdom of Bahrain.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>B. Related Party Transactions</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Related Party Loans and Warrants</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Convertible note 1</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">During the year 2020, the Group signed a convertible
note agreement with MEVP for funds amounting to USD&#160;650,000 maturing on May 31, 2021 and is subject to an interest rate of 9% per
annum, which has been extended at the discretion of MEVP. The convertible notes rank ahead of the ordinary shares in the event of a liquidation.
MEVP provided an advance of USD 150,000 in 2019 which has been account for against the convertible note. On August 31, 2021 convertible
note 3 has been extended to May 31, 2022 where Anghami has obtained a waiver on the accrual of interest for the extension period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Upon the consummation of the business combination,
the convertible notes of USD 650,000 and unpaid accrued interest of USD 292,231 were converted into 96,483 shares in Anghami Inc.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Convertible note 2</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">During the year 2020, the Group signed a convertible
note agreement and an ancillary conversion undertaking agreement with Alkonost Investment Ltd. for funds amounting to USD 5,000,000 maturing
May 2022, which is subject to a profit rate of 12% per annum and for which the Group has obtained a waiver for the interest which was
accrued up to August 2021. The convertible notes rank ahead of the ordinary shares in the event of a liquidation. Anghami has obtained
a waiver on the accrual of interest until August 31,2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Convertible note 2 agreements included certain
affirmative covenants, including the delivery of audited consolidated financial statements to the holders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Upon the consummation of the business combination,
the convertible notes of USD 5,000,000 and unpaid accrued interest of USD 1,795,953 were converted into 693,332 shares in Anghami Inc.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Convertible note 3</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Group has entered into a convertible loan
on December 5, 2021, and an ancillary conversion undertaking agreement with Shuaa amounting to USD 6,000,000 with maturity date of February
11, 2023. The Group has the right to repay the loan interest free by February 11, 2022, however, a transaction cost of 390,000 was charged
as part of the loan. After three months interest rate of 12% will be accrued monthly. At maturity date, the lenders have the option to
either demand the repayment of the principal and the accrued interest at maturity or convert the outstanding loan balance at a discount
to the fair market value of the Group.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Upon the consummation of the business combination,
the loan was deducted from the proceeds that resulted from the business combination as well as the transaction cost of USD 390,000.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Working capital loan 1</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Group has entered into a working capital loan
on July 1, 2021 and an ancillary conversion undertaking agreement with Shuaa amounting to USD 3,500,000. The working capital loan has
three-month grace period after which an annual interest of 12% will be accrued monthly. On February 11, 2023 (the maturity date), the
lenders have the option to either demand the repayment of the principal and the accrued interest at maturity.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Upon the consummation of the business combination,
the loan was deducted from the proceeds that resulted from the business combination as well as the transaction cost of USD 203,000.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Working capital loan 2</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Group has entered into a working capital loan
on September 4, 2021 with MEVP amounting to USD 1,000,000. The working capital loan has three-month grace period after which an annual
interest of 12% will be accrued monthly. Cash settlement of interest and principal will occur upon the completion of the business combination
with VMAC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->101<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">On March 3, 2022 this working capital loan has
been settled in cash where the entire principle of USD 1,000,000 has been paid along with an interest amount of USD 67,923 and a success
fee of USD 39,200.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Commercial Arrangements</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Anghami entered into a marketing agreement, dated May&#160;26,
2019, with MBC FZ LLC (&#8220;MBC&#8221;), a shareholder of Anghami, pursuant to which MBC provides advertising services to Anghami,
featured in all MBC entertainment shows and formats. The outstanding balance as of December 31, 2022 was $1,941,289.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Anghami entered into an operator billing agreement, dated
October&#160;15, 2013, and as amended on October&#160;25, 2015, with Emirates Integrated Telecommunications Company, PJSC (&#8220;Du&#8221;),
a shareholder of Anghami, pursuant to which Anghami uses Du&#8217;s billing services platform. Du is entitled to receive 30% of the net
revenue collected on behalf of Anghami, in accordance with the terms and conditions of the agreement. Anghami paid Du $91,651 for payment
processing for the year ended December&#160;31, 2022. ,Pursuant to an amendment, Anghami has also agreed to provide Anghami Plus, its
Premium service, to Du which Du will in turn provide to its own customers. Du will pay Anghami for every customer that activates the
Premium service, in line with specific pricing terms provided in the amendment.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Anghami entered into a revenue sharing agreement, dated March&#160;11,
2014, with Etihad Etisalat Company (&#8220;Mobily&#8221;), a shareholder of Anghami, pursuant to which Anghami will provide content services
through Mobily&#8217;s platform systems. Based on the type of service, Mobily will be entitled to a certain percentage share of the revenue,
ranging from 35%-70%. Pursuant to an amendment, Anghami revised some of its content services, including providing Anghami Plus, its Premium
service to Mobily which Mobily can then offer to its customers. Anghami paid Mobily $184,782 for payment processing for the year ended
December 31, 2022.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Du and Mobily utilize their network to facilitate
subscription payments for the Group&#8217;s users.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Related Party Advances</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">The current outstanding aggregate amount is $2,436,308 split
into $232,429 from Edgard Maroun (CEO and Director), $162,354 from Elias Habib (Chief Technology Officer and Chairman), $100,236 from
Maher Khawkhaji (General Manager, Spotlight Recreational Services LLC) and $1,941,289 from MBC.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>C. Interests of Experts and Counsel</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><div><a id="a_010"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM&#160;8. FINANCIAL INFORMATION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>A. Consolidated Statements and Other Financial
Information</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>Financial Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">See &#8220;<i>Item 18. Financial Statements</i>&#8221;
of this Report for consolidated financial statements and other financial information.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>Legal Proceedings</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We are from time to time subject to various
claims, lawsuits and other legal proceedings. Some of these claims, lawsuits and other legal proceedings involve highly complex issues,
and often these issues are subject to substantial uncertainties. Accordingly, our potential liability with respect to a large portion
of such claims, lawsuits and other legal proceedings cannot be estimated with certainty. Management, with the assistance of legal counsel,
periodically reviews the status of each significant matter and assesses potential financial exposure. Anghami recognizes provisions for
claims or pending litigation when it determines that an unfavorable outcome is probable and the amount of loss can be reasonably estimated.
Due to the inherent uncertain nature of litigation, the ultimate outcome or actual cost of settlement may materially vary from estimates.
If management&#8217;s estimates prove incorrect, current reserves could be inadequate and Anghami could incur a charge to earnings which
could have a material adverse effect on its results of operations, financial condition, net worth, and cash flows.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

</div><!-- Field: Page; Sequence: 106; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->102<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">In December 2022, Reservoir Media Management
Inc. and Pop Arabia FZLLC initiated legal action against Anghami, alleging the &#8220;unlicensed exploitation of musical and lyrical works&#8221;
in reference to 12 songs in the UAE territory. At present, we do not have an estimation of what the potential liability may be, as they
have not requested a specific monetary compensation and have only cited infringement of rights related to 12 songs, limited only to the
territory of the United Arab Emirates. As such, we have not identified this as a material case.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Anghami filed an opposition claim of the published
mark in the UAE Trademark Office Committee for the benefit of Vivdville Inc. On September 21, 2020, the UAE Trademark Office Committee
issued a decision rejecting our opposition. Anghami appealed the decision of the Ministry of Economy and filed a Grievance dismissal objection
in October 2020. The appeal is currently pending. As such, we have not identified this as a material case.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>B. Significant Changes</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Except as disclosed elsewhere in this annual
report, we have not experienced any significant changes since the date of the annual financial statement included in this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><div><a id="a_011"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM&#160;9. THE OFFER AND LISTING</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>A. Offering and Listing Details</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Company&#8217;s Ordinary Shares are listed
on the Nasdaq Global Market under the symbol &#8220;ANGH&#8221; and its Warrants are listed on the Nasdaq Capital Market under the symbol
&#8220;ANGHW.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>B. Plan of Distribution</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>C. Markets</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Company&#8217;s Ordinary Shares are listed
on the Nasdaq Global Market under the symbol &#8220;ANGH&#8221; and its Warrants are listed on the Nasdaq Capital Market under the symbol
&#8220;ANGHW.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>D. Selling Shareholders</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>E. Dilution</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>F. Expenses of the Issue</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><div><a id="a_012"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM&#160;10. ADDITIONAL INFORMATION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>A. Share Capital</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

</div><!-- Field: Page; Sequence: 107; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->103<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white"><b>B. Memorandum and Articles of Association</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">Information regarding certain material provisions
of our Memorandum and Articles of Association (our &#8220;Charter&#8221;) are as follows.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Ordinary Shares</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Holders of Ordinary Shares are entitled to one vote for each share
held of record on all matters to be voted on by members.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">There is no cumulative voting with respect to the election of directors,
with the result that the holders of more than 50% of the shares voted for the election of directors can elect all of the directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Preference Shares</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Anghami Inc.&#8217;s board of directors (the &#8220;Board&#8221;) is
authorized to issue preference shares from time to time in one or more series without member approval. The Board has the discretion under
the Charter to determine the rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights,
redemption privileges and liquidation preferences of Anghami Inc.&#8217;s authorized but unissued undesignated shares, and the Board may
issue those shares in series of preference shares, without any further member approval. The rights with respect to a series of preference
shares may be greater than the rights attached the Ordinary Shares. It is not possible to state the actual effect of the issuance of any
preference shares on the rights of holders of Ordinary Shares until the Board determines the specific rights attached to any preference
shares so issued. The effect of issuing preference shares could include, among other things, one or more of the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: left; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Restricting dividends in respect of the Ordinary Shares;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0in"></td><td style="width: 0.25in; text-align: left">&#160;</td><td style="text-align: left">&#160;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Diluting the voting power of the Ordinary Shares or providing
that holders of preference shares have the right to vote on matters as a class;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#160;</td><td style="text-align: left">&#160;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Impairing the liquidation rights of the Ordinary Shares; or</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#160;</td><td style="text-align: left">&#160;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Delaying or preventing a change of control of Anghami Inc.</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0in"></td><td style="width: 0.25in; text-align: left">&#160;</td><td style="text-align: left">&#160;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">As of December 31, 2022 there were no preference shares outstanding.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Dividend Rights</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Subject to the foregoing, the payment of cash dividends in the future,
if any, will be at the discretion of the Board.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Variation of Rights</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Under the Charter, if the Anghami Inc. share capital is divided into
more than one class of shares, the rights attached to any such class may, whether or not Anghami Inc. is being wound up, be varied without
the consent of the holders of the issued shares of that class where such variation is considered by the directors not to have a material
and adverse effect upon such rights; otherwise, any such variation shall be made only with the consent in writing of all of the holders
of the issued shares of that class or with the approval of a resolution passed by a majority of not less than two thirds of the votes
cast at a separate meeting of the holders of the shares of that class.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Transfer of Shares</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Members may transfer all or any of the member&#8217;s Shares in compliance
with the rules and regulations of the designated stock exchange, the SEC and any other competent regulatory authority or as permitted
by applicable law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Board may in its absolute discretion decline to register a transfer
of Shares which are not fully paid up or on which Anghami Inc. has a lien or issued under any share incentive scheme for employees upon
which a transfer restriction imposed still exists. The Board may, but is not required to, decline to register a transfer of any Shares
unless certain requirements are met.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->104<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Liquidation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">On a winding-up&#160;or other return of capital, subject to any special
rights attaching to any other class of shares, holders of Shares will be entitled to participate in any assets available for distribution
in proportion to their shareholdings.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Indemnification of Directors and Executive Officers and Limitation
of Liability</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Cayman Islands law does not limit the extent to which a company&#8217;s
articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held
by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences
of committing a crime. The Charter permit indemnification of officers and directors for any liability, action, proceeding, claim, demand,
costs damages or expenses, including legal expenses, incurred in their capacities as such unless such liability (if any) arises from actual
fraud, willful neglect or willful default which may attach to such directors or officers. In addition, Anghami Inc. has entered into indemnification
agreements with its directors and senior executive officers that will provide such persons with additional indemnification beyond that
provided in the Charter.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Insofar as indemnification for liabilities arising under the Securities
Act may be permitted to Anghami Inc.&#8217;s directors, officers or persons controlling Anghami Inc. under the foregoing provisions, Anghami
Inc. has been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act
and is therefore unenforceable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Certain Anti-Takeover Provisions in the Charter</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Certain provisions in the Charter may be deemed to have an anti-takeover&#160;effect
and may delay, deter or prevent a tender offer or takeover attempt that a member might consider to be in its best interests, including
attempts that might result in a premium being paid over the market price for the Ordinary Shares. These provisions are also designed,
in part, to encourage persons seeking to acquire control of us to first negotiate with the Board.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Ordinary Shares</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The authorized but unissued Ordinary Shares will be available for future
issuance by the Board on such terms as the Board may determine, subject to any limitations in the Charter. These additional shares may
be utilized for a variety of corporate purposes, including future public offerings to raise additional capital, corporate acquisitions
and employee benefit plans. The existence of authorized but unissued Ordinary Shares could render more difficult or discourage an attempt
to obtain control over Anghami Inc. by means of a proxy contest, tender offer, merger, amalgamation, scheme of arrangement or otherwise.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Preference Shares</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Preference shares could be issued quickly with terms calculated to
delay or prevent a change in control of Anghami Inc. or make removal of management more difficult. If the Board decides to issue these
preference shares, the price of Ordinary Shares may fall and the voting and other rights of the holders of Ordinary Shares may be materially
adversely affected. Pursuant to the Charter, preference shares may be issued by Anghami Inc. from time to time, and the Board is authorized
(without any requirement for further member action) to determine the rights, preferences, powers, qualifications, limitations and restrictions
attaching to those shares (and any further undesignated shares which may be authorized by Anghami Inc.&#8217;s members).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">However, under Cayman Islands law, Anghami Inc.&#8217;s directors may
only exercise the rights and powers granted to them under the Charter for a proper purpose and for what they believe in good faith to
be in the best interests of Anghami Inc.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Classified Board</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Charter provide that, subject to the right of holders of any series
of preference shares, the Board will be divided into three classes of directors, as nearly equal in number as possible, and with the directors
serving staggered three-year&#160;terms, with only one class of directors being elected at each annual general meeting. As a result, approximately
one-third&#160;of the Board will be elected each year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 109; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->105<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">The classification of directors will have the effect of making it more
difficult for members to change the composition of the Board. The Charter provide for a board comprised of between three and 12&#160;directors,
but in accordance with the Charter, the directors may increase or reduce the upper and lower limits of the number of directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><i>Unanimous Action by Written Consent</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">The Charter provides that members may approve corporate matters by
way of a unanimous written resolution signed by or on behalf of each member who would have been entitled to vote on such matter at a general
meeting without a meeting being held.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><i>Amendment of Governing Documents</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">As permitted by Cayman Islands law, the Charter may only be amended
by a special resolution of the members.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><i>Member Proposals and Director Nominations</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">An extraordinary general meeting may be called by the board of directors
or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling extraordinary general
meeting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">The Companies Act provides shareholders with only limited rights to
requisition a general meeting and does not provide shareholders with any right to put any proposal before a general meeting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">The Charter provides for the ability of members to nominate candidates
for election as directors and for the ability to bring business before a meeting of members, subject to meeting certain notice and delivery
requirements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><i>General Meetings</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">The Companies Act provides members with only limited rights to requisition
a general meeting and does not provide member with any right to put any proposal before a general meeting. The Charter permits the Board
or the chairperson of the Board to call general meetings. The Charter does not allow members to requisition a general meeting. The Charter,
however, allows a member to put a proposal before a general meeting, subject to meeting certain notice and delivery requirements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><i>Cumulative Voting</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">Cumulative voting potentially facilitates the representation of minority
members on a board of directors since it permits the minority member to cast all the votes to which the member is entitled on a single
director, which increases the member&#8217;s voting power with respect to electing such director. As permitted under Cayman Islands law,
the Charter does not provide for cumulative voting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><i>Transactions with Interested Members</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">Cayman Islands law has no statute that prohibits certain business combinations
with an interested member. However, although Cayman Islands law does not regulate transactions between a company and its significant members,
it does provide that such transactions must be entered into bona fide in the best interests of the company and for a proper corporate
purpose and not with the effect of constituting a fraud on the minority members. Any merger or consolidation of Anghami Inc. with one
(1) or more constituent companies shall require the approval of a special resolution (66&#160;<sup>2</sup>/<sub>3</sub>% of members at
a general meeting where there is a quorum).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><b>Dissolution; Winding Up</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">Under Cayman Islands law, a company may be wound up by either an order
of the courts of the Cayman Islands or by a special resolution of its members or, if the company is unable to pay its debts as they fall
due, by an Ordinary Resolution (simple majority standard) of its members. The court has authority to order winding up in a number of specified
circumstances including where it is, in the opinion of the court, just and equitable to do so.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 110; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->106<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">Under the Charter, if Anghami Inc. is wound up, the liquidator may
distribute the assets available for distribution amongst the members in proportion to the par value of the Ordinary Shares held by them
at the commencement of the winding up subject to a deduction from those Ordinary Shares in respect of which there are monies due, of all
monies payable to Anghami Inc. for unpaid calls or otherwise.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><b>Rights of Non-Resident or Foreign Members</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">There are no limitations imposed by the Charter on the rights of non-resident&#160;or
foreign members to hold or exercise voting rights on Anghami Inc.&#8217;s shares. In addition, there are no provisions in the Charter
governing the ownership threshold above which member ownership must be disclosed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><b>Directors&#8217; Power to Issue Shares</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">Subject to applicable law, the Board is empowered to issue or allot
shares or grant options and warrants with or without preferred, deferred, or other rights or restrictions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><b>Inspection of Books and Records</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">Holders of Anghami Inc. shares have no general right under Cayman Islands
law to inspect or obtain copies of the Anghami Inc. register of members or Anghami Inc.&#8217;s corporate records.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><b>Waiver of Certain Corporate Opportunities</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">The Charter provide for a waiver of the obligation to provide business
opportunities to Anghami Inc. for directors, members and affiliates of members, in each case, other than an officer (including any officer
that is also a director, or a member or an affiliate of such member, as the case may be) (as more particularly described in the Charter).
Notwithstanding that the waiver does not apply to any officer, officers are not restricted from engaging, directly or indirectly, in other
business ventures of every type and description (other than any competing business, except to the extent permitted under the Charter).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><b>Directors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><b><i>Appointment of Directors</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">The Board is divided into three (3) classes designated as Class I,
Class II and Class III, respectively with directors divided as nearly as possible into thirds among the classes. Directors shall be assigned
to each class by the Board. At the 2023 annual general meeting of Anghami Inc., the term of office of the Class I and Class II directors
shall expire and Class I and Class II directors shall be elected for a full term of three (3) years. At the 2024 annual general meeting
of Anghami Inc., the term of office of the Class III directors shall expire and Class III directors shall be elected for a full term of
three (3) years. At each succeeding annual general meeting of Anghami Inc., directors shall be elected for a full term of three (3) years
to succeed the directors of the class whose terms expire at such annual general meeting. Directors hold office until the expiration of
the director&#8217;s term, until a director&#8217;s successor has been duly elected and qualified or until such director&#8217;s earlier
death, resignation or removal.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">Directors are elected by a majority standard, which requires the number
of votes cast for the person&#8217;s appointment to exceed the number of votes cast against the person&#8217;s appointment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><b><i>Removal of Directors</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">Under the Charter, a director may be removed from office only for cause
by special resolution of Anghami Inc. A director will also cease to be a director if he or she (i) becomes bankrupt or makes any arrangement
or composition with such director&#8217;s creditors; (ii) is found to be or becomes of unsound mind; (iii) resigns the office of director
by notice in writing to the company; (iv) the director absents himself or herself (for the avoidance of doubt, without being represented
by proxy) from three (3) consecutive meetings of the Board without special leave of absence from the Board, and the Board passes a resolution
that he or she has by reason of such absence vacated office; or (v) is prohibited, by any applicable law or relevant code applicable to
the listing of shares on the designated stock exchange, from being a director.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 111; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->107<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><b><i>Filing Vacancies on the Board</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">Vacancies on the Board may be filled by the majority of the directors
then in office, even if less than a quorum, or by a sole remaining director (subject to the Companies Act, applicable law, or any rights
of any preference shares).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">A director appointed to fill a vacancy resulting from the death, resignation
or removal of a director serves the remainder of the full term of the director whose death, resignation or removal created the vacancy
and until his or her successor shall have been appointed and qualified.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><b><i>Directors&#8217; Fiduciary Duties</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">Under Cayman Islands law, directors and officers owe the following
fiduciary duties:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">duty to act in good faith in what the director or officer believes
to be in the best interests of the company as a whole;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0in"></td><td style="width: 0.25in; text-align: left">&#160;</td><td style="text-align: left">&#160;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">duty to exercise powers for the purposes for which those powers
were conferred and not for a collateral purpose;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0in"></td><td style="width: 0.25in; text-align: left">&#160;</td><td style="text-align: left">&#160;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">directors should not improperly fetter the exercise of future
discretion;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0in"></td><td style="width: 0.25in; text-align: left">&#160;</td><td style="text-align: left">&#160;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">duty to exercise powers fairly as between different sections
of members;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0in"></td><td style="width: 0.25in; text-align: left">&#160;</td><td style="text-align: left">&#160;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">duty not to put themselves in a position in which there is a
conflict between their duty to the company and their personal interests; and</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#160;</td><td style="text-align: left">&#160;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">duty to exercise independent judgment.</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0in"></td><td style="width: 0.25in; text-align: left">&#160;</td><td style="text-align: left">&#160;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">In addition to the above, directors also owe a duty of care which is
not fiduciary in nature. This duty has been defined as a requirement to act as a reasonably diligent person having both the general knowledge,
skill and experience that may reasonably be expected of a person carrying out the same functions as are carried out by that director in
relation to the company and the general knowledge skill and experience of that director.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">As set out above, directors have a duty not to put themselves in a
position of conflict and this includes a duty not to engage in self-dealing, or to otherwise benefit as a result of their position. However,
in some instances what would otherwise be a breach of this duty can be forgiven and/or authorized in advance by the members provided that
there is full disclosure by the directors. This can be done by way of permission granted in the amended and restated memorandum and articles
of association or alternatively by member approval at general meetings.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><b>Meetings of Members</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">As a Cayman Islands exempted company, Anghami Inc. is not obliged by
law to call annual general meetings, however, directors are elected at annual general meetings.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">See Exhibit1.1 for the Charter.<b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

</div><!-- Field: Page; Sequence: 112; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->108<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b>C. Material Contracts</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">Information regarding certain material contracts
is included in this annual report under the section titled &#8220;<i>Item 4. Information on the Company &#8211; B. Business Overview&#8212;Licensing
Agreements</i>&#8221; and is incorporated herein by reference.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b>D. Exchange Controls</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">There is no exchange control legislation or
regulation in the Cayman Islands, except by way of such as freezing of funds of, and/or prohibition of new investments in, certain jurisdictions
subject to international sanction.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b>E. Taxation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">The following is a discussion on certain Cayman Islands income tax
consequences of an investment in our securities. The discussion is a general summary of present law, which is subject to prospective and
retroactive change. It is not intended as tax advice, does not consider any investor&#8217;s particular circumstances, and does not consider
tax consequences other than those arising under Cayman Islands law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><b>Under Existing Cayman Islands Laws:</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">Payments of dividends and capital in respect of our securities will
not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder
of the securities nor will gains derived from the disposal of the securities be subject to Cayman Islands income or corporate tax. The
Cayman Islands currently has no income, corporate or capital gains tax and no estate duty, inheritance tax or gift tax.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">No stamp duty is payable in respect of the issue of the warrants. An
instrument of transfer in respect of a warrant is stampable if executed in or brought into the Cayman Islands.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">No stamp duty is payable in respect of the issue of our ordinary shares
or on an instrument of transfer in respect of such shares. However, an instrument of transfer in respect of shares is stampable if executed
in or brought into the Cayman Islands.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">We are incorporated under the laws of the Cayman Islands as an exempted
company with limited liability and, as such, has applied for and received an undertaking from the Financial Secretary of the Cayman Islands
in the following form:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>The Tax Concessions Act</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(As Revised)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Undertaking as to Tax Concessions</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">In accordance with the provision of Section 6 of The Tax Concessions
Act (As Revised), the Financial Secretary undertakes with Anghami Inc. (the &#8220;Company&#8221;):</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">1.</td><td style="text-align: left">That no law which is hereafter enacted in the Islands imposing
any tax to be levied on profits, income, gains or appreciations shall apply to the Company or our operations; and</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0in"></td><td style="width: 0.25in; text-align: left">&#160;</td><td style="text-align: left">&#160;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">2.</td><td style="text-align: left">In addition, that no tax to be levied on profits, income, gains
or appreciations or which is in the nature of estate duty or inheritance tax shall be payable:</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 1in; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left">2.1</td><td style="text-align: left">On or in respect of the shares, debentures or other obligations
of the Company; or</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0in"></td><td style="width: 0.25in; text-align: left">&#160;</td><td style="text-align: left">&#160;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left">2.2</td><td style="text-align: left">by way of the withholding in whole or part, of any relevant
payment as defined in Section 6(3) of the Tax Concessions Act (As Revised).</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">These concessions shall be for a period of 20 years from May 13, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 113; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->109<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">This section describes the material U.S. federal income tax considerations
for beneficial owners of our ordinary shares and warrants. This discussion applies only to ordinary shares and warrants held as capital
assets for U.S. federal income tax purposes (generally, property held for investment) and does not discuss all aspects of U.S. federal
income taxation that might be relevant to holders in light of their particular circumstances or status, including alternative minimum
tax and Medicare contribution tax consequences, or holders who are subject to special rules, including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">brokers, dealers and other investors that do not own ordinary
shares or warrants as capital assets;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0in"></td><td style="width: 0.25in; text-align: left">&#160;</td><td style="text-align: left">&#160;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">traders in securities that elect to use a mark-to-market&#160;method
of accounting for their securities holdings;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0in"></td><td style="width: 0.25in; text-align: left">&#160;</td><td style="text-align: left">&#160;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">tax-exempt&#160;organizations, qualified retirement plans, individual
retirement accounts or other tax deferred accounts;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0in"></td><td style="width: 0.25in; text-align: left">&#160;</td><td style="text-align: left">&#160;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">banks or other financial institutions, underwriters, insurance
companies, real estate investment trusts or regulated investment companies;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#160;</td><td style="text-align: left">&#160;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">U.S. expatriates or former long-term&#160;residents of the United
States;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#160;</td><td style="text-align: left">&#160;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">persons that own (directly, indirectly, or by attribution) 5%
or more (by vote or value) of our ordinary shares;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0in"></td><td style="width: 0.25in; text-align: left">&#160;</td><td style="text-align: left">&#160;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">partnerships or other pass-through&#160;entities for U.S. federal
income tax purposes, or beneficial owners of partnerships or other pass-through&#160;entities;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0in"></td><td style="width: 0.25in; text-align: left">&#160;</td><td style="text-align: left">&#160;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">persons holding our ordinary shares or warrants as part of a
straddle, hedging or conversion transaction, constructive sale, or other arrangement involving more than one position;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0in"></td><td style="width: 0.25in; text-align: left">&#160;</td><td style="text-align: left">&#160;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">persons required to accelerate the recognition of any item of
gross income with respect to our ordinary shares or warrants as a result of such income being recognized on an applicable financial statement;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0in"></td><td style="width: 0.25in; text-align: left">&#160;</td><td style="text-align: left">&#160;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">persons whose functional currency is not the U.S. dollar;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0in"></td><td style="width: 0.25in; text-align: left">&#160;</td><td style="text-align: left">&#160;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">persons that received our ordinary shares or warrants as compensation
for services; or</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0in"></td><td style="width: 0.25in; text-align: left">&#160;</td><td style="text-align: left">&#160;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">controlled foreign corporations or passive foreign investment
companies.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">This discussion is based on the Internal Revenue Code of 1986, as amended
(the &#8220;Code&#8221;), existing and proposed Treasury regulations promulgated under the Code (the &#8220;Treasury Regulations&#8221;),
published rulings by the IRS and court decisions, all as of the date hereof. These laws are subject to change, possibly on a retroactive
basis. This discussion is necessarily general and does not address all aspects of U.S. federal income taxation, including the effect of
the U.S. federal alternative minimum tax, or U.S. federal estate and gift tax, or any state, local or non-U.S. tax laws to a holder of
our ordinary shares or warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">ALL HOLDERS OF OUR ORDINARY SHARES OR WARRANTS SHOULD CONSULT WITH
THEIR OWN TAX ADVISORS REGARDING THE TAX CONSEQUENCES TO THEM OF THE OWNERSHIP AND DISPOSITION OF ORDINARY SHARES AND WARRANTS, INCLUDING
THE EFFECTS OF U.S. FEDERAL, STATE, AND LOCAL AND NON-U.S. TAX LAWS.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><b>U.S. Federal Income Tax Treatment of Anghami</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">A corporation is generally considered for U.S. federal income tax purposes
to be a tax resident in the jurisdiction of its organization or incorporation. Accordingly, under the generally applicable U.S. federal
income tax rules, we, since we are incorporated under the Cayman Islands, would be classified as a non-U.S. corporation (and, therefore,
not a U.S. tax resident) for U.S. federal income tax purposes. Section&#160;7874 of the Code provides an exception to this general rule
(more fully discussed below), under which a non-U.S. incorporated entity may, in certain circumstances, be treated as a U.S. corporation
for U.S. federal income tax purposes. These rules are complex and there is limited guidance regarding their application.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->110<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">Under Section&#160;7874, a corporation created or organized outside
the United States (i.e., a non-U.S. corporation) will nevertheless be treated as a U.S. corporation for U.S. federal income tax purposes
(and, therefore, as a U.S. tax&#160;resident subject to U.S. federal income tax on its worldwide income) if each of the following three
conditions are met: (i)&#160;the non-U.S. corporation, directly or indirectly, acquires substantially all of the properties held directly
or indirectly by a U.S. corporation (including through the acquisition of all of the outstanding shares of the U.S. corporation); (ii)
the non-U.S. corporation&#8217;s &#8220;expanded affiliated group&#8221; does not have &#8220;substantial business activities&#8221; in
the non-U.S. corporation&#8217;s country of organization or incorporation and tax residence relative to the expanded affiliated group&#8217;s
worldwide activities (this test is referred to as the &#8220;substantial business activities test&#8221;); and (iii)&#160;after the acquisition,
the former shareholders of the acquired U.S. corporation hold at least 80% (by either vote or value) of the shares of the non-U.S. acquiring
corporation by reason of holding shares in the U.S.&#160;acquired corporation (taking into account the receipt of the non-U.S. corporation&#8217;s
shares in exchange for the&#160;U.S.&#160;corporation&#8217;s shares) as determined for purposes of Section&#160;7874 (this test is referred
to as the &#8220;80% ownership test&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">For purposes of Section&#160;7874, the first two conditions described
above were met with respect to the Business Combination because we acquired indirectly all of the assets of VMAC in the Business Combination,
and we, including our &#8220;expanded affiliated group,&#8221; is not expected to satisfy the substantial business activities test. As
a result, whether Section&#160;7874 will apply to cause us to be treated as a U.S.&#160;corporation for U.S. federal income tax purposes
should depend on the satisfaction of the 80% ownership test.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">Based upon the terms of the Business Combination, the rules for determining
share ownership under Section&#160;7874 and the Treasury Regulations promulgated thereunder, and certain factual assumptions, we believe
that the ownership percentage of the VMAC stockholders in us is less than 80%. Accordingly, we do not believe that we are treated as a
U.S. corporation for U.S. federal income tax purposes under Section&#160;7874. The rules for determining ownership under Section&#160;7874
are complex, unclear and the subject of ongoing regulatory change. Accordingly, there can be no assurance that the IRS would not assert
a contrary position to those described above or that such an assertion would not be sustained by a court.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">If we were to be treated as a U.S. corporation for U.S. federal income
tax purposes, it could be subject to substantial liability for additional U.S. income taxes, and the gross amount of any dividend payments
to our non-U.S. holders (as defined below) could be subject to 30% U.S. withholding tax, depending on the application of any income tax
treaty that might apply to reduce the withholding tax.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">The remainder of this discussion assumes that we are not treated as
a U.S. corporation for U.S. federal income tax purposes under Section&#160;7874.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><b>U.S. Holders</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">The section applies to you if you are a U.S. holder. For purposes of
this discussion, a U.S. holder means a beneficial owner of our ordinary shares or warrants that is, for U.S. federal income tax purposes:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">an individual who is a citizen or resident of the United States;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0in"></td><td style="width: 0.25in; text-align: left">&#160;</td><td style="text-align: left">&#160;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">a corporation (or other entity taxable as a corporation for
U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District of
Columbia;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0in"></td><td style="width: 0.25in; text-align: left">&#160;</td><td style="text-align: left">&#160;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">an estate whose income is subject to U.S. federal income tax
regardless of its source; or</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0in"></td><td style="width: 0.25in; text-align: left">&#160;</td><td style="text-align: left">&#160;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">a trust if (1)&#160;a U.S. court can exercise primary supervision
over the trust&#8217;s administration and one or more U.S. persons are authorized to control all substantial decisions of the trust;
or (2)&#160;the trust has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><i>Distributions on Ordinary Shares</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">Subject to the discussion under the section entitled &#8220;<i>Material
U.S. Federal Income Tax Considerations &#8212; U.S. Holders</i>&#160;<i>&#8212; Passive Foreign Investment Company Rules</i>,&#8221; the
gross amount of any distribution on our ordinary shares that is made out of our current or accumulated earnings and profits (as determined
for U.S. federal income tax purposes) generally will be taxable to a U.S. holder as ordinary dividend income on the date such distribution
is actually or constructively received. Any such dividends generally will not be eligible for the dividends received deduction allowed
to corporations in respect of dividends received from other U.S. corporations. To the extent that the amount of the distribution exceeds
our current and accumulated earnings and profits (as determined under U.S. federal income tax principles), such excess amount will be
treated first as a non-taxable&#160;return of capital to the extent of the U.S. holder&#8217;s tax basis in its ordinary shares, and thereafter
as capital gain recognized on a sale or exchange.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">Subject to the discussion under the section entitled &#8220;<i>Material
U.S. Federal Income Tax Considerations &#8212; U.S. Holders</i>&#160;<i>&#8212; Passive Foreign Investment Company Rules</i>,&#8221; dividends
received by non-corporate&#160;U.S. holders (including individuals) from a &#8220;qualified foreign corporation&#8221; may be eligible
for reduced rates of taxation, provided that certain holding period requirements and other conditions are satisfied. For these purposes,
a non-U.S. corporation will be treated as a qualified foreign corporation with respect to dividends it pays on shares that are readily
tradable on an established securities market in the United States. U.S. Treasury guidance indicates that shares listed on Nasdaq will
be considered readily tradable on an established securities market in the United States. Subject to the exception discussed below for
passive foreign investment companies, since our ordinary shares are currently traded on the Nasdaq we believe that we should be treated
as a qualified foreign corporation for purposes of dividends paid on those shares. However, there can be no assurance that ordinary shares
will be considered readily tradable on an established securities market in future years. Non-corporate&#160;U.S. holders that do not meet
a minimum holding period requirement during which they are not protected from the risk of loss or that elect to treat the dividend income
as &#8220;investment income&#8221; pursuant to Section&#160;163(d)(4) of the Code (dealing with the deduction for investment interest
expense) will not be eligible for the reduced rates of taxation regardless of our status as a qualified foreign corporation. In addition,
the rate reduction will not apply to dividends if the recipient of a dividend is obligated to make related payments with respect to the
positions in substantially similar or related property. This disallowance applies even if the minimum holding period has been met. We
will not constitute a qualified foreign corporation for purposes of these rules if we are a passive foreign investment company for the
taxable year in which it pays a dividend or for the preceding taxable year. See the section entitled &#8220;<i>Material U.S. Federal Income
Tax Considerations &#8212; U.S. Holders</i>&#160;<i>&#8212; Passive Foreign Investment Company Rules.</i>&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><i>Sale, Exchange, Redemption or Other Taxable Disposition of Ordinary
Shares and Warrants</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">Subject to the discussion under the section entitled &#8220;<i>Material
U.S. Federal Income Tax Considerations &#8212; U.S. Holders</i>&#160;<i>&#8212; Passive Foreign Investment Company Rules</i>,&#8221; a
U.S. holder generally will recognize gain or loss on any sale, exchange, redemption or other taxable disposition of our ordinary shares
or warrants in an amount equal to the difference between (i)&#160;the amount realized on the disposition and (ii)&#160;such U.S. holder&#8217;s
adjusted tax basis in such ordinary shares or warrants. Any gain or loss recognized by a U.S. holder on a taxable disposition of our ordinary
shares or warrants generally will be capital gain or loss and will be long-term&#160;capital gain or loss if the holder&#8217;s holding
period in such shares and/or warrants exceeds one year at the time of the disposition. Preferential tax rates may apply to long-term&#160;capital
gains of non-corporate&#160;U.S. holders (including individuals). The deductibility of capital losses is subject to limitations. Any gain
or loss recognized by a U.S. holder on the sale or exchange of our ordinary shares or warrants generally will be treated as U.S. source
gain or loss.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><i>Exercise or Lapse of a Warrant</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">Except as discussed below with respect to the cashless exercise of
a warrant, a U.S. holder generally will not recognize gain or loss upon the acquisition of an ordinary share on the exercise of a warrant
for cash. A U.S. holder&#8217;s tax basis in an ordinary shares received upon exercise of the warrant generally should be an amount equal
to the sum of the U.S. holder&#8217;s tax basis in the warrant exchanged therefor and the exercise price. The U.S. holder&#8217;s holding
period for an ordinary share received upon exercise of the warrant will begin on the date following the date of exercise (or possibly
the date of exercise) of the warrant and will not include the period during which the U.S. holder held the warrant. If a warrant is allowed
to lapse unexercised, a U.S. holder generally will recognize a capital loss equal to such holder&#8217;s tax basis in the warrant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">The tax consequences of a cashless exercise of a warrant are not clear
under current tax law. A cashless exercise may be tax-deferred, either because the exercise is not a gain realization event or because
the exercise is treated as a recapitalization for U.S. federal income tax purposes. In either tax-deferred&#160;situation, a U.S. holder&#8217;s
basis in the ordinary shares received would equal the holder&#8217;s basis in the warrants exercised therefore. If the cashless exercise
were treated as not being a gain realization event, a U.S. holder&#8217;s holding period in the ordinary shares would be treated as commencing
on the date following the date of exercise (or possibly the date of exercise) of the warrants. If the cashless exercise were treated as
a recapitalization, the holding period of the ordinary shares would include the holding period of the warrants exercised therefore.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">It is also possible that a cashless exercise of a warrant could be
treated in part as a taxable exchange in which gain or loss would be recognized. In such event, a U.S. holder would recognize gain or
loss with respect to the portion of the exercised warrants treated as surrendered to pay the exercise price of the warrants (the &#8220;surrendered
warrants&#8221;). The U.S. holder would recognize capital gain or loss with respect to the surrendered warrants in an amount generally
equal to the difference between (i) the fair market value of the ordinary shares that would have been received with respect to the surrendered
warrants in a regular exercise of the warrants and (ii) the sum of the U.S. holder&#8217;s tax basis in the surrendered warrants and the
aggregate cash exercise price of such warrants (if they had been exercised in a regular exercise). In this case, a U.S. holder&#8217;s
tax basis in the ordinary shares received would equal the U.S. holder&#8217;s tax basis in the warrants exercised plus (or minus) the
gain (or loss) recognized with respect to the surrendered warrants. A U.S. holder&#8217;s holding period for the ordinary shares would
commence on the date following the date of exercise (or possibly the date of exercise) of the warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">Due to the absence of authority on the U.S. federal income tax treatment
of a cashless exercise of warrants, there can be no assurance which, if any, of the alternative tax consequences and holding periods described
above would be adopted by the IRS or a court of law. Accordingly, U.S. holders should consult their own tax advisors regarding the tax
consequences of a cashless exercise of warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><i>Possible Constructive Distributions</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">The terms of each warrant provide for an adjustment to the number of
ordinary shares for which the warrant may be exercised or to the exercise price of the warrant in certain events, as discussed in the
section entitled &#8220;Description of Securities.&#8221; An adjustment which has the effect of preventing dilution generally is not taxable.
A U.S. holder of a warrant would, however, be treated as receiving a constructive distribution from us if, for example, the adjustment
increases the holder&#8217;s proportionate interest in our assets or earnings and profits (e.g., through an increase in the number of
ordinary shares that would be obtained upon exercise of such warrant) as a result of a distribution of cash to the holders of the ordinary
shares which is taxable to the U.S. holders of such shares as described under the section entitled &#8220;Material U.S. Federal Income
Tax Considerations &#8212; U.S. Holders &#8212; Distributions on Ordinary Shares.&#8221; Such constructive distribution would be subject
to tax as described under that section in the same manner as if the U.S. holder of such warrant received a cash distribution from us equal
to the fair market value of such increased interest. The rules regarding constructive distributions are complex. U.S. holders should consult
their own tax advisors regarding the application of the rules to them in light of their own circumstances.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><i>Passive Foreign Investment Company Rules</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><i>Generally.</i>&#160;The treatment of U.S. holders
of our ordinary shares could be materially different from that described above if we are treated as a passive foreign investment company,
or PFIC, for U.S. federal income tax purposes. A PFIC is any foreign corporation with respect to which either: (i) 75% or more of the
gross income for a taxable year constitutes passive income for purposes of the PFIC rules, or (ii) 50% or more of such foreign corporation&#8217;s
assets in any taxable year (generally based on the quarterly average of the value of its assets during such year) is attributable to assets,
including cash, that produce passive income or are held for the production of passive income. Passive income generally includes dividends,
interest, certain royalties and rents, annuities, net gains from the sale or exchange of property producing such income and net foreign
currency gains. The determination of whether a foreign corporation is a PFIC is based upon the composition of such foreign corporation&#8217;s
income and assets (including, among others, its proportionate share of the income and assets of any other corporation in which it owns,
directly or indirectly, 25% (by value) of the stock), and the nature of such foreign corporation&#8217;s activities. A separate determination
must be made after the close of each taxable year as to whether a foreign corporation was a PFIC for that year. Once a foreign corporation
qualifies as a PFIC it is, with respect to a shareholder during the time it qualifies as a PFIC, and subject to certain exceptions, always
treated as a PFIC with respect to such shareholder, regardless of whether it satisfied either of the qualification tests in subsequent
years.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">If we are or become a PFIC during any year in which a U.S. holder holds
ordinary shares, there are three separate taxation regimes that could apply to such U.S. holder under the PFIC rules, which are the (i)&#160;excess
distribution regime (which is the default regime), (ii) QEF regime, and (iii)&#160;mark-to-market&#160;regime. A U.S. holder who holds
(actually or constructively) stock in a foreign corporation during any year in which such corporation qualifies as a PFIC is subject to
U.S. federal income taxation under one of these three regimes. The effect of the PFIC rules on a U.S. holder will depend upon which of
these regimes applies to such U.S. holder. However, dividends paid by a PFIC are generally not eligible for the lower rates of taxation
applicable to qualified dividend income (&#8220;QDI&#8221;) under any of the foregoing regimes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><i>Excess Distribution Regime.</i>&#160;If a U.S.
holder does not make a QEF election or a mark-to-market&#160;election, as described below, the U.S. holder will be subject to the default
&#8220;excess distribution regime&#8221; under the PFIC rules with respect to (i)&#160;any gain realized on a sale or other disposition
(including a pledge) of our ordinary shares, and (ii)&#160;any &#8220;excess distribution&#8221; received on our ordinary shares (generally,
any distributions in excess of 125% of the average of the annual distributions on ordinary shares during the preceding three years or
the U.S.&#160;holder&#8217;s holding period, whichever is shorter). Generally, under this excess distribution regime:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">the gain or excess distribution will be allocated ratably over
the period during which the U.S. holder held ordinary shares;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0in"></td><td style="width: 0.25in; text-align: left">&#160;</td><td style="text-align: left">&#160;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">the amount allocated to the current taxable year, will be treated
as ordinary income; and</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0in"></td><td style="width: 0.25in; text-align: left">&#160;</td><td style="text-align: left">&#160;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">the amount allocated to prior taxable years will be subject
to the highest tax rate in effect for that taxable year and the interest charge generally applicable to underpayments of tax will be
imposed on the resulting tax attributable to each such year.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">The tax liability for amounts allocated to years prior to the year
of disposition or excess distribution will be payable generally without regard to offsets from deductions, losses and expenses. In addition,
gains (but not losses) realized on the sale of ordinary shares cannot be treated as capital gains, even if you hold the shares as capital
assets. Further, no portion of any distribution will be treated as QDI.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><i>QEF Regime.</i>&#160;A QEF election is effective
for the taxable year for which the election is made and all subsequent taxable years and may not be revoked without the consent of the
IRS. If a U.S. holder makes a timely QEF election with respect to its direct or indirect interest in a PFIC, the U.S. holder will be required
to include in income each year a portion of the ordinary earnings and net capital gains of the PFIC as QEF income inclusions, even if
amount is not distributed to the U.S. holder. Thus, the U.S. holder may be required to report taxable income as a result of QEF income
inclusions without corresponding receipts of cash. Our shareholders that are U.S. holders subject to U.S.&#160;federal income tax should
expect that they will not receive cash distributions from us sufficient to cover their respective U.S. tax liability with respect to such
QEF income inclusions. In addition, U.S. holders of warrants will not be able to make a QEF election with respect to their warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">The timely QEF election also allows the electing U.S. holder to: (i)&#160;generally
treat any gain recognized on the disposition of its shares of the PFIC as capital gain; (ii)&#160;treat its share of the PFIC&#8217;s
net capital gain, if any, as long-term&#160;capital gain instead of ordinary income; and (iii)&#160;either avoid interest charges resulting
from PFIC status altogether, or make an annual election, subject to certain limitations, to defer payment of current taxes on its share
of PFIC&#8217;s annual realized net capital gain and ordinary earnings subject, however, to an interest charge on the deferred tax computed
by using the statutory rate of interest applicable to an extension of time for payment of tax. In addition, net losses (if any) of a PFIC
will not pass through to our shareholders and may not be carried back or forward in computing such PFIC&#8217;s ordinary earnings and
net capital gain in other taxable years. Consequently, a U.S. holder may over time be taxed on amounts that as an economic matter exceed
our net profits.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">A U.S. holder&#8217;s tax basis in our ordinary shares will be increased
to reflect QEF income inclusions and will be decreased to reflect distributions of amounts previously included in income as QEF income
inclusions. No portion of the QEF income inclusions attributable to ordinary income will be treated as QDI. Amounts included as QEF income
inclusions with respect to direct and indirect investments generally will not be taxed again when distributed. U.S. holders should consult
their own tax advisors as to the manner in which QEF income inclusions affect their allocable share of our income and their basis in our
ordinary shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">In order to comply with the requirements of a QEF election, a U.S.
holder must receive certain information from us. If we determine that we are a PFIC for any taxable year, we will endeavor to provide
all of the information that a U.S. holder making a QEF election is required to obtain to make and maintain a QEF election, but there is
no assurance that we will timely provide such information. There is also no assurance that we will have timely knowledge of our status
as a PFIC in the future or of the required information to be provided. In addition, if we hold an interest in a lower-tier&#160;PFIC (including,
without limitation, in any PFIC subsidiaries), U.S. holders will generally be subject to the PFIC rules described above with respect to
any such lower-tier&#160;PFICs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><i>Mark-to-Market&#160;Regime.</i>&#160;Alternatively,
a U.S. holder may make an election to mark marketable shares in a PFIC to market on an annual basis. PFIC shares generally are marketable
if: (i)&#160;they are &#8220;regularly traded&#8221; on a national securities exchange that is registered with the Securities and Exchange
Commission or on the national market system established under Section&#160;11A of the Securities Exchange Act of 1934; or (ii)&#160;they
are &#8220;regularly traded&#8221; on any exchange or market that the Treasury Department determines to have rules sufficient to ensure
that the market price accurately represents the fair market value of the stock. We believe that our ordinary shares qualify as marketable
shares for the PFIC rules purposes, but there can be no assurance that ordinary shares will continue to be &#8220;regularly traded&#8221;
for purposes of these rules. Pursuant to such an election, a U.S. holder would include in each year as ordinary income the excess, if
any, of the fair market value of our ordinary shares over the U.S. holder&#8217;s adjusted tax basis at the end of the taxable year. A
U.S. holder may treat as ordinary loss any excess of the adjusted basis of the stock over its fair market value at the end of the year,
but only to the extent of the net amount previously included in income as a result of the election in prior years. A U.S. holder&#8217;s
adjusted tax basis in the our ordinary shares will be increased to reflect any amounts included in income, and decreased to reflect any
amounts deducted, as a result of a mark-to-market&#160;election. Any gain recognized on a disposition of ordinary shares will be treated
as ordinary income and any loss will be treated as ordinary loss (but only to the extent of the net amount of income previously included
as a result of a mark-to-market&#160;election). A mark-to-market&#160;election only applies for the taxable year in which the election
was made, and for each subsequent taxable year, unless the PFIC shares ceased to be marketable or the IRS consents to the revocation of
the election. U.S. holders should also be aware that the Code and the Treasury Regulations do not allow a mark-to-market&#160;election
with respect to stock of lower-tier&#160;PFICs that is non-marketable. There is also no provision in the Code, Treasury Regulations or
other published authority that specifically provides that a mark-to-market&#160;election with respect to the stock of a publicly-traded&#160;holding
company (such as us) effectively exempts stock of any lower-tier&#160;PFICs from the negative tax consequences arising from the general
PFIC rules. U.S. holders should consult their own tax advisors to determine whether the mark-to-market&#160;tax election is available
to them and the consequences resulting from such election. In addition, U.S. holders of warrants will not be able to make a mark-to-market&#160;election
with respect to their warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><i>PFIC Reporting Requirements.</i>&#160;If we are
a PFIC, a U.S. holder of our ordinary shares will be required to file an annual report on IRS Form 8621 containing such information with
respect to our ordinary shares as the IRS may require. Failure to file IRS Form 8621 for each applicable taxable year may result in substantial
penalties and result in the U.S. holder&#8217;s taxable years being open to audit by the IRS until such Forms are properly filed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><i>Additional Reporting Requirements</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">Certain U.S. holders holding specified foreign financial assets with
an aggregate value in excess of the applicable dollar thresholds are required to report information to the IRS relating to our ordinary
shares, subject to certain exceptions (including an exception for ordinary shares held in accounts maintained by U.S. financial institutions),
by attaching a complete IRS Form 8938 to their tax return, for each year in which they hold our ordinary shares. Substantial penalties
apply to any failure to file IRS Form 8938, unless the failure is shown to be due to reasonable cause and not willful neglect. Also, in
the event a U.S. holder does not file IRS Form 8938 or fails to report a specified foreign financial asset that is required to be reported,
the statute of limitations on the assessment and collection of U.S. federal income taxes of such U.S. holder for the related taxable year
may not close before the date which is three years after the date on which the required information is filed. U.S. holders should consult
their tax advisors regarding the effect, if any, of these rules on the ownership and disposition of our ordinary shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><b>Non-U.S. Holders</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">The section applies to non-U.S. holders. For purposes of this discussion,
a non-U.S. holder means a beneficial owner (other than a partnership or an entity or arrangement so characterized for U.S. federal income
tax purposes) of our ordinary shares or warrants that is not a U.S. holder.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->115<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">Assuming that we are not treated as a U.S. corporation under the rules
discussed above, a non-U.S. holder of our ordinary shares will not be subject to U.S. federal income tax or, subject to the discussion
below under &#8220;&#8212;<i>&#160;Information Reporting and Backup Withholding</i>,&#8221; U.S. federal withholding tax on any dividends
received on ordinary shares or any gain recognized on a sale or other disposition of ordinary shares (including, any distribution to the
extent it exceeds the adjusted basis in the non-U.S. holder&#8217;s ordinary shares) unless the dividend or gain is effectively connected
with the non-U.S. holder&#8217;s conduct of a trade or business in the United States, and if required by an applicable tax treaty, is
attributable to a permanent establishment maintained by the non-U.S. holder in the United States. In addition, special rules may apply
to a non-U.S. holder that is an individual present in the United States for 183 days or more during the taxable year of the sale or disposition,
and certain other requirements are met. Such non-U.S. holders should consult their own tax advisors regarding the U.S. federal income
tax consequences of the sale or disposition of ordinary shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">Dividends and gains that are effectively connected with a non-U.S.
holder&#8217;s conduct of a trade or business in the United States (and, if required by an applicable income tax treaty, are attributable
to a permanent establishment in the United States) generally will be subject to U.S. federal income tax at the same regular U.S. federal
income tax rates applicable to a comparable U.S. holder and, in the case of a non-U.S. holder that is a corporation for U.S. federal income
tax purposes, also may be subject to an additional branch profits tax at a 30% rate or a lower applicable tax treaty rate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">The U.S. federal income tax treatment of a
non-U.S. holder&#8217;s exercise of a warrant, or the lapse of a warrant held by a non-U.S. holder, generally will correspond to the U.S.
federal income tax treatment of the exercise or lapse of a warrant by a U.S. holder, as described under &#8220;&#8212; U.S. Holders &#8212;
Exercise or Lapse of a warrant,&#8221; above, although to the extent a cashless exercise results in a taxable exchange, the consequences
would be similar to those described in the preceding paragraphs above for a non-U.S. holder&#8217;s gain on the sale or other disposition
of the ordinary shares and warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><i>Information Reporting and Backup Withholding</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">Information reporting requirements may apply to dividends received
by U.S. holders of ordinary shares, and the proceeds received on the disposition of ordinary shares effected within the United States
(and, in certain cases, outside the United States), in each case other than U.S. holders that are exempt recipients (such as corporations).
Backup withholding (currently at a rate of 24%) may apply to such amounts if the U.S. holder fails to provide an accurate taxpayer identification
number (generally on an IRS Form W-9&#160;provided to the paying agent of the U.S. holder&#8217;s broker) or is otherwise subject to backup
withholding. Any dividend payments with respect to our ordinary shares and proceeds from the sale, exchange, redemption or other disposition
of our ordinary shares may be subject to information reporting to the IRS and possible U.S. backup withholding. U.S. holders should consult
their own tax advisors regarding the application of the U.S. information reporting and backup withholding rules.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">Information returns may be filed with the IRS in connection with, and
non-U.S. holders may be subject to backup withholding on amounts received in respect of their ordinary shares, unless the non-U.S. holder
furnishes to the applicable withholding agent the required certification as to its non-U.S. status, such as by providing a valid IRS Form
W-8BEN, IRS Form W-8BEN-E&#160;or IRS Form W-8ECI, as applicable, or the non-U.S. holder otherwise establishes an exemption. Dividends
paid with respect to ordinary shares and proceeds from the sale of other disposition of ordinary shares received in the United States
by a non-U.S. holder through certain U.S.-related&#160;financial intermediaries may be subject to information reporting and backup withholding
unless such non-U.S. holder provides proof an applicable exemption or complies with certain certification procedures described above,
and otherwise complies with the applicable requirements of the backup withholding rules.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">Backup withholding is not an additional tax. Amounts withheld as backup
withholding may be credited against the holder&#8217;s U.S. federal income tax liability, and a holder may obtain a refund of any excess
amounts withheld under the backup withholding rules by timely filing the appropriate claim for a refund with the IRS and furnishing any
required information.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b>F. Dividends and Paying Agents</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b>G. Statement by Experts</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b>H. Documents on Display</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">We are subject to the informational requirements
of the Exchange Act. Accordingly, we are required to file reports and other information with the SEC, including annual reports on Form&#160;20-F&#160;and
reports on Form&#160;6-K.&#160;The SEC maintains an Internet site at www.sec.gov that contains reports, proxy and information statements
and other information we have filed electronically with the SEC. The information on that website is not part of this report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">We also make available on our website, free
of charge, our annual reports on Form&#160;20-F&#160;and the text of our reports on Form&#160;6-K,&#160;including any amendments to these
reports, as well as certain other SEC filings, as soon as reasonably practicable after they are electronically filed with or furnished
to the SEC. Our website address is www.anghami.com/investors. The reference to our website is an inactive textual reference only, and
information contained therein or connected thereto is not incorporated into this Report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b>I. Subsidiary Information</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><div><a id="a_013"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>ITEM&#160;11. QUANTITATIVE AND QUALITATIVE
DISCLOSURES ABOUT MARKET RISK</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">Market risk is the risk that the fair value of future cash flows of
a financial instrument will fluctuate because of changes in market prices. Market prices are comprised of four types of risk: foreign
currency risk, interest rate risk, commodity price risk and equity price risk. The main risks for us are foreign currency risk and interest
rate risk. We do not currently have significant commodity risk or equity price risk. To manage these risks and our exposure to the unpredictability
of financial markets, we seek to minimize potential adverse effects on our financial performance and capital.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><i>Foreign Currency Risk</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">Currency risk arises from the possibility that changes in exchange
rates will affect the values of the financial assets and liabilities denominated in foreign currencies against the U.S. dollar in case
we do not hedge the currency exposure by hedging instruments. The functional currency of Anghami is U.S. dollars. We are exposed to foreign
currency fluctuations on our transactions in foreign currencies, mainly in Egyptian and Lebanese pounds. As the UAE dirham and Saudi riyal
are pegged to the U.S. dollar, balances in these currencies are not considered to represent significant currency risk. Our principle foreign
currency risk arises from Egyptian and Lebanese pounds denominated transactions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 121; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->117<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Egypt Operating Environment</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The table below indicates the Group&#8217;s foreign
currency exposure at December 31 as a result of its monetary assets and liabilities denominated in Egyptian Pounds. The analysis calculates
the effect of a reasonable possible movement of the US Dollars rate against Egyptian with all other variables held constant on the consolidated
statement of comprehensive income.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><i>Sensitivity analysis</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">A 5% strengthening/(weakening) of the following currency against USD
currency at 31 December would have increased/(decreased) financial instruments by USD equivalent amounts shown below:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; text-align: center"><b>&#160;</b></td>
    <td style="white-space: nowrap; text-align: center"><b>&#160;</b></td>
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    <td style="white-space: nowrap; text-align: center"><b>&#160;</b></td>
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    <td style="white-space: nowrap; text-align: center"><b>&#160;</b></td></tr>
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; text-align: center"><b>&#160;</b></td>
    <td style="white-space: nowrap; text-align: center"><b>&#160;</b></td>
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    <td style="white-space: nowrap; text-align: center"><b>&#160;</b></td>
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    <td style="white-space: nowrap; text-align: center"><b>&#160;</b></td></tr>
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; text-align: center"><b>&#160;</b></td>
    <td style="white-space: nowrap; text-align: center"><b>&#160;</b></td>
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    <td style="white-space: nowrap; text-align: center"><b>&#160;</b></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="text-align: justify">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>+ /-5%</b></span></td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 70%; text-align: justify">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 14%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 11%; text-align: right">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+ /-5%</span></td>
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    <td>&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><i>Lebanon Operating Environment</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">On 10 May 2021, the Central Bank of Lebanon issued
Basic Circular 157 setting the framework of exceptional measures for foreign-currency operations. Hence, banks operating in Lebanon must
process customers&#8217; FX operations (buy and sell) related to their personal or commercial needs on the electronic platform &#8220;Sayrafa&#8221;.
Transactions with customers encompass purchase and sale of foreign currencies banknotes against LBP, as well as operations from/to foreign
currencies external accounts against LBP. The Sayrafa corresponds to a floating system and the Sayrafa average rate and volume of foreign
currency operations are published on the website of the Central Bank of Lebanon. Foreign currency operations were executed on the Sayrafa
platform at the following exchange rates:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; text-align: center"><b>&#160;</b></td><td style="white-space: nowrap; text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt"><b>&#160;</b></td>
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  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; text-align: center"><b>&#160;</b></td><td style="white-space: nowrap; text-align: center"><b>&#160;</b></td>
    <td colspan="2" style="white-space: nowrap; text-align: center"><p style="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-style: normal"><b>Rate
                                            as at<br/>
 </b></span></p> <p style="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-style: normal"><b>December
                                            31<br/>
</b></span></p></td><td style="white-space: nowrap; text-align: center"><b>&#160;</b></td><td style="white-space: nowrap; text-align: center; font-style: normal"><b>&#160;</b></td>
    <td colspan="2" style="white-space: nowrap; font-style: normal; text-align: center"><b>Average rate<br/>
 for the period<br/>
 from January 1
    <br/>
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  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; white-space: nowrap; text-align: center"><b>&#160;</b></td><td style="padding-bottom: 1.5pt; white-space: nowrap; text-align: center; font-style: normal"><b>&#160;</b></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 76%">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">US Dollar</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">38,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Sayrafa platform is not available for the
purchase and sale of and &#8220;local&#8221; foreign currency bank accounts which are subject to unofficial capital controls.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 122; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->118<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The application of Sayrafa has affect the group&#8217;s
statement of profit and loss in the following manner:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td><td style="padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: justify">Cost of revenues</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Finance costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">315,883</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">17,119</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">298,765</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">General and administrative expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">799,955</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">46,645</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">753,310</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">7,298,838</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">3,082</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">209</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,873</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Revenues from contracts with customers</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">9,416,614</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">8,880,349</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Selling and distribution expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">158,475</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">9,603</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">148,872</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Consultancy and professional fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,013</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">44</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">969</td><td style="text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Foreign exchange loss, net</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b>&#160;</p><div>


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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    <td colspan="6" style="padding-bottom: 1.5pt; font-weight: bold"></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center"><b>Change from<br/>
 2020 to 2021</b></td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="text-align: center; font-weight: bold">USD</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="text-align: center; font-weight: bold">USD</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="text-align: center; font-weight: bold">USD</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="text-align: center; font-weight: bold">USD</td><td style="font-weight: bold">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center"><b>%</b></td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="text-align: center; font-weight: bold">USD</td><td style="font-weight: bold">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; width: 30%; text-align: left">Foreign exchange (gain)/loss, net</td><td style="width: 1%">&#160;</td>
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  </table><div>

</div><div></div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Foreign exchange loss has increased by $1,570,550 or 100.8% during
the year ended December&#160;31, 2022 as compared to 2021 mainly due to the currency devaluation in Egypt and further deterioration of
Lebanese pound against USD.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><i>Interest Rate Risk</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">Interest rate risk arises from the possibility that changes in market
interest rates will affect the fair value of convertible notes. The fair value of our convertible notes was dependent on market interest
rates, which could negatively impact earnings. The convertible notes were remeasured at each reporting date using valuation models using
input data, which could include market interest rates. Changes in the fair value of the convertible notes were recognized in finance income
or cost in the consolidated statement of comprehensive income.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><div><a id="a_014"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>ITEM&#160;12. DESCRIPTION OF SECURITIES OTHER
THAN EQUITY SECURITIES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->119<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><b>&#160;</b></p><div>

</div><div><a id="a_015"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><b>PART II</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><div><a id="a_016"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND
DELINQUENCIES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">None.<br/>
<br/>
</p><div>

</div><div><a id="a_017"></a></div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b>ITEM 14. MATERIAL MODIFICATIONS TO THE
RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">None</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&#160;</p><div>

</div><div><a id="a_018"></a></div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b><br/>
ITEM 15. CONTROLS AND PROCEDURES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b>A. Disclosure Controls and Procedures</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><span style="background-color: white">We maintain
disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed
to ensure that information required to be disclosed in the Company&#8217;s reports under the Exchange Act is recorded, processed, summarized
and reported within the time periods specified in the SEC&#8217;s rules and forms and that such information is accumulated and communicated
to our management, including </span>our Chief Executive Officer and Interim Vice President of Finance, carried out an evaluation of the
effectiveness of the design and operation of our disclosure controls and procedures as of December&#160;31, 2022. Based upon that evaluation,
our management, with the participation of our Chief Executive Officer and Interim Vice President of Finance, have concluded that, due
to the material weaknesses described below, as of December&#160;31, 2022, our disclosure controls and procedures were not effective. We
are in the process of undertaking certain remedial steps to address the material weakness in our disclosure controls and procedures as
set forth below under &#8220;Changes in Internal Control over Financial Reporting.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b>B. Management&#8217;s Annual Report on
Internal Control Over Financial Reporting</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Management assessed the effectiveness of internal
control over financial reporting as at December 31, 2022, based on the criteria established in the 2013 Internal Control &#8212; Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Management is responsible for establishing and
maintaining adequate internal control over financial reporting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">Based on the material weaknesses described
below, our management, with the participation of our Chief Executive Officer and our Interim Vice President of Finance, have concluded
that, as of December 31, 2022, our internal control over financial reporting was not effective.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">In connection with the preparation of its
financial statements as of and for the year ended December&#160;31, 2022, Anghami and its independent registered public accounting firm
identified material weaknesses in Anghami&#8217;s internal control over financial reporting related to</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="text-align: left; width: 0.25in"></td><td style="text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Lack of sufficiently skilled personnel with requisite IFRS and SEC reporting knowledge and experience;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white" width="100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 0.25in"></td><td style="text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Lack of sufficient entity level controls and sufficiently designed internal controls and financial reporting policies and procedures
including segregation of duties, that are commensurate with SEC reporting requirements; and</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white" width="100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 0.25in"></td><td style="text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Lack of design and operating effectiveness of IT general controls for information systems that are relevant to the preparation of
Anghami&#8217;s consolidated financial statements.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">The Public Company Accounting Oversight Board
has defined a material weakness as a deficiency, or a combination of deficiencies, in internal control over financial reporting, such
that there is a reasonable possibility that a material misstatement of Anghami&#8217;s financial statements will not be prevented or detected
on a timely basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white"></p><div>

</div><!-- Field: Page; Sequence: 124; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->120<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">In March 2022, Anghami developed and began
the process of implementing a remediation plan to address these control deficiencies, which will address the underlying causes of Anghami&#8217;s
material weaknesses. As part of Anghami&#8217;s remediation plan, Anghami has begun taking measures, and we will continue to take measures,
to remediate these control deficiencies. Measures including enhancing our ERP, potentially hiring outside consultants, provide technical
training for its employees and hire internal auditors. Besides, management is planning to introduce technical IFRS training.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">Below are the measures taken by Anghami during
2022 as part of the remediation plan:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white" width="100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 0.25in"></td><td style="text-align: left; width: 0.25in">&#9679;</td><td style="text-align: left">Enhancing our ERP: In the fourth quarter of 2022, we requested from our current ERP administrator to make some enhancement to our
billing procedures which eventually will lead to having a bridge between our billing and accounting systems which would automate the process</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white" width="100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 0.25in"></td><td style="text-align: left; width: 0.25in">&#9679;</td><td style="text-align: left">Hiring outside consultants: we hired consultants to help us valuate our warrants and ESOPs</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">If these measures are ineffective, Anghami
may be unable to remediate these issues in the anticipated timeframe, which may have an adverse effect on Anghami&#8217;s operating results,
Anghami&#8217;s ability to operate its business or investors&#8217; views of Anghami.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">For more information on our internal control
over financial reporting, please see the sections of this Report entitled &#8220;Item 3D. Risk Factors&#8212;Anghami has identified material
weaknesses in its internal control over financial reporting. If for any reason Anghami is unable to remediate these material weaknesses
and otherwise to maintain proper and effective internal controls over financial reporting in the future, Anghami&#8217;s ability to produce
accurate and timely consolidated financial statements may be impaired, which may harm Anghami&#8217;s operating results, Anghami&#8217;s
ability to operate its business or investors&#8217; views of Anghami.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b>C. Attestation Report of the Registered
Public Accounting Firm</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">This Report does not include an attestation
report of the company&#8217;s registered public accounting firm due to a transition period established by rules of the SEC for emerging
growth companies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b>D. Changes in Internal Control Over Financial
Reporting</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">Except for the remediation efforts described
above taken to address the material weaknesses, there were no other changes in our internal control over financial reporting (as defined
in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the year ended December 31, 2022 that have materially affected, or are
reasonably likely to materially affect, our internal control over financial reporting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b>&#160;</b></p><div>

</div><div><a id="a_019"></a></div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b>Item 16A. Audit Committee Financial Expert</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">Our board of directors has determined that
Klass Baks is an &#8220;audit committee financial expert,&#8221; as defined in Item 16A of Form 20-F. All audit committee members satisfy
the independence requirements set forth under NASDAQ Stock Market Rule 5605(a)(2) and in Rule 10A-3 under the Exchange Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_020"></a></div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b>Item 16B. Code of Ethics</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">We have adopted the Anghami, Inc. Code of
Business Conduct and Ethics which applies to all of directors, officers, and employees, and is intended to meet the definition of &#8220;code
of ethics&#8221; under Item 16B of Form 20-F. The Anghami, Inc. Code of Business Conduct and Ethics is available on our website at https://www.anghami.com/investors.
We intend to disclose on our website any amendments to or waivers of the Anghami, Inc. Code of Business Conduct and Ethics.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><div><a id="a_021"></a></div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b>Item 16C. Principal Accountant Fees and
Services</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">Grant Thornton Audit and Accounting Limited
(Dubai Branch) (&#8220;Grant Thornton&#8221;) were appointed as our principal accountants for the year ended December 31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">Comparative figures presented in the table
below relate to amounts paid to Ernst &amp; Young &#8212; Middle East (Abu Dhabi) who acted as our principal accountants for that period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->121<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The following table summarizes the charge
for professional fees rendered in those periods:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">USD</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">USD</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Audit fees</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">683,332</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">475,000</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">25,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">3,672</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">14,800</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">All other fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">Total</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">687,004</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">514,800</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#8220;Audit fees&#8221; are the aggregate
fees earned by the Ernst &amp; Young entities and Grant Thornton principal accountant entities respectively for the audit 2021 and 2022
of our consolidated annual financial statements, reviews of interim financial statements and attestation services that are provided in
connection with statutory and regulatory filings or engagements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#8220;Audit-related fees&#8221; are fees
charged by the principal accountant entities for assurance and related services that are reasonably related to the performance of the
audit or review of our financial statements and are not reported under &#8220;Audit fees.&#8221; This category comprises fees for internal
control reviews, agreed-upon procedure engagements and other attestation services subject to regulatory requirements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#8220;Tax Fees&#8221; include fees billed
for tax compliance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#8220;All other fees&#8221; are the fees
for products and services other than those in the above three categories.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">All audit services and permitted non-audit
services to be performed for us by our independent auditor must be approved by our Audit Committee in advance to ensure that such engagements
do not impair the independence of our independent registered public accounting firm. The Audit Committee generally pre-approves particular
services or categories of services on a case-by-case basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b>&#160;</b></p><div>

</div><div><a id="a_022"></a></div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b>Item 16D. Exemptions from the Listing Standards
for Audit Committees</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">None.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b>&#160;</b></p><div>

</div><div><a id="a_023"></a></div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b>Item 16E. Purchases of Equity Securities
by the Issuer and Affiliated Purchasers</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">None</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b>&#160;</b></p><div>

</div><div><a id="a_024"></a></div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b>Item 16F. Change in Registrant&#8217;s
Certifying Accountant</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">In December 2022, Ernst &amp; Young - Middle
East (Abu Dhabi) (&#8220;EY&#8221;), had made the decision to resign as our independent registered public accounting firm. On January
27, 2023, we engaged Grant Thornton Audit and Accounting Limited (Dubai Branch) as a new independent accountant for our fiscal year ended
December 31, 2022. Grant Thornton&#8217;s appointment has been considered and approved by Anghami&#8217;s audit committee.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">The audit reports of EY on the financial statements
of Anghami as of and for the years ended December 31, 2021 and December 31, 2020 did not contain any adverse opinion or disclaimer of
opinion, nor was it qualified or modified as to uncertainty, audit scope, or accounting principles, except for an explanatory paragraph
in such reports regarding substantial doubt about Anghami&#8217;s ability to continue as a going concern.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">During the fiscal years ended December 31,
2021 and December 31, 2020 and the subsequent period through the date of this filing, there were (i) no disagreements, as defined in Item
16F(a)(1)(iv) of Form 20-F, between Anghami and Ernst &amp; Young - Middle East (Abu Dhabi) on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of
EY, would have caused EY to make reference to the subject matter of the disagreements in connection with its reports on the consolidated
financial statements for such years, and (ii) no reportable events as defined in Item 16F(a)(1)(v) of Form 20-F, other than the material
weaknesses in Anghami&#8217;s internal control over financial reporting reported in its Form 20-F filed with the SEC on May 13, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b>&#160;</b>&#160;</p><div>

</div><div><a id="a_025"></a></div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b>Item 16G. Corporate Governance</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">Our common shares are listed on the Nasdaq.
For purposes of Nasdaq rules, so long as we are a foreign private issuer, we are eligible to take advantage of certain exemptions from
Nasdaq corporate governance requirements provided in the Nasdaq rules. We have not utilized foreign private issuer exemptions from the
Nasdaq corporate governance rules to date.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b>&#160;</b></p><div>

</div><div><a id="a_026"></a></div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b>Item 16H. Mine Safety Disclosure</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b>&#160;</b></p><div>

</div><div><a id="a_027"></a></div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white"><b>Item 16I. Disclosure Regarding Foreign
Jurisdictions that Prevent Inspections</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 126; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->122<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_028"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><b>PART III</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><div><a id="a_029"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>ITEM&#160;17. FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">See &#8220;<i>Item 18. Financial Statements</i>&#8221;
of this Report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><div><a id="a_030"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>ITEM&#160;18. FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">The audited consolidated financial statements
of the Company as required under Item 18 are attached hereto starting on page F-1 of this Form 20-F.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><!-- Field: Page; Sequence: 127; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->123<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><div><a id="a_031"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>ITEM 19. EXHIBITS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><span style="font-size: 6pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: white">
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; background-color: White; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit&#160;no &#160;</b></span></td>
    <td style="padding-bottom: 1.5pt; background-color: White; width: 1%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; background-color: White; width: 89%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1871983/000121390022006178/f20fr12b2022ex1-1_anghami.htm">Amended and Restated Memorandum and Articles of Association of the Company. (incorporated by reference to Exhibit 1.1 to the Company&#8217;s Shell Company Report on Form 20-F filed with the SEC on February 9, 2022).</a></span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1*</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1871983/000121390022026509/f20f2021ex2-1_anghamiinc.htm">Description of Securities of the Registrant (incorporated by reference to Exhibit 2.1 to the Company&#8217;s Annual Report on Form 20-F filed with the SEC on May 13, 2022).</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1871983/000121390021063263/ea151556ex4-7_anghamiinc.htm">Specimen Ordinary Share Certificate of the Company (incorporated by reference to Exhibit 4.7 to Amendment No. 3 to the Company&#8217;s Registration Statement on Form F-4 (File No. 333-260234) filed with the SEC on December 3, 2021).</a></span></td></tr>
  <tr style="vertical-align: top; background-color: White">
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4</span></td>
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  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5</span></td>
    <td>&#160;</td>
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1&#8224;</span></td>
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  <tr style="vertical-align: top; background-color: White">
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
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  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</span></td>
    <td>&#160;</td>
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1871983/000121390021052722/ff42021ex10-6_anghami.htm">Private Placement Units Purchase Agreement, dated August 6, 2020, by and between VMAC and I-Bankers Securities, Inc. (incorporated by reference to Exhibit 10.6 to the Company&#8217;s Registration Statement on Form F-4 (File No. 333-260234) filed with the SEC on October 14, 2021).</a></span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1871983/000121390021052722/ff42021ex10-7_anghami.htm">Registration Rights Agreement, dated August 6, 2020, by and among VMAC, Vistas Media Sponsor, LLC and the other holders party thereto (incorporated by reference to Exhibit 10.7 to the Company&#8217;s Registration Statement on Form F-4 (File No. 333-260234) filed with the SEC on October 14, 2021).</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1871983/000121390021052722/ff42021ex10-8_anghami.htm">Form of Subscription Agreement, by and among VMAC and the subscribers party thereto (incorporated by reference to Exhibit 10.8 to the Company&#8217;s Registration Statement on Form F-4 (File No. 333-260234) filed with the SEC on October 14, 2021).</a></span></td></tr>
</table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><p style="margin: 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->124<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 89%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1871983/000121390021052722/ff42021ex10-9_anghami.htm">Form of Restrictive Covenant Agreement, by and between the Company and the shareholders party thereto (incorporated by reference to Exhibit 10.9 to the Company&#8217;s Registration Statement on Form F-4 (File No. 333-260234) filed with the SEC on October 14, 2021).</a></span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1871983/000121390021052722/ff42021ex10-10_anghami.htm">Form of Sponsor Letter Agreement, by and among VMAC, Vistas Media Sponsor, LLC, Anghami and the parties named thereto (incorporated by reference to Exhibit 10.10 to the Company&#8217;s Registration Statement on Form F-4 (File No. 333-260234) filed with the SEC on October 14, 2021).</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.11</span></td>
    <td>&#160;</td>
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  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.14</span></td>
    <td>&#160;</td>
    <td><a href="http://www.sec.gov/Archives/edgar/data/1871983/000121390021064596/ff42021a4ex10-15_anghami.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Letter Agreement, dated December 5, 2021, by and among, the Company and SHUAA Capital psc. (incorporated by reference to Exhibit 10.15 to Amendment No. 4 to the Company&#8217;s Registration Statement on Form F-4 (File No. 333-260234) filed with the SEC on December 10, 2021).</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.15&#x5e;</span></td>
    <td>&#160;</td>
    <td><a href="http://www.sec.gov/Archives/edgar/data/1871983/000121390022006178/f20fr12b2022ex4-15_anghami.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anghami Inc. Long Term Incentive Plan. (incorporated by reference to Exhibit 4.15 to the Company&#8217;s Shell Company Report on Form 20-F filed with the SEC on February 9, 2022).</span></a></td></tr>
  <tr style="vertical-align: top; background-color: White">
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    <td>&#160;</td>
    <td><a href="http://www.sec.gov/Archives/edgar/data/1871983/000121390022006178/f20fr12b2022ex4-16_anghami.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Indemnification Agreement. (incorporated by reference to Exhibit 4.16 to the Company&#8217;s Shell Company Report on Form 20-F filed with the SEC on February 9, 2022).</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
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  <tr style="vertical-align: top; background-color: White">
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    <td>&#160;</td>
    <td><a href="f20f2022ex12-1_anghamiinc.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</span></a></td></tr>
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    <td>&#160;</td>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><a href="f20f2022ex12-2_anghamiinc.htm">Certificate of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</a></p>
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  <tr style="vertical-align: top; background-color: White">
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    <td>&#160;</td>
    <td>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><a href="f20f2022ex13-1_anghamiinc.htm">Certificate of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</a></p>
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><a href="f20f2022ex13-2_anghamiinc.htm">Certificate of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</a></p>
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  <tr style="vertical-align: top; background-color: White">
    <td>16.1</td>
    <td>&#160;</td>
    <td><a href="f20f2022ex16-1_anghamiinc.htm">Change in Registrant&#8217;s Certifying Accountant letter</a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Instance Document</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
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    <td>&#160;</td>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Inline XBRL Taxonomy Extension Schema Document.</p>
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.CAL*</span></td>
    <td>&#160;</td>
    <td>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Inline XBRL Taxonomy Extension Calculation Linkbase Document.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.DEF*</span></td>
    <td>&#160;</td>
    <td>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Inline XBRL Taxonomy Definition Linkbase Document.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.LAB*</span></td>
    <td>&#160;</td>
    <td>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Inline XBRL Taxonomy Extension Label Linkbase Document.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p></td></tr>
  <tr style="vertical-align: top; background-color: White">
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    <td>&#160;</td>
    <td>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Inline XBRL Taxonomy Extension Presentation Linkbase Document.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104*</span></td>
    <td>&#160;</td>
    <td>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cover Page Interactive Data File (formatted as inline XBRL and contained
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-size: 6pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">*</span></td><td style="text-align: justify"><span style="font-size: 10pt">Filed herewith.</span></td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">**</span></td><td style="text-align: justify"><span style="font-size: 10pt">Furnished herewith.</span></td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#8224;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Schedules to this exhibit have
been omitted pursuant to Item 601(b)(2) of Registration S-K. The Registrant hereby agrees to furnish a copy of any omitted schedules
to the Commission upon request.</span></td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#x5e;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Indicates management contract
or compensatory plan</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt">&#160;</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 129; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->125<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_032"></a></div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>SIGNATURES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; background-color: white">The registrant hereby certifies that it meets
all of the requirements for filing on Form&#160;20-F&#160;and that it has duly caused and authorized the undersigned to sign this report
on its behalf.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: white">
    <td>&#160;</td>
    <td colspan="2"><span style="font-size: 10pt"><b>Anghami Inc.</b></span></td></tr>
  <tr style="background-color: white">
    <td style="width: 60%">&#160;</td>
    <td style="width: 5%">&#160;</td>
    <td style="width: 35%">&#160;</td></tr>
  <tr style="background-color: white">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom"><span style="font-size: 10pt">By:</span></td>
    <td style="vertical-align: bottom">
    <p style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Edgard Maroun</p></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td><span style="font-size: 10pt">Date: May 16, 2023</span></td>
    <td><span style="font-size: 10pt">Name:&#160;</span></td>
    <td><span style="font-size: 10pt">Edgard Maroun</span></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">Title:</span></td>
    <td><span style="font-size: 10pt">Chief Executive Officer</span></td></tr>
  </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 130; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->126<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>ANGHAMI INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-weight: normal">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">CONSOLIDATED FINANCIAL STATEMENTS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-weight: normal">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">December 31, 2022, 2021 and 2020</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 69.3pt 0pt 0; text-align: center; text-indent: 27.9pt">&#160;</p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 131; Options: NewSection; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(PCAOB ID <ix:nonNumeric contextRef="c0" name="dei:AuditorFirmId">3211</ix:nonNumeric>)</b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the Board of Directors and Shareholders</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Anghami, Inc.</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Opinion on the consolidated financial statements
</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We have audited the accompanying consolidated
financial position of Anghami Inc. (the &#8220;Parent Company&#8221;) and its subsidiaries (together the &#8220;Group&#8221;) as of December
31, 2022, the related consolidated statement of comprehensive income, consolidated statement of changes in equity and the consolidated
statement of cash flows for the year then ended, including the related notes to the consolidated financial statements (collectively referred
to as the &#8220;consolidated financial statements&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In our opinion, the consolidated financial statements
present fairly, in all material respects, the financial position of the Group as of December 31, 2022, and the results of its operations
and its cash flows for each of the year then ended, in accordance with International Financial Reporting Standards (IFRS), as issued by
International Accounting Standards Board.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We also have audited the adjustments to the 2021
and the 2020 consolidated financial statements to retrospectively reflect the shares and basic and diluted net loss per share attributable
to equity holders of Anghami Inc., prior to the Business Combination, as described in Note 1. The adjustments have been applied using
the Exchange Ratio established in the Business Combination. In our opinion, such adjustments are appropriate and have been properly applied.
We were not engaged to audit, review, or apply any procedures to the 2021 or the 2020 consolidated financial statements of the Group other
than with respect to the adjustments and, accordingly, we do not express an opinion or any other form of assurance on 2021 and 2020 consolidated
financial statements taken as a whole.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Going Concern</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The accompanying consolidated financial statements
have been prepared assuming that the Parent Company will continue as a going concern. As discussed in Note 2 to the consolidated financial
statement, the Parent Company incurred a net loss of $61,221,032 during the year ended December 31, 2022, and as of that date, the Parent
Company&#8217;s current liabilities exceeded its current assets by $16,604,967 and its total liabilities exceeded its total assets by
$6,437,632. These conditions, along with other matters as set forth in Note 2, raise substantial doubt about the Parent Company&#8217;s
ability to continue as a going concern.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Basis for opinion </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">These consolidated financial statements are the
responsibility of the Group&#8217;s management. Our responsibility is to express an opinion on the Group&#8217;s consolidated financial
statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United
States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Group in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated
financial statements are free of material misstatement, whether due to error or fraud. The Group is not required to have, nor were we
engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Group&#8217;s
internal control over financial reporting. Accordingly, we express no such opinion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Our audits included performing procedures to assess
the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence supporting the amounts and disclosures in the
consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide
a reasonable basis for our opinion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>/s/ <ix:nonNumeric contextRef="c0" name="dei:AuditorName">Grant Thornton Audit and Accounting Limited (Dubai Branch)</ix:nonNumeric></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have served as the Group&#8217;s auditor since 2022</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><ix:nonNumeric contextRef="c0" name="dei:AuditorLocation">Dubai, United Arab Emirates</ix:nonNumeric> </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>May 16, 2023</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Report of Independent Registered Public Accounting
Firm</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">To the Shareholders and the Board of Directors of Anghami Inc.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Opinion on the Financial Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We have audited, before the adjustments to retrospectively
apply the effects of the business combination described in Note 1 to the consolidated financial statements, the accompanying consolidated
statement of financial position of Anghami Inc. (the Company) as of December 31, 2021, the related consolidated statements of comprehensive
income, changes in equity and cash flows for the two years in the period ended December 31, 2021, and the related notes (collectively
referred to as the &#8220;consolidated financial statements&#8221;). In our opinion, the consolidated financial statements, before the
adjustments to retrospectively apply the effects of the business combination described in Note 1 to the consolidated financial statements,
present fairly, in all material respects, the financial position of the Company at December 31, 2021 and the results of its operations
and its cash flows for each of the two years in the period ended December 31, 2021, in conformity with International Financial Reporting
Standards as issued by the International Accounting Standards Board.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>The Company&#8217;s Ability to Continue as a Going
Concern</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The consolidated financial statements were prepared
assuming that the Company will continue as a going concern. As discussed in Note 2.1 to the consolidated financial statements included
in the 2021 Annual Report on Form 20-F, the Company suffered recurring losses from operations, had a working capital deficiency, and stated
that substantial doubt exists about the Company&#8217;s ability to continue as a going concern. Management&#8217;s evaluation of the events
and conditions and management&#8217;s plans regarding these matters were also described in Note 2.1. The consolidated financial statements
did not include any adjustments that might result from the outcome of this uncertainty.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Basis for Opinion</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">These financial statements are the responsibility
of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s financial statements based on our audits.
We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required
to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations
of the Securities and Exchange Commission and the PCAOB.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged
to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company&#8217;s internal
control over financial reporting. Accordingly, we express no such opinion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Our audits included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We were not engaged to audit, review, or apply
any procedures to the adjustments to retrospectively apply the effects of the business combination described in Note 1 and, accordingly,
we do not express an opinion or any other form of assurance about whether such adjustments are appropriate and have been properly applied.
Those adjustments were audited by Grant Thornton Audit and Accounting Limited (Dubai Branch).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Ernst &amp; Young &#8211; Middle East (Abu Dhabi)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have served as the Company&#8217;s auditor from 2019 to 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Abu Dhabi, United Arab Emirates</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 13, 2022</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><p style="border-top: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CONSOLIDATED STATEMENT OF FINANCIAL
POSITION</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>




</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center; font-style: italic">&#160;</td><td style="text-align: center; font-weight: bold; font-style: italic">&#160;</td>
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    <td style="width: 11%; font-weight: normal; text-align: center; padding-left: 5.75pt">4</td><td style="width: 1%; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" scale="0" sign="-" unitRef="usd">283,055</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: normal">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives" scale="0" unitRef="usd">6,697,574</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: normal">&#160;</td>
    <td style="font-weight: normal; text-align: left">&#160;</td><td style="font-weight: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-3">-</div></td><td style="font-weight: normal; text-align: left">&#160;</td><td style="font-weight: normal">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="angh:RecapitalizationExpense" scale="0" unitRef="usd">48,521,756</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: normal">&#160;</td>
    <td style="font-weight: normal; text-align: left">&#160;</td><td style="font-weight: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-5">-</div></td><td style="font-weight: normal; text-align: left">&#160;</td><td style="font-weight: normal">&#160;</td>
    <td style="font-weight: normal; text-align: left">&#160;</td><td style="font-weight: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-6">-</div></td><td style="font-weight: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; text-align: left; padding-bottom: 1.5pt; text-indent: -0.2in; padding-left: 0.2in">Foreign exchange loss, net</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="font-weight: bold; text-align: center; padding-bottom: 1.5pt; padding-left: 5.75pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" scale="0" sign="-" unitRef="usd">3,129,330</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: normal; padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">(<ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" scale="0" sign="-" unitRef="usd">1,126,851</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: bold; text-align: center; padding-left: 5.75pt">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-indent: -0.2in; padding-left: 0.2in">&#160;</td><td style="font-weight: bold; font-style: italic">&#160;</td>
    <td style="font-weight: bold; font-style: italic; text-align: center; padding-left: 5.75pt">&#160;</td><td style="font-weight: bold; font-style: italic">&#160;</td>
    <td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: right">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td><td style="font-weight: bold; font-style: italic">&#160;</td>
    <td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: right">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td><td style="font-weight: bold; font-style: italic">&#160;</td>
    <td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: right">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">(<ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:IncomeTaxExpenseContinuingOperations" scale="0" unitRef="usd">501,238</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -0.2in; padding-left: 0.2in">TOTAL COMPREHENSIVE LOSS FOR THE YEAR</td><td style="font-weight: bold; font-style: italic; padding-bottom: 4pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The attached notes 1 to 33 form part of these
consolidated financial statements.</p><div>

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 2.7pt 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 2.7pt 0pt 0; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 134; Value: 1 --><div>
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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 2.7pt 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">CONSOLIDATED STATEMENT OF FINANCIAL POSITION</p><div>

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 2.7pt 0pt 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-indent: 0.3pt">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center; padding-left: 5.75pt">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-weight: bold; text-align: center; padding-left: 5.75pt">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; text-indent: 0.3pt">EQUITY AND LIABILITIES</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center; padding-left: 5.75pt">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-indent: 0.3pt">Equity</td><td style="font-weight: bold; font-style: italic">&#160;</td>
    <td style="font-weight: bold; font-style: italic; text-align: center; padding-left: 5.75pt">&#160;</td><td style="font-weight: bold; font-style: italic">&#160;</td>
    <td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: right">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: normal; text-align: center; padding-left: 5.75pt">19</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:IssuedCapital" scale="0" unitRef="usd">2,601</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: normal">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-weight: normal; text-align: center; padding-left: 5.75pt">19</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="angh:SharePremium1" scale="0" unitRef="usd">116,505,240</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: normal">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: normal; font-style: normal; text-align: center; padding-left: 5.75pt">20</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ReserveOfSharebasedPayments" scale="0" unitRef="usd">1,512,490</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: normal">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-weight: bold; font-style: italic; text-align: center; padding-left: 5.75pt">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; text-align: left; padding-bottom: 1.5pt; text-indent: 0.3pt">Accumulated losses</td><td style="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&#160;</td>
    <td style="font-weight: bold; font-style: italic; text-align: center; padding-bottom: 1.5pt; padding-left: 5.75pt">&#160;</td><td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-weight: bold; font-style: italic; text-align: center; padding-left: 5.75pt">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-indent: 0.3pt">&#160;</td><td style="font-weight: bold; font-style: italic">&#160;</td>
    <td style="font-weight: bold; font-style: italic; text-align: center; padding-left: 5.75pt">&#160;</td><td style="font-weight: normal">&#160;</td>
    <td style="font-weight: normal; text-align: left">&#160;</td><td style="font-weight: normal; text-align: right">&#160;</td><td style="font-weight: normal; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-weight: bold; font-style: italic; text-align: center; padding-left: 5.75pt">&#160;</td><td style="font-weight: bold; font-style: italic">&#160;</td>
    <td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: right">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: normal; font-style: normal; text-align: center; padding-left: 5.75pt">23</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CurrentProvisionsForEmployeeBenefits" scale="0" unitRef="usd">700,953</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: normal">&#160;</td>
    <td style="font-weight: normal; text-align: left">&#160;</td><td style="font-weight: normal; text-align: right"><ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CurrentProvisionsForEmployeeBenefits" scale="0" unitRef="usd">166,013</ix:nonFraction></td><td style="font-weight: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; text-align: left; text-indent: 0.3pt">Loans and borrowings</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: center; padding-left: 5.75pt">27</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-11">-</div></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: normal">&#160;</td>
    <td style="font-weight: normal; text-align: left">&#160;</td><td style="font-weight: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-12">-</div></td><td style="font-weight: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; text-align: left; text-indent: 0.3pt">Lease liabilities</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: center; padding-left: 5.75pt">21</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentLeaseLiabilities" scale="0" unitRef="usd">168,799</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: normal">&#160;</td>
    <td style="font-weight: normal; text-align: left">&#160;</td><td style="font-weight: normal; text-align: right"><ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentLeaseLiabilities" scale="0" unitRef="usd">135,967</ix:nonFraction></td><td style="font-weight: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-weight: normal; font-style: normal; text-align: center; padding-left: 5.75pt">12</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="angh:GovernmentGrantsCurrent" scale="0" unitRef="usd">498,460</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: normal">&#160;</td>
    <td style="font-weight: normal; text-align: left">&#160;</td><td style="font-weight: normal; text-align: right"><ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="angh:GovernmentGrantsCurrent" scale="0" unitRef="usd">310,163</ix:nonFraction></td><td style="font-weight: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; text-align: left; padding-bottom: 1.5pt; text-indent: 0.3pt">Deferred tax liabilities</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: center; padding-bottom: 1.5pt; padding-left: 5.75pt">13</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">-</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right"><ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilities" scale="0" unitRef="usd">14,625</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 1.5pt; text-indent: 0.3pt">&#160;</td><td style="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&#160;</td>
    <td style="font-weight: bold; font-style: italic; text-align: center; padding-bottom: 1.5pt; padding-left: 5.75pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentLiabilities" scale="0" unitRef="usd">1,368,212</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right"><ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentLiabilities" scale="0" unitRef="usd">626,768</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-indent: 0.3pt">&#160;</td><td style="font-weight: bold; font-style: italic">&#160;</td>
    <td style="font-weight: bold; font-style: italic; text-align: center; padding-left: 5.75pt">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: 0.3pt">Current liabilities</td><td style="font-weight: bold; font-style: italic">&#160;</td>
    <td style="font-weight: bold; font-style: italic; text-align: center; padding-left: 5.75pt">&#160;</td><td style="font-weight: bold; font-style: italic">&#160;</td>
    <td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: right">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0.3pt">Trade and other payables</td><td style="font-weight: normal">&#160;</td>
    <td style="font-weight: normal; text-align: center; padding-left: 5.75pt">24</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherCurrentPayables" scale="0" unitRef="usd">26,522,239</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: normal">&#160;</td>
    <td style="font-weight: normal; text-align: left">&#160;</td><td style="font-weight: normal; text-align: right"><ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherCurrentPayables" scale="0" unitRef="usd">15,892,129</ix:nonFraction></td><td style="font-weight: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0.3pt">Government grants</td><td style="font-weight: normal">&#160;</td>
    <td style="font-weight: normal; text-align: center; padding-left: 5.75pt">12</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CurrentGovernmentGrants" scale="0" unitRef="usd">22,289</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: normal">&#160;</td>
    <td style="font-weight: normal; text-align: left">&#160;</td><td style="font-weight: normal; text-align: right"><ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CurrentGovernmentGrants" scale="0" unitRef="usd">81,606</ix:nonFraction></td><td style="font-weight: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0.3pt">Contract liabilities</td><td style="font-weight: normal">&#160;</td>
    <td style="font-weight: normal; text-align: center; padding-left: 5.75pt">4</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CurrentContractLiabilities" scale="0" unitRef="usd">4,536,370</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: normal">&#160;</td>
    <td style="font-weight: normal; text-align: left">&#160;</td><td style="font-weight: normal; text-align: right"><ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CurrentContractLiabilities" scale="0" unitRef="usd">3,150,431</ix:nonFraction></td><td style="font-weight: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; text-align: left; text-indent: 0.3pt">Loans and borrowings</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: center; padding-left: 5.75pt">27</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">-</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: normal">&#160;</td>
    <td style="font-weight: normal; text-align: left">&#160;</td><td style="font-weight: normal; text-align: right"><ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="angh:ConvertibleNotes" scale="0" unitRef="usd">18,526,802</ix:nonFraction></td><td style="font-weight: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0.3pt">Amount due to related parties</td><td style="font-weight: normal">&#160;</td>
    <td style="font-weight: normal; text-align: center; padding-left: 5.75pt">25</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties" scale="0" unitRef="usd">2,436,308</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: normal">&#160;</td>
    <td style="font-weight: normal; text-align: left">&#160;</td><td style="font-weight: normal; text-align: right"><ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties" scale="0" unitRef="usd">2,070,847</ix:nonFraction></td><td style="font-weight: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0.3pt">Warrant liabilities</td><td style="font-weight: normal">&#160;</td>
    <td style="font-weight: normal; text-align: center; padding-left: 5.75pt">26</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:WarrantLiability" scale="0" unitRef="usd">562,722</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: normal">&#160;</td>
    <td style="font-weight: normal; text-align: left">&#160;</td><td style="font-weight: normal; text-align: right">-</td><td style="font-weight: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0.3pt">Income tax payable</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center; padding-left: 5.75pt">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxLiabilitiesCurrent" scale="0" unitRef="usd">432,211</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: normal">&#160;</td>
    <td style="font-weight: normal; text-align: left">&#160;</td><td style="font-weight: normal; text-align: right"><ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxLiabilitiesCurrent" scale="0" unitRef="usd">518,500</ix:nonFraction></td><td style="font-weight: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0.3pt">Bank overdrafts</td><td style="font-weight: normal">&#160;</td>
    <td style="font-weight: normal; text-align: center; padding-left: 5.75pt">18</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="angh:BankOverdraftsCurrent" scale="0" unitRef="usd">3,756</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: normal">&#160;</td>
    <td style="font-weight: normal; text-align: left">&#160;</td><td style="font-weight: normal; text-align: right"><ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="angh:BankOverdraftsCurrent" scale="0" unitRef="usd">17,432</ix:nonFraction></td><td style="font-weight: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: normal; text-align: center; padding-bottom: 1.5pt; padding-left: 5.75pt">21</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The attached notes 1 to 33 form part of these consolidated financial
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 135; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">CONSOLIDATED STATEMENT OF CHANGES IN EQUITY</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>




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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Share-based payments (note 20)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Loans converted to equity (note 27)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-43">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-44">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-45">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-46">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt">Total comprehensive loss</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-48">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-49">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif">At December 31, 2021 <i>(recast)</i></span></td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Share-based payments (note 20)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; padding-bottom: 4pt">At December 31, 2022</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The attached notes 1 to 33 form part of these consolidated financial
statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 136; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><p style="border-top: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CONSOLIDATED STATEMENT OF CASH FLOWS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>




</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center; font-style: italic">&#160;</td><td style="text-align: center; font-weight: bold; font-style: italic">&#160;</td>
    <td style="font-weight: bold; font-style: italic; text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; font-style: italic">&#160;</td>
    <td colspan="2" style="font-weight: bold; font-style: italic; text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; font-style: italic">&#160;</td><td style="text-align: center; font-weight: normal; font-style: italic">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: right">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td><td style="font-weight: bold; font-style: italic">&#160;</td>
    <td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: right">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: 0in">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center; padding-left: 5.75pt">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: right">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td><td style="font-weight: bold; font-style: italic">&#160;</td>
    <td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: right">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; font-style: italic">&#160;</td>
    <td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: right">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td><td style="font-weight: bold; font-style: italic">&#160;</td>
    <td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: right">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="angh:DepreciationRightToUseAssets" scale="0" unitRef="usd">121,020</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="angh:AmortizationOfIntangibleAsset" scale="0" unitRef="usd">3,469,763</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0in">Provisions for deferred taxes</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center; padding-left: 5.75pt">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0in">Finance costs</td><td style="font-weight: normal">&#160;</td>
    <td style="font-weight: normal; text-align: center; padding-left: 5.75pt">9</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForFinanceCosts" scale="0" unitRef="usd">552,751</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForFinanceCosts" scale="0" unitRef="usd">2,679,763</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForFinanceCosts" scale="0" unitRef="usd">1,764,682</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0in">Finance income</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center; padding-left: 5.75pt">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForFinanceIncomeCost" scale="0" unitRef="usd">15,036</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForFinanceIncomeCost" scale="0" unitRef="usd">145,107</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForFinanceIncomeCost" scale="0" unitRef="usd">137,397</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0in">Provision for employees&#8217; end of service benefits</td><td style="font-weight: normal">&#160;</td>
    <td style="font-weight: normal; text-align: center; padding-left: 5.75pt">23</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForProvisions" scale="0" unitRef="usd">643,904</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForProvisions" scale="0" unitRef="usd">43,477</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForProvisions" scale="0" unitRef="usd">33,717</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0in">Revaluation of warrants liability</td><td style="font-weight: normal">&#160;</td>
    <td style="font-weight: normal; text-align: center; padding-left: 5.75pt">26</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="angh:RevaluationOfWarrantsLiability" scale="0" unitRef="usd">6,697,574</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-84">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-85">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0in">Reversal of provisions of shared-based payment reserves</td><td style="font-weight: normal">&#160;</td>
    <td style="font-weight: normal; text-align: center; padding-left: 5.75pt">20</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="angh:AdjustmentsReversalOfProvisionsOfSharedbasedPaymentReserves" scale="0" unitRef="usd">2,214,795</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-86">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-87">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0in">Recapitalization expense</td><td style="font-weight: normal">&#160;</td>
    <td style="font-weight: normal; text-align: center; padding-left: 5.75pt">31</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForDeferredTaxExpense" scale="0" unitRef="usd">48,521,756</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-88">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-89">-</div></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0in">Provision for share-based payments</td><td style="font-weight: normal">&#160;</td>
    <td style="font-weight: normal; text-align: center; padding-left: 5.75pt">20</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: 0in">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center; padding-left: 5.75pt">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0in">Working capital changes:</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center; padding-left: 5.75pt">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; font-style: italic">&#160;</td>
    <td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: right">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td><td style="font-weight: bold; font-style: italic">&#160;</td>
    <td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: right">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0in">Trade and other receivables</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center; padding-left: 5.75pt">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="angh:TradeAndOtherReceivable" scale="0" sign="-" unitRef="usd">5,632,577</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0in">Due from related parties</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center; padding-left: 5.75pt">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="angh:DueFromRelatedPartie" scale="0" unitRef="usd">1,427,647</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="angh:DueFromRelatedPartie" scale="0" sign="-" unitRef="usd">1,241,557</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="angh:DueFromRelatedPartie" scale="0" unitRef="usd">10,269</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0in">Contract assets</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center; padding-left: 5.75pt">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="angh:ContractAsset" scale="0" sign="-" unitRef="usd">200,808</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="angh:ContractAsset" scale="0" sign="-" unitRef="usd">1,214,626</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="angh:ContractAsset" scale="0" unitRef="usd">120,579</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0in">Trade and other payables</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center; padding-left: 5.75pt">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="angh:TradeAndOtherPayable" scale="0" unitRef="usd">22,340,143</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="angh:TradeAndOtherPayable" scale="0" unitRef="usd">1,246,322</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="angh:TradeAndOtherPayable" scale="0" unitRef="usd">1,428,206</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0in">Contract liabilities</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center; padding-left: 5.75pt">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="angh:ContractLiabilitiess" scale="0" sign="-" unitRef="usd">1,385,939</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
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    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="angh:ContractLiabilitiess" scale="0" sign="-" unitRef="usd">917,862</ix:nonFraction></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: 0in">Due to related parties</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="font-weight: bold; text-align: center; padding-bottom: 1.5pt; padding-left: 5.75pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CashAdvancesAndLoansMadeToRelatedParties" scale="0" unitRef="usd">365,461</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; font-style: italic">&#160;</td>
    <td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: right">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td><td style="font-weight: bold; font-style: italic">&#160;</td>
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; font-style: italic">&#160;</td>
    <td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: right">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td><td style="font-weight: bold; font-style: italic">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; text-align: left; text-indent: 0in">Investment in a joint venture</td><td style="font-weight: normal">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; text-align: left; padding-bottom: 1.5pt; text-indent: 0in">Payment for acquisition of subsidiary</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="font-weight: bold; text-align: center; padding-bottom: 1.5pt; text-indent: 0in">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-98">-</div></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; text-align: left; padding-bottom: 1.5pt; text-indent: 0in">Net cash flows used in investing activities</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="font-weight: bold; text-align: center; padding-bottom: 1.5pt; text-indent: 0in">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="font-weight: bold; text-align: center; text-indent: 0in">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; font-style: italic">&#160;</td>
    <td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: right">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td><td style="font-weight: bold; font-style: italic">&#160;</td>
    <td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: right">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td></tr>
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    <td style="font-weight: bold; text-align: center; text-indent: 0in">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; font-style: italic">&#160;</td>
    <td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: right">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td><td style="font-weight: bold; font-style: italic">&#160;</td>
    <td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: right">&#160;</td><td style="font-weight: bold; font-style: italic; text-align: left">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: bold; text-align: center; padding-left: 5.75pt">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: 0in">Finance income received</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: bold; text-align: center; padding-bottom: 1.5pt; padding-left: 5.75pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInFinancingActivities" scale="0" unitRef="usd">5,292,903</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: 0in">INCREASE&#160;&#160;/ (DECREASE)&#160;&#160;IN CASH AND CASH EQUIVALENTS</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center; padding-left: 5.75pt">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations" scale="0" unitRef="usd">2,480,791</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: normal">&#160;</td>
    <td style="font-weight: normal; text-align: left">&#160;</td><td style="font-weight: normal; text-align: right">(<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations" scale="0" sign="-" unitRef="usd">4,975,771</ix:nonFraction></td><td style="font-weight: normal; text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations" scale="0" unitRef="usd">4,566,754</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; text-align: left; padding-bottom: 1.5pt; text-indent: 0in">Cash and cash equivalents at January 1</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="font-weight: bold; text-align: center; padding-bottom: 1.5pt; padding-left: 5.75pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CashAndCashEquivalents" scale="0" unitRef="usd">632,540</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right"><ix:nonFraction contextRef="c30" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CashAndCashEquivalents" scale="0" unitRef="usd">5,608,311</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&#160;</td><td style="font-weight: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CashAndCashEquivalents" scale="0" unitRef="usd">1,041,557</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: 0in">CASH AND CASH EQUIVALENTS AT DECEMBER 31</td><td style="font-weight: normal; padding-bottom: 4pt">&#160;</td>
    <td style="font-weight: normal; text-align: center; padding-bottom: 4pt; padding-left: 5.75pt">18</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CashAndCashEquivalents" scale="0" unitRef="usd">3,113,331</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: normal; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: normal; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: normal; text-align: right"><ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CashAndCashEquivalents" scale="0" unitRef="usd">632,540</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: normal; text-align: left">&#160;</td><td style="font-weight: normal; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: normal; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: normal; text-align: right"><ix:nonFraction contextRef="c30" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CashAndCashEquivalents" scale="0" unitRef="usd">5,608,311</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: normal; text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0.2in; text-indent: -0.2in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Supplementary cash flow information on non-cash investing and financing activities</td><td style="font-weight: normal; font-style: italic; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; font-weight: normal; text-indent: -0.2in; padding-left: 0.2in">Issuance of Class A Shares upon exercise of warrants</td><td style="width: 1%; font-weight: bold">&#160;</td>
    <td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 9%; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="angh:IssuanceOfClassASharesUponExerciseOfWarrants" scale="0" unitRef="usd">365,700</ix:nonFraction></td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 1%; font-weight: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; text-align: left">&#160;</td><td style="width: 9%; font-weight: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-106">-</div></td><td style="width: 1%; font-weight: normal; text-align: left">&#160;</td><td style="width: 1%; font-weight: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; text-align: left">&#160;</td><td style="width: 9%; font-weight: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-107">-</div></td><td style="width: 1%; font-weight: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; text-align: left; text-indent: -0.2in; padding-left: 0.2in">Loans converted to equity upon business combination</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="angh:LoansConvertedToEquityUponBusinessCombination" scale="0" unitRef="usd">7,738,185</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: normal">&#160;</td>
    <td style="font-weight: normal; text-align: left">&#160;</td><td style="font-weight: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-108">-</div></td><td style="font-weight: normal; text-align: left">&#160;</td><td style="font-weight: normal">&#160;</td>
    <td style="font-weight: normal; text-align: left">&#160;</td><td style="font-weight: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-109">-</div></td><td style="font-weight: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The attached notes 1 to 33 form part of these consolidated financial
statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>




</div><ix:nonNumeric contextRef="c0" continuedAt="angh_CorporateInformationTextBlock-c0_cont_1" escape="true" name="angh:CorporateInformationTextBlock"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 1 CORPORATE INFORMATION</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>



</div><div>

</div><ix:continuation continuedAt="angh_CorporateInformationTextBlock-c0_cont_2" id="angh_CorporateInformationTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Anghami Inc. (the &#8220;Group&#8221; or the &#8220;Parent&#8221;),
was incorporated as a Cayman Islands exempted Group on March 1, 2021 with its registered office at Maples Corporate Services Limited,
PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. The mailing address of our principal executive office is 16th Floor,
Al-Khatem Tower, WeWork Hub71, Abu Dhabi Global Market Square, Al Maryah Island, Abu Dhabi, United Arab Emirates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="angh_CorporateInformationTextBlock-c0_cont_3" id="angh_CorporateInformationTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The principal activity of the group is digital
entertainment and online streaming including music, podcasts, music videos, and live events. The Group has a freemium business model whereby
premium (paying) users get unlimited access to online streaming content, ads free streaming experience, and unlimited downloads. The ad-supported
users do not pay subscription fees and are provided with limited access to on-demand online streaming content without the ability to download
content. The Group secures its content via licenses with labels and independent artists to provide its service.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="angh_CorporateInformationTextBlock-c0_cont_4" id="angh_CorporateInformationTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 3, 2022 (the &#8220;Closing Date&#8221;),
the Group consummated a business combination (the &#8220;Business Combination&#8221;) pursuant to the Business Combination Agreement (the
&#8220;Business Combination Agreement&#8221;), dated March 3, 2021, by and among the Group, Vistas Media Acquisition Group Inc. (&#8220;VMAC&#8221;
or the &#8220;SPAC&#8221;), Anghami, an exempted Group incorporated under the laws of the Cayman Islands (&#8220;Anghami&#8221;), Anghami
Vista 1, a Cayman Islands exempted Group and wholly-owned subsidiary of the Group, and Anghami Vista 2, a Cayman Islands exempted Group
and wholly-owned subsidiary of the Group.</p></ix:continuation><div>

</div><ix:continuation continuedAt="angh_CorporateInformationTextBlock-c0_cont_5" id="angh_CorporateInformationTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of the Business Combination, Anghami
and VMAC have become wholly-owned subsidiaries of the Group. On February 4, 2022, the Group&#8217;s ordinary shares commenced trading on the
Nasdaq Global Market under the symbol &#8220;ANGH&#8221; and the Vistas Media Acquisition Group Inc. warrants to purchase Vistas Media
Acquisition Group Inc. Class A Common Stock that were converted into warrants to purchase ordinary shares of Anghami Inc. commenced trading
on the Nasdaq Capital Market under the symbol &#8220;ANGHW.&#8221; The warrants are subject to the same terms and conditions (including
exercisability terms) as were applicable to the corresponding former VMAC Warrants.</p></ix:continuation><div>

</div><ix:continuation continuedAt="angh_CorporateInformationTextBlock-c0_cont_6" id="angh_CorporateInformationTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Business Combination Agreement,
the SPAC does not meet the definition of a business under the guidance of IFRS 3, hence the Transaction was accounted for as a recapitalization
in accordance with IFRS 2. Under this method of accounting, Anghami as been determined to be the accounting acquirer based on evaluation
of the facts and circumstances of the business combination. Accordingly, the reverse recapitalization has been accounted for as the equivalent
of Anghami Inc. issuing shares for the net assets of VMAC, accompanied by a recapitalization by third party investors.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="angh_CorporateInformationTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements as at and
for the year ended December 31, 2022 are prepared as a continuation of Anghami and its subsidiaries. The comparative financial information
in relation to the shares and basic and diluited net loss per share attributable to equity holders of the Parent, prior to the business
combination, have been retroactively restated as shares reflecting the exchange ratio (the &#8220;Exchange Ratio&#8221;) established in
the business combination. All fractional shares were rounded.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfGoingConcernExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfGoingConcernExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 2 GOING CONCERN</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>



</div><div>

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2020 the Group has accumulated losses of USD <ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="angh:AccumulatedLosses" scale="0" unitRef="usd">123,135,335</ix:nonFraction>, USD <ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="angh:AccumulatedLosses" scale="0" unitRef="usd">62,015,211</ix:nonFraction> respectively; and negative working capital (i.e. excess of current
liabilities over current assets) of USD <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="angh:CurrentLiabilitiesOverCurrentAssets" scale="0" unitRef="usd">16,604,967</ix:nonFraction> and USD <ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="angh:CurrentLiabilitiesOverCurrentAssets" scale="0" unitRef="usd">29,873,735</ix:nonFraction> respectively. In addition to the cash flows to be generated from
the Group&#8217;s operations, the continuation of the Group&#8217;s operations is dependent primarily on the ability to raise funding,
and accessibility and availability thereof. The Group&#8217;s management acknowledge that there is a risk that the quantum and timing
of cash flows may not be achievable in line with the twelve months forecasts from the date of approval of the Group&#8217;s consolidated
financial statements. A review of the strategic plan and budget, including expected developments in liquidity and capital were considered.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoingConcernExplanatory-c0_cont_3" id="_DisclosureOfGoingConcernExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on management&#8217;s forecasts, the day-to-day
operations and expenditure requirements are anticipated to be funded primarily by both cash generated through the ongoing operations and
ability to access additional funding.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 138; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 2 GOING CONCERN (continued)</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p><div>

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financial statements have been prepared assuming that the Group will continue as a going concern which is contingent upon the Group&#8217;s
ability to access additional funding. Accordingly, the consolidated financial statements do not include any adjustments relating to the
recoverability and classification of recorded asset amounts, the amounts and classification of liabilities, or any other adjustments that
might result in the event the Group is unable to continue as a going concern.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoingConcernExplanatory-c0_cont_5" id="_DisclosureOfGoingConcernExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Capital management</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoingConcernExplanatory-c0_cont_6" id="_DisclosureOfGoingConcernExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the Group&#8217;s capital management, capital
includes issued capital, convertible notes, share premium and all other equity reserves attributable to the equity holders of the Parent.
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoingConcernExplanatory-c0_cont_7" id="_DisclosureOfGoingConcernExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group manages its capital structure and adjusts
considering changes in economic conditions and the requirements of the financial covenants. The Group monitors capital using a gearing
ratio, which is &#8216;net debt&#8217; divided by total capital plus net debt. The Group includes within net debt, interest bearing loans
and borrowings, trade and other payables, less cash and cash equivalents.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoingConcernExplanatory-c0_cont_8" id="_DisclosureOfGoingConcernExplanatory-c0_cont_7"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-style: italic">&#160;</td>
    <td colspan="2" style="font-style: italic; text-align: center">2021</td><td style="text-align: center; font-style: italic">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-style: italic; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation id="_DisclosureOfGoingConcernExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Gearing ratio does not incorporate trade receivables,
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31, 2021 which further improves the cash position of the Group. No changes were made in the objectives, policies or processes for managing
capital during the year ended December 31, 2021. As of the year ended December 31, 2022, there are no outstanding loans and borrowing.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 3 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:nonNumeric><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_2" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" continuedAt="angh_DescriptionOfAccountingPolicyForBasisOfPreparationTextBlock-c0_cont_1" escape="true" name="angh:DescriptionOfAccountingPolicyForBasisOfPreparationTextBlock"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 3.1 Basis of preparation</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:nonNumeric></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_3" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_2"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForBasisOfPreparationTextBlock-c0_cont_2" id="angh_DescriptionOfAccountingPolicyForBasisOfPreparationTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements of the Group
comply with International Financial Reporting Standards (&#8220;IFRS&#8221;) as issued by the International Accounting Standards Board
(&#8220;IASB&#8221;) and have been prepared on a historical cost basis, except for certain convertible notes, employees&#8217; share based
payment and warrants which have been measured at fair value, and lease liabilities, which have been measured at present value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_4" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_3"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForBasisOfPreparationTextBlock-c0_cont_3" id="angh_DescriptionOfAccountingPolicyForBasisOfPreparationTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of the consolidated financial
statements in conformity with IFRS requires the application of certain critical accounting estimates and assumptions. It also requires
management to exercise its judgment in the process of applying the accounting policies. The areas involving a greater degree of judgment
or complexity, or areas in which assumptions and estimates are significant to the consolidated financial statements, are disclosed in
Note 3.5.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_5" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_4"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForBasisOfPreparationTextBlock-c0_cont_4" id="angh_DescriptionOfAccountingPolicyForBasisOfPreparationTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements are presented
in United States dollar (USD) which is also the functional currency of the Group. The Group has assessed the operation of each of its
subsidiaries and determined that the functional currency of the subsidiaries is the same as the Group&#8217;s functional currency, as
each subsidiary operate as an extension of the Group since they lack the required autonomy and are dependent on the Group and other subsidiaries
in providing their services. The USD is considered the functional currency of the Group as it is the main currency that influences the
sales prices for services, cost of revenues, expenses and financing activities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 139; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 3 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 3.1 Basis of preparation (continued)</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_6" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_5"><ix:continuation id="angh_DescriptionOfAccountingPolicyForBasisOfPreparationTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements have been
rounded off to the nearest USD, except when otherwise indicated. Foreign currency transactions are translated into the functional currency
using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement
of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange
rates are recognized in the consolidated statement of comprehensive income within foreign exchange loss, net.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_7" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_6"><ix:nonNumeric contextRef="c0" continuedAt="angh_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_1" escape="true" name="angh:DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 3.2 Basis of consolidation</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_8" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_7"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_2" id="angh_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group financial statements comprise the financial
statements of the Group and its subsidiaries as at December 31, each year. Subsidiaries are consolidated from the date of their acquisition,
being the date on which the Group obtains control, and continue to be consolidated until the date that control ceases. The financial statements
of subsidiaries are prepared for the same reporting year as the parent Group, using consistent accounting policies. Intra-group balances
and transactions, including unrealized profits arising from intra-group transactions, have been eliminated. Unrealized losses are eliminated
unless the transaction provides evidence of an impairment of the asset transferred. Non-controlling interests represent the equity in
subsidiaries that is not attributable, directly or indirectly, to the Parent shareholders.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_9" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_8"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_3" id="angh_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Control is achieved when the Group is exposed,
or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power
over the investee. Specifically, the Group controls an investee if and only if the Group has:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_10" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_9"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_4" id="angh_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.5in"><span style="font-family: Wingdings">&#216;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Power over the investee (i.e. existing rights
that give it the current ability to direct the relevant activities of the investee),</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_11" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_10"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_5" id="angh_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.5in"><span style="font-family: Wingdings">&#216;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Exposure, or rights, to variable returns from
its involvement with the investee, and</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_12" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_11"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_6" id="angh_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.5in"><span style="font-family: Wingdings">&#216;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The ability to use its power over the investee
to affect its returns.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_13" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_12"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_7" id="angh_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Generally, there is a presumption that a majority
of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar
rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_14" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_13"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_8" id="angh_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.5in"><span style="font-family: Wingdings">&#216;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The contractual arrangement with the other vote
holders of the investee</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_15" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_14"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_9" id="angh_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.5in"><span style="font-family: Wingdings">&#216;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Rights arising from other contractual arrangements</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_16" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_15"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_10" id="angh_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.5in"><span style="font-family: Wingdings">&#216;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The Group&#8217;s voting rights and potential
voting rights</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_17" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_16"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_11" id="angh_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group re-assesses whether or not it controls
an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation
of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets,
liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of
comprehensive income from the date the Group gains control until the date the Group ceases to control the subsidiary.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_18" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_17"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_12" id="angh_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A change in the ownership interest of a subsidiary,
without a loss of control, is accounted for as an equity transaction.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_19" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_18"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_13" id="angh_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Group loses control over a subsidiary,
it derecognizes the related assets (including goodwill), liabilities, non-controlling interests and other components of equity, while
any resultant gain or loss is recognized in profit or loss. Any investment retained is recognized at fair value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>




</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 140; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 3 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)</p><div>



</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 3.2 Basis of consolidation (continued)</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_20" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_19"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_14" id="angh_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Details of subsidiaries as at December 31, 2022
and December 31, 2021 were as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_21" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_20"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_15" id="angh_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_14"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_22" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_21"><ix:continuation id="angh_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The carrying amount of the Group&#8217;s investment
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_23" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_22"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 3.3 Changes in accounting policies</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_24" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b>i) New and amended standards and interpretations</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_25" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounting pronouncements which have become effective
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_26" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_25"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_27" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_26"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_28" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_27"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_29" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_28"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_30" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_29"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.45pt 0pt 0; text-align: justify">The adoption of the above new amendment
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</div><div>

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</div><div>

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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_33" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_32"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b>ii) Recasted Financial information</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_34" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_33"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated assets, liabilities and results
of operations are those of Anghami for all periods presented. However, the equity structure has been recast for all periods presented
to reflect the number of shares of the Parent&#8217;s common stock, issued to Anghami stockholders in connection with the Business Combination.
As such, the shares and corresponding capital amounts and losses per share related to Anghami prior to the Business Combination have been
retroactively recast based on shares reflecting the Exchange Ratio established in the Business Combination.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 141; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 3 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_35" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_34"><ix:nonNumeric contextRef="c0" continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_1" escape="true" name="angh:DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 3.4 Summary of significant accounting policies</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.45pt 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_36" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_35"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_2" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_1"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenue recognition</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_37" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_36"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_3" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal"><i>Principal
versus agent considerations</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal"><i>&#160;</i></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_38" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_37"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_4" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">The Group evaluates
the presentation of revenue on a gross versus net basis based on whether they control the service provided to the end-user and are the
principal in the transaction (gross), or they arrange for other parties (advertising agencies) to provide the service to the end-user
and are the agent in the transaction (net).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_39" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_38"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_5" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">The Group considers
itself a principal for the subscription, live events and ad supported revenue services because it controls the services provided to subscribers
and customers.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_40" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_39"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_6" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">The control
over the services provided to customers is demonstrated through the following key considerations:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_41" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_40"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_7" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><span style="font-weight: normal">The Group has full control
over the Anghami&#8217;s app streaming platform</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_42" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_41"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_8" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><span style="font-weight: normal">The Group reserves the right
to decide the fees and the advertising agencies and live events partners does not have the right to amend the fees;</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_43" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_42"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_9" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><span style="font-weight: normal">The Group has complete discretion
over assigning the advertising campaign on the Anghami&#8217;s app streaming platform to the various advertising agencies;</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_44" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_43"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_10" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><span style="font-weight: normal">The Group is responsible for
accepting or rejecting the campaign request once placed on the platform;</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_45" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_44"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_11" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><span style="font-weight: normal">The Group assumes responsibility
for receiving and resolving the complaints registered by the end-users over the quality of the services provided;</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_46" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_45"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_12" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><span style="font-weight: normal">Any incentives and discounts
given to the end-users are entirely determined by the Group</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal"><i>&#160;</i></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_47" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_46"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_13" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal"><i>Subscription
revenue</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_48" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_47"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_14" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">The Group generates
subscription revenue from the sale of the premium service in which customers can listen on-demand and offline. Premium services are sold
directly to end users and through partners who are generally telecommunications companies that bundle the subscription with their own
services or collect payment for the stand-alone subscriptions from their end customers. The Group satisfies its performance obligation,
and revenue from these services is recognized, on a straight-line basis over the subscription period. Premium services are paid in advance.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_49" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_48"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_15" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">Premium partner
subscription revenue is based on a per-subscriber rate in a negotiated partner agreement. Under these arrangements, a premium partner
may bundle the premium service with its existing product offerings or offer the premium service as an add-on to their services. Payment
is remitted to the Group through the premium partner. The Group assesses the facts and circumstances, including whether the partner is
acting as a principal or agent, of all partner revenue arrangements and then recognizes revenues either gross or net. Premium partner
services, whether recognized gross or net, have one material performance obligation, which is the delivery of the premium service. The
service provided by the premium partners is to act as a payment gateway to collect the subscription fees and transfer it to the Group
against receiving a fee calculated as a percentage of revenue collected. The Group has assessed each of its premium partner subscription
revenue agreements and concluded that revenue should be recognized on a gross basis as the Group controls the music streaming service
provided to the premium users and remains responsible to deliver the music streaming services at the agreed quality during the full subscription
period; in addition, the Group has full discretion in determining the price of the music streaming services offered. The fees paid to
the premium partner against the services provided by them is recognized as part of cost of revenue in the consolidated statement of comprehensive
income. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_50" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_49"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_16" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">Additionally,
the Group sells premium subscriptions to third party service providers who bundle the purchased premium subscriptions with other services
and products they deliver to their end-users. Under this product, the third-party service providers are the Group&#8217;s customers and
not their end-users. The Group&#8217;s only material performance obligation is the delivery of the music streaming service. The third-party
service providers do not provide any services to the Group. The Group recognizes the revenue received from such third-party service providers
over the sold premium subscriptions and vouchers validity period which starts on their respective activation day.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 142; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify"><span style="font-weight: normal">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify"><span style="font-weight: normal">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 3 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-weight: normal">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 3.4 Summary of significant accounting policies (continued)</p><div>



</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenue recognition (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_51" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_50"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_17" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal"><i>Ad-Supported
revenue</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal"><i>&#160;</i></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_52" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_51"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_18" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group&#8217;s advertising revenue is primarily
generated through display, audio, and video advertising delivered through advertising impressions. The Group&#8217;s advertising revenue
is generated through:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_53" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_52"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_19" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_18"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.5in; text-align: left">(1)</td><td style="text-align: justify">Agency Sales Channel: the Group entered into an arrangement
with an advertising agency that sells ads campaigns to global and regional brands. These advertising arrangements are typically sold
on a cost-per-thousand basis and are evidenced by an Insertion Order (&#8220;IO&#8221;) that specifies the terms of the arrangement such
as the type of ad product, pricing, insertion dates, and number of impressions in a stated period. The advertising agency promotes the
Group&#8217;s advertising products based on a pre-agreed sales commission based on generated revenue. The Group sets the pricing schedule
for ads impressions and approves the ads before their display on the Anghami platform and remains responsible to deliver the advertising
products to the advertising client. Advertising clients and advertising agency send for the Group&#8217;s approval the advertisement
to be displayed on the Anghami platform and the IOs that specify the number of ads impressions, campaigns periods, and the agreed service
fees.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_54" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_53"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_20" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_19"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.5in; text-align: left">(2)</td><td style="text-align: justify">Direct Sales Channel: the Group works directly with advertising
clients. The Group&#8217;s sales team identifies and manages these advertising clients and approves their advertising campaigns sent
via IOs which acts as a contract between the Group and the advertising clients.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_55" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_54"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_21" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_20"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.5in; text-align: left">(3)</td><td style="text-align: justify">Programmatic Advertising Channel: the Group generates Ad-Supported
revenue through arrangements with certain advertising exchange platforms to distribute advertising inventory for purchase on a cost-per-thousand
basis through their automated exchange. The Group has control over which ads are to be displayed on its platform, volumes and selection
criteria.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_56" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_55"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_22" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_21"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.5in; text-align: left">(4)</td><td style="text-align: justify">Barter deals: Revenue is recorded at the fair value of non-cash
consideration received or promised from the customer. The fair value is measured at contract inception. Barter revenue is derived from
an exchange of advertising services, to be done through the Group&#8217;s platform and the same applies for the second party with whom
the barter deal is done with. Instead of paying cash for the advertisements, the Group provides advertisements during the time when music
is streamed to free users.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_57" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_56"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_23" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">Revenue is recognized
over time based on the number of impressions delivered.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_58" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_57"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_24" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal"><i>Live events</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_59" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_58"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_25" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group generates its live events revenues from
the sale of tickets, sponsorships &amp; food &amp; beverages to customers.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>




</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 143; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">3 BASIS OF PREPARATION AND SIGNIFICANT
ACCOUNTING POLICIES (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-weight: normal">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 3.4 Summary of significant accounting policies (continued)</p><div>



</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_60" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_59"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_26" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.55pt 0pt 0; text-align: justify"><b>Cost of revenue</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.55pt 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_61" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_60"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_27" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.55pt 0pt 0; text-align: justify">Cost of revenue consists predominantly
of label and publishing costs related to content streaming, payment processing, agency fees and barter transaction costs. The Group incurs
label and publishing costs to certain music record labels, music publishers, and other rights holders for the right to stream music to
the Group&#8217;s users. Label and publishing costs are typically calculated using negotiated rates in accordance with license agreements
and are based on either subscription and advertising revenue earned, user/usage measures, or a combination of these. The determination
of the amount of the rights holders&#8217; liability is complex and subject to a number of variables, including the revenue recognized,
the type of content streamed and the country in which it is streamed, the product tier such content is streamed on, identification of
the appropriate license holder, size of user base, ratio of Ad-Supported users to premium subscribers, and any applicable advertising
fees and discounts, among other variables. Some rights holders have allowed the use of their content on the platform while negotiations
of the terms and conditions are ongoing. In such situations, label and publishing costs are calculated using estimated rates. In certain
jurisdictions, rights holders have several years to claim royalties for musical compositions and therefore estimates of the label and
publishing payables are made until payments are made. The Group has certain arrangements whereby label and publishing costs are paid in
advance or are subject to minimum guaranteed amounts. An accrual is established when actual label and publishing costs to be incurred
during a contractual period are expected to fall short or exceed the minimum guaranteed amounts.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.55pt 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_62" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_61"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_28" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.55pt 0pt 0; text-align: justify">The expense related to these accruals
is recognized in cost of revenue. Cost of revenue also includes payment processing fees for subscription revenue, server&#8217;s rental
and other infrastructure costs, amortization of intangible assets, and expenses incurred to produce music content sold to brands and ads
clients.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.55pt 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_63" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_62"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_29" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.55pt 0pt 0; text-align: justify">Amortization of podcast content assets
is recorded over the shorter of the estimated useful economic life, or the license period (if relevant), and begins at the release of
each episode. Amortization is calculated on double-declining basis similar to internally developed music content. We make payments to
podcast publishers, whose content we monetize through advertising sales.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.55pt 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_64" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_63"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_30" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_29"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group incurs expenses from barter deals with
third parties where the Group receives advertising services which can be reliably measured at the fair value of those advertising services.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_65" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_64"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_31" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_30"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group incurs expenses related to the purchase
of food and beverage, venues rent, artists fees &amp; artists&#8217; logistics fees.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.55pt 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 144; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.55pt 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.55pt 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 3 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 3.4 Summary of significant accounting policies (continued)</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.55pt 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_66" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_65"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_32" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_31"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Selling and marketing expenses</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_67" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_66"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_33" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_32"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales and marketing expenses are primarily comprised
of marketing campaigns on digital platforms, outdoor campaigns, advertising agency cost and cost of working with record labels and artists
to promote the availability of new releases on the Group&#8217;s platform.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_68" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_67"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_34" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_33"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>General and administrative expenses</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_69" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_68"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_35" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_34"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">General and administrative expenses are comprised
primarily of employee compensation and benefits for functions such as accounting, analytics, legal, human resources, consulting fees,
and other costs including facility and equipment costs, director fees, depreciation of property and equipment and the provision for employee
share-based compensations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_70" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_69"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_36" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_35"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Income tax expense</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_71" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_70"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_37" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_36"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The tax expense for the period comprises current
and deferred tax. Tax is recognized in the consolidated statement of comprehensive income except to the extent that it relates to a business
combination, or items recognized directly in equity or in other comprehensive income.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_72" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_71"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_38" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_37"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Current tax comprises the expected tax payable
or receivable on the taxable income or loss for the year and any adjustment to tax payable or receivable in respect of previous years.
It is measured using tax rates enacted or substantively enacted at the reporting date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_73" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_72"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_39" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_38"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred tax is recognized on all temporary differences
at the reporting date between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding
tax bases used in the computation of taxable profit, with the following exceptions:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_74" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_73"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_40" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_39"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where the temporary difference arises from the
initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination that at the time of the
transaction affects neither accounting nor taxable profit or loss;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_75" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_74"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_41" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_40"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In respect of taxable temporary differences associated
with investments in subsidiaries, associates and joint ventures, where the timing of reversal of the temporary differences can be controlled
and it is probable that the temporary differences will not reverse in the foreseeable future; and</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_76" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_75"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_42" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_41"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred tax assets are recognized only to the
extent that it is probable that a taxable profit will be available against which the deductible temporary differences and carried forward
tax credits or tax losses can be utilized.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_77" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_76"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_43" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_42"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The carrying amount of deferred tax assets is
reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available
to allow all or part of the deferred tax assets to be utilized. Unrecognized deferred tax assets are reassessed at each reporting date
and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_78" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_77"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_44" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_43"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred tax assets and liabilities are measured
on an undiscounted basis at the tax rates that are expected to apply when the asset is realized or the liability is settled, based on
tax rates and tax laws enacted or substantively enacted at the reporting date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_79" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_78"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_45" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_44"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Current and deferred tax is charged or credited
directly to other comprehensive income or equity if it relates to items that are credited or charged to, respectively, other comprehensive
income or equity. Otherwise, income tax is recognized in the consolidated statement of comprehensive income.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>




</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 145; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b>3 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 3.4 Summary of significant accounting policies (continued)</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Income tax expense (continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_80" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_79"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_46" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_45"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The withholding tax (WHT) incurred on distributions
from foreign jurisdiction are comprised of distributions made from subsidiary entities (mainly Anghami KSA and ADC) to the Group. In addition,
WHT include taxes paid by the Group for income generated from Telco partners. These Telco partners operate in countries where the Group
does not have an operating entity and has service agreements with Telco companies. The tax on services performed by non-resident Group
is deducted from the Group&#8217;s payments received from the Telco partners based on WHT rates for the respective countries which are
established as part of the existing WHT regimes for each country. WHT has been presented with the income taxes in these consolidated financial
statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_81" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_80"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_47" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_46"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Share-based compensation</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_82" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_81"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_48" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_47"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Employee share-based compensation</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_83" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_82"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_49" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_48"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Employees of the Group receive remuneration in
the form of share-based compensation transactions, whereby employees render services in consideration for equity instruments. The cost
of equity-settled transactions with employees is determined by the fair value at the date of grant using an appropriate valuation model.
The cost is recognized in the consolidated statement of comprehensive income, together with a corresponding credit to other reserves in
equity, over the period in which the service conditions are fulfilled.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_84" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_83"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_50" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_49"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The cumulative expense recognized for equity-settled
transactions with employees at each reporting date until the vesting date reflects the Group&#8217;s best estimate of the number of equity
instruments that will ultimately vest. The expense for a period generally represents the movement in cumulative expense recognized at
the beginning and end of that period and is recognized in employee share-based compensation. When the terms of an equity-settled transaction
award are modified, the minimum expense recognized is the expense as if the terms had not been modified, if the original terms of the
award are met. An additional expense is recognized for modifications that increase the total fair value of the share-based compensation
transaction or are otherwise beneficial to the grantee as measured at the date of modification.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_85" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_84"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_51" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_50"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Share-based payment to service provider</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_86" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_85"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_52" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_51"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The cost of other equity-settled transactions
is determined by the fair value at the date when the grant is made using an appropriate valuation model.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_87" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_86"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_53" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_52"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">That cost is recognized in general and administrative
expense (Note 8), together with a corresponding increase in equity (other capital reserves), over the period in which the service and,
where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled
transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group&#8217;s
best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the consolidated statement of comprehensive
income for a period represents the movement in cumulative expense recognized as at the beginning and end of that period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_88" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_87"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_54" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_53"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>IFRS 16 Leases</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_89" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_88"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_55" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_54"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Lease liabilities</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_90" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_89"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_56" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_55"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the commencement date of the lease, the Group
recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include
fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an
index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of
a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term
reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognized
as expenses in the period in which the event or condition that triggers the payment occurs.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>




</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 146; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b>3 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 3.4 Summary of significant accounting policies (continued)</p><div>



</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>IFRS 16 Leases (continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Lease liabilities (continued)</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_91" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_90"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_57" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_56"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In calculating the present value of lease payments,
the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily
determinable. Our incremental borrowing rate is determined based on estimates and judgments, including our credit rating and credit spread.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_92" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_91"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_58" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_57"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After the commencement date, the amount of lease
liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount
of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments
or a change in the assessment to purchase the underlying asset.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_93" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_92"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_59" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_58"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Short-term leases and leases of low-value assets</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_94" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_93"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_60" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_59"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group applies the short-term lease recognition
exemption to its short-term leases (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not
contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases that are considered of low value
(i.e., below USD&#160;<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="angh:LeasesAmount" scale="0" unitRef="usd">5,000</ix:nonFraction>, when new). Lease payments on short- term leases and leases of low-value assets are recognized as expense
on a straight-line basis over the lease term.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_95" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_94"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_61" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_60"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Right-of-use assets (ROU)</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_96" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_95"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_62" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_61"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group recognizes right-of-use assets at the
commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less
any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use
assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement
date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term
and the estimated useful lives of the assets, as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_97" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_96"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_63" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_62"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 3%"></td><td style="width: 3%; text-align: left">&#9679;</td><td style="padding-left: 0in; text-align: justify; width: 54%">Office spaces</td> <td style="text-align: justify; width: 40%"><ix:nonNumeric contextRef="c59" format="ixt-sec:duryear" name="angh:OfficeSpaces">4</ix:nonNumeric> &#8211; <ix:nonNumeric contextRef="c60" format="ixt-sec:duryear" name="angh:OfficeSpaces">5</ix:nonNumeric> years</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_98" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_97"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_64" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_63"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If ownership of the leased asset transfers to
the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated
useful life of the asset.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_99" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_98"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_65" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_64"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Variable lease payments that do not depend on
an index or a rate are recognized as expenses (unless they are incurred to produce inventories) in the period in which the event or condition
that triggers the payment occurs.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_100" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_99"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_66" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_65"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The determination of whether an arrangement is
(or contains) a lease is based on the substance of the arrangement at the inception of the lease. The arrangement is, or contains, a lease
if fulfilment of the arrangement is dependent on the use of a specific asset (or assets) and the arrangement conveys a right to use the
asset (or assets), even if that asset is (or those assets are) not explicitly specified in an arrangement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_101" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_100"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_67" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_66"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Trade and other receivables</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_102" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_101"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_68" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_67"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A trade receivable represents the Group&#8217;s
right to an amount of consideration that is unconditional (i.e. only the passage of time is required before payment of the consideration
is due). Trade receivables are stated at original invoice amount less a provision for any uncollectible amount.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_103" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_102"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_69" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_68"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Contract assets and contract liabilities</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_104" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_103"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_70" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_69"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Contract assets</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_105" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_104"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_71" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_70"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A contract asset is the right to consideration
in exchange for goods or services transferred to the customer. If the Group performs by transferring goods or services to a customer before
the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration that is conditional.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:continuation></ix:continuation><div>

</div><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 147; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b>3 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-weight: normal">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 3.4 Summary of significant accounting policies (continued)</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Contract assets and contract liabilities (continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_106" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_105"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_72" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_71"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Contract liabilities</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_107" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_106"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_73" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_72"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A contract liability is recognized if a payment
is received or a payment is due (whichever is earlier) from a customer before the Group transfers the related subscription services. Contract
liabilities are recognized as revenue when the Group performs its obligations under the contract (i.e., transfers control of the services
to the customer).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_108" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_107"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_74" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_73"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property and equipment</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_109" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_108"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_75" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_74"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property and equipment are stated at cost less
accumulated depreciation and any impairment in value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_110" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_109"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_76" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_75"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depreciation is calculated on a straight-line
basis over the estimated useful lives of the assets at the following rates:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_111" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_110"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_77" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_76"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 11%; text-align: right; padding-left: 5.4pt"><ix:nonNumeric contextRef="c87" format="ixt-sec:duryear" name="angh:DepreciationEstimatedUsefulLives">3</ix:nonNumeric>&#8211;<ix:nonNumeric contextRef="c88" format="ixt-sec:duryear" name="angh:DepreciationEstimatedUsefulLives">5</ix:nonNumeric> years</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Office and computer equipment</td><td>&#160;</td>
    <td style="text-align: right; padding-left: 5.4pt"><ix:nonNumeric contextRef="c89" format="ixt-sec:duryear" name="angh:DepreciationEstimatedUsefulLives">5</ix:nonNumeric> years</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">General installations</td><td>&#160;</td>
    <td style="text-align: right; padding-left: 5.4pt"><ix:nonNumeric contextRef="c90" format="ixt-sec:duryear" name="angh:DepreciationEstimatedUsefulLives">5</ix:nonNumeric> years</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_112" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_111"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_78" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_77"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The carrying values of property and equipment
are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. If any such
indication exists and where the carrying values exceed the estimated recoverable amount, the assets are written down to their recoverable
amount.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_113" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_112"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_79" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_78"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">Expenditure
incurred to replace a component of an item of equipment that is accounted for separately is capitalized and the carrying amount of the
component that is replaced is written off. Other subsequent expenditure is capitalized only when it increases future economic benefits
of the related item of property and equipment. All other expenditure is recognized in the consolidated statement of comprehensive income
as the expense is incurred.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_114" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_113"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_80" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_79"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Intangible assets</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_115" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_114"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_81" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_80"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">The Group recognizes
internal application and content development costs, podcasts and original content as intangible assets only when the following criteria
are met: the technical feasibility of completing the intangible asset exists, there is an intent to complete and an ability to use or
sell the intangible asset, the intangible asset will generate probable future economic benefits, there are adequate resources available
to complete the development and to use or sell the intangible asset, and there is the ability to reliably measure the expenditure attributable
to the intangible asset during its development. Until development of the underlying intangible asset is completed and is available for
intended use, the costs incurred are reflected as work in progress. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_116" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_115"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_82" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_81"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">Intangible assets
with finite lives are typically amortized on a straight-line and double declining basis over their estimated useful lives based on the
nature of the intangible asset, typically over <ix:nonNumeric contextRef="c59" format="ixt-sec:duryear" name="angh:EstimatedUsefulLives">3</ix:nonNumeric> to <ix:nonNumeric contextRef="c60" format="ixt-sec:duryear" name="angh:EstimatedUsefulLives">5</ix:nonNumeric> years. Intangibles are assessed for impairment whenever there is an impairment indication
like change in technology, consumer behavior and adverse economic conditions. The amortization period and the amortization method for
an intangible asset are reviewed at least annually. Changes in the expected useful life or the expected pattern of consumption of future
economic benefits embodied in the asset are accounted for by changing the amortization period or method, as appropriate, and are treated
as changes in accounting estimates. The amortization of intangible assets is recognized in the consolidated statement of comprehensive
income in the cost of revenue, Selling &amp; distribution expenses and General &amp; Administrative expenses categories depending on the
function of the intangible assets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_117" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_116"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_83" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_82"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An intangible asset is derecognized upon disposal (i.e., at the date
the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising upon
derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included
in the consolidated statement of comprehensive income.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 148; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 3 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-weight: normal">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b>3.4 Summary of significant accounting policies (continued)</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_118" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_117"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_84" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_83"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Goodwill</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_119" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_118"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_85" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_84"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Goodwill is the excess of the consideration transferred over the net
identifiable assets acquired and liabilities assumed. Goodwill is tested annually for impairment, or more regularly if certain indicators
are present. Goodwill is evaluated for impairment by comparing the recoverable amount of the Group&#8217;s operating segments to the carrying
amount of the operating segments to which the goodwill relates. If the recoverable amount is less than the carrying amount an impairment
charge is determined. The recoverable amount of the operating segments is based on fair value less costs of disposal. The Group determines
the fair value of the operating segments using a combination of a discounted cash flow analysis and a market-based approach.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_120" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_119"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_86" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_85"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Financial instruments</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_121" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_120"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_87" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_86"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>i). Financial assets</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_122" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_121"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_88" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_87"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Initial recognition and measurement</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_123" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_122"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_89" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_88"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group&#8217;s financial assets are comprised
of cash and cash equivalents, trade and other receivables, due from related parties and contract assets. All financial assets are recognized
initially at fair value plus transaction costs that are attributable to the acquisition of the financial asset.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_124" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_123"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_90" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_89"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The classification of financial assets at initial
recognition depends on the financial asset&#8217;s contractual cash flow characteristics and the Group&#8217;s business model for managing
them.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_125" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_124"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_91" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_90"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Trade receivables that do not contain a significant
financing component are measured at the transaction price determined under IFRS 15 &#8216;Revenue&#8217;.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_126" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_125"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_92" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_91"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For a financial asset to be classified and measured
at amortized cost, it needs to give rise to cash flows that are &#8217;solely payments of principal and interest&#8217; (&#8220;SPPI&#8221;)
on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_127" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_126"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_93" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_92"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group&#8217;s business model for managing
financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether
cash flows will result from collecting contractual cash flows, selling the financial assets, or both.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_128" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_127"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_94" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_93"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Subsequent measurement</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_129" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_128"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_95" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_94"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of subsequent measurement, financial
assets are classified in two categories:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_130" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_129"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_96" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_95"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.5in">a)</td><td style="text-align: justify">Amortized cost</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_131" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_130"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_97" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_96"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.5in">b)</td><td style="text-align: justify">Financial assets at fair value through profit or loss</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_132" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_131"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_98" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_97"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="text-decoration:underline">Amortized cost</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_133" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_132"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_99" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_98"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A financial asset is measured at amortized cost
if it meets both of the following conditions and is not designated as fair value through profit or loss. (FVTPL):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_134" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_133"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_100" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_99"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.5in">-</td><td style="text-align: justify">The financial asset is held within a business model with the objective to hold financial assets in order
to collect contractual cash flows; and</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_135" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_134"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_101" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_100"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.5in">-</td><td style="text-align: justify">The contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_136" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_135"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_102" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_101"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial assets at amortized cost are subsequently
measured using the effective interest rate (&#8216;EIR&#8217;) method and are subject to impairment. Gains and losses are recognized in
the consolidated statement of comprehensive income when the asset is derecognized, modified or impaired.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 149; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>3 BASIS
OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.4 Summary
of significant accounting policies (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Financial instruments (continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>i). Financial assets (continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Subsequent measurement (continued)</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_137" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_136"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_103" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_102"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="text-decoration:underline">Financial assets
at fair value through profit or loss</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_138" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_137"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_104" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_103"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial assets at fair value through profit
or loss include financial assets held for trading and financial assets designated upon initial recognition at fair value through profit
or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if
they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives,
are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets at fair value through
profit or loss are carried in the consolidated statement of financial position at fair value with net changes in fair value recognized
in the consolidated statement of comprehensive income.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_139" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_138"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_105" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_104"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Impairment of financial assets</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_140" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_139"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_106" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_105"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group recognizes an allowance for expected
credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between
the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at
an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral
held or other credit enhancements that are integral to the contractual terms.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_141" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_140"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_107" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_106"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ECLs are recognized in two stages. For credit
exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses
that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there
has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over
the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_142" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_141"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_108" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_107"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For trade receivables, the Group applies a simplified
approach in calculating ECLs whereby it recognizes a loss allowance based on lifetime ECLs for each ageing bracket. The Group has established
a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors
and the economic environment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_143" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_142"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_109" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_108"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group considers a financial asset in default
when contractual payments are 365 days past due. However, in certain cases, the Group may also consider a financial asset to be in default
when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before
taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation
of recovering the contractual cash flows. These write-offs are recorded in the Group&#8217;s general and administrative expenses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_144" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_143"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_110" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_109"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Derecognition of financial assets</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_145" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_144"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_111" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_110"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group derecognizes a financial asset only
when the contractual rights to the cash flows from the asset expire; or it transfers the financial asset and substantially all the risks
and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards
of ownership and continues to control the transferred asset, the Group recognizes its retained interest in the asset and an associated
liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial
asset, the Group continues to recognize the financial asset.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_146" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_145"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_112" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_111"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Cash and cash equivalents</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_147" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_146"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_113" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_112"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purpose of consolidated statement of cash
flows, cash and cash equivalents comprise cash on hand, deposits with financial institutions, and balances with original maturity of less
than three months, which are subject to insignificant risk of changes in fair value. Bank overdrafts are included in cash and cash equivalents
for the consolidated statement of cash flows.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 150; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b>3 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-weight: normal">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 3.4 Summary of significant accounting policies (continued)</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Financial instruments (continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_148" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_147"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_114" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_113"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ii). Financial liabilities</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_149" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_148"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_115" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_114"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Initial recognition and measurement</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_150" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_149"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_116" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_115"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group&#8217;s financial liabilities are comprised
of trade and other payables and accruals, due to related parties and other liabilities, including bank overdraft, lease liabilities and
convertible notes. Financial liabilities are recognized initially at fair value and in the case of loans and borrowings fair value of
the consideration received less directly attributable transaction costs.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_151" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_150"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_117" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_116"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Subsequent measurements</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_152" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_151"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_118" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_117"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After initial recognition, financial liabilities
are subsequently measured at amortized cost using the effective interest method or fair value through profit or loss. The effective interest
method amortization is included in finance costs and fair value changes are included in the finance costs or finance income in the consolidated
statement of comprehensive income. Certain convertible notes include embedded derivatives designated at fair value through profit or loss
are subsequently remeasured at fair value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_153" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_152"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_119" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_118"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial liabilities are classified as current
liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting
date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_154" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_153"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_120" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_119"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Financial liabilities at fair value through
profit or loss</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_155" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_154"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_121" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_120"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial liabilities at fair value through profit
or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value
through profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_156" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_155"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_122" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_121"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial liabilities are classified as held for
trading if they are incurred for the purpose of repurchasing in the near term.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_157" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_156"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_123" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_122"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gains or losses on liabilities held for trading
are recognized in the consolidated statement of comprehensive income.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_158" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_157"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_124" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_123"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Convertible notes that include an embedded derivative
designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if
the criteria in IFRS 9 are satisfied. After initial recognition, financial liabilities at fair value through the profit or loss are subsequently
re-measured at fair value at the end of each reporting period with changes in fair value recognized in finance costs or finance income
in the consolidated statement of comprehensive income. The Group has designated the convertible notes 1 and 2 at fair value through profit
or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_159" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_158"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_125" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_124"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Financial liabilities at amortized cost (loans
and borrowings)</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_160" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_159"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_126" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_125"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This category generally applies to interest-bearing
loans and borrowings, lease liabilities and certain convertible notes. After initial recognition, interest-bearing loans and borrowings,
lease liabilities and certain convertible notes are subsequently measured at amortized cost using the EIR&#160;method. Gains and losses
are recognized in the finance costs/income line item in the consolidated statement of comprehensive income when the liabilities are derecognized
as well as through the EIR amortization process. Amortized cost is calculated by considering any discount or premium on acquisition and
fees or costs that are an integral part of the EIR.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_161" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_160"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_127" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_126"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The EIR amortization is included as finance cost
in the consolidated statement of comprehensive income.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_162" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_161"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_128" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_127"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Derecognition</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_163" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_162"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_129" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_128"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group derecognizes a financial liability when
its contractual obligations are discharged, cancelled, or expire.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_164" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_163"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_130" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_129"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gains and losses are recognized in the consolidated
statement of comprehensive income when the financial liabilities are derecognized.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 151; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>3 BASIS OF PREPARATION AND SIGNIFICANT
ACCOUNTING POLICIES (continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.4 Summary
of significant accounting policies (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Financial instruments (continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ii). Financial liabilities
(continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_165" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_164"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_131" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_130"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Employees&#8217; end of service benefits</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_166" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_165"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_132" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_131"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group makes contributions to the Lebanese
National Social Security Fund and provides end of service benefits to its employees in accordance with the Lebanese law. Furthermore,
as for the UAE &amp; KSA, the Group provides provisions to their employees as per the respective labor laws of those countries. The entitlement
to these benefits is based upon the employees&#8217; length of service, the employees&#8217; salaries, the Group&#8217;s contributions
to the National Social Security Fund and other requirements. The expected costs of these benefits are accrued over the period of employment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_167" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_166"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_133" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_132"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At each reporting date, Management assesses the
impact of accounting for the provision at present value under IAS 19 &#8216;Employee benefits&#8217; while considering forward-looking
factors such as the employees&#8217; expected salary increases and expected length of future service. Management has determined that the
difference between accounting for the provision for employees&#8217; end of service benefits in accordance with UAE Labour Law, KSA and
Lebanese Law compared to IAS 19 to be immaterial to the Group&#8217;s consolidated financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_168" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_167"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_134" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_133"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts payable and accruals</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_169" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_168"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_135" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_134"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Liabilities are recognized for amounts to be paid
in the future for goods or services received, whether billed by the supplier or not.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_170" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_169"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_136" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_135"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Provisions</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_171" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_170"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_137" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_136"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Provisions are recognized when the Group has a
present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic
benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Group
expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognized as a separate
asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the consolidated statement
of comprehensive income net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using
a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in
the provision due to the passage of time is recognized as a finance cost.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_172" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_171"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_138" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_137"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Government Grants</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_173" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_172"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_139" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_138"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Government grants are recognized where there is
reasonable assurance that the grant will be received, and all attached conditions will be complied with. When the grant relates to an
expense item, it is recognized as income on a systematic basis over the periods that the related costs, for which it is intended to compensate,
are expensed. When the grant relates to an asset, it is recognized as income in equal amounts over the expected useful life of the related
asset.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_174" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_173"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_140" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_139"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group has chosen to present grants related
to an expense item as other operating income in the consolidated statement of comprehensive income.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 152; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b>3 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-weight: normal">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 3.4 Summary of significant accounting policies (continued)</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Financial instruments (continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ii). Financial liabilities (continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_175" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_174"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_141" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_140"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Interest income and expense</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_176" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_175"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_142" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_141"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest income and expense are recognized in
the consolidated statement of comprehensive income using the effective interest rate method. The &#8216;effective interest rate&#8217;
is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_177" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_176"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_143" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_142"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.5in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">the gross carrying amount of the financial asset;
or</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_178" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_177"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_144" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_143"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.5in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">the amortized cost of the financial liability.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_179" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_178"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_145" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_144"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When calculating the effective interest rate for
financial instruments other than purchased or originated credit-impaired assets, the Group estimates future cash flows considering all
contractual terms of the financial instrument, but not ECL.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_180" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_179"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_146" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_145"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The calculation of the effective interest rate
includes transaction costs and fees and points paid or received that are an integral part of the effective interest rate. Transaction
costs include incremental costs that are directly attributable to the acquisition or issue of a financial asset or financial liability.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_181" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_180"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_147" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_146"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Current versus non-current classification</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_182" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_181"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_148" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_147"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group presents assets and liabilities in the
consolidated statement of financial position based on current/non-current classification. An asset is current when it is:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_183" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_182"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_149" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_148"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">-</td><td style="text-align: justify">Expected to be realized or intended to be sold or consumed in
the normal operating cycle,</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_184" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_183"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_150" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_149"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">-</td><td style="text-align: justify">Held primarily for the purpose of trading,</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_185" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_184"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_151" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_150"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">-</td><td style="text-align: justify">Expected to be realized within twelve months after the reporting
period, or</td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_186" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_185"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_152" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_151"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">-</td><td style="text-align: justify">Cash or cash equivalent unless restricted from being exchanged
or used to settle a liability for at least twelve months after the reporting period</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_187" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_186"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_153" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_152"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All other assets are classified as non-current.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_188" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_187"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_154" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_153"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A liability is current when:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_189" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_188"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_155" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_154"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">-</td><td style="text-align: justify">It is expected to be settled in the normal operating cycle,</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_190" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_189"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_156" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_155"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">-</td><td style="text-align: justify">It is held primarily for the purpose of trading,</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_191" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_190"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_157" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_156"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">-</td><td style="text-align: justify">It is due to be settled within twelve months after the reporting
period, or</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_192" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_191"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_158" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_157"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">-</td><td style="text-align: justify">There is no unconditional right to defer the settlement of the
liability for at least twelve months after the reporting period</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_193" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_192"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_159" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_158"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group classifies all other liabilities as
non-current.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 153; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b>3 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-weight: normal">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 3.4 Summary of significant accounting policies (continued)</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_194" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_193"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_160" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_159"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Joint Venture</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_195" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_194"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_161" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_160"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A joint venture is a type of joint arrangement
whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the
contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the
unanimous consent of the parties sharing control.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_196" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_195"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_162" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_161"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The considerations made in determining significant
influence or joint control are similar to those necessary to determine control over subsidiaries. The Group&#8217;s investment in its
joint venture is accounted for using the equity method.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_197" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_196"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_163" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_162"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the equity method, the investment in a joint
venture is initially recognized at cost. The carrying amount of the investment is adjusted to recognize changes in the Group&#8217;s share
of net assets of the joint venture since the acquisition date. Goodwill relating to the joint venture is included in the carrying amount
of the investment and is not tested for impairment separately.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_198" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_197"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_164" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_163"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated statement of comprehensive income
reflects the Group&#8217;s share of the results of operations of the joint venture. In addition, when there has been a change recognized
directly in the equity of the joint venture, the Group recognizes its share of any changes, when applicable, in the consolidated statement
of changes in equity.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_199" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_198"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_165" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_164"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial statements of the joint venture
are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line
with those of the Group.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_200" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_199"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_166" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_165"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After application of the equity method, the Group
determines whether it is necessary to recognize an impairment loss on its investment in its joint venture. At each reporting date, the
Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired; If there is such
evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and its
carrying value, and then recognizes the loss within &#8217;Share of profit of a joint venture&#8217; in the consolidated statement of
comprehensive income.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_201" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_200"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_167" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_166"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon loss of significant influence over the joint
control over the joint venture, the Group measures and recognizes any retained investment at its fair value. Any difference between the
carrying amount of the joint venture upon loss of significant influence or joint control and the fair value of the retained investment
and proceeds from disposal is recognized in profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_202" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_201"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_168" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_167"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Business Combination</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_203" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_202"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_169" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_168"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Business combinations are accounted for using
the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at
acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business combination, the Group
elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree&#8217;s
identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_204" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_203"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_170" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_169"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group determines that it has acquired a business
when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the
ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs,
and the inputs acquired include an organised workforce with the necessary skills, knowledge, or experience to perform that process or
it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without
significant cost, effort, or delay in the ability to continue producing outputs.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_205" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_204"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_171" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_170"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When the Group acquires a business, it assesses
the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms,
economic circumstances and pertinent conditions as at the acquisition date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 154; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b>3 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-weight: normal">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 3.4 Summary of significant accounting policies (continued)</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_206" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_205"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_172" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_171"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Impairment of non-financial assets</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_207" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_206"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_173" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_172"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management determines at each reporting date whether
there are any indicators of impairment relating to the Group&#8217;s property and equipment including intangible assets. A broad range
of internal and external factors are considered as part of the indicator review process.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_208" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_207"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_174" id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_173"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group&#8217;s impairment testing for non-financial
assets is based on calculating the recoverable amount of each asset. Recoverable amount is the higher of value in use and fair value less
costs to sell.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_209" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_208"><ix:continuation id="angh_DescriptionOfAccountingPolicyForSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_174"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Impairment losses of continuing operations are
recognized in the statement of profit or loss in expense categories consistent with the function of the impaired asset</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_210" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_209"><ix:nonNumeric contextRef="c0" continuedAt="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_1" escape="true" name="angh:DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 3.5 Significant accounting judgements, estimates and assumptions</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:nonNumeric></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_211" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_210"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_2" id="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">The preparation
of the consolidated financial statements requires management to make judgments, estimates, and assumptions that affect the reported amounts
of revenues, expenses, assets, liabilities, and equity in the consolidated financial statements and the Grouping disclosures. Estimates
and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_212" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_211"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_3" id="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">Uncertainty
about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or
liabilities affected in future periods.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_213" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_212"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_4" id="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">The areas where
judgements, assumptions and estimates are significant to the consolidated financial statements are:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_214" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_213"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_5" id="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_4"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Judgements</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal"><i>&#160;</i></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_215" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_214"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_6" id="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal"><i>Determining
the lease term of contracts with renewal and termination options &#8211; Group as lessee</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_216" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_215"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_7" id="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">The Group determines
the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably
certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_217" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_216"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_8" id="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">The Group has
several lease contracts that include extension and termination options. The Group applies judgement in evaluating whether it is reasonably
certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create
an economic incentive for it to exercise either the renewal or termination.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_218" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_217"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_9" id="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_8"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Estimates and assumptions</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_219" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_218"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_10" id="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal"><i>Share-based
payments</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_220" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_219"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_11" id="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">The Group measures
the cost of equity-settled transactions with employees and non-employees by reference to the fair value of the equity instruments at the
date at which they are granted. While there was a mutual understanding with the employees regarding the terms of the award, its formal
approval is pending. The fair value is estimated using an appropriate model or by reference to a market transaction which requires the
determination of the appropriate inputs, specifically the probability of vesting. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_221" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_220"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_12" id="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">The cost is
recognised in employee benefits expense, together with a corresponding increase in equity (employee share scheme reserve), over the period
in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognised
for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired
and the Group&#8217;s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the consolidated
statement of comprehensive income for a period represents the movement in cumulative expense recognised as at the beginning and end of
that period.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 155; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b>3 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-weight: normal">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 3.5 Significant accounting judgements, estimates and assumptions (continued)</p><div>



</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Estimates and assumptions (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

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and arrangements</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_223" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_222"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_14" id="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">The Group&#8217;s
agreements and arrangements with rights holders for the content used on its platform are complex. Some rights holders have allowed the
use of their content on the platform while negotiations of the terms and conditions are ongoing. In certain jurisdictions, rights holders
have several years to claim royalties for musical composition and therefore estimates of the royalty accruals are based on available information
and historical trends. The determination of label and publishing cost accruals requires a significant volume of data as well as involves
significant judgements and estimates of the amounts to be paid.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_224" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_223"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_15" id="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Warrants</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_225" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_224"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_16" id="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Share purchase warrants issued by the Group are
accounted for as derivative liabilities. The warrants are initially recognised at fair value, and in subsequent periods measured at fair
value through profit or loss with any changes in fair value recognised in profit or loss until the warrants are exercised, redeemed, or
expire.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_226" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_225"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_17" id="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group&#8217;s derivative liabilities related
to its public and private warrants are measured using appropriate valuation method. Public warrants derivative liabilities was measured
using Binomial lattice model while Black-Scholes Options Pricing Model (&#8220;BSOPM&#8221;) was used to value the private warrants.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_227" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_226"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_18" id="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Useful lives of intangible assets</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_228" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_227"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_19" id="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group&#8217;s management determines the estimated
useful lives of its intangible assets for calculating amortization. This estimate is determined after considering the expected economic
life of the asset. Management reviews the residual value and useful lives annually and future amortization charges would be adjusted where
the management believes the useful lives differ from previous estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_229" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_228"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_20" id="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Estimated credit losses</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_230" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_229"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_21" id="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Credit risk is the risk that a counterparty will
not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit
risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and
financial institutions, foreign exchange transactions and other financial instruments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_231" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_230"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_22" id="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Convertible notes</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_232" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_231"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_23" id="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value of the Group&#8217;s convertible
notes are estimated using valuation techniques using inputs based on management&#8217;s judgment and conditions that existed at each reporting
date for determination of the market rate used to calculate the fair value of liability.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_233" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_232"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_24" id="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal"><i>Estimation
in Capitalization of Engineering Costs</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_234" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_233"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_25" id="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group capitalizes its Engineering cost based
on the percentage derived from number of hours spent by each individual engineers on tasks such as application development to total number
of hours spent by engineers, estimates are made to determine the number of hours spent by each engineer; it is then multiplied by their
respective salaries in order to determine what is the amount to be capitalized to intangible assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_235" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_234"><ix:continuation continuedAt="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_26" id="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal"><i>Uncertain
tax positions</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_235"><ix:continuation id="angh_DescriptionOfAccountingPolicyForSignificantAccountingJudgementsEstimatesAndAssumptionsExplanatory-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">In determining
the amount of current and deferred income tax, the Group takes into account the impact of uncertain tax positions and whether additional
taxes, interest or penalties may be due. This assessment relies on estimates and assumptions and may involve a series of judgments about
future events. New information may become available that causes the Group to change its judgment regarding the adequacy of existing tax
liabilities. Such changes to tax liabilities will impact tax expense in the period that such a determination is made.</span></p></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 156; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfRevenueExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfRevenueExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b>4 REVENUE</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRevenueExplanatory-c0_cont_2" id="_DisclosureOfRevenueExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" continuedAt="angh_RevenueFromContractsWithCustomersTableTextBlock-c0_cont_1" escape="true" name="angh:RevenueFromContractsWithCustomersTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRevenueExplanatory-c0_cont_3" id="_DisclosureOfRevenueExplanatory-c0_cont_2"><ix:continuation continuedAt="angh_RevenueFromContractsWithCustomersTableTextBlock-c0_cont_2" id="angh_RevenueFromContractsWithCustomersTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRevenueExplanatory-c0_cont_4" id="_DisclosureOfRevenueExplanatory-c0_cont_3"><ix:continuation id="angh_RevenueFromContractsWithCustomersTableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-weight: normal">(1)</span></td><td style="text-align: justify"><span style="font-weight: normal">Revenue from advertisement
include barter transactions amounting to USD 4,270,233 (2021: USD 475,528)</span></td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRevenueExplanatory-c0_cont_5" id="_DisclosureOfRevenueExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Contract assets</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRevenueExplanatory-c0_cont_6" id="_DisclosureOfRevenueExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group&#8217;s contract assets consist of accrued
income from contracts with customers which amounts to USD <ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:AccruedIncomeIncludingContractAssets" scale="0" unitRef="usd">2,365,013</ix:nonFraction> (2021: <ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:AccruedIncomeIncludingContractAssets" scale="0" unitRef="usd">2,164,205</ix:nonFraction>). Accrued income is mainly comprised of subscription
fees due from customers not yet billed. Revenue is recognized over time as the services are performed.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRevenueExplanatory-c0_cont_7" id="_DisclosureOfRevenueExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Contract liabilities</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRevenueExplanatory-c0_cont_8" id="_DisclosureOfRevenueExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">The Group&#8217;s
contract liabilities from contracts with customers consist only of deferred revenue. Deferred revenue is mainly comprised of subscription
fees and vouchers sold collected in advance for services not yet performed and therefore their revenues have not been recognized. Revenue
is recognized over time as the services are performed. As of December 31, 2022, and 2021, the Group had deferred revenue of USD <ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="angh:DeferredRevenues" scale="0" unitRef="usd">4,536,370</ix:nonFraction>
and USD <ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="angh:DeferredRevenues" scale="0" unitRef="usd">3,150,431</ix:nonFraction> respectively. This balance will be recognized as revenue as the services are performed, which is generally expected
to occur over a period up to a year.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfRevenueExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">Revenue recognized
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 157; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_1" escape="true" name="ifrs-full:InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b>5 SEGMENT INFORMATION</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>



</div><div>

</div><ix:continuation continuedAt="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_2" id="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group has three reportable segments: Revenue
from subscriptions, Revenue from advertisement, and Revenue from live events. Segments were identified based on the Group&#8217;s internal
reporting and how the chief operating decision maker (&#8220;CODM&#8221;) assesses the performance of the business. The Premium service
is a paid service in which customers can listen on demand and offline. Revenue for the Premium segment is generated through subscription
fees. The Ad-Supported service is free to the user. Revenue for the Ad-Supported segment is primarily generated through the sale of advertising
across the Group&#8217;s content. Revenues from live events are generated from the sale of tickets, food and beverage &amp; sponsorships. Royalty
costs are primarily recorded in each segment based on specific rates for each segment agreed with the rights holders. The remaining cost
of revenue items that are not specifically associated to either of the segments are allocated based on user activity in each segment.
No operating segments have been aggregated to form the reportable segments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_3" id="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Key financial performance measures of the segments
including revenue, cost of revenue, and gross profit are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_4" id="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_3"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfOperatingSegmentsExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="font-weight: bold; font-style: italic; text-align: center">2022</td><td style="text-align: center; font-weight: bold; font-style: italic">&#160;</td><td style="text-align: center; font-style: italic">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: justify">Revenue</td><td style="width: 1%; font-weight: bold">&#160;</td>
    <td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 9%; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c106" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:Revenue" scale="0" unitRef="usd">27,061,318</ix:nonFraction></td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction contextRef="c106" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CostOfSales" scale="0" unitRef="usd">23,541,956</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td>&#160;</td>
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    <td style="font-weight: bold; text-align: justify">Gross profit</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric></ix:continuation><div>




</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 158; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>5 SEGMENT INFORMATION (continued)</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_5" id="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Reconciliation of gross profits</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_6" id="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Selling and marketing, operating expenses, finance
income, and finance costs are not allocated to individual segments as these are managed on an overall group basis. The reconciliation
between reportable segment gross profit to the Group&#8217;s loss before tax is as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_7" id="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_6"><ix:nonNumeric contextRef="c0" escape="true" name="angh:ScheduleOfReportableSegmentGrossProfitToTheGroupsLossBeforeTaxTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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</div><div>

</div><ix:continuation continuedAt="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_8" id="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Revenue by market</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_9" id="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_8"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfGeographicalAreasExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfGeographicalAreasExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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</div><div>

</div><ix:continuation continuedAt="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_10" id="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Premium revenue is attributed to a country based
on where the membership originates. Ad-Supported revenue is attributed to a country based on where the advertising campaign is viewed.
Live events revenue is attributed to a country based on where the events occurred.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_10"><ix:continuation id="_DisclosureOfGeographicalAreasExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify"><ix:footnote id="ix_1_footnote" xml:lang="en-US">There is no individual geographical market other than those
disclosed above which would constitute more than <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="angh:TotalRevenuePercentage" scale="-2" unitRef="pure">5</ix:nonFraction>% of the total revenue.</ix:footnote></td>
</tr></table></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 159; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="angh_DisclosureOfFinanceIncomeExpenseExplanatorytextBlock-c0_cont_1" escape="true" name="angh:DisclosureOfFinanceIncomeExpenseExplanatorytextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b>6 COST OF REVENUE</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:nonNumeric><div>



</div><div>

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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation id="angh_DisclosureOfFinanceIncomeExpenseExplanatorytextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">The Group has
entered into barter transaction cost in the last quarter of 2021 which has increased in 2022 due to the larger number of deals entered
into. Barter transactions are non-monetary transactions whereby the Group receives and performs services with third parties for the same
value; thus, the Group records revenues equal to the cost. Barter revenue is derived from an exchange of advertising services, to be done
through the Group&#8217;s platform and the same applies for the second party with whom the barter deal is done with. Instead of paying
cash for the advertisements, the Group provides advertisements during the time when music is streamed to free users.</span></p></ix:continuation><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="angh_SellingAndMarketingExpensesTextBlock-c0_cont_1" escape="true" name="angh:SellingAndMarketingExpensesTextBlock"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 7 SELLING AND MARKETING EXPENSES</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-weight: normal">&#160;</span></p></ix:nonNumeric><div>



</div><div>

</div><ix:continuation id="angh_SellingAndMarketingExpensesTextBlock-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="angh:ScheduleOfSellingAndMarketingExpensesTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 9%; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="angh:MarketingAndBrandingExpenses" scale="0" unitRef="usd">9,133,617</ix:nonFraction></td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  </table></ix:nonNumeric></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfGeneralAndAdministrativeExpenseExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 8 GENERAL AND ADMINISTRATIVE EXPENSES</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-weight: normal">&#160;</span></p></ix:nonNumeric><div>



</div><div>

</div><ix:continuation id="_DisclosureOfGeneralAndAdministrativeExpenseExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="angh:DisclosureOfGeneralAndAdministrativeExpensesExplanatoryTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Insurance expense</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Depreciation of property and equipment (note 14)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationAndAmortisationExpense" scale="0" unitRef="usd">204,002</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Depreciation of rights-of-use assets (note 21)</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Write-off receivables</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Other expenses</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  </table></ix:nonNumeric></ix:continuation><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 160; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfFinanceCostExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfFinanceCostExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 9 FINANCE COSTS</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-weight: normal">&#160;</span></p></ix:nonNumeric><div>



</div><div>

</div><ix:continuation id="_DisclosureOfFinanceCostExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; font-style: italic">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Interest on convertible loans (note 27)</td><td style="width: 1%; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Interest on working capital loans (note 27)</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-139">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Interest on lease liabilities (note 21)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:InterestExpenseOnLeaseLiabilities" scale="0" unitRef="usd">58,610</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Fair value movements on convertible notes (note 27)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-140">-</div></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="angh:FairValueMovementsOnConvertibleNotes" scale="0" unitRef="usd">453,331</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Transaction and other costs</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-141">-</div></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-142">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:FinanceCosts" scale="0" unitRef="usd">552,751</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:FinanceCosts" scale="0" unitRef="usd">2,679,763</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:FinanceCosts" scale="0" unitRef="usd">1,764,682</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table></ix:nonNumeric></ix:continuation><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfOtherOperatingIncomeExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">10 OTHER
INCOME</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-weight: normal">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherOperatingIncomeExplanatory-c0_cont_2" id="_DisclosureOfOtherOperatingIncomeExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; font-style: italic">&#160;</td>
    <td colspan="2" style="font-weight: bold; font-style: italic; text-align: center">2022</td><td style="text-align: center; font-weight: bold; font-style: italic">&#160;</td><td style="text-align: center; font-weight: normal; font-style: italic">&#160;</td>
    <td colspan="2" style="font-weight: normal; font-style: italic; text-align: center">2021</td><td style="text-align: center; font-weight: normal; font-style: italic">&#160;</td><td style="text-align: center; font-weight: normal; font-style: italic">&#160;</td>
    <td colspan="2" style="font-weight: normal; font-style: italic; text-align: center">2020</td><td style="text-align: center; font-weight: normal; font-style: italic">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Reversal of provisions of shared-based payment reserves (note 20)</td><td style="width: 1%; font-weight: bold">&#160;</td>
    <td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 9%; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="angh:ReversalOfProvisionsOfSharedbasedPaymentReserves" scale="0" unitRef="usd">2,214,795</ix:nonFraction></td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-144">-</div></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Write off of payables and other provisions</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Other non-operating income</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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</div><div>

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of the provisions taken in previous years amounting to USD <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="angh:ReversalOfProvisionsOfSharedbasedPaymentReserves" scale="0" unitRef="usd">2,214,795</ix:nonFraction>.</span></p></ix:continuation><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfFeeAndCommissionIncomeExpenseExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">11 CONSULTANCY
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</div><div>

</div><ix:continuation id="_DisclosureOfFeeAndCommissionIncomeExpenseExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="angh:ScheduleOfConsultancyAndProfessionalFeesTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-weight: normal">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfGovernmentGrantsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfGovernmentGrantsExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">12 GOVERNMENT
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGovernmentGrantsExplanatory-c0_cont_2" id="_DisclosureOfGovernmentGrantsExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" continuedAt="angh_ScheduleOfGovernmentGrantsTableTextBlock-c0_cont_1" escape="true" name="angh:ScheduleOfGovernmentGrantsTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGovernmentGrantsExplanatory-c0_cont_3" id="_DisclosureOfGovernmentGrantsExplanatory-c0_cont_2"><ix:continuation id="angh_ScheduleOfGovernmentGrantsTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction contextRef="c170" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentLiabilities" scale="0" unitRef="usd">498,460</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td>&#160;</td>
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 161; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">12 GOVERNMENT
GRANTS (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfGovernmentGrantsExplanatory-c0_cont_4" id="_DisclosureOfGovernmentGrantsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">The Group entered
into an agreement with Abu Dhabi Investment Office (ADIO) a government entity established in Abu Dhabi on December 23, 2020 in order for
the former to move its regional and global headquarters to Abu Dhabi including R&amp;D center where a subsidiary has been incorporated
and registered in the Abu Dhabi Global Market, and to create a skilled-employment opportunities and ensure a positive social and economic
impact on the Emirate of Abu Dhabi. ADIO will make available the financial incentives to the Group as part of the agreement. The terms
of the Incentive program are effective through 30 June 2025.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGovernmentGrantsExplanatory-c0_cont_5" id="_DisclosureOfGovernmentGrantsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">Government grants
have been received for the payment of salaries and salaries related expenses, rent expenses and purchases of certain items of property
and equipment.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGovernmentGrantsExplanatory-c0_cont_6" id="_DisclosureOfGovernmentGrantsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">There are no
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</div><div>

</div><ix:continuation id="_DisclosureOfGovernmentGrantsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">As of December
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grants are due from governmental entities not yet claimed.</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>13 INCOME TAX</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">The major components
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Deferred tax asset / (liability) relates to the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td><td>&#160;</td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group&#8217;s exposure to taxes stems from:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">Anghami KSA: established in the Kingdom of Saudi Arabia and
is subject to <ix:nonFraction contextRef="c171" decimals="2" format="ixt:num-dot-decimal" name="angh:WithholdingTax" scale="-2" unitRef="pure">5</ix:nonFraction>% withholding tax and <ix:nonFraction contextRef="c171" decimals="2" format="ixt:num-dot-decimal" name="angh:CorporateIncomeTax" scale="-2" unitRef="pure">20</ix:nonFraction>% corporate income tax;</td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">(2)</td><td style="text-align: justify">Anghami for Digital Content (ADC): established in Egypt and
is subject to <ix:nonFraction contextRef="c172" decimals="2" format="ixt:num-dot-decimal" name="angh:WithholdingTax" scale="-2" unitRef="pure">20</ix:nonFraction>% withholding tax and <ix:nonFraction contextRef="c172" decimals="3" format="ixt:num-dot-decimal" name="angh:CorporateIncomeTax" scale="-2" unitRef="pure">22.5</ix:nonFraction>% corporate income; and</td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">(3)</td><td style="text-align: justify">Digi Music SAL (Offshore): established in Lebanon and is subject
to <ix:nonFraction contextRef="c173" decimals="3" format="ixt:num-dot-decimal" name="angh:WithholdingTax" scale="-2" unitRef="pure">7.5</ix:nonFraction>% withholding tax.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In 2022, there is no deferred tax assets not recognised.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 162; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>13 INCOME TAX (continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The majority of withholding tax (WHT) incurred
on distributions from foreign jurisdiction are comprised of distributions made from subsidiary entities (mainly Anghami KSA and ADC) to
the Group. In addition, WHT include taxes paid by the Group for income generated from Telco partners. These Telco partners operate in
countries where the Group does not have an operating entity and has service agreements with Telco companies. The tax on services performed
by non-resident Group is deducted from the Group&#8217;s payments received from the Telco partners based on WHT rates for the respective
countries which are established as part of the existing WHT regimes for each country.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">14 PROPERTY
AND EQUIPMENT</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_2" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The movement of property and equipment during
the year is as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="font-style: italic; text-align: right">&#160;</td><td style="font-style: italic">&#160;</td><td style="font-style: italic">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-style: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-162">-</div></td><td style="padding-bottom: 1.5pt; font-style: normal; text-align: left">&#160;</td><td style="font-style: normal; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; padding-bottom: 1.5pt; text-indent: 0in">At December 31, 2021</td><td style="font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-style: normal; text-align: right"><ix:nonFraction contextRef="c182" decimals="0" format="ixt:num-dot-decimal" name="angh:costEndingBalance" scale="0" unitRef="usd">615,328</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-style: normal; text-align: left">&#160;</td><td style="font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-style: normal; text-align: right"><ix:nonFraction contextRef="c183" decimals="0" format="ixt:num-dot-decimal" name="angh:costEndingBalance" scale="0" unitRef="usd">308,115</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-style: normal; text-align: left">&#160;</td><td style="font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-style: normal; text-align: right"><ix:nonFraction contextRef="c184" decimals="0" format="ixt:num-dot-decimal" name="angh:costEndingBalance" scale="0" unitRef="usd">52,766</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-style: normal; text-align: left">&#160;</td><td style="font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-style: normal; text-align: right"><ix:nonFraction contextRef="c5" decimals="-6" format="ixt:num-dot-decimal" name="angh:costEndingBalance" scale="6" unitRef="usd">976,209</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: 0in">&#160;</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">&#160;</td><td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">&#160;</td><td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">&#160;</td><td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">&#160;</td><td style="font-style: italic; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: 0in">Depreciation</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">&#160;</td><td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">&#160;</td><td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">&#160;</td><td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">&#160;</td><td style="font-style: italic; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: 0in">At January 1, 2021</td><td style="font-weight: normal">&#160;</td>
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    <td style="font-weight: normal; text-align: left">&#160;</td><td style="font-weight: normal; text-align: right"><ix:nonFraction contextRef="c183" decimals="0" format="ixt:num-dot-decimal" name="angh:DepreciationPropertyPlantAndEquipmentBeginningBalance" scale="0" unitRef="usd">124,106</ix:nonFraction></td><td style="font-weight: normal; text-align: left">&#160;</td><td style="font-weight: normal">&#160;</td>
    <td style="font-weight: normal; text-align: left">&#160;</td><td style="font-weight: normal; text-align: right"><ix:nonFraction contextRef="c184" decimals="0" format="ixt:num-dot-decimal" name="angh:DepreciationPropertyPlantAndEquipmentBeginningBalance" scale="0" unitRef="usd">37,660</ix:nonFraction></td><td style="font-weight: normal; text-align: left">&#160;</td><td style="font-weight: normal">&#160;</td>
    <td style="font-weight: normal; text-align: left">&#160;</td><td style="font-weight: normal; text-align: right"><ix:nonFraction contextRef="c5" decimals="-6" format="ixt:num-dot-decimal" name="angh:DepreciationPropertyPlantAndEquipmentBeginningBalance" scale="6" unitRef="usd">579,762</ix:nonFraction></td><td style="font-weight: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left; text-indent: 0in">Charge for the year (note 8)</td><td style="font-weight: normal">&#160;</td>
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    <td style="font-weight: normal; text-align: left">&#160;</td><td style="font-weight: normal; text-align: right"><ix:nonFraction contextRef="c183" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" scale="0" unitRef="usd">37,337</ix:nonFraction></td><td style="font-weight: normal; text-align: left">&#160;</td><td style="font-weight: normal">&#160;</td>
    <td style="font-weight: normal; text-align: left">&#160;</td><td style="font-weight: normal; text-align: right"><ix:nonFraction contextRef="c184" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" scale="0" unitRef="usd">6,867</ix:nonFraction></td><td style="font-weight: normal; text-align: left">&#160;</td><td style="font-weight: normal">&#160;</td>
    <td style="font-weight: normal; text-align: left">&#160;</td><td style="font-weight: normal; text-align: right"><ix:nonFraction contextRef="c5" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" scale="6" unitRef="usd">155,742</ix:nonFraction></td><td style="font-weight: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; padding-bottom: 1.5pt; text-indent: 0in">At December 31, 2021</td><td style="font-weight: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right"><ix:nonFraction contextRef="c182" decimals="0" format="ixt:num-dot-decimal" name="angh:DepreciationPropertyPlantAndEquipmentEndingBalance" scale="0" unitRef="usd">515,430</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&#160;</td><td style="font-weight: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right"><ix:nonFraction contextRef="c183" decimals="0" format="ixt:num-dot-decimal" name="angh:DepreciationPropertyPlantAndEquipmentEndingBalance" scale="0" unitRef="usd">144,388</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&#160;</td><td style="font-weight: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right"><ix:nonFraction contextRef="c184" decimals="0" format="ixt:num-dot-decimal" name="angh:DepreciationPropertyPlantAndEquipmentEndingBalance" scale="0" unitRef="usd">40,066</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&#160;</td><td style="font-weight: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right"><ix:nonFraction contextRef="c5" decimals="-6" format="ixt:num-dot-decimal" name="angh:DepreciationPropertyPlantAndEquipmentEndingBalance" scale="6" unitRef="usd">699,884</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: 0in">&#160;</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">&#160;</td><td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">&#160;</td><td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">&#160;</td><td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">&#160;</td><td style="font-style: italic; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0in">Net carrying amount</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">&#160;</td><td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">&#160;</td><td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">&#160;</td><td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">&#160;</td><td style="font-style: italic; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; padding-bottom: 4pt; text-indent: 0in">At December 31, 2021</td><td style="font-style: normal; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-style: normal; text-align: right"><ix:nonFraction contextRef="c182" decimals="0" format="ixt:num-dot-decimal" name="angh:NetCarryingAmountEndingBalance" scale="0" unitRef="usd">99,898</ix:nonFraction></td><td style="padding-bottom: 4pt; font-style: normal; text-align: left">&#160;</td><td style="font-style: normal; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-style: normal; text-align: right"><ix:nonFraction contextRef="c183" decimals="0" format="ixt:num-dot-decimal" name="angh:NetCarryingAmountEndingBalance" scale="0" unitRef="usd">163,727</ix:nonFraction></td><td style="padding-bottom: 4pt; font-style: normal; text-align: left">&#160;</td><td style="font-style: normal; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-style: normal; text-align: right"><ix:nonFraction contextRef="c184" decimals="0" format="ixt:num-dot-decimal" name="angh:NetCarryingAmountEndingBalance" scale="0" unitRef="usd">12,700</ix:nonFraction></td><td style="padding-bottom: 4pt; font-style: normal; text-align: left">&#160;</td><td style="font-style: normal; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-style: normal; text-align: right"><ix:nonFraction contextRef="c5" decimals="-6" format="ixt:num-dot-decimal" name="angh:NetCarryingAmountEndingBalance" scale="6" unitRef="usd">276,325</ix:nonFraction></td><td style="padding-bottom: 4pt; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: 0in">&#160;</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">&#160;</td><td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">&#160;</td><td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">&#160;</td><td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">&#160;</td><td style="font-style: italic; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: 0in">Cost</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: 0in">At January 1, 2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c90" decimals="0" format="ixt:num-dot-decimal" name="angh:CostBeginningBalance" scale="0" unitRef="usd">615,328</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c185" decimals="0" format="ixt:num-dot-decimal" name="angh:CostBeginningBalance" scale="0" unitRef="usd">308,115</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c186" decimals="0" format="ixt:num-dot-decimal" name="angh:CostBeginningBalance" scale="0" unitRef="usd">52,766</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-6" format="ixt:num-dot-decimal" name="angh:CostBeginningBalance" scale="6" unitRef="usd">976,209</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: 0in">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: 0in">Depreciation</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; padding-bottom: 1.5pt; text-indent: 0in">At December 31, 2022</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  </table></ix:nonNumeric></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 163; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>15 INTANGIBLE
ASSETS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory-c0_cont_2" id="_DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The movement of intangible assets during the year
is as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory-c0_cont_3" id="_DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="angh:ScheduleOfIntangibleAssetsTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-style: italic">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: normal; font-style: italic; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="font-style: italic; text-align: right">&#160;</td><td style="font-style: italic">&#160;</td><td style="font-style: italic">&#160;</td>
    <td colspan="2" style="font-style: italic; text-align: right">&#160;</td><td style="font-style: italic">&#160;</td><td style="font-style: italic">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left; text-indent: 0in">Additions &#8211; internally developed</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c196" decimals="0" format="ixt:num-dot-decimal" name="angh:Transferred" scale="0" sign="-" unitRef="usd">81,701</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-167">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-168">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; padding-bottom: 1.5pt; text-indent: 0in">At December 31, 2021</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c196" decimals="0" format="ixt:num-dot-decimal" name="angh:IntangibleAssetsCostBalance" scale="0" unitRef="usd">548,197</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c197" decimals="0" format="ixt:num-dot-decimal" name="angh:IntangibleAssetsCostBalance" scale="0" unitRef="usd">78,314</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c198" decimals="0" format="ixt:num-dot-decimal" name="angh:IntangibleAssetsCostBalance" scale="0" unitRef="usd">110,876</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font-weight: normal; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-style: italic; text-align: left; padding-left: 5.75pt">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: 0in">Amortization:</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: 0in">At January 1, 2021</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c187" decimals="0" format="ixt:num-dot-decimal" name="angh:IntangibleAssetsAmortizationBalance" scale="0" unitRef="usd">1,295,643</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c188" decimals="0" format="ixt:num-dot-decimal" name="angh:IntangibleAssetsAmortizationBalance" scale="0" unitRef="usd">250,327</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c189" decimals="0" format="ixt:num-dot-decimal" name="angh:IntangibleAssetsAmortizationBalance" scale="0" unitRef="usd">17,351</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c30" decimals="0" format="ixt:num-dot-decimal" name="angh:IntangibleAssetsAmortizationBalance" scale="0" unitRef="usd">1,563,321</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt; text-indent: 0in">Charge for the year</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c191" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationExpense" scale="0" unitRef="usd">619,259</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c193" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationExpense" scale="0" unitRef="usd">18,104</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-170">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationExpense" scale="0" unitRef="usd">711,919</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; padding-bottom: 1.5pt; text-indent: 0in">At December 31, 2021</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c195" decimals="0" format="ixt:num-dot-decimal" name="angh:IntangibleAssetsAmortizationBalance" scale="0" unitRef="usd">1,914,902</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c196" decimals="0" format="ixt:num-dot-decimal" name="angh:IntangibleAssetsAmortizationBalance" scale="0" unitRef="usd">324,883</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c197" decimals="0" format="ixt:num-dot-decimal" name="angh:IntangibleAssetsAmortizationBalance" scale="0" unitRef="usd">35,455</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-171">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="angh:IntangibleAssetsAmortizationBalance" scale="0" unitRef="usd">2,275,240</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-style: italic; text-align: left; padding-left: 5.75pt">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0in">Net carrying amount:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font-weight: bold; padding-bottom: 4pt; text-indent: 0in"><b style="font-style: normal; font-weight: normal">At December 31, 2021</b></td><td style="padding-bottom: 4pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: 0in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">2022</td><td style="font-weight: bold">&#160;</td>
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">&#160;</td><td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">&#160;</td><td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">&#160;</td><td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">&#160;</td><td style="font-style: italic; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="angh:AdditionsInternallyDeveloped" scale="0" unitRef="usd">164,305</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; padding-bottom: 1.5pt; text-indent: 0in">At December 31, 2022</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-style: italic; text-align: left; padding-left: 5.75pt">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c195" decimals="0" format="ixt:num-dot-decimal" name="angh:IntangibleAssetsAmortizationBalance" scale="0" unitRef="usd">1,914,902</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c196" decimals="0" format="ixt:num-dot-decimal" name="angh:IntangibleAssetsAmortizationBalance" scale="0" unitRef="usd">324,883</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c197" decimals="0" format="ixt:num-dot-decimal" name="angh:IntangibleAssetsAmortizationBalance" scale="0" unitRef="usd">35,455</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="angh:WriteoffAmortization" scale="0" sign="-" unitRef="usd">7,567</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory-c0_cont_4" id="_DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Work in progress represents costs incurred in
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory-c0_cont_5" id="_DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amortization charged is allocated as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory-c0_cont_5"><ix:nonNumeric contextRef="c0" escape="true" name="angh:ScheduleOfamortizationCharged"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table></ix:nonNumeric></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 164; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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AND OTHER RECEIVABLES</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_2" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" continuedAt="angh_ScheduleOfTradeAndOtherReceivablesTableTextBlock-c0_cont_1" escape="true" name="angh:ScheduleOfTradeAndOtherReceivablesTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_3" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_2"><ix:continuation id="angh_ScheduleOfTradeAndOtherReceivablesTableTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(1)<span style="font-size: 10pt"> </span><ix:footnote id="ix_2_footnote" xml:lang="en-US">The
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_4" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Trade receivables are non-interest bearing and
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_5" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An analysis of expected credit losses is performed
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groupings of various customer segments with similar loss patterns (i.e., by geographical region, product type, customer type and rating,
and coverage by letters of credit or other forms of credit insurance). The calculation reflects the probability-weighted outcome and reasonable
and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_6" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At December 31, 2022 and 2021, the ageing analysis
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</div><div>

</div><ix:continuation id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_6"><ix:nonNumeric contextRef="c0" escape="true" name="angh:ScheduleOfAgeingAnalysisOfTradeReceivablesTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: White">
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  </table></ix:nonNumeric></ix:continuation><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 165; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForInvestmentsInJointVentures-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>17 INVESTMENT
IN A JOINT VENTURE </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentsInJointVentures-c0_cont_2" id="_DescriptionOfAccountingPolicyForInvestmentsInJointVentures-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group holds <ix:nonFraction contextRef="c4" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" scale="-2" unitRef="pure">50</ix:nonFraction>% interest in Vibe Music Arabia
FZ-LLC, a joint arrangement formed with Sony Music Entertainment ME FZ LLC and involved in music distribution, music label and right management
and music production, re-production and recordings. Vibe Music Arabia FZ-LLC is legally separated from the entity and the Group has concluded
it is a joint venture. Vibe Music Arabia FZ-LLC was legally established / incorporated on September 7, 2021 as a free zone Group with
limited liability in Dubai Development Authority</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentsInJointVentures-c0_cont_3" id="_DescriptionOfAccountingPolicyForInvestmentsInJointVentures-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group&#8217;s interest in Vibe Music Arabia
FZ-LLC is accounted for using the equity method in the consolidated financial statements. Summarized financial information of the joint
venture, based on its IFRS financial statements, and reconciliation with the carrying amount of the investment in the consolidated financial
statements are set out below:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentsInJointVentures-c0_cont_4" id="_DescriptionOfAccountingPolicyForInvestmentsInJointVentures-c0_cont_3"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfEffectOfChangeOfInvestmentEntityStatusOnFinancialStatementsExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentsInJointVentures-c0_cont_5" id="_DescriptionOfAccountingPolicyForInvestmentsInJointVentures-c0_cont_4"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentsInJointVentures-c0_cont_6" id="_DescriptionOfAccountingPolicyForInvestmentsInJointVentures-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Summarized statement of profit or loss of Vibe Music Arabia FZ-LLC:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentsInJointVentures-c0_cont_7" id="_DescriptionOfAccountingPolicyForInvestmentsInJointVentures-c0_cont_6"><ix:nonNumeric contextRef="c0" escape="true" name="angh:ScheduleOfSummarizedStatementOfProfitOrLossTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForInvestmentsInJointVentures-c0_cont_8" id="_DescriptionOfAccountingPolicyForInvestmentsInJointVentures-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Vibe Music Arabia FZ-LLC had no significant contingent
liabilities or capital commitments as at 31 December 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DescriptionOfAccountingPolicyForInvestmentsInJointVentures-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Group has future commitments of USD <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughOtherChangesInvestmentProperty" scale="0" unitRef="usd">1,200,000</ix:nonFraction> related to their
investment in Vibe Music Arabia FZ-LLC.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>18 CASH
AND BANK BALANCES</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory-c0_cont_2" id="_DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash and cash equivalents reflected in the consolidated
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory-c0_cont_3" id="_DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="angh:cashAndCashEquivalentsTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="font-weight: bold; font-style: italic">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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</div><div>

</div><ix:continuation id="_DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Bank overdrafts carry an interest rate between
<ix:nonFraction contextRef="c221" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:BorrowingsInterestRate" scale="-2" unitRef="pure">7</ix:nonFraction>% &#8211; <ix:nonFraction contextRef="c222" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:BorrowingsInterestRate" scale="-2" unitRef="pure">10</ix:nonFraction>%.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfIssuedCapitalExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfIssuedCapitalExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>19 ISSUED
CAPITAL AND RESERVES</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIssuedCapitalExplanatory-c0_cont_2" id="_DisclosureOfIssuedCapitalExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 3, 2022 (&#8220;The Closing Date&#8221;)
The Group consummated the Business Combination with Vistas Media Acquisition Group (&#8220;VMAC&#8221; or the &#8220;SPAC&#8221;), where
VMAC merged through multiple transactions with a wholly-owned subsidiary of Anghami Inc.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIssuedCapitalExplanatory-c0_cont_3" id="_DisclosureOfIssuedCapitalExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of the reverse recapitalization and
consummation of the Business Combination, Anghami Inc. authorized the issuance of <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="angh:ReverseRecapitalization" scale="0" unitRef="shares">7,768,964</ix:nonFraction> shares upon Reverse Recapitalization.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIssuedCapitalExplanatory-c0_cont_4" id="_DisclosureOfIssuedCapitalExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the terms of the business combination
agreement, at the closing date, among other things, each shareholder of Anghami&#8217;s outstanding common shares class A, common shares
Class B and common Shares Class C all received approximately <ix:nonFraction contextRef="c223" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">197.3057</ix:nonFraction> shares of new Anghami&#8217;s ordinary shares.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIssuedCapitalExplanatory-c0_cont_5" id="_DisclosureOfIssuedCapitalExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, pursuant to the terms of the business
combination agreement, at the closing date, each outstanding Vista Media Acquisition Warrant were automatically assumed and converted
into a new Warrant to acquire new Anghami&#8217;s Common Share A, subject to the same terms and conditions (including exercisability terms)
as were applicable to the corresponding former Vista Media Acquisitions Warrants.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIssuedCapitalExplanatory-c0_cont_6" id="_DisclosureOfIssuedCapitalExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February&#160;3, 2022, the Group converted
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of MEVP.&#160;On August&#160;31, 2021 the convertible note has been extended to May&#160;31, 2022 where Anghami has obtained a waiver
on the accrual of interest for the extension period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIssuedCapitalExplanatory-c0_cont_7" id="_DisclosureOfIssuedCapitalExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February&#160;3, 2022, the Group converted
into equity by issuance of <ix:nonFraction contextRef="c227" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CostOfSales" scale="0" unitRef="usd">693,332</ix:nonFraction> Class B Preferred Shares of Anghami the convertible note agreement and an ancillary conversion undertaking
agreement with Alkonost Investment Ltd. For funds amounting to USD <ix:nonFraction contextRef="c227" decimals="0" format="ixt:num-dot-decimal" name="angh:FundsAmount" scale="0" unitRef="usd">5,000,000</ix:nonFraction> maturing May&#160;2022. The convertible note was subject
to a profit rate of <ix:nonFraction contextRef="c228" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:BorrowingsInterestRate" scale="-2" unitRef="pure">12</ix:nonFraction>% per annum and for which the Group has obtained a waiver for the interest which was accrued up to August&#160;2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIssuedCapitalExplanatory-c0_cont_8" id="_DisclosureOfIssuedCapitalExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following the closing of the Business Combination,
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issued and outstanding.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>19 ISSUED
CAPITAL AND RESERVES (continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfIssuedCapitalExplanatory-c0_cont_9" id="_DisclosureOfIssuedCapitalExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After the completion of the Business combination,
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIssuedCapitalExplanatory-c0_cont_10" id="_DisclosureOfIssuedCapitalExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the completion of the business combination,
the Group has recasted certain financial information presented to reflect certain changes in the equity structure and the effect of the
Conversion Ratio that are being applied retrospectively. Specifically, the Group has recast its financial numbers to reflect the change
in number of shares authorized, issued and outstanding post conversion in line with the Conversion Ratio in the Equity disclosure, allocation
between share capital and share premium, and its related impact on the Loss Per Share calculation and Convertible notes, working capital
loans and warrants.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIssuedCapitalExplanatory-c0_cont_11" id="_DisclosureOfIssuedCapitalExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group has retroactively adjusted the shares
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pursuant to the Business Combination agreement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIssuedCapitalExplanatory-c0_cont_12" id="_DisclosureOfIssuedCapitalExplanatory-c0_cont_11"><ix:nonNumeric contextRef="c0" continuedAt="angh_DisclosureOfCapitalStructureTableTextBlock-c0_cont_1" escape="true" name="angh:DisclosureOfCapitalStructureTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIssuedCapitalExplanatory-c0_cont_13" id="_DisclosureOfIssuedCapitalExplanatory-c0_cont_12"><ix:continuation id="angh_DisclosureOfCapitalStructureTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: White">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIssuedCapitalExplanatory-c0_cont_14" id="_DisclosureOfIssuedCapitalExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The movement of ordinary shares and share premium
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIssuedCapitalExplanatory-c0_cont_15" id="_DisclosureOfIssuedCapitalExplanatory-c0_cont_14"><ix:nonNumeric contextRef="c0" escape="true" name="angh:DisclosureOfShareBasedPaymentReserves"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Share based payment for service providers</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Conversion of convertible notes and working capital loans into common stock</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: justify; padding-bottom: 4pt">Ending ordinary shares as of December 31,</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c7" decimals="INF" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesOutstanding" scale="0" unitRef="shares">26,005,654</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfIssuedCapitalExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The share-based payments reserve is used to recognize
the value of equity-settled share-based payments provided to employees (including key management personnel, as part of their remuneration)
and service provider. Refer to Note 20 for further details of these plans.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 168; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>20 SHARE-BASED PAYMENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_2" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group established the Anghami Long term Incentive
Plan (&#8220;LTIP&#8221;) which is designed to provide long-term incentives for key employees in the Group. While there was a mutual understanding
with the employees regarding the terms of the award, its formal approval was pending. However, employees have rendered services to the
Group based on mutual understanding, and this counts towards employees meeting their service conditions. The Board of Directors adopted
a draft version of Anghami Long term Incentive Plan (&#8220;LTIP&#8221;) and a draft version of the sample award agreement for granting
of options to employees as identified by the Management, up to <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="angh:GrantingOfOptionsShares" scale="0" unitRef="shares">229,390</ix:nonFraction> shares.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_3" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the LTIP, the Group, at its discretion,
may grant shares of the Parent to employees, once the employee has completed two years or four years of service, depending upon the plan.
Vesting of the share options is dependent on the completion of the service period of the employee. The fair value of shares granted is
estimated at the date of grant using a revenue multiple approach or by reference to a market transaction and taking into account the terms
and conditions on which the shares were granted. The model simulates the revenue multiple and compares it against the group of principal
competitors or comparable companies, whilst applying an appropriate liquidity discount and volatility rate. It takes into account historical
and expected probability of vesting. The current GESP program is a graded vesting shares ownership program with the following maturities:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_4" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.5in">1.</td><td style="text-align: justify"><ix:nonNumeric contextRef="c242" format="ixt-sec:duryear" name="angh:StockOptionMaturityTerm">4.5</ix:nonNumeric> years maturity &#8211; <ix:nonFraction contextRef="c242" decimals="2" format="ixt:num-dot-decimal" name="angh:StockOptionVestingRule" scale="-2" unitRef="pure">25</ix:nonFraction>% Vesting Rule: Whereby the employee gets <ix:nonFraction contextRef="c242" decimals="2" format="ixt:num-dot-decimal" name="angh:DistributedShares" scale="-2" unitRef="pure">25</ix:nonFraction>% of the distributed shares for
the first 18 months since the date of grant, and <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="angh:StockOptionVestedEqually" scale="-2" unitRef="pure">25</ix:nonFraction>% are vested equally over the next <ix:nonNumeric contextRef="c242" format="ixt-sec:durwordsen" name="angh:StockOptionVestTerm">three years</ix:nonNumeric>.</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_5" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.5in">2.</td><td style="text-align: justify">2.<ix:nonNumeric contextRef="c0" format="ixt-sec:duryear" name="angh:StockOptionMaturityTerm">5</ix:nonNumeric> years maturity &#8211; <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="angh:StockOptionVestingRule" scale="-2" unitRef="pure">50</ix:nonFraction>% Vesting Rule: Whereby the employee gets <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="angh:DistributedShares" scale="-2" unitRef="pure">50</ix:nonFraction>% of the distributed evenly over
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_6" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">LTIPs are Class C non-voting preferred shares
and are vested only when the employee completes the vesting period. Employee can only sell the vested shares to the Group or existing
shareholders. The latter&#8217;s buying of GESP shares requires a board approval.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_7" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The shares are distributed evenly through tranches
over the vesting period. The remaining three tranches are distributed at the end of each service year starting the end of the second year
of service. Participation in the plan is at the board&#8217;s discretion and no individual has a contractual right to participate in the
plan or receive any guaranteed benefits.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_8" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to the business combination employees have
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to shares in Anghami Inc. whereby they immediately vest <ix:nonFraction contextRef="c244" decimals="2" format="ixt:num-dot-decimal" name="angh:DistributedShares" scale="-2" unitRef="pure">50</ix:nonFraction>% of the distributed shares and the rest will be allocated at a rate of <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="angh:RestAllocatedPercentage" scale="-2" unitRef="pure">25</ix:nonFraction>%
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_9" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The movement of share-based payment reserves during
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_10" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_9"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-style: italic">&#160;</td>
    <td colspan="2" style="font-style: italic; text-align: center">Amount</td><td style="font-style: italic">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: justify">&#160;</td><td style="padding-bottom: 1.5pt; font-style: italic">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">USD</td><td style="padding-bottom: 1.5pt; font-style: italic">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: justify">As at January 1, 2021</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c30" decimals="0" format="ixt:num-dot-decimal" name="angh:ShareBasedBalance" scale="0" unitRef="usd">2,361,094</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Share-based payments expense during the year (note 8)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c245" decimals="0" format="ixt:num-dot-decimal" name="angh:SharebasedPaymentsExpenses" scale="0" unitRef="usd">801,450</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify">At December 31, 2021</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c246" decimals="0" format="ixt:num-dot-decimal" name="angh:ShareBasedBalance" scale="0" unitRef="usd">3,162,544</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Reversal of prior provisions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c247" decimals="0" format="ixt:num-dot-decimal" name="angh:ReversalOfPriorProvisions" scale="0" sign="-" unitRef="usd">2,214,795</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Share-based payments expense during the year (note 8)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c247" decimals="0" format="ixt:num-dot-decimal" name="angh:SharebasedPaymentsExpenses" scale="0" unitRef="usd">564,741</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify; padding-bottom: 4pt">As at December 31, 2022</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="angh:ShareBasedBalance" scale="0" unitRef="usd">1,512,490</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric></ix:continuation><div>




</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 169; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>20 SHARE-BASED
PAYMENTS (continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_11" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">Share options
outstanding at the end of each year are the follows:</span></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_12" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_11"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; font-style: italic">&#160;</td>
    <td colspan="2" style="font-weight: bold; font-style: italic; text-align: center">2022</td><td style="font-weight: bold; font-style: italic">&#160;</td><td style="font-style: italic">&#160;</td>
    <td colspan="2" style="font-style: italic; text-align: center">2021</td><td style="font-style: italic">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">Shares options</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: right; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><i>Shares
                                                                                options</i></p></td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%">Opening balance as of January 1,</td><td style="width: 1%; font-weight: bold">&#160;</td>
    <td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 9%; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="angh:ShareOptionssShareBasedPaymentArrangementOutstandingSharesBeginningBalance" scale="0" unitRef="shares">4,318</ix:nonFraction></td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="angh:ShareOptionssShareBasedPaymentArrangementOutstandingSharesBeginningBalance" scale="0" unitRef="shares">3,830</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Issued during the year (i)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" id="ix_8_fact" name="ifrs-full:NumberOfSharesIssuedAndFullyPaid" scale="0" unitRef="shares">1,110</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" id="ix_9_fact" name="ifrs-full:NumberOfSharesIssuedAndFullyPaid" scale="0" unitRef="shares">488</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Exercised during the year</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-184">-</div></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-185">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: justify; padding-bottom: 4pt">Ending shares option as of December 31,</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="angh:ShareOptionssShareBasedPaymentArrangementOutstandingSharesEndBalance" scale="0" unitRef="shares">5,428</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="angh:ShareOptionssShareBasedPaymentArrangementOutstandingSharesEndBalance" scale="0" unitRef="shares">4,318</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_13" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_12"><ix:continuation id="_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">(i) <ix:footnote id="ix_3_footnote" xml:lang="en-US">Since the
grant date is achieved only in the future on the &#8220;exit event&#8221; while the vesting period commences when awards are issued to
employees, the disclosure considers &#8220;number of awards issued&#8221; in place of &#8220;number of awards granted&#8221;</ix:footnote></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_14" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">The options
are fair valued using Monte Carlo simulation. The following assumptions are used in calculating the fair values of the options:</span></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_15" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_14"><ix:nonNumeric contextRef="c0" escape="true" name="angh:ScheduleOfOptionsGrantedToEmployeesUsingTheBlackScholesOptionTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&#160;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-style: italic">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; font-style: italic">&#160;</td>
    <td colspan="2" style="font-weight: bold; font-style: italic; text-align: right">&#160;</td><td style="font-weight: bold; font-style: italic">&#160;</td><td style="font-style: italic">&#160;</td>
    <td colspan="2" style="font-style: italic; text-align: right">&#160;</td><td style="font-style: italic">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%">Expected weighted average volatility (%)</td><td style="width: 1%; font-weight: bold">&#160;</td>
    <td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 9%; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:DescriptionOfExpectedVolatilityShareOptionsGranted" scale="-2" unitRef="pure">80</ix:nonFraction></td><td style="width: 1%; font-weight: bold; text-align: left">%</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c5" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:DescriptionOfExpectedVolatilityShareOptionsGranted" scale="-2" unitRef="pure">70</ix:nonFraction></td><td style="width: 1%; text-align: left">%</td></tr>
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p><div>

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the business combination, the group has implemented a Long term incentive plan whereby the shares of Anghami have been converted into
shares in Anghami Inc. the value of those share has dropped significantly due to the share price drop of Anghami Inc. resulting in a reversal
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="angh_LeasesTextBlock-c0_cont_1" escape="true" name="angh:LeasesTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>21 LEASES</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

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the leased assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="angh_LeasesTextBlock-c0_cont_3" id="angh_LeasesTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are several lease contracts that include
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="angh_LeasesTextBlock-c0_cont_5" id="angh_LeasesTextBlock-c0_cont_4"><ix:nonNumeric contextRef="c0" escape="true" name="angh:ScheduleOfCarryingAmountsOfRightofuseAssets"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 170; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>21 LEASES (continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="angh_LeasesTextBlock-c0_cont_6" id="angh_LeasesTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Set out below are the carrying amounts of lease
liabilities and the movements during the period:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="angh_LeasesTextBlock-c0_cont_7" id="angh_LeasesTextBlock-c0_cont_6"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfOtherProvisionsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfOtherProvisionsExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</table><p style="margin: 0">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="angh_LeasesTextBlock-c0_cont_8" id="angh_LeasesTextBlock-c0_cont_7"><ix:continuation id="_DisclosureOfOtherProvisionsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="angh_LeasesTextBlock-c0_cont_9" id="angh_LeasesTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The maturity analysis of lease liabilities is
disclosed in Note 29</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="angh_LeasesTextBlock-c0_cont_10" id="angh_LeasesTextBlock-c0_cont_9"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:MaturityAnalysisForDerivativeFinancialLiabilities"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><ix:continuation id="angh_LeasesTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are no potential future rental payments,
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><div>

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shares of Spotlight Recreational Services LLC (&#8220;Spotlight&#8221;), a Company incorporated under the laws of the United Arab Emirates,
pursuant to the signed sale and purchase agreement. Spotlight is engaged in operating live events. This acquisition has been accounted
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</div><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="angh_DisclosureOfBusinessCombinationAndGoodwillTextBlock-c0_cont_5" id="angh_DisclosureOfBusinessCombinationAndGoodwillTextBlock-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
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</div><div>

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</div><div>

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</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 171; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><div>

</div><ix:continuation id="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="angh:ScheduleOfShareBasedCompensationsActivityTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfInformationAboutAmountsRecognisedInRelationToRegulatoryDeferralAccountBalancesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfInformationAboutAmountsRecognisedInRelationToRegulatoryDeferralAccountBalancesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>25 AMOUNT
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutAmountsRecognisedInRelationToRegulatoryDeferralAccountBalancesExplanatory-c0_cont_2" id="_DisclosureOfInformationAboutAmountsRecognisedInRelationToRegulatoryDeferralAccountBalancesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Related parties represent associated companies,
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutAmountsRecognisedInRelationToRegulatoryDeferralAccountBalancesExplanatory-c0_cont_3" id="_DisclosureOfInformationAboutAmountsRecognisedInRelationToRegulatoryDeferralAccountBalancesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>25.1 Related
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutAmountsRecognisedInRelationToRegulatoryDeferralAccountBalancesExplanatory-c0_cont_4" id="_DisclosureOfInformationAboutAmountsRecognisedInRelationToRegulatoryDeferralAccountBalancesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Due from related parties:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutAmountsRecognisedInRelationToRegulatoryDeferralAccountBalancesExplanatory-c0_cont_5" id="_DisclosureOfInformationAboutAmountsRecognisedInRelationToRegulatoryDeferralAccountBalancesExplanatory-c0_cont_4"><ix:nonNumeric contextRef="c0" escape="true" name="angh:ScheduleOfDueFromShareholdersAndRelatedPartiesTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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</div><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 172; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>25 AMOUNT
DUE FROM/TO RELATED PARTIES (continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutAmountsRecognisedInRelationToRegulatoryDeferralAccountBalancesExplanatory-c0_cont_6" id="_DisclosureOfInformationAboutAmountsRecognisedInRelationToRegulatoryDeferralAccountBalancesExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Due to shareholders and related parties:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutAmountsRecognisedInRelationToRegulatoryDeferralAccountBalancesExplanatory-c0_cont_7" id="_DisclosureOfInformationAboutAmountsRecognisedInRelationToRegulatoryDeferralAccountBalancesExplanatory-c0_cont_6"><ix:nonNumeric contextRef="c0" escape="true" name="angh:ScheduleOfDueToShareholdersAndRelatedPartiestableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-left: 0.3in">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutAmountsRecognisedInRelationToRegulatoryDeferralAccountBalancesExplanatory-c0_cont_8" id="_DisclosureOfInformationAboutAmountsRecognisedInRelationToRegulatoryDeferralAccountBalancesExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The above balances are interest free and have
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutAmountsRecognisedInRelationToRegulatoryDeferralAccountBalancesExplanatory-c0_cont_9" id="_DisclosureOfInformationAboutAmountsRecognisedInRelationToRegulatoryDeferralAccountBalancesExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>(c) Convertible notes: </i>Convertible notes
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutAmountsRecognisedInRelationToRegulatoryDeferralAccountBalancesExplanatory-c0_cont_10" id="_DisclosureOfInformationAboutAmountsRecognisedInRelationToRegulatoryDeferralAccountBalancesExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d) <i>Working capital loans:</i> Working capital
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutAmountsRecognisedInRelationToRegulatoryDeferralAccountBalancesExplanatory-c0_cont_11" id="_DisclosureOfInformationAboutAmountsRecognisedInRelationToRegulatoryDeferralAccountBalancesExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>25.2 Related
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutAmountsRecognisedInRelationToRegulatoryDeferralAccountBalancesExplanatory-c0_cont_12" id="_DisclosureOfInformationAboutAmountsRecognisedInRelationToRegulatoryDeferralAccountBalancesExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Significant transactions with related parties
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutAmountsRecognisedInRelationToRegulatoryDeferralAccountBalancesExplanatory-c0_cont_13" id="_DisclosureOfInformationAboutAmountsRecognisedInRelationToRegulatoryDeferralAccountBalancesExplanatory-c0_cont_12"><ix:nonNumeric contextRef="c0" escape="true" name="angh:ScheduleOfStatementOfComprehensiveIncomeTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="angh:InterestOnWorkingCapitalLoan" scale="0" sign="-" unitRef="usd">88,757</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutAmountsRecognisedInRelationToRegulatoryDeferralAccountBalancesExplanatory-c0_cont_14" id="_DisclosureOfInformationAboutAmountsRecognisedInRelationToRegulatoryDeferralAccountBalancesExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Du and Mobily utilize their network to facilitate
subscription payments for the Group&#8217;s users.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 173; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>25 AMOUNT
DUE FROM/TO RELATED PARTIES (continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutAmountsRecognisedInRelationToRegulatoryDeferralAccountBalancesExplanatory-c0_cont_15" id="_DisclosureOfInformationAboutAmountsRecognisedInRelationToRegulatoryDeferralAccountBalancesExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>25.3 Compensation
of key management personnel of the Group</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfInformationAboutAmountsRecognisedInRelationToRegulatoryDeferralAccountBalancesExplanatory-c0_cont_15"><ix:nonNumeric contextRef="c0" escape="true" name="angh:ScheduleOfCompensationOfKeyManagementPersonnelOfTheGrouptableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: White">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="angh_WarrantsLiabilitiesTextBlock-c0_cont_1" escape="true" name="angh:WarrantsLiabilitiesTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>26 WARRANTS
LIABILITIES</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="angh_WarrantsLiabilitiesTextBlock-c0_cont_2" id="angh_WarrantsLiabilitiesTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to the Transaction, the SPAC issued <ix:nonFraction contextRef="c268" decimals="0" format="ixt:num-dot-decimal" name="angh:Warrants" scale="0" unitRef="shares">11,295,000</ix:nonFraction>
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</div><div>

</div><ix:continuation continuedAt="angh_WarrantsLiabilitiesTextBlock-c0_cont_3" id="angh_WarrantsLiabilitiesTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon closing of the Transaction, the Group assumed
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</div><div>

</div><ix:continuation continuedAt="angh_WarrantsLiabilitiesTextBlock-c0_cont_4" id="angh_WarrantsLiabilitiesTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year 2022, <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="angh:Warrants" scale="0" unitRef="shares">575,000</ix:nonFraction> warrants were exercised
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</div><div>

</div><ix:continuation continuedAt="angh_WarrantsLiabilitiesTextBlock-c0_cont_5" id="angh_WarrantsLiabilitiesTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The warrants are initially recognised at fair
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</div><div>

</div><ix:continuation continuedAt="angh_WarrantsLiabilitiesTextBlock-c0_cont_6" id="angh_WarrantsLiabilitiesTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The outstanding warrants as of December 31, 2022
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</div><div>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="angh_WarrantsLiabilitiesTextBlock-c0_cont_8" id="angh_WarrantsLiabilitiesTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Public Warrants</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="angh_WarrantsLiabilitiesTextBlock-c0_cont_9" id="angh_WarrantsLiabilitiesTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each warrant entitles the registered holder to
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warrant agreement), subject to adjustment as discussed below, at any time commencing on the later of 12&#160;months from the closing of
the VMAC&#8217;s public offering and 30 days after the completion of the Business Combination, provided in each case that we have an effective
registration statement under the Securities Act covering the ordinary shares issuable upon exercise of the warrants and a current prospectus
relating to them is available (or we permit holders to exercise their warrants on a cashless basis under the circumstances specified in
the warrant agreement) and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of
the state of residence of the holder.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="angh_WarrantsLiabilitiesTextBlock-c0_cont_10" id="angh_WarrantsLiabilitiesTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The warrants will expire five years after the
completion of the Business Combination, which will be February&#160;3, 2027 (or such later date as we may determine pursuant to the terms
of the warrant agreement), or earlier upon redemption or liquidation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 174; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>26 WARRANTS LIABILITIES
(continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><ix:continuation continuedAt="angh_WarrantsLiabilitiesTextBlock-c0_cont_11" id="angh_WarrantsLiabilitiesTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Private Placement Warrants and Private Placement Unit Warrants</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="angh_WarrantsLiabilitiesTextBlock-c0_cont_12" id="angh_WarrantsLiabilitiesTextBlock-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The private placement warrants and private placement
unit warrants have the same terms &amp; conditions as the public warrants, except that the private placement warrants and the private
placement unit warrants and the ordinary shares issuable upon exercise of such warrants are not transferable, assignable or saleable until
30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the private placement warrants
and private placement unit warrants are non-redeemable&#160;so long as they are held by the Sponsor, I-Bankers&#160;or their permitted
transferees. If the private placement warrants and private placement unit warrants are held by someone other than the Sponsor, I-Bankers&#160;or
their permitted transferees, the private placement warrants and private placement unit warrants will be redeemable by the Group and exercisable
by such holders on the same basis as the public warrants.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="angh_WarrantsLiabilitiesTextBlock-c0_cont_13" id="angh_WarrantsLiabilitiesTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 7, 2022, Anghami Inc. issued <ix:nonFraction contextRef="c272" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">24,393</ix:nonFraction> Class
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share.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="angh_WarrantsLiabilitiesTextBlock-c0_cont_14" id="angh_WarrantsLiabilitiesTextBlock-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Representative Warrants</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="angh_WarrantsLiabilitiesTextBlock-c0_cont_15" id="angh_WarrantsLiabilitiesTextBlock-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August&#160;11, 2020, VMAC issued an aggregate
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as underwriters for the IPO.&#160;The Representative&#8217;s Warrants may be exercised for cash or on a cashless basis, at the holder&#8217;s
option, at any time during the period commencing on the later of the first anniversary of the effective date of the registration statement
of the Group and the closing of the Group&#8217;s initial Business Combination and terminating on the fifth anniversary of such effectiveness
date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="angh_WarrantsLiabilitiesTextBlock-c0_cont_16" id="angh_WarrantsLiabilitiesTextBlock-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 8, 2022, Anghami Inc. issued <ix:nonFraction contextRef="c276" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">153,846</ix:nonFraction>
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per share. On February 18, 2022, Anghami Inc. issued <ix:nonFraction contextRef="c279" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">58,448</ix:nonFraction> Class A Shares upon the cashless exercise of representative warrants to purchase
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</div><div>

</div><ix:continuation continuedAt="angh_WarrantsLiabilitiesTextBlock-c0_cont_17" id="angh_WarrantsLiabilitiesTextBlock-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Service Warrants</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="angh_WarrantsLiabilitiesTextBlock-c0_cont_18" id="angh_WarrantsLiabilitiesTextBlock-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The service warrants are identical in terms to
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</div><div>

</div><ix:continuation continuedAt="angh_WarrantsLiabilitiesTextBlock-c0_cont_19" id="angh_WarrantsLiabilitiesTextBlock-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As at 31 December 2022, The carrying value of
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</div><div>

</div><ix:continuation continuedAt="angh_WarrantsLiabilitiesTextBlock-c0_cont_20" id="angh_WarrantsLiabilitiesTextBlock-c0_cont_19"><ix:nonNumeric contextRef="c0" escape="true" name="angh:ScheduleOfCarryingValueOfTheWarrantsTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

</div><ix:continuation continuedAt="angh_WarrantsLiabilitiesTextBlock-c0_cont_21" id="angh_WarrantsLiabilitiesTextBlock-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The warrants are fair valued using Black-Scholes
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</div><div>

</div><ix:continuation id="angh_WarrantsLiabilitiesTextBlock-c0_cont_21"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfFairValueMeasurementOfLiabilitiesExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 175; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfDebtSecuritiesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>27 LOANS
AND BORROWINGS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_2" id="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="angh:ScheduleOfLoansAndBorrowingsTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; font-style: italic">&#160;</td>
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    <td colspan="2" style="font-style: italic; text-align: center">2021</td><td style="font-style: italic">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 4pt">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_3" id="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Convertible note 1</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_4" id="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year 2020, the Group signed a convertible
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annum, which has been extended at the discretion of MEVP. The convertible notes rank ahead of the ordinary shares in the event of a liquidation.
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_5" id="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the consummation of the business combination,
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_6" id="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Convertible note 2</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_7" id="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year 2020, the Group signed a convertible
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_8" id="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Convertible note 2 agreements included certain
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_9" id="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the consummation of the business combination,
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_10" id="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Convertible note 3</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_11" id="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group has entered into a convertible loan
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_12" id="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the consummation of the business combination,
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_13" id="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The table below presents the changes in the convertible notes:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_14" id="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_13"><ix:nonNumeric contextRef="c0" escape="true" name="angh:ScheduleOfChangesInTheConvertibleNotesTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify; padding-bottom: 4pt; padding-left: 0.125in">At December 31</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 176; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>27 LOANS
AND BORROWINGS (continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_15" id="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below presents the classification and
maturity of the convertible notes:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_16" id="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_15"><ix:nonNumeric contextRef="c0" escape="true" name="angh:ScheduleOfClassificationAndMaturityOfTheConvertibleNotesTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; font-style: italic">&#160;</td>
    <td colspan="2" style="font-weight: bold; font-style: italic; text-align: center">2022</td><td style="font-weight: bold; font-style: italic">&#160;</td><td style="font-style: italic">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Fair value through profit or loss</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Current</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_17" id="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Working capital loans</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_18" id="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Working capital loan 1</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_19" id="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group has entered into a working capital loan
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_20" id="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the consummation of the business combination,
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_21" id="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Working capital loan 2</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

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</div><div>

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</div><div>

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</div><div>

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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table></ix:nonNumeric></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 177; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>28 CONTINGENCIES
AND COMMITEMENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_2" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>28.1 Contingencies</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_3" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There exist a few pending legal actions, proceedings,
and claims or may be instituted or asserted against the Group. These may include but are not limited to matters arising out of alleged
infringement of intellectual property; alleged violations of consumer regulations; employment-related matters; and disputes arising out
of supplier and other contractual relationships. As a general matter, the music and other content made available on the Group&#8217;s
service are licensed to the Group by various third parties. Many of these licenses allow rights holders to audit the Group&#8217;s royalty
payments, and any such audit could result in disputes over whether the Group has paid the proper royalties. If such a dispute were to
occur, the Group could be required to pay additional royalties, and the amounts involved could be material. The Group expenses legal fees
as incurred. The Group records a provision for contingent losses when it is both probable that a liability has been incurred and the amount
of the loss can be reasonably estimated. An unfavorable outcome to any legal matter, if material, could have an adverse effect on the
Group&#8217;s operations or its financial position, liquidity, or results of operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:nonNumeric contextRef="c0" name="angh:DescriptionOfRightsClaiming"><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_4" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pop Arabia commenced a law suit against Anghami
in December 2022 with an accusation of &#8220;unlicensed exploitation of musical and lyrical works&#8221;. The estimated amount is immaterial
should the action be successful as they are only claiming the rights for 12 songs.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_5" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on management assessment, currently there
are no material cases, claims or proceedings of such quantum which require provision or disclosure as contingent liabilities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_6" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>28.2 Commitments</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_7" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group is subject to the following minimum
guarantee amounts relating to investments in joint ventures and the content on its service and publishing rights, the majority of which
relate to initial investments and minimum royalty payments associated with its license agreements for the use of licensed content and
publishing royalties, as at December 31:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_8" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_7"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; font-style: italic">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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</div><div>

</div><ix:continuation id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the minimum guarantees listed above,
the Group is subject to various service agreements including a service agreement with Amazon for the use of Amazon servers and cloud as
at December 31.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>29 FINANCIAL
RISK MANAGEMENT OBJECTIVE AND POLICIES</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_2" id="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group&#8217;s principal financial liabilities
comprise loans and borrowings, lease liabilities, due to related parties, bank overdrafts and trade and other payables. The main purpose
of these financial liabilities is to finance the Group&#8217;s operations. The Group&#8217;s principal financial assets include trade
and other receivables, contract assets, due from related parties and cash and cash equivalents that derive directly from its operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_3" id="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The main risks arising from the Group&#8217;s
financial instruments are market risk, liquidity risk and credit risk. The Board of Directors reviews and agrees policies for managing
each of these risks which are summarised below:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_4" id="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Market risk</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_5" id="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Market risk is the risk that the fair value or
future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk:
interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. The sensitivity analyses in the
following sections relate to the position as at December 31, 2022 and 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_6" id="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Interest rate risk</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_7" id="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group is not exposed to any significant interest
rate risk, all convertible notes have fixed interest rates and have been settled in their entirety during the year ended December 31,
2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 178; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>29 FINANCIAL
RISK MANAGEMENT OBJECTIVE AND POLICIES (continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_8" id="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Credit risk</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_9" id="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group seeks to limit its credit risk with
respect of customers by setting credit limits and monitoring outstanding receivables and maintaining positive cash flows.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_10" id="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With respect to credit risk arising from other
financial assets of the Group, which comprise of bank balances and trade receivables, the Group&#8217;s exposure to credit risk arises
from default of the counterparty, with the maximum exposure equal to the carrying amount of these instruments. The Group seeks to limit
its credit risk to banks by only dealing with reputable banks and financial institutions.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_11" id="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Foreign currency risk</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_12" id="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Foreign currency risk comprises of transaction
and statement of financial position risk. Transaction risk relates to the Group&#8217;s cash flow being adversely affected by a change
in the exchange rates of foreign currencies against US Dollars. The consolidated statement of financial position risk relates to the risk
of the Group&#8217;s monetary assets and liabilities in foreign currencies acquiring a lower or higher value, when translated into US
Dollars, as a result of currency movements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_13" id="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group is exposed to foreign currency fluctuations
on its transactions in foreign currencies, mainly in Egyptian and Lebanese Pounds. As the UAE Dirham and Saudi Riyal are pegged to the
US Dollar, balances in these currencies are not considered to represent significant currency risk. The Group&#8217;s principle foreign
currency risk arises from Egyptian and Lebanese Pounds denominated transactions.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_14" id="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below indicates the Group&#8217;s foreign
currency exposure at December 31 as a result of its monetary assets and liabilities denominated in Egyptian Pounds. The analysis calculates
the effect of a reasonable possible movement of the US Dollars rate against Egyptian with all other variables held constant on the consolidated
statement of comprehensive income.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_15" id="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Sensitivity analysis</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_16" id="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A 5% strengthening/(weakening) of the following currency against USD
currency at 31 December would have increased/(decreased) financial instruments by USD equivalent amounts shown below:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_17" id="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_16"><ix:nonNumeric contextRef="c5" escape="true" name="angh:ScheduleOfOtherVariableHeldConstantOnTheConsolidatedStatementOfComprehensiveIncomeTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="font-style: italic">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">2021</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonNumeric contextRef="c5" continuedAt="angh_IncreasedecreaseInUSDRateToTheEgyptianPound-c5_cont_1" name="angh:IncreasedecreaseInUSDRateToTheEgyptianPound">+/-5</ix:nonNumeric></td><td style="text-align: left"><ix:continuation id="angh_IncreasedecreaseInUSDRateToTheEgyptianPound-c5_cont_1">%</ix:continuation></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="angh:EffectOnLossBeforeTaxUSD" scale="0" unitRef="usd">30,985</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_18" id="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As for the Transactions denominated in Lebanese
Pounds the Central Bank of Lebanon issued Basic Circular 157 setting the framework of exceptional measures for foreign-currency operations.
Hence, banks operating in Lebanon must process customers&#8217; FX operations (buy and sell) related to their personal or commercial needs
on the electronic platform &#8220;Sayrafa&#8221;.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_19" id="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Transactions with customers encompass purchase
and sale of foreign currencies banknotes against LBP, as well as operations from/to foreign currencies external accounts against LBP.
The Sayrafa corresponds to a floating system and the Sayrafa average rate and volume of foreign currency operations are published on the
website of the Central Bank of Lebanon. Foreign currency operations were executed on the Sayrafa platform at the following exchange rates:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_20" id="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_19"><ix:nonNumeric contextRef="c0" escape="true" name="angh:ScheduleOfForeignExchangeRateTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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as at December 31</b></span> </p></td><td>&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td colspan="2" style="font-weight: bold; font-style: normal; text-align: center">Average rate for the period from January 1 to December 31</td><td style="font-weight: bold; font-style: normal">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-style: normal; text-align: right">LBP</td><td style="padding-bottom: 1.5pt; font-style: normal">&#160;</td><td style="font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-style: normal; text-align: right; border-bottom: Black 1.5pt solid">LBP</td><td style="padding-bottom: 1.5pt; font-style: normal">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-style: normal">&#160;</td>
    <td colspan="2" style="font-style: normal; text-align: right">&#160;</td><td style="font-style: normal">&#160;</td><td style="font-style: normal">&#160;</td>
    <td colspan="2" style="font-style: normal; text-align: right">&#160;</td><td style="font-style: normal">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; font-weight: bold; text-align: left">US Dollar</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="angh:ExchangeRateatEnd" scale="0" unitRef="lbp">38,000</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="angh:AverageExchangeRate" scale="0" unitRef="lbp">25,681</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_21" id="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sayrafa platform is not available for the
purchase and sale of and &#8220;local&#8221; foreign currency bank accounts which are subject to unofficial capital controls.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 179; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>29 FINANCIAL
RISK MANAGEMENT OBJECTIVE AND POLICIES (continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Foreign currency risk (continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_22" id="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sayrafa rates were introduced in Lebanon to
suppress the black-market rates. Sayrafa platform was initially created in September 2021 for supporting corporate clients to pay for
international shipments, expatriates&#8217; salaries and tuition fees for Lebanese students studying abroad. The volume of transactions
on the Sayrafa platform did not pick up until the end of December 2021, when Banque du Liban (&#8217;started selling fresh dollars on
the platform to the public. On December 16, 2021, the Banque du Liban (&#8216;issued Basic Circular No 161 allowing the public to withdraw
cash amounts from their LBP accounts at the Sayrafa rate within their cash withdrawal limit.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_23" id="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The application of Sayrafa has affected the group&#8217;s
statement of profit and loss in the following manner:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_24" id="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_23"><ix:nonNumeric contextRef="c0" escape="true" name="angh:ScheduleOfImpactOfSayrafaApplicationTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: justify">Cost of revenues</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">General and administrative expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c309" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:GeneralAndAdministrativeExpense" scale="0" unitRef="usd">799,955</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c310" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:GeneralAndAdministrativeExpense" scale="0" unitRef="usd">46,645</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c311" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:GeneralAndAdministrativeExpense" scale="0" unitRef="usd">753,310</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Net foreign exchange differences</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c309" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughForeignExchangeAndOtherMovementsFinancialAssets" scale="0" unitRef="usd">7,690,532</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c310" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughForeignExchangeAndOtherMovementsFinancialAssets" scale="0" unitRef="usd">391,694</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c311" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughForeignExchangeAndOtherMovementsFinancialAssets" scale="0" unitRef="usd">7,298,838</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_25" id="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Liquidity risk</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_26" id="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group limits its liquidity risk primarily
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financial obligations as they fall due.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_27" id="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below summarises the maturities of the
Group&#8217;s undiscounted financial liabilities, based on contractual payment dates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_27"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0; text-align: right">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0; text-align: right"></p><div>

</div><!-- Field: Page; Sequence: 180; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0; text-align: right">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0; text-align: right">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="angh_EarningsPerShareEpsTextBlock-c0_cont_1" escape="true" name="angh:EarningsPerShareEpsTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>30 EARNINGS
PER SHARE (EPS)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="angh_EarningsPerShareEpsTextBlock-c0_cont_2" id="angh_EarningsPerShareEpsTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Basic loss per share is computed using the weighted-average
number of outstanding shares during the period. Diluted loss per share is computed using the treasury stock method to the extent that
the effect is dilutive by using the weighted-average number of outstanding shares and potential shares during the period. The Group&#8217;s
potential shares consist of incremental shares issuable upon (1) the assumed exercise of warrants, (2) the assumed vesting of unvested
shares under GESP program, and (3) conversion of the outstanding convertible notes, excluding all anti-dilutive shares outstanding during
the period. The Group used the if-converted method to calculate the dilutive impact for the above convertible instruments and adjusted
the numerator for changes in profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="angh_EarningsPerShareEpsTextBlock-c0_cont_3" id="angh_EarningsPerShareEpsTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table reflects the loss and share
data used in the basic and diluted loss per share calculations:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="angh_EarningsPerShareEpsTextBlock-c0_cont_4" id="angh_EarningsPerShareEpsTextBlock-c0_cont_3"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:EarningsPerShareExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">USD</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&#160;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation id="angh_EarningsPerShareEpsTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There have been no other transactions involving
ordinary shares or potential ordinary shares between the reporting date and the date of authorization of these consolidated financial
statements.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 181; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>31 REVERSE
CAPITALIZATION</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_2" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 3, 2022, we consummated the previously
announced business combination (the &#8220;Business Combination&#8221;) pursuant to the Business Combination Agreement (the &#8220;Business
Combination Agreement&#8221;), dated March 3, 2021, by and among the Group, Vistas Media Acquisition Group Inc. (&#8220;VMAC&#8221; or
the &#8220;SPAC&#8221;) , Anghami, an exempted Group incorporated under the laws of the Cayman Islands (&#8220;Anghami&#8221;), Anghami
Vista 1, a Cayman Islands exempted Group and wholly-owned subsidiary of the Group (&#8220;Vistas Merger Sub&#8221;), and Anghami Vista
2, a Cayman Islands exempted Group and wholly-owned subsidiary of the Group (&#8220;Anghami Merger Sub&#8221;).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_3" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Business Combination Agreement,
each of the following transactions (among others) occurred at the closing of the Business Combination:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_4" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">-</td><td style="text-align: justify">VMAC and Vistas Merger Sub consummated the merger of Vistas Merger Sub with and into VMAC, with VMAC being
the surviving Group and continuing as a wholly-owned subsidiary of the Group known as Anghami (DE), Inc. (the &#8220;Vistas Merger&#8221;),
Anghami and Anghami Merger Sub consummated the merger of Anghami Merger Sub with and into Anghami, with Anghami being the surviving Group
and continuing as a wholly-owned subsidiary of Anghami Inc.;</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_5" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">-</td><td style="text-align: justify">Each outstanding share of VMAC&#8217;s Class A Common Stock, including the PIPE shares, the Share Based
Payment shares, the Extension Payment shares, and Class B common stock, par value USD <ix:nonFraction contextRef="c334" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:ParValuePerShare" scale="0" unitRef="usdPershares">0.0001</ix:nonFraction> per share, was exchanged for one ordinary
share of the Group;</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_6" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">-</td><td style="text-align: justify">each issued and outstanding VMAC warrant to purchase VMAC Class A Common Stock ceased to represent a right
to acquire shares of VMAC Class A Common Stock and was converted into the right to acquire the same number of ordinary shares, at the
same exercise price and on the same terms as in effect immediately prior to the closing of the Business Combination; and</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_7" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">-</td><td style="text-align: justify"><ix:nonNumeric contextRef="c0" name="angh:DescriptionOfOrdinaySharesExchange">All 25,697 Class A ordinary shares of Anghami were exchanged for ordinary shares of Anghami Inc. for 5,070,164
shares, all 59,954 Class B ordinary shares of Anghami were exchanged for ordinary shares of Anghami Inc. for 11,829,265 shares, all 5,578
Class C ordinary shares of Anghami were exchanged for ordinary shares of Anghami Inc. for 1,100,571 shares.</ix:nonNumeric></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_8" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection and immediately prior to the consummation
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A Common Stock&#8221;) for gross proceeds of USD <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="angh:GrossProceeds" scale="0" unitRef="usd">40,560,000</ix:nonFraction> to the subscribers in the private placement (the &#8220;PIPE&#8221;).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_9" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Also, VMAC issued <ix:nonFraction contextRef="c335" decimals="0" format="ixt:num-dot-decimal" name="angh:SharesIssuedOfSponsor" scale="0" unitRef="shares">540,000</ix:nonFraction>&#160;shares (the &#8220;Share
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price of USD <ix:nonFraction contextRef="c4" decimals="2" format="ixt:num-dot-decimal" name="angh:ExercisePricePerShare" scale="0" unitRef="usdPershares">11.50</ix:nonFraction> per share to certain service providers for services rendered in connection with the Business Combination, and VMAC
also issued <ix:nonFraction contextRef="c336" decimals="0" format="ixt:num-dot-decimal" name="angh:SharesIssuedOfSponsor" scale="0" unitRef="shares">100,000</ix:nonFraction>&#160;shares (the &#8220;Extension Payment&#8221;) of VMAC Class&#160;A Common Stock to Vistas Media Sponsor, LLC (&#8220;Sponsor&#8221;)
as the result of the conversion the USD <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="angh:ConversionOfSponsorLoans" scale="0" unitRef="usd">1,000,000</ix:nonFraction> loan that Sponsor made to VMAC to fund extension payment to extend the period of time
that VMAC had to consummate its initial business combination;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_10" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The net proceeds received from business combination
is as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_11" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_10"><ix:nonNumeric contextRef="c0" escape="true" name="angh:ScheduleOfNetProceedsReceivedFromBusinessCombination"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; font-style: italic">&#160;</td>
    <td colspan="2" style="font-weight: bold; font-style: italic; text-align: center">2022</td><td style="font-weight: bold; font-style: italic">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">USD</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: justify">Cash from reverse recapitalization from IPO Trust</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="angh:CashFromReverseRecapitalizationFromIPOTrust" scale="0" unitRef="usd">102,075,880</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Shares redeemed from the IPO Trust</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="angh:SharesRedeemedFromTheIPOTrust" scale="0" sign="-" unitRef="usd">99,595,773</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt">Proceeds from reverse recapitalization</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="angh:ProceedsFromReversesRecapitalization" scale="0" unitRef="usd">2,480,107</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Cash from reverse recapitalization from PIPE Trust &#8211; net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="angh:CashFromReverseRecapitalizationFromPIPETrustNet" scale="0" unitRef="usd">30,427,800</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Reverse recapitalization transaction costs</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="angh:ReverseRecapitalizationTransactionCosts" scale="0" sign="-" unitRef="usd">9,470,709</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 4pt">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 182; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>31 REVERSE
CAPITALIZATION (continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_12" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The number of shares of Common Stock issued immediately
following the consummation of the Business Combination was as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_13" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_12"><ix:nonNumeric contextRef="c0" escape="true" name="angh:ScheduleOfNumberOfSharesOfCommonStockIssuedTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: justify">VMAC&#8217;s Public Shareholders, outstanding prior to the business combination</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c4" decimals="INF" format="ixt:num-dot-decimal" name="angh:PublicShareholdersOutstandingPriorToTheBusinessCombinations" scale="0" unitRef="shares">10,000,000</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Less redemption of VMAC&#8217;s public shares</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify">Net VMAC&#8217;s Public Shareholders</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Shares issued to PIPE</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="INF" format="ixt:num-dot-decimal" name="angh:SharesIssuedToPIPE" scale="0" unitRef="usd">4,056,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="INF" format="ixt:num-dot-decimal" name="angh:ShareBasedPaymentsShares" scale="0" unitRef="shares">640,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c4" decimals="INF" format="ixt:num-dot-decimal" name="angh:TransactionCostSharesIssued" scale="0" unitRef="shares">7,526,000</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Anghami initial Shareholders</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="INF" format="ixt:num-dot-decimal" name="angh:InitialShareholdersOfParentCompany" scale="0" unitRef="shares">18,000,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_14" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The exchange of Anghami&#8217;s shares for Anghami
Inc.&#8217;s shares will be accounted for as a transaction under common control in accordance with IFRS. The exchange of VMAC&#8217;s
shares for Anghami Inc.&#8217;s shares will be accounted for as a &#8220;reverse acquisition&#8221; in accordance with IFRS. Under this
method of accounting, VMAC will be treated as the &#8220;acquired&#8221; Group for financial reporting purposes.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_15" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This determination was based on the guidance provided
in IFRS 3 (Business Combinations) and IFRS 10 (Consolidated Financial Statements) and was primarily based on the assumptions that Anghami&#8217;s
operations will substantially comprise the ongoing operations of the Combined Group, Anghami&#8217;s designees are expected to comprise
a majority of the governing body of the Combined Group, Anghami&#8217;s senior management will comprise the senior management of the Combined
Group, and Anghami&#8217;s existing shareholders will be the largest group of shareholders of the Combined Group following the consummation
of the Business Combination.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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of VMAC&#8217;s shares for Anghami Inc. shares will be treated as the equivalent of Anghami Inc. issuing shares for the net assets of
VMAC, accompanied by a recapitalization. It has been determined that VMAC is not a business under IFRS, hence the transaction is accounted
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_17" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with IFRS 2, the difference in the
fair value of Anghami Inc.&#8217;s equity instruments deemed issued to VMAC shareholders over the fair value of identifiable net assets
of VMAC represents a service for listing and is accounted for as a share-based payment which is expensed as incurred. The net assets of
the Combined Group will be stated at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the exchange
of VMAC&#8217;s shares for Anghami Inc.&#8217;s shares will be deemed to be those of Anghami Inc., the summary of which is as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_17"><ix:nonNumeric contextRef="c0" escape="true" name="angh:ScheduleOfFairValueOfNetAssetsOfVMACComprisingTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="angh:OtherTradePayables" scale="0" sign="-" unitRef="usd">9,146,258</ix:nonFraction></td><td style="text-align: left">)</td></tr>
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    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="angh:OrdinarySharesIssued" scale="0" unitRef="usd">74,789,640</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify; padding-bottom: 4pt">Share listing expenses recognised in profit or loss</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="angh:ShareListingExpensesRecognisedInProfitOrLoss" scale="0" unitRef="usd">48,521,756</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table></ix:nonNumeric></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 183; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANGHAMI INC.</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="angh_FairValuesOfFinancialInstrumentsTextBlock-c0_cont_1" escape="true" name="angh:FairValuesOfFinancialInstrumentsTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 10pt"><b>32 FAIR
VALUES OF FINANCIAL INSTRUMENTS</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="angh_FairValuesOfFinancialInstrumentsTextBlock-c0_cont_2" id="angh_FairValuesOfFinancialInstrumentsTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments comprise financial assets
and financial liabilities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="angh_FairValuesOfFinancialInstrumentsTextBlock-c0_cont_3" id="angh_FairValuesOfFinancialInstrumentsTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial assets consist of cash and cash equivalents,
trade receivables, contract assets and amount due from related party. Financial liabilities consist of trade payables, lease liability,
overdrafts, convertibles notes, working capital loans and amount due to related party.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="angh_FairValuesOfFinancialInstrumentsTextBlock-c0_cont_4" id="angh_FairValuesOfFinancialInstrumentsTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group uses the following hierarchy for determining
and disclosing the fair value of financial instruments by valuation technique:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="angh_FairValuesOfFinancialInstrumentsTextBlock-c0_cont_5" id="angh_FairValuesOfFinancialInstrumentsTextBlock-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.75in; text-align: left"><i>Level 1:</i></td><td style="text-align: justify"> quoted (unadjusted) prices in active markets for identical
assets or liabilities.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -45pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="angh_FairValuesOfFinancialInstrumentsTextBlock-c0_cont_6" id="angh_FairValuesOfFinancialInstrumentsTextBlock-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.75in; text-align: left"><i>Level 2:</i></td><td style="text-align: justify"> other techniques for which all inputs which have a
significant effect on the recorded fair value are observable, either directly or indirectly.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -45pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="angh_FairValuesOfFinancialInstrumentsTextBlock-c0_cont_7" id="angh_FairValuesOfFinancialInstrumentsTextBlock-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.75in; text-align: left"><i>Level 3:</i></td><td style="text-align: justify"><i> </i>techniques which use inputs which have a significant
effect on the recorded fair value that are not based on observable market data.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -45pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="angh_FairValuesOfFinancialInstrumentsTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Private Warrants were valued using Black Scholes
Model and the Shared-Based Payments were valued valued using Montecarlo Simulation, which are both considered to be a Level 3 fair value
measurement. The primary unobservable inputs utilized in determining the fair value of the derivatives warrant liabilities and Shared-Based
Payments are the expected volatility of our ordinary shares and risk-free rate.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>33 SUBSEQUENT
EVENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_2" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On January 31, 2022,
the UAE Ministry of Finance announced the introduction of a <ix:nonFraction contextRef="c337" decimals="2" format="ixt:num-dot-decimal" name="angh:FederalCorporateTaxRate" scale="-2" unitRef="pure">9</ix:nonFraction>% federal corporate tax rate effective for fiscal years commencing on or
after June 1, 2023. There are no implications to the financial and reporting period ended December 31, 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On January 9, 2023, Anghami
Inc. (the &#8220;Group&#8221;) received a notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC indicating
that the Group is not currently in compliance with Nasdaq&#8217;s Listing Rules due to the Group&#8217;s failure to file an interim balance
sheet and income statement as of and for its second quarter ended June 30, 2022 (the &#8220;Interim Financials&#8221;) on Form 6-K with
the Securities and Exchange Commission. Pursuant to Listing Rule 5250(c)(2). The Group has filed the required Interim Financials on March
6, 2023.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white">F-54</p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM
20-F
(Mark One)
☐
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year
ended
December 31
,
2022
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☐
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number:
001-41263
ANGHAMI INC.
(Exact name of Registrant
as specified in its charter)
Cayman Islands
(Jurisdiction of incorporation
or organization)
16th Floor, Al-Khatem
Tower
,
WeWork Hub71
Abu Dhabi Global Market Square
, Al Maryah Island,
Abu Dhabi
,
United Arab Emirates
(Address of principal
executive offices)
Edgard Maroun
Chief Executive Officer
16th Floor, Al-Khatem Tower
,
WeWork Hub71
Abu Dhabi Global Market Square
, Al Maryah Island,
Abu Dhabi
,
United Arab Emirates
Telephone: +
971
2 443
4317
(Name, Telephone, E-mail and/or
Facsimile number and Address of Company Contact Person)
Securities registered
or to be registered pursuant to Section 12(b) of the Act
Title of each class
Trading Symbol(s)
Name of each exchange
on which registered
Ordinary Shares, par value $0.0001 per share
ANGH
The
Nasdaq
Stock Market LLC
Warrants exercisable to purchase Ordinary Shares
ANGHW
The
Nasdaq
Stock Market LLC
Securities registered
or to be registered pursuant to Section 12(g) of the Act: None
Securities for which
there is a reporting obligation pursuant to Section 15(d) of the Act: None
Indicate the number of outstanding shares of each of the issuer's
classes of capital stock or common stock as of the close of business covered by this annual report.
Outstanding as of December 31, 2022:
26,005,654
Ordinary Shares.
Indicate by check mark if the registrant
is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes
☐
No
☒
If this report is an annual or
transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934. Yes
☐
No
☒
Indicate by check mark whether the
registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days.
Yes
☒
No
☐
Indicate by check mark whether the
registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of
Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the
registrant was required to submit such files).
Yes
☒
No
☐
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions
of "large accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2 of
the Exchange Act.
Large accelerated filer
☐
Accelerated filer
☐
Non-accelerated filer
☒
Emerging growth company
☒
If an emerging growth company that prepares
its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition
period for complying with any new or revised financial accounting standards † provided pursuant to Section 13(a) of the Exchange
Act.
☐
† The term "new or revised financial
accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification
after April 5, 2012.
Indicate by check mark whether the registrant
has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial
reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared
or issued its audit report.
☐
If securities are registered pursuant to Section
12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction
of an error to previously issued financial statements.
☐
Indicate by check mark whether any of those
error corrections are restatements that required a recovery analysis of incentive based compensation received by any of the registrant's
executive offi cers during the relevant recovery period pursuant to §240.10D-1(b).
☐
Indicate by check mark which basis of accounting
the registrant has used to prepare the financial statements included in this filing:
U.S. GAAP
☐
International Financial Reporting Standards
as issued
Other
☐
by the International Accounting Standards Board
☒
If "Other" has been checked
in response to the previous question indicate by check mark which financial statement item the registrant has elected to follow.
Item 17
☐
Item 18
☐
If this is an annual report, indicate by
check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
☐
No
☒
TABLE OF CONTENTS
Page
PART I
1
ITEM 1.
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
3
ITEM 2.
OFFER STATISTICS AND EXPECTED TIMETABLE
3
ITEM 3.
KEY INFORMATION
3
ITEM 4.
INFORMATION ON THE COMPANY
38
ITEM 4A.
UNRESOLVED STAFF COMMENTS
66
ITEM 5.
OPERATING AND FINANCIAL REVIEW AND PROSPECTS
66
ITEM 6.
RESERVED
91
ITEM 7.
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
99
ITEM 8.
FINANCIAL INFORMATION
102
ITEM 9.
THE OFFER AND LISTING
103
ITEM 10.
ADDITIONAL INFORMATION
103
ITEM 11.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
117
ITEM 12.
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
119
PART II
120
ITEM 13
DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
120
ITEM 14
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
120
ITEM 15
CONTROLS AND PROCEDURES
120
ITEM 16A
AUDIT COMMITTEE FINANCIAL EXPERT
121
ITEM 16B
CODE OF ETHICS
121
ITEM 16C
PRINCIPAL ACCOUNTANT FEES AND SERVICES
121
ITEM 16D
EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
122
ITEM 16E
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
122
ITEM 16F
CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
122
ITEM 16G
CORPORATE GOVERNANCE
122
ITEM 16H
MINE SAFETY DISCLOSURE
122
ITEM 16I
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
122
PART III
123
ITEM 17.
FINANCIAL STATEMENTS
123
ITEM 18.
FINANCIAL STATEMENTS
123
ITEM 19.
EXHIBITS
124
SIGNATURES
126
i
Certain Defined Terms
In this report, unless the context otherwise
requires, references to "Company," "we," "us," "our," and "Anghami" for periods
prior to the consummation of the Business Combination (as described below), refer to Anghami and its direct and indirect subsidiaries
on a consolidated basis, including Anghami Inc., and following the consummation of the Business Combination refer to Anghami Inc. and
its direct and indirect subsidiaries on a consolidated basis.
Completion of Business Combination with Vistas
Media Acquisition Company Inc.
On February 3, 2022, we consummated a business
combination (the "Business Combination") pursuant to the Business Combination Agreement (the "Business Combination Agreement"),
dated March 3, 2021, by and among the Company, Vistas Media Acquisition Company Inc. ("VMAC") (which following the Business
Combination changed its name to Anghami (DE), Inc.), Anghami, an exempted company incorporated under the laws of the Cayman Islands, Anghami
Vista 1, a Cayman Islands exempted company and wholly owned subsidiary of the Company, and Anghami Vista 2, a Cayman Islands exempted
company and wholly owned subsidiary of the Company. As a result of the Business Combination, Anghami and VMAC became wholly owned subsidiaries
of Anghami Inc. On February 4, 2022, the Company's ordinary shares commenced trading on the Nasdaq Global Market under the symbol "ANGH"
and the VMAC warrants to purchase VMAC Class A Common Stock that were converted into warrants to purchase ordinary shares of the Company
commenced trading on the Nasdaq Capital Market under the symbol "ANGHW."
Refer to ITEM 5. of this report for additional
information within 'Recent Developments'
Note on Presentation
Presentation of Financial Information
In accordance with International Financial Reporting
Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"), we prepare our consolidated
financial statements on a historical cost basis, except for certain convertible notes, employees' share based payment and warrants
which have been measured at fair value, and lease liabilities, which have been measured at present value.
Rounding
Certain monetary amounts, percentages, and other figures included in
this report have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be the arithmetic
aggregation of the figures that precede them, and figures expressed as percentages in the text may not total 100% or, as applicable, when
aggregated may not be the arithmetic aggregation of the percentages that precede them.
ii
PART I
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This annual report includes statements that
express our opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and
therefore are, or may be deemed to be, "forward-looking statements." These forward-looking statements can generally be identified
by the use of forward-looking terminology, including the terms "believes," "estimates," "anticipates,"
"expects," "seeks," "projects," "intends," "plans," "may," "will"
or "should" or, in each case, their negative or other variations or comparable terminology. These forward-looking statements
include all matters that are not historical facts. They appear in a number of places throughout this annual report and include statements
regarding our intentions, beliefs or current expectations. Such forward-looking statements are based on available current market material
and management's expectations, beliefs and forecasts concerning future events impacting Anghami Inc. Factors that may impact such
forward-looking statements include:
●
our ability to attract prospective
users and to retain existing users;
●
competition for users, user listening time, and advertisers;
●
risks associated with our expansion and our ability to manage our growth;
●
our ability to predict, recommend, and play content that our users enjoy;
●
our ability to effectively monetize the platform;
●
our ability to generate sufficient revenue to be profitable or to generate positive cash flow and grow on a sustained basis;
●
risks associated with the expansion of our operations to deliver non-music content, including podcasts, including increased business, legal, financial, reputational, and competitive risks;
●
potential disputes or liabilities associated with content made available on our platform;
●
risks relating to the acquisition, investment, and disposition of companies or technologies;
●
our dependence upon third-party licenses for most of the content we stream;
●
our lack of control over the providers of our content and their effect on our access to music and other content;
●
our ability to comply with the many complex license agreements to which we are a party;
●
our ability to accurately estimate the amounts payable under our license agreements;
●
operational  limitations due to the minimum guarantees required under certain of our license agreements;
●
our ability to obtain accurate and comprehensive information about the compositions embodied in sound recordings in order to obtain necessary licenses or perform obligations under our existing license agreements;
●
new copyright legislation and related regulations that may increase the cost and/or difficulty of music licensing;
●
assertions by third parties of infringement or other violations by us of their intellectual property rights;
●
our ability to protect our intellectual property;
●
dependence of streaming on operating systems, online platforms, hardware, networks, regulations, and standards that we do not control;
●
potential breaches of our security systems;
●
interruptions, delays, or discontinuations in service in our systems or systems of third parties;
●
changes in laws or regulations affecting us;
1
●
risks relating to privacy and data security;
●
our ability to maintain, protect, and enhance our brand;
●
payment-related risks;
●
our ability to hire and retain key personnel;
●
our ability to accurately estimate our user metrics and other estimates;
●
risks associated with manipulation of stream counts and user accounts and unauthorized access to our services;
●
tax-related risks;
●
the concentration of voting power among our founders who have and will continue to have substantial control over our business;
●
risks related to our status as a foreign private issuer;
●
international, national or local economic, social or political conditions;
●
risks associated with accounting estimates, currency fluctuations and foreign exchange controls; and
●
impact of regional currency devaluation on our financial performance.
Other sections of this annual report describe
additional risk factors that could adversely impact our business and financial performance. Moreover, we operate in an evolving environment.
New risk factors and uncertainties emerge from time to time, and it is not possible for our management to predict all risk factors and
uncertainties, nor are we able to assess the impact of all of these risk factors on our business or the extent to which any risk factor,
or combination of risk factors, may cause actual results to differ materially from those contained in any forward-looking statements.
We qualify all of our forward-looking statements
by these cautionary statements. See "Item 3.D. Risk Factors."
Although we believe the expectations reflected
in the forward-looking statements were reasonable at the time made, we cannot guarantee future results, level of activity, performance
or achievements. Moreover, neither we nor any other person assume responsibility for the accuracy or completeness of any of these forward-looking
statements. You should carefully consider the cautionary statements contained or referred to in this section in connection with the forward-looking
statements contained in this annual report and the items that we have filed as exhibits to this report with the understanding that our
actual results may be materially different from our expectations.
2
ITEM 1. IDENTITY OF DIRECTORS, SENIOR
MANAGEMENT AND ADVISERS
A. Directors and Senior Management
Not applicable.
ITEM 2. OFFER STATISTICS AND EXPECTED
TIMETABLE
Not applicable.
ITEM 3. KEY INFORMATION
A. Reserved
B. Capitalization and Indebtedness
Not applicable.
C. Reasons for the Offer and Use of Proceeds
Not applicable.
D. Risk Factors
An investment in our ordinary shares and warrants
involves a high degree of risk. You should carefully read and consider the following risks, along with the other information included
in this annual report on Form 20-F. The risks described below may not be the only ones we face. If any of the risks actually occur, our
business, results of operations, financial condition, and cash flow could be materially impaired. The trading price of our ordinary and
warrants shares could decline due to any of these risks, and you could lose all or part of your investment. The risks described below
are organized by risk type and are not listed in order of their priority to us.
Summary of Risk Factors
Risks Related to Our Business Model, Strategy, and Performance
●
We face significant competition that might prohibit us from attracting and
retaining users or monetizing our products.
●
We face operational risks associated with our growth, including attracting,
retaining and motivating qualified personnel and obtaining rights to stream content on favorable terms.
●
Our business focuses on innovation and emphasizes long-term user engagement
over short-term results which might not be in-line with the market's expectations.
●
We may not be able to generate sufficient revenue to become profitable, or
to generate positive cash flow. In addition, our revenue growth rate may decline due to various economic and political conditions.
●
Failure to convince advertisers of the benefits of our advertising offerings
could harm our advertising revenue and thus meeting our targeted growth.
●
We may be subject to disputes or liabilities associated with content made
available on our platform.
●
Our major content providers have the ability to unilaterally affect our access
to music and other content.
●
We are a party to complex license agreements and have a complex royalty payment
schedule, which increases the difficulty of estimating the amount payable under our license agreements or relevant statutes.
3
●
We are a party to revenue share agreements with telcos which have complex
technical integration processes and delayed credit terms. This might hinder our ability to scale and put pressure on our financial position
and cash flows.
●
Financial commitments under certain license agreements may increase our financial
leverage and ultimately impact our cashflows.
●
Interruptions, delays, or discontinuations in service arising from our own
systems or from third parties could harm our business.
●
We may encounter challenges and complexities regarding efficiently integrating
and operating new verticals, such as offline live events (Spotlight and Anghami Lab), alongside our primary business operations.
●
Our business is subject to complex and evolving laws and regulations, including
those related to copyright, privacy and data security, which may increase future compliance costs and legal fees.
●
Other risks such as failure to protect our brand, payments-related risks,
fluctuation of our operating results, failure to implement and maintain effective internal control over financial reporting, lack of additional
capital to support our growth a global public health crisis such as COVID-19, changes of worldwide economic conditions and significant
fluctuations of exchange rates, may adversely affect our business, operating results, and financial condition.
●
We have a history of losses, and expect to incur losses and significant expenses
for the foreseeable future, and our December 31, 2022 audited financial statements included disclosure that casts substantial doubt
regarding our ability to continue as a going concern.
Risks Related to Intellectual Property
●
Assertions by third parties of infringement or other violation by us of their
intellectual property rights could harm our business, operating results, and financial condition.
●
Our user metrics and other estimates are subject to inherent challenges in
measurement, and real or perceived inaccuracies may harm and negatively affect our reputation and our business.
●
Failure to effectively manage and remediate attempts to manipulate stream
counts and attempts to gain or provide unauthorized access to certain features of our Service could undermine investor confidence.
●
Claims that Anghami does not hold necessary third-party licenses (content
or publishing) may materially adversely our business and financial position.
Risks Related to Our Operations
●
We may require additional capital to fund our operation and support business
growth and objectives, and this capital might not be available on acceptable terms, if at all.
●
Our products are highly technical and may contain undetected errors, bugs,
or vulnerabilities, which could manifest in ways that could seriously harm our reputation and our business.
●
Various regulations related to privacy and data security concerns pose the
threat of lawsuits and other liability, require us to expend significant resources, and may harm our business, operating results, and
financial condition.
Risks Related to Tax
●
We are a multinational company that faces complex taxation regimes in various jurisdictions. Audits, investigations, and tax proceedings
could have a material adverse effect on our business, operating results, and financial condition.
●
We face complex taxation regimes in various jurisdictions. Audits, investigations,
tax proceedings and changes to tax laws, including new proposals on taxing digital companies, in any of the jurisdictions we operate,
could have a material adverse effect on our business, operating results, and financial condition.
4
Risks Related to Doing Business in Jurisdictions in Which We Operate
●
We face geopolitical risk in the MENA Region that may have adverse impact on our business.
●
We are subject to economic and political conditions of operating in an emerging and continued instability in the Middle East.
Risks Related to Owning Our Securities
●
The trading price of our ordinary shares has been and will likely continue to be volatile.
●
We do not expect to pay cash dividends in the foreseeable future.
Risks Related to Our Status as a Foreign Private Issuer
●
As a foreign private issuer, we are exempt from a number of U.S. securities
laws and rules promulgated thereunder and the rights of our shareholders may differ from those of shareholders of a U.S. corporation.
●
We are organized under the laws of Cayman Islands and our assets are not
located in the United States. It may be difficult for you to obtain or enforce judgments or bring original actions against us or the members
of our board of directors in the United States.
Risks Related to Our Business Model, Strategy,
and Performance
If our efforts to attract prospective
users, retain existing users, and effectively monetize our products and services are not successful, our growth prospects and revenue
will be adversely affected.
Our ability to grow our business and generate
revenue depends on retaining, expanding, and effectively monetizing our total user base, including by increasing the number of Premium
service users and the number of users of our free ("Ad-Supported") service and finding ways to monetize content across the
platform. We must convince prospective users of the benefits of our platform and our existing users of the continuing value of our platform.
Our ability to attract new users, retain existing users, and convert Ad-Supported Free service users to Premium service users depends
in large part on our ability to continue to offer exceptional technologies and products, compelling content, superior functionality, and
an engaging user experience. Some of our competitors, including Apple, Google, and Amazon, have developed, and are continuing to develop,
devices for which their music streaming services are preloaded, which puts us at a significant competitive disadvantage. As consumer tastes
and preferences change on the internet and with mobile devices and other internet-connected products, we will need to enhance and improve
our existing service, introduce new features, and maintain our competitive position with additional technological advances and an adaptable
platform. If we fail to keep pace with technological advances or fail to offer compelling product offerings and state-of-the-art delivery
platforms to meet consumer demands, our ability to grow or sustain the reach of our service, attract and retain users, and increase Premium
service users may be adversely affected.
In addition, in order to increase advertising
revenue, we also seek to increase the listening time that our Ad-Supported Free service users spend on the Ad-Supported Free service.
The more content we stream under this service, the more advertising inventory we will have to sell. Generally, any increase in Ad-Supported
Free service user base increases the size and scope of user pools targeted by advertisers, which improves our ability to deliver relevant
advertising to those users in a manner that maximizes our advertising customers' return on investment. This, in turn, illustrates
the effectiveness of our advertising solutions and justifies our pricing structure. If we fail to grow our Ad-Supported Free service user
base, the amount of content streamed, and the listening time spent by these users, we may be unable to grow Ad-Supported revenue. Moreover,
since we primarily source Premium service users from the conversion of our Ad-Supported Free service users, any failure to grow the Ad-Supported
Free service user base or convert them to Premium service users may negatively impact our revenue.
5
We face many risks associated with our
international operations.
We have significant international operations
and plan to continue to grow internationally. However, managing our business and offering our products and services internationally involves
numerous risks and challenges, including:
●
difficulties in obtaining licenses to stream content from rights organizations and individual copyright owners in countries around
the world on favorable terms;
●
lack of well-functioning copyright collective management organizations that are able to grant us music licenses, process reports,
and distribute royalties in markets;
●
fragmentation of rights ownership in various markets causing lack of transparency of rights coverage and overpayment or underpayment
to record labels, music publishers, artists, performing rights organizations, and other copyright owners;
●
difficulties in obtaining license rights to local content;
●
increased risk of disputes with and/or lawsuits filed by rights holders in connection with our expansion into new markets;
●
difficulties in achieving market acceptance of our products or services in different geographic markets with different tastes and
interests;
●
difficulties in achieving viral marketing growth in certain other countries where we commit fewer sales and marketing resources;
●
difficulties in effectively monetizing our growing international user base;
●
difficulties in managing operations due to language barriers, distance, staffing, user behavior and spending capability, cultural
differences, business infrastructure constraints, and laws regulating corporations that operate internationally;
●
application of different laws and regulations of other jurisdictions, including corporate governance, labor and employment, privacy,
telecommunications and media, cybersecurity, content moderation, environmental, health and safety, consumer protection, liability standards
and regulations, as well as intellectual property laws;
●
potential adverse tax consequences associated with foreign operations and revenue;
●
complex foreign exchange fluctuation and associated issues, including devaluation of currency in key countries that we operate in;
●
increased competition from local websites and audio content providers, some with financial power and resources to undercut the market
or enter into exclusive deals with local content providers to decrease competition;
●
credit risk and higher levels of payment fraud;
●
political and economic instability in some countries;
●
region-specific effects of global pandemics (such as COVID-19);
●
compliance with the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act, and similar laws in other jurisdictions;
●
import and export controls and economic sanctions administered by the U.S. Department of Commerce's Bureau of Industry and Security
and the U.S. Department of the Treasury's Office of Foreign Assets Control;
●
restrictions on international monetary flows; and
●
reduced or ineffective protection of our intellectual property rights in some countries.
6
If we are unable to manage the complexity
of our global operations and continue to grow internationally as a result of these obstacles, our business, operating results, and financial
condition could be adversely affected.
Our business emphasizes rapid innovation
and prioritizes long-term user engagement over short-term financial condition or results of operations. That strategy may yield results
that sometimes do not align with the market's expectations. If that happens, our stock price may be negatively affected.
Our business is growing and becoming more
complex, and our success depends on our ability to quickly develop and launch new and innovative products. We believe our culture fosters
this goal. Our focus on innovations and quick reactions could result in unintended outcomes or decisions that are poorly received by our
users, advertisers, or partners. We have made, and expect to continue to make, significant investments to develop and launch new products,
services, and initiatives, which may involve significant risks and uncertainties, including the fact that such offerings may not be commercially
viable for an indefinite period of time or at all, or may not result in adequate return of capital on our investments. No assurance can
be given that such new offerings will be successful and will not adversely affect our reputation, operating results, and financial condition.
Our culture also prioritizes our long-term user engagement over short-term financial condition or results of operations. We frequently
make decisions that may reduce our short-term revenue or profitability if we believe that the decisions benefit the aggregate user experience
and will thereby improve our financial performance over the long term. These decisions may not produce the long-term benefits that we
expect, in which case our user growth and engagement, our relationships with advertisers and partners, as well as our business, operating
results, and financial condition could be seriously harmed.
We may not be able to generate sufficient
revenue to be profitable, or to generate positive cash flow on a sustained basis. In addition, our revenue growth rate may decline.
If we cannot successfully earn revenue at
a rate that exceeds the operational costs, including royalty and other licensing expenses, associated with our platform, we will not be
able to achieve or sustain profitability or generate positive cash flow on a sustained basis.
Furthermore, we cannot assure you that the
growth in revenue we have experienced over the past few years will continue at the same rate or even continue to grow at all. We expect
that, in the future, our revenue growth rate may decline because of a variety of factors, including increased competition and the maturation
of our business. You should not consider our historical revenue growth or operating expenses as indicative of our future performance.
If our revenue growth rate declines or our operating expenses exceed our expectations, our financial performance may be adversely affected.
Additionally, we also expect our costs to
increase in future periods, which could negatively affect our future operating results and ability to achieve profitability. We expect
to continue to expend substantial financial and other resources on:
●
securing top quality audio and video content from leading record labels, distributors, aggregators, and podcast creators, as well
as the publishing right to any underlying musical compositions;
●
creating new forms of original content;
●
our technology infrastructure, including website architecture, development tools, scalability, availability, performance, security,
and disaster recovery measures;
●
research and development, including investments in our research and development team and the development of new features;
●
sales and marketing, including a significant expansion of our field sales organization;
7
●
international operations in an effort to maintain and increase our member base, engagement, and sales;
●
capital expenditures that we will incur to grow our operations and remain competitive; and
●
general administration, including legal and accounting expenses.
These investments may not result in increased
revenue or growth in our business. If we fail to continue to grow our revenue and overall business, our business, operating results, and
financial condition will be harmed.
Failure to successfully monetize and
generate revenues from podcasts and other non-music content could adversely affect our business, operating results, and financial condition.
Delivering podcasts and other non-music content
involves numerous risks and challenges, including increased capital requirements, competition, and the need to develop strategic relationships.
Growth in these areas may require additional changes to our existing business model and cost structure, modifications to our infrastructure,
and exposure to new regulatory, legal and reputational risks, including infringement liability, any of which may require additional expertise
that we currently do not have. See "—
We may be subject to disputes or liabilities associated with content made available
on our platform
." There is no guarantee that we will be able to generate sufficient revenue from podcasts or other non-music
content to offset the costs of creating or acquiring this content. Failure to successfully monetize and generate revenues from such content,
including failure to obtain or retain rights to podcasts or other non-music content on acceptable terms, or at all, or to effectively
manage the numerous risks and challenges associated with such expansion, could adversely affect our business, operating results, and financial
condition.
In addition, we enter into multi-year commitments
for original content that we produce or commission. Given the multiple-year duration and largely fixed-cost nature of such commitments,
if our user growth and retention do not meet our expectations, our margins may be adversely impacted. Payment terms for certain content
that we produce or commission will typically require more upfront cash payments than other content licenses or arrangements whereby we
do not pay for the production of such content. To the extent our user and/or revenue growth do not meet our expectations, our liquidity
and results of operations could be adversely affected as a result of such content commitments. The long-term and fixed-cost nature of
certain original content commitments may also limit our flexibility in planning for or reacting to changes in our business, as well as
our ability to adjust our content offering if our users do not react favorably to the content we produce. Any such event could adversely
impact our business, operating results, and financial condition.
To secure the rights to stream sound recordings
and the musical compositions embodied therein, we enter into license agreements to obtain licenses from rights holders such as record
labels, music publishers, performing rights organizations, collecting societies, and other copyright owners or their agents, and pays
royalties to such parties or their agents around the world. We work diligently to obtain all necessary licenses to stream sound recordings
and the musical compositions embodied therein, however, there is no guarantee that the licenses available to us now will continue to be
available in the future at rates and on terms that are favorable or commercially reasonable or at all. The terms of these licenses, including
the royalty rates that we are required to pay pursuant to them, may change as a result of changes in our bargaining power, changes in
the industry, changes in the law, or for other reasons. Increases in royalty rates or changes to other terms of these licenses may materially
impact our business, operating results, and financial condition.
We have entered into license agreements to
obtain rights to stream sound recordings, including from the major international record labels who hold the rights to stream a significant
number of sound recordings such as Universal Music Group, Sony Music Entertainment, and Warner Music Group, as well as regional record
labels, such as Qanawat Nile Production and Stars for Art production & distribution Offshore. If we fail to retain these licenses,
the size and quality of our catalogue may be materially impacted and our business, operating results, and financial condition could be
materially harmed.
8
We generally obtain licenses for two types
of rights with respect to musical compositions: mechanical rights and public performance rights. We obtain mechanical and performance
licenses for musical compositions either through local collecting societies representing publishers or from publishers directly, or a
combination thereof.
With respect to mechanical rights, in Algeria,
Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Palestine, Qatar, Saudi Arabia, Sudan, Tunisia and UAE (together,
our "MENA Operating Area"), we pay various rights owners through a ratemaking process conducted on a case-by-case basis based
on negotiating each deal. There are cases of publishing deals which are represented by bodies which combine both mechanical and public
performance rights, such as SOLAR which represents mechanical rights of Sony Music Publishing and public performance rights from PRS and
International Copyright Enterprise Services Limited among others. Since in many countries in the Middle East & North Africa ("MENA
Region"), there are no collection societies, we cannot guarantee that our licenses with the existing few collecting societies and/or
our direct licenses with publishers provide full coverage for all of the musical compositions we make available to our users in such countries.
As such there is a fragmented copyright licensing landscape which leads to publishers, songwriters, and other rights holders choosing
not to be represented by collecting societies and that adversely impacts our ability to secure favorable licensing arrangements in connection
with musical compositions that such rights holders own or control, including increasing the costs of licensing such musical compositions,
or subjecting us to significant liability for copyright infringement.
In the United States, the rates we incur for
mechanical rights are a function of ratemaking procedure conducted by an administrative agency, Copyright Royalty Board. The most recent
proceeding before the Copyright Royalty Board (the "Phonorecords IV Proceedings") set the rates for the Section 115 compulsory
license for calendar years 2023 to 2027. The Copyright Royalty Board issued its initial written determination on January 26, 2018, and
set up the Mechanical Licensing Collective (the "MLC"). The MLC is a nonprofit organization designated by the U.S. Copyright
Office pursuant to the Music Modernization Act of 2018. In January 2021, the MLC began administering blanket mechanical licenses to eligible
streaming and download services (digital service providers or DSPs) in the United States, which we opted for and obtained a blanket license
for mechanical rights in the U.S. The MLC collects the royalties due under those licenses from the DSPs and pay songwriters, composers,
lyricists, and music publishers. We currently believe that the current rates will not materially impact our business, operating results,
and financial condition in the U.S. as although the U.S. is our biggest market outside of the MENA Operating Area, it is currently not
a significant market. However, if we do decide to expand our business (with both Arabic and international music) in the U.S., and we do
not grow in revenues and users as expected or if the rates are modified to be higher than the proposed rates, our content acquisition
costs could increase and impact our ability to obtain content on pricing terms favorable, which could negatively harm our business, operating
results, and financial condition and hinder our ability to provide interactive features in our services, or cause one or more of our services
not to be economically viable in U.S.
In the U.S., performing rights organizations
("PROs") generally provide public performance rights, which negotiate blanket licenses with copyright users for the public
performance of compositions, collect royalties, and distribute those royalties to rights owners. The royalty rates that apply to us today
may be subject to changes in the future. Licenses provided by two of these PROs, the American Society of Composers, Authors and Publishers
and Broadcast Music, Inc. are governed by consent decrees which are subject to terms which could be unfavorable to us in the future. This
could affect our financial viability in the future in the U.S.
We cannot guarantee that our licenses with
collecting societies and our direct licenses with publishers provide full coverage for all of the musical compositions that we make available
on our platform.
There also is no guarantee that we have or
will have all of the licenses we need to stream content, as the process of obtaining such licenses involves many rights holders, some
of whom are unknown, and myriad complex legal issues across many jurisdictions, including open questions of law as to when and whether
particular licenses are needed. Additionally, there is a risk that aspiring rights holders, their agents, or legislative or regulatory
bodies will create or attempt to create new rights that could require us to enter into license agreements with, and pay royalties to,
newly defined groups of rights holders, some of which may be difficult or impossible to identify. See also "
Risk Factors —
Risks Related to Our Business Model, Strategy, and Performance— Difficulties in obtaining accurate and comprehensive information
necessary to identify the compositions embodied in sound recordings on our platform and the ownership thereof may impact our ability to
perform our obligations under our licenses, affect the size of our catalogue, impact our ability to control content acquisition costs,
and lead to potential copyright infringement claims
."
9
Further, we cannot guarantee that such agreements
will continue to be renewed indefinitely. For example, from time to time, license agreements with certain rights holders and/or their
agents may expire while we are still negotiating their renewals, and, per industry custom and practice, we may enter into brief contract
extension (for example, month-, week-, or even days-long) and/or continue to operate as if the license agreement had been extended. During
these periods, we may not have assurance of long-term access to such rights holders' content, which could have a material adverse
effect on our business and could lead to potential copyright infringement claims. It also is possible that such agreements will never
be renewed at all. The lack of renewal, or termination, of one or more of our license agreements, or the renewal of a license agreement
on less favorable terms, also could have a material adverse effect on our business, financial condition, and results of operations.
We are a party to many license agreements
which are complex and impose numerous obligations upon us which may make it difficult to operate our business, and a breach of such agreements
could adversely affect our business, operating results, and financial condition.
Our license agreements are primarily complex
and impose numerous obligations on it, including obligations to, among other things:
●
meet certain user and conversion targets in order to secure certain licenses and royalty rates;
●
calculate and make payments based on complex royalty structures, which requires tracking usage of content on our service that may
have inaccurate or incomplete metadata necessary for such calculation;
●
provide periodic reports on the exploitation of the content in specified formats;
●
represent that we will obtain all necessary publishing licenses and consents and pay all associated fees, royalties, and other amounts
due for the licensing of musical compositions;
●
provide advertising inventory;
●
comply with certain marketing and advertising restrictions; and
●
comply with certain security and technical specifications.
Some of our license agreements grant the licensor
the right to audit our compliance with the terms and conditions of such agreements. Some of the license agreements also include so-called
"most favored nations" provisions which require that certain terms (including potentially the material terms) of such agreements
are no less favorable than those provided to any similarly situated licensor. If triggered, these most favored nations provisions could
cause our payments or other obligations under those agreements to escalate substantially. Additionally, some license agreements require
consent to undertake certain business initiatives and without such consent, our ability to undertake new business initiatives may be limited
and in turn could hurt our competitive position.
If we materially breach any of these obligations
or any other obligations set forth in any of the license agreements, or if we use content in ways that are found to exceed the scope of
such agreements, we could be subject to monetary penalties and our rights under such license agreements could be terminated, either of
which could have a material adverse effect on our business, operating results, and financial condition.
10
We have no control over the providers
of our content, and our business may be adversely affected if the access to music is limited or delayed. The concentration of control
of content by our major providers means that even one entity, or a small number of entities working together, may unilaterally affect
our access to music and other content.
We rely on music rights holders, over whom
we have no control, for the content we make available on our service. We cannot guarantee that these parties will always choose to license
to it. The music industry has a high level of concentration, which means that one or a small number of entities may, on their own, take
actions that adversely affect our business. For example, with respect to sound recordings, the music licensed to us under our agreements
with Universal Music Group, Sony Music Entertainment, and Warner Music Group, constitutes a large portion of music consumed on our service.
For the year ended December 31, 2022, this content accounted for more than 30% of streams.
Our business may be adversely affected if
our access to music is limited or delayed because of deterioration in our relationships with one or more of these rights holders or if
they choose not to license to us for any other reason. Rights holders also may attempt to take advantage of their market power to seek
onerous financial terms from us, which could have a material adverse effect on our financial condition and results of operations, and
from time to time, we have been subject to litigation relating to our licensing of music and other content.
Even if we are able to secure rights to sound
recordings from record labels and other copyright owners, artists and/or artist groups may object and may exert public or private pressure
on third parties to discontinue licensing rights to us, hold back content from it, or increase royalty rates. As a result, our ability
to continue to license rights to sound recordings is subject to convincing a broad range of stakeholders of the value and quality of our
service.
To the extent that we are unable to license
a large amount of content or the content of certain popular artists, our business, operating results, and financial condition could be
materially adversely affected.
Our royalty payment arrangements are
complex, and it is difficult to estimate the amount payable under license agreements.
Under our license agreements, we have to pay
a royalty to record labels, music publishers, and other copyright owners in order to stream content. The determination of the amount and
timing of such payments is complex and subject to a number of variables, including the revenue generated, the type of content streamed
and the country in which it is streamed, the service tier such content is streamed on, identification of the appropriate license holder,
size of user base, ratio of Ad-Supported Free service users to Premium service users, and any applicable advertising fees, app stores
and telecom operators fees and discounts, among other variables.
Additionally, for new licensing agreements,
we have certain arrangements because of which royalty costs are paid in advance or are subject to minimum guaranteed amounts. An accrual
is estimated at the higher of the actual royalty costs to be incurred during a contractual period or the minimum guarantee.
Additionally, we also have license agreements
that include so-called "most favored nations" provisions that require that the material terms of such agreements are the most
favorable material terms provided to any music licensor, which, if triggered, could cause our royalty payments under those agreements
to escalate substantially. An accrual and expense are recognized when it is probable that we will make additional royalty payments under
these terms. Historically, we never incurred additional provisions relating to most favored nations provisions.
Determining royalty payments is complex. As
a result, we may underpay or overpay the royalty amounts payable to record labels, music publishers, and other copyright owners. Underpayment
could result in (i) litigation or other disputes with record labels, music publishers, and other copyright owners, (ii) the
unexpected payment of additional royalties in material amounts, and (iii) damage to business relationships with record labels, music
publishers, other copyright owners, and artists and/or artist groups. If we overpay royalties, we may be unable to reclaim such overpayments,
and our profits will suffer. Failure to accurately pay royalties may adversely affect our business, operating results, and financial condition.
11
Minimum guarantees required under certain
of our license agreements for sound recordings and underlying musical compositions may limit our operations and may adversely affect our
business, operating results, and financial condition.
Certain of our license agreements for sound
recordings and musical compositions (both for mechanical rights and public performance rights) contain minimum guarantees and/or require
that we make minimum guarantee payments. Such minimum guarantees related to content acquisition costs are not always tied to our number
of users, Premium service users, or the number of sound recordings and musical compositions used on our service. Accordingly, our ability
to achieve and sustain profitability and operating leverage on our service depends, in part, on our ability to increase revenue through
increased sales of Premium service and advertising sales on terms that maintain an adequate gross margin. The duration of license agreements
that contain minimum guarantees is typically between one and two years, but Premium service users may cancel their subscriptions at any
time. If our forecasts of Premium service user acquisition do not meet our expectations or the number or advertising sales decline significantly
during the term of the license agreements, our margins may be materially and adversely affected. To the extent Premium service revenue
growth or advertising sales do not meet our expectations, our business, operating results, and financial condition also could be adversely
affected as a result of such minimum guarantees. In addition, the fixed cost nature of these minimum guarantees may limit our flexibility
in planning for, or reacting to, changes in our business and the market segments in which we operate.
We rely on estimates of the market share of
licensable content controlled by each content provider, as well as its own user growth and forecasted advertising revenue, to forecast
whether such minimum guarantees could be recouped against our actual content acquisition costs incurred over the duration of the license
agreement. To the extent that this revenue and/or market share estimates underperform relative to our expectations, leading to content
acquisition costs that do not exceed such minimum guarantees, our margins may be materially and adversely affected.
Difficulties in obtaining accurate and
comprehensive information necessary to identify the compositions embodied in sound recordings on our platform and the ownership thereof
may impact our ability to perform our obligations under our licenses, affect the size of our catalogue, impact our ability to control
content acquisition costs, and lead to potential copyright infringement claims.
Comprehensive and accurate ownership information
for the musical compositions embodied in sound recordings is often unavailable to us or difficult or, in some cases, impossible for us
to obtain, often times because it is withheld by the owners or administrators of such rights. We currently rely on the assistance of third
parties to determine this information. If the information provided to us or obtained by such third parties does not comprehensively or
accurately identify the ownership of musical compositions, or if we are unable to determine which musical compositions correspond to specific
sound recordings, it may be difficult or impossible to identify the appropriate rights holders to whom to pay royalties. This may make
it difficult to comply with the obligations of any agreements with those rights holders.
These challenges, and others concerning the
licensing of musical compositions embodied in sound recordings on our service, may subject us to significant liability for copyright infringement,
breach of contract, or other claims.
If our security systems are breached,
we may face civil liability, and public perception of our security measures could be diminished, either of which would negatively affect
our ability to attract and retain Premium service users, Ad-Supported Free service users, advertisers, content providers, and other business
partners.
Techniques used to gain unauthorized access
to data and software are constantly evolving, and we may be unable to anticipate or prevent unauthorized access to data pertaining to
our users, including credit card and debit card information and other personal data about our users, business partners, and employees.
Like all internet services, our service, which is supported by our own systems and those of third parties that we work with, is vulnerable
to software bugs, computer viruses, internet worms, break-ins, phishing attacks, attempts to overload servers with denial-of-service,
or other attacks and similar disruptions from unauthorized use of our and third-party computer systems, any of which could lead to system
interruptions, delays, or shutdowns, causing loss of critical data or the unauthorized access to personal data. Computer malware, viruses,
and computer hacking and phishing attacks have become more prevalent in the music subscription industry and may occur on our systems in
the future. Because of our prominence, we believe that it is a particularly attractive target for such attacks. Though it is difficult
to determine what, if any, harm may directly result from any specific interruption or attack, any failure to maintain performance, reliability,
security, and availability of our products and technical infrastructure to the satisfaction of our users may harm our reputation and ability
to retain existing users and attract new users. Although we have developed systems and processes that are designed to protect our data
and user data, to prevent data loss, to disable undesirable accounts and activities on the platform, and to prevent or detect security
breaches, such measures may not provide absolute security, may fail, or may fail to stop such data loss or activities, and they may incur
significant costs in protecting against or remediating cyber-attacks.
12
Any failure, or perceived failure, by us to
maintain the security of data relating to our users, to comply with our posted privacy policy, laws and regulations, rules of self-regulatory
organizations, industry standards, and contractual provisions to which we may be bound, could result in the loss of confidence in us,
or result in actions against us by governmental entities or others, all of which could result in litigation and financial losses, and
could potentially cause us to lose users, advertisers, and revenues.
Risks Related to Intellectual Property
Assertions by third parties of infringement
or other violation by us of their intellectual property rights could harm our business, operating results, and financial condition.
Third parties have asserted, and may in the
future assert, that we have infringed, misappropriated, or otherwise violated their copyrights, patents, and other intellectual property
rights, and as we face increasing competition, the possibility of intellectual property rights claims against us grows.
Our ability to provide our service is dependent
upon our ability to license intellectual property rights to sound recordings and the musical compositions embodied therein, as well as
related content such as album cover art and artist images. Various laws and regulations govern the copyright and other intellectual property
rights associated with sound recordings and musical compositions. Existing laws and regulations are evolving and subject to different
interpretations, and various legislative or regulatory bodies may expand current or enact new laws or regulations. See "
Risk
Factors — Risks Related to Our Business Model, Strategy, and Performance— Difficulties in obtaining accurate and comprehensive
information necessary to identify the compositions embodied in sound recordings on our service and the ownership thereof may impact our
ability to perform our obligations under our licenses, affect the size of our catalogue, impact our ability to control content acquisition
costs, and lead to potential copyright infringement claims
."
In addition, music, internet, technology,
and media companies are frequently subject to litigation based on allegations of infringement, misappropriation, or other violations of
intellectual property rights. Many companies in these industries, including many of our competitors, have substantially larger patent
and intellectual property portfolios than we do. Various "non-practicing entities" that own patents and other intellectual
property rights often attempt to aggressively assert claims in order to extract value from technology companies. Further, from time to
time we may introduce new products and services, including in territories where we currently do not have an offering, which could increase
our exposure to patent and other intellectual property claims from competitors and non-practicing entities. It is difficult to predict
whether assertions of third-party intellectual property rights or any infringement or misappropriation claims arising from such assertions
will substantially harm our business, operating results, and financial condition. If we are forced to defend against any infringement
or misappropriation claims, whether they are with or without merit, are settled out of court, or are determined in our favor, we may be
required to expend significant time and financial resources on the defense of such claims. Furthermore, an adverse outcome of a dispute
may require us to pay significant damages, which may be even greater if we are found to have willfully infringed upon a party's
intellectual property; cease exploiting copyrighted content that we have previously had the ability to exploit; cease using solutions
that are alleged to infringe or misappropriate the intellectual property of others; expend additional development resources to redesign
our solutions; enter into potentially unfavorable royalty or license agreements in order to obtain the right to use necessary technologies,
content, or materials; indemnify our partners and other third parties; and/or take other actions that may have material effects on our
business, operating results, and financial condition.
Moreover, we rely on software programmers
to design our proprietary technologies, and we regularly contribute software source code under "open source" licenses and
have made technology we developed available under open-source licenses. We cannot assure you that our efforts to prevent the incorporation
of licenses that would require us to disclose code and/or innovations in our products will always be successful, as we do not exercise
complete control over the development efforts of our programmers, and we cannot be certain that our programmers have not used software
that is subject to such licenses or that they will not do so in the future. In the event that portions of our proprietary technology are
determined to be subject to licenses that require us to publicly release the affected portions of our source code, re-engineer a portion
of our technologies, or otherwise be limited in the licensing of our technologies, we may be forced to do so, each of which could materially
harm our business, operating results, and financial condition.
13
Finally, some of the content offered on our
service is generated by our users or other content creators, subjecting us to heightened risk of claims of intellectual property infringement
by third parties if such users and content creators do not obtain the appropriate authorizations from rights holders.
Failure to protect our intellectual
property could substantially harm our business, operating results, and financial condition.
The success of our business depends on our
ability to protect and enforce our patents, trade secrets, trademarks, copyrights, and all of our other intellectual property rights,
including the intellectual property rights underlying our products and services. We attempt to protect our intellectual property under
patent, trade secret, trademark, and copyright law through a combination of intellectual property registration, employee, third-party
assignment and nondisclosure agreements, other contractual restrictions, technological measures, and other methods. These measures may
only offer limited protection and, moreover, are constantly evolving to meet the expanding needs of our business. Despite our efforts
to protect our intellectual property rights, unauthorized parties may attempt to copy aspects of our product and brand features, make
unauthorized use of original content we make available on our platform, or obtain and use our trade secrets and other confidential information.
Moreover, policing our intellectual property rights is difficult and time-consuming. We cannot assure you that we would have adequate
resources to protect and police our intellectual property rights, and we cannot assure you that the steps we take to do so will always
be effective.
We have filed, and may in the future file,
patent applications on certain of our innovations. It is possible, however, that these innovations may not be patentable. In addition,
given the cost, effort, risks, and downside of obtaining patent protection, including the requirement to ultimately disclose the invention
to the public, we may choose not to seek patent protection for some innovations. Furthermore, our patent applications may not be issued
as granted patents, the scope of the protection gained may be insufficient or an issued patent may be deemed invalid or unenforceable.
We also cannot guarantee that any of our present or future patents or other intellectual property rights will not lapse or be invalidated,
circumvented, challenged, or abandoned. Neither can we guarantee that our intellectual property rights will provide competitive advantages
to us. Our ability to assert our intellectual property rights against potential competitors or to settle current or future disputes could
be limited by our relationships with third parties, and any of our pending or future patent applications may not have the scope of coverage
originally sought. We cannot guarantee that our intellectual property rights will be enforced in jurisdictions where competition may be
intense or where legal protection may be weak. We could lose both the ability to assert our intellectual property rights against, or to
license our technology to, others and the ability to collect royalties or other payments. Certain countries' legal systems do not
provide the same level of support for the enforcement or protection of intellectual property rights as those of the United States, and
as a result, our intellectual property and proprietary rights may be subject to theft without, or with little, legal recourse.
We currently own the
www.anghami.com
internet domain name and various other related domain names. Internet regulatory bodies generally regulate domain names. If we lose the
ability to use a domain name in a particular country, we may be forced either to incur significant additional expenses to market our service
within that country or, in extreme cases, to elect not to offer our service in that country. Either result could harm our business, operating
results, and financial condition. The regulation of domain names in the United States and in foreign countries is subject to change. Regulatory
bodies could establish additional top-level domains, appoint additional domain name registrars, or modify the requirements for holding
domain names. As a result, we may not be able to acquire or maintain the domain names that utilize our brand names in the United States
or other countries in which we may conduct business in the future.
Litigation or proceedings before governmental
authorities and administrative bodies may be necessary in the future to enforce our intellectual property rights, to protect our patent
rights, trademarks, trade secrets, and domain names and to determine the validity and scope of the proprietary rights of others. Our efforts
to enforce or protect our proprietary rights may be ineffective and could result in substantial costs and diversion of resources and management
time, each of which could substantially harm our operating results. Additionally, changes in law may be implemented, or changes in interpretation
of such laws may occur, that may affect our ability to protect and enforce our patents and other intellectual property.
14
Our user metrics and other estimates
are subject to inherent challenges in measurement, and real or perceived inaccuracies in those metrics may seriously harm and negatively
affect our reputation and business.
We regularly review key metrics related to
the operation of our business, including, but not limited to, active users, Premium subscribers and conversion, Premium average revenue
per user, unit economics and EBITDA, Premium user churn rate, Arabic content and originals content creation to evaluate growth trends,
measure performance, and make strategic decisions. These metrics are calculated using internal company data and have not been validated
by an independent third party. These numbers were not prepared with a view toward public disclosure or compliance with the published guidelines
of the SEC, or the applicable guidelines for the preparation and presentation of financial statements. While these numbers are based on
what we believe to be reasonable estimates of our user base for the applicable period of measurement, there are inherent challenges in
measuring how our service is used across large populations globally. For example, we believe that there are individuals who have multiple
Anghami accounts, which can result in an overstatement of active users. Errors or inaccuracies in metrics or data could result in incorrect
business decisions and inefficiencies.
In addition, advertisers generally rely on
third-party measurement services to calculate our metrics, and these third-party measurement services may not reflect our true audience.
Some of our demographic data also may be incomplete or inaccurate because users self-report their names and dates of birth. If advertisers,
partners, or investors do not perceive our user, geographic, or other demographic metrics to be accurate representations of our user base,
or if we discover material inaccuracies in our user, geographic, or other demographic metrics, our reputation may be seriously harmed.
See "
Risk Factors — Risks Related to Our Operations— We rely on advertising revenue from our Ad-Supported Free service,
and any failure to convince advertisers of the benefits of our Ad-Supported Free service in the future could harm our business, operating
results, and financial condition," "— We are at risk of artificial manipulation of stream counts and failure to effectively
manage and remediate such fraudulent streams could have an adverse impact on our business, operating results, and financial condition
,"
and
"— We are at risk of attempts at unauthorized access to our service and failure to effectively prevent and remediate
such attempts could have an adverse impact on our business, operating results, and financial condition
."
We are at risk of attempts at unauthorized
access to our service and failure to effectively prevent and remediate such attempts could have an adverse impact on our business, operating
results, and financial condition.
We are at risk of being impacted by attempts
by third parties to manipulate and exploit our software for the purpose of gaining unauthorized access to our service. If we have currently
failed to successfully detect and address such issues or if in the future we fail to successfully detect and address such issues, it may
have artificial effects on key performance indicators, which underlie, among other things, our contractual obligations with rights holders
and advertisers, as well as harm our relationship with advertisers and rights holders. This may also impact our results of operations,
particularly with respect to margins on our Ad-Supported Free service segment, by increasing the advertisement segment cost of revenue
without a corresponding increase to our revenue from advertisement, and could expose us to claims for damages including, but not limited
to, from rights holders, any of which could seriously harm our business. Moreover, once we detect and correct such unauthorized access
and any key performance indicators it affects, investor confidence in the integrity of our key performance indicators could be undermined.
These could have a material adverse impact on our business, operating results, and financial condition.
We are at risk of artificial manipulation
of stream counts and failure to effectively manage and remediate such fraudulent streams could have an adverse impact on our business,
operating results, and financial condition.
We have in the past been, and continues to
be, impacted by attempts by third parties to artificially manipulate stream counts. Such attempts may, for example, be designed to generate
revenue for rights holders or to influence placement of content on Anghami-created playlists or industry music charts. These potentially
fraudulent streams also may involve the creation of non-bona fide user accounts or artists. We use a combination of algorithms and manual
review by employees to detect fraudulent streams. However, it may not be successful in detecting, removing, and addressing all fraudulent
streams (and any related user accounts). If we fail to successfully detect, remove, and address fraudulent streams and associated user
accounts, it may result in the manipulation of our data, including the key performance indicators which underlie, among other things,
our contractual obligations with rights holders and advertisers (which could expose us to the risk of litigation), as well as harm our
relationships with advertisers and rights holders. In addition, once we detect, correct, and disclose fraudulent streams and associated
user accounts and the key performance indicators they affect, investor confidence in the integrity of our key performance indicators could
be undermined. These could have a material adverse impact on our business, operating results, and financial condition.
15
If we fail to develop and maintain an
effective system of internal controls covering financial reporting, we may be unable to accurately or timely report our financial results
or prevent fraud, and investor confidence and the market price of our shares may be materially and adversely impacted.
Effective internal controls over financial
reporting are necessary for us to provide reliable financial reports and, together with adequate disclosure controls and procedures, are
designed to prevent fraud. In connection with the audit of our consolidated financial statements for the years ended December 31, 2021,
and 2022, Anghami and our independent registered public accounting firm identified certain material weaknesses in our internal controls
over financial reporting.
As defined in the standards established by
the U.S. Public Company Accounting Oversight Board, a "material weakness" is a deficiency, or combination of deficiencies,
in internal controls covering financial reporting, such that there is a reasonable possibility that a material misstatement of the financial
statements will not be detected or prevented on a timely basis.
In 2022, the material weaknesses identified
related to:
●
Lack of sufficiently skilled personnel with requisite IFRS and SEC reporting knowledge and experience;
●
Lack of sufficient entity level controls and sufficiently designed internal controls and financial reporting policies and procedures
including segregation of duties, that are commensurate with SEC reporting requirements; and
●
Lack of design and operating effectiveness of IT general controls for information systems that are relevant to the preparation of
Anghami's consolidated financial statements.
These material weaknesses, if not remediated
in a timely manner, may lead to material misstatements in our future consolidated financial statements.
As an emerging growth company, Anghami's
independent registered public accounting firm was not required to and did not perform an audit of Anghami's internal control over
financial reporting, which maybe have resulted in the identification of additional deficiencies.
As a public company, we are required to maintain
internal control over financial reporting, including adequate disclosure controls and procedures, and to report any material weaknesses
in those internal controls. For example, we are required to perform system and process evaluation and testing of our internal control
over financial reporting to allow our management to report on the effectiveness of our internal controls over financial reporting, as
required by Section 404 of the Sarbanes-Oxley Act. If we are unable to successfully remediate the identified material weaknesses, if we
discover additional material weaknesses or if we are otherwise unable to report financial statements accurately or in a timely manner,
we would be required to continue disclosing such material weaknesses in future filings with the SEC, which could adversely affect our
business, investor confidence in the company and the market price of our ordinary shares and could subject us to litigation or regulatory
enforcement actions. As a result, shareholders could lose confidence in our financial and other public reporting, which would harm our
business and the market value of our ordinary shares.
16
Following the identification of the material
weaknesses, Anghami has begun taking measures, and we will continue to take measures, to remediate these control deficiencies. Measures
to rectify the weaknesses and deficiencies include the implementation of an ERP, hiring outside consultants, provide technical training
for its employees and hire internal auditors Besides, management is planning to introduce technical IFRS training namely for IFRS 15 (revenue
recognition), IFRS 2 (share-based compensation), IFRS 9 (Financial Instruments), IAS 37 (provisions, contingent liabilities and contingent
assets), and IAS 38 (Intangible Assets). In addition, we have hired public accountants to assist us with accounting documentation, enhancing
reporting requirements and develop internal policies and procedures. We plan to establish an internal audit function to make sure we have
implemented best practices in financial controls. Upon the completion of the Business Combination, we implemented Code of Ethics and Corporate
Governance Guidelines in relation industry best practices.
Besides, we are in the process of implementing
control mechanisms on spending to match prospective financial statements. These mechanisms include a detailed business plan for each new
project to be approved by executive committee within the board. Anghami will be quarterly reporting the performance of these projects
for executive committee to follow-up on performance and adjust course when needed.
However, the implementation of these measures
may not fully address the material weaknesses in our internal controls covering financial reporting, and we cannot conclude that they
have been fully remediated. Our failure to correct the material weaknesses or their failure to discover and address any other deficiencies
could result in inaccuracies in our financial statements and impair our ability to comply with applicable financial reporting requirements
and related regulatory filings on a timely basis. As of the date of the filing of this annual report, such material weaknesses have not
been remediated.
We are subject to a variety of laws
around the world. Government regulation of the internet is evolving and any changes in government regulations relating to the internet
or other areas of our business or other unfavorable developments may adversely affect our business, operating results, and financial condition.
We are an international company with offices
in UAE, Saudi Arabia, Egypt and Lebanon with further plans to expand regionally. As a result of this organizational structure and the
scope of our operations, we are subject to a variety of laws in different countries. The scope and interpretation of the laws that are
or may be applicable to us are often uncertain and may be conflicting. Additionally, as our business grows and evolves, we will become
subject to laws and regulations in additional jurisdictions. It is difficult to predict how existing laws will be applied to our business
and the new laws to which we may become subject.
We are subject to general business regulations
and laws, as well as regulations and laws specific to the internet. Such laws and regulations include, but are not limited to, labor,
advertising and marketing, real estate, taxation, user privacy, data collection and protection, intellectual property, anti-corruption,
anti-money laundering, foreign exchange controls, antitrust and competition, electronic contracts, telecommunications, sales procedures,
automatic subscription renewals, credit card processing procedures, consumer protections, broadband internet access, and content restrictions.
We cannot guarantee that we have been or will be fully compliant in every jurisdiction in which we are subject to regulation, as existing
laws and regulations are constantly changing. The adoption or modification of laws or regulations relating to the internet or other areas
of our business could limit or otherwise adversely affect the manner in which we currently conduct business. Further, compliance with
laws, regulations, and other requirements imposed upon our business may be onerous and expensive, and they may be inconsistent from jurisdiction
to jurisdiction, further increasing the cost of compliance and doing business.
Moreover, as internet commerce continues to
evolve, increasing regulation by international regulators becomes more likely and may lead to more stringent consumer protection laws,
which may impose additional burdens on us. The adoption of any laws or regulations that adversely affect the popularity or growth in use
of the internet, including laws limiting internet neutrality, could decrease user demand for our service and increase our cost of doing
business. Future regulations, or changes in laws and regulations or their existing interpretations or applications, also could hinder
our operational flexibility, raise compliance costs, and result in additional historical or future liabilities, resulting in material
adverse impacts on our business, operating results, and financial condition.
17
We depend on highly skilled key personnel
to operate our business, and if we are unable to attract, retain, and motivate qualified personnel, our ability to develop and successfully
grow our business could be harmed.
We believe that our future success is highly
dependent on the talents and contributions of our senior management, Edgard Maroun, our Chief Executive Officer, and Elias Habib, our
Chief Technical Officer, members of our executive team, and other key employees, such as key engineering, finance, research and development,
marketing, and sales personnel. Our future success depends on our continuing ability to attract, develop, motivate, and retain highly
qualified and skilled employees. Certain members of our senior management are free to terminate their employment relationship at any time,
and their knowledge of our business and industry may be difficult to replace. Qualified individuals are in high demand, particularly in
the digital media industry, and we may incur significant costs to attract them. If we are unable to attract and retain senior management
and key employees, we may not be able to achieve our strategic objectives, and our business could be harmed.
As per our audited financial statements,
we have a material uncertainty regarding going concern
Our audited financial statements for the year
ended 2022 have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities
in the normal course of business. However, we have suffered recurring losses from operations and have a net capital deficiency that raises
substantial doubt about our ability to continue as a going concern. If we are unable to obtain additional financing or generate profitable
operations our ability to continue as a going concern may be in doubt. We are currently exploring financing options and taking steps to
reduce expenses and increase revenues, but there can be no assurance that we will be successful in these efforts, or that we will be able
to continue as a going concern.
Risks Related to Our Operations
We may require additional capital to
fund our operations and support business growth and objectives, and this capital might not be available on acceptable terms, if at all.
We intend to continue to make investments
to support our business growth and may require additional funds to respond to business challenges, including the need to develop new features
or enhance our existing services, expand into additional markets around the world, improve infrastructure, or acquire complementary businesses
and technologies. Accordingly, we may need to engage, and have engaged, in equity and debt financing to secure additional funds. If we
raise additional funds through future issuances of equity or convertible debt securities, our existing shareholders could suffer additional
significant dilution, and any new equity securities we issue could have rights, preferences, and privileges superior to those of holders
of our common shares. Any debt financing we secure in the future also could contain restrictive covenants relating to our capital raising
activities and other financial and operational matters, which may make it more difficult for us to obtain additional capital and pursue
business opportunities, including potential acquisitions. We may not be able to obtain additional financing on terms favorable to us,
if at all. If we are unable to obtain adequate financing or financing on terms satisfactory to us when required, our ability to continue
to fund our operations and support business growth, acquire or retain users, and respond to business challenges could be significantly
impaired.
Warrant holders may not elect to exercise
any of their warrants, which could significantly reduce the amount of cash we could receive from the exercise of the warrants.
Our warrants are exercisable for one ordinary
share at an exercise price of $11.50 per ordinary share. The closing price of our ordinary shares on the Nasdaq on March 31, 2023 was
$1.66 per ordinary share. As of such date, because the exercise price exceeded the price of our ordinary shares, our warrants were "out-of-the-money,"
and we believe that it is unlikely that any warrant holder would exercise any warrants at a time when the warrants are out-of-the-money.
The exercise of our warrants is discretionary by the warrant holder. Accordingly, there can be no assurance that the warrant holders will
elect to exercise any or all of the warrants. To the extent that any of the warrant holders elect not to exercise their warrants or their
warrants are exercised on a "cashless basis," as may be permitted in certain circumstances, the amount of cash we would receive
from the exercise of the warrants will decrease. It is also possible that we may receive no money from the exercise of our warrants.
Streaming depends on effectively working
with third-party platforms, operating systems, online platforms, hardware, networks, regulations, and standards that we do not control.
Changes in our service or those operating systems, hardware, networks, regulations, or standards, and our limitations on our ability to
access those platforms, operating systems, hardware, or networks may seriously harm our business.
Our service requires high-bandwidth data capabilities
and if the costs of data usage increase or access to data networks is limited, our business may be seriously harmed. Additionally, to
deliver high-quality audio, video, and other content over networks, our services must work well with a range of technologies, systems,
networks, regulations, and standards that we do not control.
18
We also rely on a variety of operating systems,
online platforms, hardware, and networks to reach our customers. These platforms range from desktop and mobile operating systems and application
stores to wearables and intelligent voice assistants. The owners or operators of these platforms may not share our interests and may restrict
our access to them or place conditions on access that would materially affect our ability to access those platforms. In particular, where
the owner of a platform also is our direct competitor, the platform may attempt to use this position to affect our access to customers
and ability to compete. Online platforms also may unilaterally impose certain requirements that negatively affect our ability to convert
users to the Premium service, such as conditions that limit our freedom to communicate promotions and offers to the users. Similarly,
online platforms may force us to use the platform's payment processing systems which may be inferior to and more costly than other
payment processing services available in the market. Online platforms frequently change the rules and requirements for services like our
access to the platform, and such changes may adversely affect the success or desirability of our service. Online platforms may limit our
access to information about customers, limiting our ability to convert and retain them. Online platforms also may deny access to application
programming interfaces ("API") or documentation, limiting functionality of our service on the platform. There can be no assurance
that we will be able to comply with the requirements of those operating systems, online platforms, hardware, networks, regulations, and
standards on which our service depends, and failure to do so could result in serious harm to our business.
We face and will continue to face competition
for Ad-Supported Free service users, Premium service users, and user listening time.
We compete for the time and attention of our
users with other content providers on the basis of a number of factors, including quality of experience, relevance, diversity of content,
ease of use, price, accessibility, perception of advertising load, brand awareness, and reputation. We compete with providers of on-demand
music, which is purchased or available for free and playable on mobile devices and in the home. These forms of media may be purchased,
downloaded, and owned such as iTunes audio files, MP3s, or CDs, or accessed from subscription or free online on-demand offerings by music
providers or content streams from other online services. We face increasing competition for users from a growing variety of businesses,
including other subscription music services around the world, many of which offer services that are similar to our service, that deliver
music content over the internet, through mobile phones, and through other wireless devices. Many of our current or future competitors
are already entrenched or may have significant brand recognition in a particular region or market in which we operate or seek to penetrate.
We also compete with providers of internet radio both online and through connected mobile devices. These internet radio providers may
offer more extensive content libraries than we offer, and some may have a broader international offering than ours. We also compete with
terrestrial radio, satellite radio, and online radio. In addition, we also compete for users with providers of social media services both
online and through connected mobile devices.
We also believe that companies with a combination
of technical expertise, brand recognition, financial resources, and digital media experience also pose a significant threat of developing
competing on-demand music distribution technologies. In particular, if known incumbents in the digital media space such as Facebook choose
to offer competing services, they may devote greater resources than we have available, have a more accelerated time frame for deployment,
and leverage their existing user base and proprietary technologies to provide services that our users and advertisers may view as superior.
Furthermore, Spotify, YouTube, Amazon Prime, Apple Music, Deezer, Google Play Music, Joox, Pandora, SoundCloud, and others have competing
services, which may negatively impact our business, operating results, and financial condition. Our current and future competitors may
have higher brand recognition, more established relationships with music and other content licensors and mobile device manufacturers,
greater financial, technical, and other resources, more sophisticated technologies, and/or more experience in the markets. In addition,
Apple and Google also own application store platforms and are charging in-application purchase fees, which are not being levied on their
own applications, thus creating a competitive advantage for themselves against us. As the market for on-demand music on the internet and
mobile and connected devices increases, new competitors, business models, and solutions are likely to emerge.
19
We also face significant competition for users
from companies promoting their own digital music content online or through application stores, including several large, well-funded, and
seasoned participants in the digital media market. The websites and mobile applications of our competitors may rank higher than our website
and our mobile application, and our application may be difficult to locate in mobile device application stores, which could draw potential
users away from our service and toward those of our competitors. In addition, some of the competitors, including Apple, Amazon, and Google,
have developed, and are continuing to develop, devices for which their music streaming service is preloaded, creating a visibility advantage.
If we are unable to compete successfully for users against other digital media providers by maintaining and increasing our presence and
visibility online, on mobile devices, and in application stores, our number of Premium service users and songs streamed on our service
may fail to increase or may decline and subscription fees and advertising sales may suffer. See "
Risk Factors — Risks Related
to Our Business Model, Strategy, and Performance— If our efforts to attract prospective users, retain existing users, and effectively
monetize our products and services are not successful, our growth prospects and revenue will be adversely affected
."
We compete for a share of advertisers'
overall marketing budgets with other content providers on a variety of factors including perceived return on investment, effectiveness
and relevance of advertising products, pricing structure, and ability to deliver large volumes or precise types of advertisements to targeted
user demographic pools. We also compete for advertisers with a range of internet companies, including major internet portals, search engine
companies, social media sites, and applications, as well as traditional advertising channels such as terrestrial radio.
Failure to compete successfully against our
current or future competitors could result in loss of current or potential advertisers, a reduced share of our advertisers' overall
marketing budget, loss of existing or potential users, or diminished brand strength, which could adversely affect our pricing and margins,
lower revenue, increase research and development and marketing expenses, and prevent us from achieving profitability.
Our products are highly technical and
may contain undetected errors, bugs, or vulnerabilities, which could manifest in ways that could seriously harm our reputation and our
business.
Many of the products we offer are highly technical
and complex. These products or any other product we may introduce in the future may contain undetected hardware errors, software bugs,
and other vulnerabilities. These errors, bugs, and vulnerabilities can manifest in any number of ways in our products, including through
diminished performance, security incidents, malfunctions, service disruptions, or even permanently disabled products. We have a practice
of rapidly updating our products, and as a result some errors, bugs, or vulnerabilities in our products may be discovered only after a
product has been used and may in some cases be detected only under certain circumstances or after extended use. Additionally, many of
our products are available on multiple operating systems and/or multiple devices offered by different manufacturers, and changes or updates
to such operating systems or devices may cause errors or functionality problems in our products, including rendering our products inoperable
by some users. Our products operate in conjunction with, and we are dependent upon, third-party products and services, and any error or
bug in one of these third-party products or services could thwart our users' ability to access our products and services, present
a security vulnerability, and harm our reputation. Additionally, any errors, bugs, or other vulnerabilities discovered in our code or
backend after release could damage our reputation, drive away users, allow third parties to manipulate or exploit our software, lower
revenue, impact the stability or accuracy of our user metrics or other estimates, and expose us to claims for damages, any of which could
seriously harm our business. Additionally, errors, bugs, or other vulnerabilities may-either directly or if exploited by third parties-affect
our ability to make accurate royalty payments. See "
Risks Related to Intellectual Property— Our royalty payment scheme
is complex, and it is difficult to estimate the amount payable under our license agreements or relevant statutes
."
We could also face claims for product liability,
tort, or breach of warranty. Defending a lawsuit, regardless of its merit, is costly and may divert management's attention and seriously
harm our reputation and our business. In addition, if our liability insurance coverage proves inadequate or future coverage is unavailable
on acceptable terms or at all, our business could be seriously harmed.
20
Interruptions, delays or discontinuations
in service arising from our own systems or from third parties could impair the delivery of our service and harm our business.
We rely on systems housed in our own facilities
and upon third parties, including bandwidth providers and third-party "cloud" data storage services, to enable our users to
receive our content in a dependable, timely, and efficient manner. We have experienced and may in the future experience periodic service
interruptions and delays involving our own systems and those of third parties that we work with. Both our own facilities and those of
third parties are vulnerable to damage or interruption from earthquakes, floods, fires, power loss, telecommunications failures, and similar
events. They also are subject to break-ins, sabotage, intentional acts of vandalism, the failure of physical, administrative, technical,
and cyber security measures, terrorist acts, natural disasters, human error, the financial insolvency of third parties that we work with,
and other unanticipated problems or events. The occurrence of any of these events could result in interruptions in our service and to
unauthorized access to, or alteration of, the content and data contained on our systems and that these third parties store and deliver
on our behalf. Any disruption in the services provided by these third parties could materially adversely impact our business reputation,
customer relations, and operating results.
If we fail to accurately predict, recommend,
and play music that our users enjoy, we may fail to retain existing users and attract new users in sufficient numbers to meet investor
expectations for growth or to operate our business profitably.
Our system for predicting user music preferences
and selecting music tailored to our users' individual music tastes is based on advanced data analytics systems and proprietary algorithms.
While we have invested, and will continue to invest, significant resources in refining these technologies; however, these investments
may not yield an attractive return and such refinements may not be effective. The effectiveness of our ability to predict user music preferences
and select music tailored to our users' individual music tastes depends in part on our ability to gather and effectively analyze
large amounts of user data. In addition, our ability to offer users songs that they have not previously heard and impart a sense of discovery
depends on our ability to acquire and appropriately categorize additional songs that will appeal to each user's diverse and changing
tastes. Although we have a large catalogue of songs available to stream, we may not be able to effectively identify and analyze additional
songs that our users will enjoy. Our ability to predict and select music content that our users enjoy is critical to our service and failure
to make accurate predictions could materially adversely affect our ability to adequately attract and retain users, increase hours spent
by users consuming video and audio content on our app ("Content Hours"), and sell advertising to meet investor expectations
for growth or to operate the business profitably.
If we fail to effectively manage our
growth, our business, operating results, and financial condition may suffer.
Our rapid growth has placed, and will continue
to place, significant demands on our management and operational and financial infrastructure. In order to attain and maintain profitability,
we will need to recruit, integrate, and retain skilled and experienced personnel who can demonstrate our value proposition to users, advertisers,
and business partners and who can increase the monetization of the music streamed on our service, particularly on mobile devices. Continued
growth also could strain our ability to maintain reliable service levels for our users, effectively monetize the music streamed, develop
and improve our operational and financial controls, and recruit, train, and retain highly skilled personnel. If our systems do not evolve
to meet the increased demands placed on us by an increasing number of advertisers, we also may be unable to meet obligations under advertising
agreements with respect to the delivery of advertising or other performance obligations. As our operations grow in size, scope, and complexity,
we will need to improve and upgrade our systems and infrastructure, which will require significant expenditures and allocation of valuable
technical and management resources. If we fail to maintain efficiency and allocate limited resources effectively in our organization as
we grow, our business, operating results, and financial condition may suffer.
We have incurred significant operating
losses in the past, and we may not be able to generate sufficient revenue to be profitable, or to generate positive cash flow on a sustained
basis. In addition, our revenue growth rate may decline.
Since our inception, we have incurred significant
operating losses and as of December 31, 2022, had an accumulated deficit of $5,115,004. For the years ended December 31, 2022,
and 2021, our operating losses were $17,379,187 and $13,564,077, respectively. We have incurred significant costs to license content and
continue to pay royalties to music labels, publishers, and other copyright owners for such content. We cannot assure you that we will
generate sufficient revenue from the sale of our services to offset the cost of our content and these royalty expenses. If we cannot successfully
earn revenue at a rate that exceeds the operational costs, including royalty expenses, associated with our services, we will not be able
to achieve or sustain profitability or generate positive cash flow on a sustained basis.
21
In
the future, our revenue growth rate may decline because of a variety of factors, including increased competition and the maturation of
our business. We cannot assure you that our revenue will continue to grow or will not decline. You should not consider our historical
revenue growth or operating expenses as indicative of our future performance. If our revenue growth rate declines or our operating expenses
exceed our expectations, our financial performance will be adversely affected.
Additionally,
we also expect our costs to increase in future periods, which could negatively affect our future operating results and ability to achieve
profitability. We expect to continue to expend substantial financial and other resources on:
●
securing
                                            top quality audio and video content from leading music labels, distributors, aggregators,
                                            as well as the publishing right to the underlying musical compositions;
●
creating
                                            new forms of original content;
●
our
                                            technology infrastructure, including website architecture, development tools, scalability,
                                            availability, performance, security, and disaster recovery measures;
●
research
                                            and development, including investments in our research and development team and the development
                                            of new features;
●
sales
                                            and marketing, including a significant expansion of our field sales organization;
●
international
                                            expansion in an effort to increase our member base, engagement, and sales; and
●
general
                                            administration, including legal and accounting expenses, related to being a public company.
These
investments may not result in increased revenue or growth in our business. If we fail to continue to grow our revenue and overall business,
our business, operating results, and financial condition could be harmed.
Our
ability to increase the number of users will depend in part on our ability to distribute our service, which may be affected by third-party
interference beyond our control.
The
use of our service depends on the ability of our users to access the internet, our website, and the Anghami app. Enterprises or professional
organizations, including governmental agencies, could block access to the internet, our website, and the Anghami application for a number
of reasons such as security or confidentiality concerns or regulatory reasons that could adversely impact our user base.
Additionally,
we distribute our application via smartphone and tablet application download stores managed by Amazon, Apple, Google, and Microsoft,
among others. Certain of these companies are now, and others may in the future become, our competitors, and could stop allowing or supporting
access to our service through their products, could allow access for us only at an unsustainable cost, or could make changes to the terms
of access in order to make our service less desirable or harder to access, for competitive reasons.
We
rely on advertising revenue from our Ad-Supported Free service, and any failure to convince advertisers of the benefits of the Ad-Supported
Free service in the future could harm our business, operating results, and financial condition.
Our
ability to attract and retain advertisers, and ultimately to generate advertising revenue, depends on a number of factors, including:
●
increasing
                                            the number of hours Ad-Supported Free service users spend listening to music or otherwise
                                            engaging with content;
●
increasing
                                            the number of Ad-Supported Free service users;
22
●
keeping
                                            up with advancements in technology;
●
competing
                                            effectively for advertising dollars from other online and mobile music streaming and media
                                            companies;
●
maintaining
                                            and growing relationships with marketers, agencies, and other demand sources who purchase
                                            advertising inventory from us; and
●
continuing
                                            to develop and diversify our advertisement platform, which currently includes delivery of
                                            advertising products through multiple delivery channels, including traditional computers,
                                            mobile, and other connected devices.
We
may not succeed in capturing a greater share of our advertisers' core marketing budgets, particularly if we are unable to achieve
the scale, reach, products, and market penetration necessary to demonstrate the effectiveness of our advertising solutions, or if our
advertising model proves ineffective or not competitive when compared to other alternatives and platforms through which advertisers choose
to invest their budgets. Failure to grow the Ad-Supported Free service user base and to effectively demonstrate the value of our Ad-Supported
Free service to advertisers could result in loss of, or reduced spending by, existing or potential future advertisers, which would materially
harm our business, operating results, and financial condition.
Negative
media coverage could adversely affect our business.
We
receive a high degree of media coverage in the MENA Operating Area. Unfavorable publicity regarding, for example, payments to music labels,
publishers, artists, and ther copyright owners, our privacy practices, terms of service, service changes, service quality, litigation
or regulatory activity, government surveillance, the actions of our advertisers, the actions of our developers whose services are integrated
with our service, the use of our service for illicit, objectionable, or illegal ends, the actions of any users, the quality and integrity
of content shared on our service, or the actions of other companies that provide similar services to it, could materially adversely affect
our reputation. Such negative publicity also could have an adverse effect on the size, engagement, and loyalty of our user base and result
in decreased revenue, which would materially adversely affect our business, operating results, and financial condition.
Our
business depends on a strong brand, and any failure to maintain, protect, and enhance the brand would hurt our ability to retain or expand
our base of Ad-Supported Free service users, Premium service users, and advertisers.
We
have developed a strong brand that we believe has contributed significantly to the success of our business. Maintaining, protecting,
and enhancing the "Anghami" brand is critical to expanding our base of Ad-Supported Free service users, Premium service users,
and advertisers, and will depend largely on our ability to continue to develop and provide an innovative and high-quality experience
for our users and to attract advertisers, content owners, mobile device manufacturers, and other consumer electronic product manufacturers
to work with us, which we may not do successfully. If we do not successfully maintain a strong brand, our business could be harmed.
Our
brand may be impaired by a number of other factors, including any failure to keep pace with technological advances on our platform or
with our service, slower load times for our service, a decline in the quality or quantity of the content available, a failure to protect
intellectual property rights, or any alleged violations of law, regulations, or public policy. Additionally, the actions of our developers,
advertisers, and content partners may affect our brand if users do not have a positive experience using third-party applications or websites
integrated with us or that make use of our content.
Our
trademarks, trade dress, and other designations of origin are important elements of our brand. We have registered "Anghami"
and other marks as trademarks in New York, UK, Switzerland, UAE, Saudi Arabia, Lebanon, Egypt, Jordan, and certain other jurisdictions.
Nevertheless, competitors or other companies may adopt marks similar to us or use our marks and confusingly similar terms as keywords
in internet search engine advertising programs, thereby impeding our ability to build brand identity and possibly leading to confusion
among our users. Whether or not our trademark applications are denied, third parties may claim that our trademarks infringe upon their
rights. As a result, we could be forced to pay significant settlement costs or cease the use of these trademarks and associated elements
of our brand in those or other jurisdictions. Doing so could harm our brand or brand recognition and adversely affect our business, financial
condition, and results of operation.
23
Various
regulations related to privacy and data security concerns pose the threat of lawsuits and other liability, require us to expend significant
resources, and may harm our business, operating results, and financial condition.
We
collect and use personal and other information from and about our users as they interact with our Service. Various laws and regulations
govern the collection, use, retention, sharing, and security of the data we receive from and about our users. Privacy groups and government
bodies have increasingly scrutinized the ways in which companies link personal identities and data associated with particular users or
devices with data collected through the internet, and we expect such scrutiny to continue to increase. Alleged violations of laws and
regulations relating to privacy and data security, and any relevant claims, may expose us to potential liability and may require us to
expend significant resources in responding to and defending such allegations and claims. Claims or allegations that we have violated
laws and regulations relating to privacy and data security could in the future result in negative publicity and a loss of confidence
by our users and partners. Such claims or allegations also may subject us to fines, including by data protection authorities and credit
card companies, and could result in the loss of our ability to accept credit and debit card payments.
Additionally,
the regulatory framework for privacy issues worldwide is currently in flux and is likely to remain so for the foreseeable future. Our
business, including our ability to operate and expand internationally, could be adversely affected if legislation or regulations are
adopted, interpreted, or implemented in a manner that is inconsistent with our current business practices and that require changes to
these practices, the design of our website, services, features, or our privacy policy. Our business could be harmed by any significant
change to applicable laws, regulations, or industry practices regarding the use of our users' personal data, for example regarding
the manner in which disclosures are made and how the express or implied consent of users for the use of personal data is obtained. Such
changes may require us to modify our services and features, possibly in a material manner, and may limit our ability to develop new services
and features that make use of the data that users voluntarily share. In addition, some of our developers or other partners, such as those
that help measure the effectiveness of ads, may receive or store information provided by us or by users through mobile or web applications
integrated with our service. We provide limited information to such third parties based on the scope of services provided. However, if
these third parties or developers fail to adopt or adhere to adequate data security practices, or in the event of a breach of their networks,
our data or our users' data may be improperly accessed, used, or disclosed.
The
European Union General Data Protection Regulation ("GDPR") came into effect on May 25, 2018, and required us to change our
privacy and data security practices. The GDPR implemented more stringent operational requirements for processors and controllers of personal
data, including, for example, requiring expanded disclosures about how personal information is to be used, limitations on retention of
information, mandatory data breach notification requirements, and higher standards for data controllers to demonstrate that they have
obtained valid consent or have another legal basis in place to justify their data processing activities. The GDPR provides that EU member
states may make their own additional laws and regulations in relation to certain data processing activities, which could limit our ability
to use and share personal data or could require localized changes to our operating model. Under the GDPR, fines of up to €20 million
or up to 4% of the total worldwide annual turnover of the preceding financial year, whichever is higher, may be assessed for non-compliance.
These new laws also could cause our costs to increase and result in further administrative costs to providing our service.
We
may find it necessary or desirable to join self-regulatory bodies or other privacy-related organizations that require compliance with
their rules pertaining to privacy and data security. We also may be bound by contractual obligations that limit our ability to collect,
use, disclose, share, and leverage user data and to derive economic value from it. New laws, amendments to, or reinterpretations of existing
laws, rules of self-regulatory bodies, industry standards, and contractual obligations, as well as changes in our users' expectations
and demands regarding privacy and data security, may limit our ability to collect, use, and disclose, and to leverage and derive economic
value from user data. Restrictions on our ability to collect, access and harness user data, or to use or disclose user data or any profiles
that we develop using such data, may require us to expend significant resources to adapt to these changes, and would in turn limit our
ability to stream personalized music content to our users and offer targeted advertising opportunities to our Ad-Supported Free
service users.
In
addition, any failure or perceived failure by us to comply with privacy or security laws, policies, legal obligations, industry standards,
or any security incident that results in the unauthorized release or transfer of personal data may result in governmental enforcement
actions and investigations, including fines and penalties, enforcement orders requiring us to cease processing or operate in a certain
way, litigation and/or adverse publicity, including by consumer advocacy groups, and could cause our customers to lose trust in us, which
could have an adverse effect on our reputation and business. Such failures could have a material adverse effect on our financial condition
and operations. If the third parties we work with (for example, cloud-based vendors) violate applicable laws or contractual obligations
or suffer a security breach, such violations also may put us in breach of our obligations under privacy laws and regulations and/or could
in turn have a material adverse effect on our business.
24
We
have incurred, and will continue to incur, expenses to comply with privacy and security standards and protocols imposed by law, regulation,
self-regulatory bodies, industry standards, and contractual obligations.
Increased
regulation of data capture, analysis, and utilization and distribution practices, including self-regulation and industry standards, could
increase our cost of operation, limit our ability to grow our operations, or otherwise adversely affect our business, operating results,
and financial condition.
We
are subject to a number of risks related to credit card and debit card payments we accept.
We
accept payments using a variety of methods, including credit and debit card transactions. For credit and debit card payments, we pay
interchange and other transaction fees, which may increase over time. An increase in those fees would require us to either increase the
prices we charge for our Premium Service, which could cause us to lose Premium service users and subscription revenue or suffer an increase
in our costs without a corresponding increase in the price we charge for our Premium Service, either of which could harm our business,
operating results, and financial condition.
We
rely on third-party service providers for payment processing services. Our business could be materially disrupted if these third-party
service providers become unwilling or unable to provide these services to us. If we or our service providers for payment processing services
have problems with our billing software, or the billing software malfunctions, it could have a material adverse effect on our user satisfaction
and could cause one or more of the major credit card companies to disallow our continued use of their payment products. In addition,
if our billing software fails to work properly and, as a result, we do not automatically charge our Premium service user's credit
cards on a timely basis or at all, our business, financial condition, and results of operations could be materially adversely affected.
We
are also subject to payment card association operating rules, certification requirements, and rules governing electronic funds transfers,
which could change or be reinterpreted to make it more difficult for us to comply. Any failure to comply with these rules or requirements
may subject us to higher transaction fees, fines, penalties, damages, and civil liability, and may result in the loss of our ability
to accept credit and debit card payments. Further, there is no guarantee that, even if we are in compliance with such rules or requirements,
such compliance will prevent illegal or improper use of our payment systems or the theft, loss, or misuse of data pertaining to credit
and debit cards, credit and debit card holders, and credit and debit card transactions. Certain payment card associations have proposed
additional requirements for trial offers for automatic renewal subscription services, which may hinder our ability to attract or retain
Premium service users.
If
we fail to adequately control fraudulent credit card transactions, we may face civil liability, diminished public perception of our security
measures, and significantly higher credit card-related costs, each of which could adversely affect our business, financial condition,
and results of operations. If we are unable to maintain our chargeback rate or refund rates at acceptable levels, credit card and debit
card companies may increase our transaction fees or terminate their relationships with us. The termination of our ability to process
payments on any major credit or debit card would significantly impair our ability to operate our business.
We
are subject to a number of risks related to other payment solution providers.
We
accept payments through various payment solution providers, such as telco integrated billings and prepaid codes vendors. These payment
solution providers provide services to us in exchange for a fee and settlement terms, which may be subject to change, impacting our profitability
and cash position. Furthermore, we rely on their accurate and timely reports on sales and redemptions. If such accurate and timely reports
are not being provided, it will affect the accuracy of our reports to our licensors, and also affect the accuracy of our financial reporting.
In addition, our ability to provide subscription service is dependent on the performance of such payment solution providers. If these
service providers face technical issues that result in service downtime, our ability to generate subscription revenue could be adversely
impacted.
25
Emerging
industry trends in digital advertising may pose challenges for our ability to forecast or optimize our advertising inventory, which may
adversely impact the Ad-Supported Free service revenue.
The
digital advertising industry is introducing new ways to measure and price advertising inventory. In the absence of a uniform industry
standard, agencies and advertisers have adopted several different measurement methodologies and standards. In addition, measurement services
may require technological integrations, which are still being evaluated by the advertising industry without an agreed-upon industry standard
metric. As these trends in the industry continue to evolve, our advertising revenue may be adversely affected by the availability, accuracy,
and utility of the available analytics and measurement technologies as well as our ability to successfully implement and operationalize
such technologies and standards.
Further,
the digital advertising industry is shifting to data-driven technologies and advertising products, such as automated buying. These data-driven
advertising products and automated buying technologies allow publishers and advertisers to use data to target advertising toward specific
groups of users who are more likely to be interested in the advertising message delivered to them. These advertising products and programmatic
technologies are currently more developed in terms of advertising technology and industry adoption on the web than they are on mobile
or on other software applications and may not integrate with our desktop software version of the Ad-Supported Free service. Because the
majority of our Ad-Supported Free service user hours occur on mobile devices, if we are unable to deploy effective solutions to monetize
the mobile device usage by Ad-Supported Free service user base, our ability to attract advertising spend, and ultimately advertising
revenue, may be adversely affected by this shift.
Our
operating results may fluctuate, which makes our results difficult to predict.
Our
revenue and operating results could vary significantly from quarter to quarter and year to year because of a variety of factors, many
of which are outside our control. As a result, comparing our operating results on a period-to-period basis may not be meaningful. In
addition to other risk factors discussed herein, factors that may contribute to the variability of our quarterly and annual results include:
●
Our
                                            ability to retain current user base, increase the number of Ad-Supported Free service users
                                            and Premium service users, and increase users' time spent streaming content;
●
Our
                                            ability to effectively manage growth;
●
Our
                                            ability to attract and retain existing advertisers and prove that our advertising products
                                            are effective enough to justify a pricing structure that is profitable;
●
the
                                            effects of increased competition on our business;
●
Our
                                            ability to keep pace with changes in technology and competitors;
●
lack
                                            of accurate and timely reports and invoices from rights holders and partners;
●
interruptions
                                            in service, whether or not we are responsible for such interruptions, and any related impact
                                            on our reputation;
●
Our
                                            ability to pursue and appropriately time our entry into new geographic or content markets
                                            and, if pursued, our management of this expansion;
●
costs
                                            associated with defending any litigation, including intellectual property infringement litigation;
●
the
                                            impact of general economic conditions on our revenue and expenses; and
●
changes
                                            in regulations affecting our business.
26
Seasonal
variations in user and marketing behavior also may cause fluctuations in our financial results. We expect to experience some effects
of seasonal trends in user behavior due to increased internet usage and sales of streaming service subscriptions and devices during holiday
periods, such as New Year's Eve, Eid, and Christmas. We also may experience higher advertising sales during such increased usage
periods and incur greater marketing expenses as we attempt to attract new users and convert Ad-Supported Free service users to Premium
service users. In addition, expenditures by advertisers tend to be cyclical and are often discretionary in nature, reflecting overall
economic conditions, the economic prospects of specific advertisers or industries, budgeting constraints and buying patterns, and a variety
of other factors, many of which are outside our control.
If
we do not receive previously agreed financial incentives from the Abu Dhabi Investment Office, the results of our operations could be
adversely affected.
Our
headquarters are in Abu Dhabi, the capital of the UAE, at the Abu Dhabi Global Market ("ADGM"). The Abu Dhabi Investment
Office ("ADIO"), being the Abu Dhabi government's investment attraction and development hub, has committed to providing
financial incentives to support the establishment, growth and development of our technology and research and development center in Abu
Dhabi. Pursuant to the incentive program agreement entered into between ADIO and us, dated December 23, 2020, we will be entitled to
receive these financial incentives, in the form of rebates, only upon meeting certain performance metrics and conditions. These include
establishing the project plan (which includes setting up the new global headquarters in Abu Dhabi and moving personnel to such office),
certain employment commitments and investment commitments. Based on these achievements, we will have to submit quarterly financial reports
and ADIO has the right to approve these reports and determine applicable rebates payable for such quarter. If we are unable to meet these
performance metrics or conditions in any quarter, or otherwise fail to receive the financial incentive payments, the results of our operations
could be adversely affected. An amendment has been made to the agreement in May 2023 where certain rebate amounts have been reclassified
between categories that are eligible for incentives.
If
currency exchange rates fluctuate substantially in the future, the results of our operations could be adversely affected.
As
we continue to expand our international operations, we become increasingly exposed to the effects of fluctuations in currency exchange
rates. We incur expenses for employee compensation, rental fees, and other operating expenses in the local currency, and an increasing
percentage of our international revenue is from users who pay us in currencies other than U.S. dollars, including the Lebanese Pound,
Egyptian Pound, Saudi Riyal, and UAE Dirham. Our principle foreign currency risk arises from Egyptian and Lebanese Pound denominated
transactions. For instance, as of December 31, 2022, we have had to reclass our bank balances in Lebanese Pounds equivalent of $17,947,
to which we have applied the Sayrafa rate which is the only officially recognized platform launched by the Central Bank of Lebanon to
other financial assets due to significant devaluation of Lebanese Pounds against U.S. dollar caused by the ongoing political and economic
situation in Lebanon. Fluctuations in the exchange rates between the U.S. dollar and other currencies may impact expenses as well as
revenue, and consequently have an impact on margin and the reported operating results. This could have a negative impact on our reported
operating results. To date, we have engaged in limited hedging strategies related to foreign exchange risk stemming from our operations.
These strategies may include instruments such as foreign exchange forward contracts and options. However, these strategies should not
be expected to fully eliminate the foreign exchange rate risk that we are exposed to.
Egypt's
EGP currency has also experienced significant devaluation throughout 2022 and continuing into 2023. In March 2022 the EGP rose from an
exchange rate of approximately 15.7 EGP/USD to approximately 18.3 EGP/USD. It further rose to approximately 24.3 EGP/USD in November
2022 and closed at 30.60 EGP/USD on April 30, 2023. This has had an adverse impact on revenue in Egypt, which is our largest market,
and has pressed us to reprice several of our Telco plans in Egypt in order to mitigate the effects of the currency.
27
The
impact of worldwide economic conditions may adversely affect our business, operating results, and financial condition.
Our
financial performance is subject to worldwide economic conditions and their impact on levels of advertising spending. Expenditures by
advertisers generally tend to reflect overall economic conditions, and to the extent that the economy continues to stagnate, reductions
in spending by advertisers could have a material adverse impact on our business. Historically, economic downturns have resulted in overall
reductions in advertising spending. Economic conditions may adversely impact levels of consumer spending, which could adversely impact
the number of users who purchase our Premium services on our website and mobile application.
Consumer
purchases of discretionary items generally decline during recessionary periods and other periods in which disposable income is adversely
affected. To the extent that overall economic conditions reduce spending on discretionary activities, our ability to retain current and
obtain new Premium service users could be hindered, which could reduce our subscription revenue and negatively impact our business.
Risks
Related to Tax
We
are a multinational company that faces complex taxation regimes in various jurisdictions. Audits, investigations, and tax proceedings
could have a material adverse effect on our business, operating results, and financial condition.
We
are subject to income and non-income taxes in numerous jurisdictions. Income tax accounting often involves complex issues, and judgment
is required in determining our worldwide provision for income taxes and other tax liabilities, if any. We regularly assess the likely
outcomes of these audits in order to determine the appropriateness of our tax reserves as well as tax liabilities going forward. In addition,
the application of withholding tax, value added tax, goods and services tax, sales taxes and other non-income taxes is not always clear,
and we may be subject to tax audits relating to such withholding or non-income taxes. We believe that our tax positions are reasonable
and that the tax reserves are adequate to cover any potential liability. However, tax authorities in certain jurisdictions may disagree
with our position, including the propriety of our related party arm's length transfer pricing policies and the tax treatment of
corresponding expenses and income. If any of these tax authorities were successful in challenging our positions, we may be liable for
additional income tax and penalties and interest related thereto in excess of any reserves established therefor, which may have a significant
impact on our results and operations and future cash flow. Additionally, changes in tax laws, treaties, or regulations or their interpretation
or enforcement are unpredictable. Any of these occurrences could have a material adverse effect on the results of our operations and
financial condition.
The
IRS may not agree that we should be treated as a non-U.S. corporation for U.S. federal income tax purposes.
A
corporation is generally considered for U.S. federal income tax purposes to be a tax resident in the jurisdiction of our organization
or incorporation. Accordingly, under the generally applicable U.S. federal income tax rules, we, since we are incorporated under the
laws of the Cayman Islands, would be classified as a non-U.S. corporation (and, therefore, not a U.S. tax resident) for U.S. federal
income tax purposes. Section 7874 of the Code provides an exception to this general rule under which a non-U.S. incorporated entity
may, in certain circumstances, be treated as a U.S. corporation for U.S. federal income tax purposes. If we were to be treated as a U.S.
corporation for U.S. federal income tax purposes, we could be subject to substantial liability for additional U.S. income taxes, and
the gross amount of any dividend payments to our non-U.S. holders could be subject to U.S. withholding tax.
Further,
the rules for determining ownership under Section 7874 are complex, unclear and the subject of ongoing regulatory change. Accordingly,
there can be no assurance that the IRS would not assert a contrary position to those described above or that such an assertion would
not be sustained by a court in the event of litigation.
If
we were a passive foreign investment company for United States federal income tax purposes for any taxable year, U.S. holders of ordinary
shares could be subject to adverse United States federal income tax consequences.
If
we are or become a "passive foreign investment company," or a PFIC, within the meaning of Section 1297 of the Code for
any taxable year during which a U.S. holder holds ordinary shares, certain adverse U.S. federal income tax consequences may apply to
such U.S. holder. PFIC status depends on the composition of a company's income and assets and the fair market value of our assets
from time to time, as well as on the application of complex statutory and regulatory rules that are subject to potentially varying or
changing interpretations. Based on the projected composition of our income and assets, including goodwill, we may be classified as a
PFIC for our current taxable year or in the foreseeable future. There can be no assurance that we will not be treated as a PFIC for any
taxable year.
28
If
we were treated as a PFIC, a U.S. holder of ordinary shares may be subject to adverse U.S. federal income tax consequences, such as taxation
at the highest marginal ordinary income tax rates on capital gains and on certain actual or deemed distributions, interest charges on
certain taxes treated as deferred, and additional reporting requirements. Certain elections (including a qualified electing fund ("QEF")
or a mark-to-market election) may be available to U.S. holders of ordinary shares to mitigate some of the adverse tax consequences resulting
from PFIC treatment.
If
a United States person is treated as owning at least 10% of our shares, such person may be subject to adverse U.S. federal income tax
consequences.
If
a United States person is treated as owning (directly, indirectly or constructively) at least 10% of the value or voting power of our
shares, such person may be treated as a "United States shareholder" with respect to each of us and our direct and indirect
subsidiaries ("Anghami Inc. Group") that is a "controlled foreign corporation." If the Anghami Inc. Group includes
one or more U.S. subsidiaries, under recently enacted rules, certain of our non-U.S. subsidiaries could be treated as controlled foreign
corporations regardless of whether we are treated as a controlled foreign corporation (although there are currently proposed Treasury
Regulations that may significantly limit the application of these rules).
A
United States shareholder of a controlled foreign corporation may be required to report annually and include in our U.S. taxable income
our pro rata share of the controlled foreign corporation's "Subpart F income" and (in computing our "global intangible
low-taxed income") "tested income" and a pro rata share of the amount of U.S. property (including certain stock in
U.S. corporations and certain tangible assets located in the United States) held by the controlled foreign corporation regardless of
whether such controlled foreign corporation makes any distributions. Failure to comply with these reporting obligations (or related tax
payment obligations) may subject such United States shareholder to significant monetary penalties and may prevent the statute of limitations
with respect to such United States shareholder's U.S. federal income tax return for the year for which reporting (or payment of
tax) was due from starting. An individual that is a United States shareholder with respect to a controlled foreign corporation generally
would not be allowed certain tax deductions or foreign tax credits that would be allowed to a United States shareholder that is a U.S.
corporation. We cannot provide any assurances that we will assist holders in determining whether any of our non-U.S. subsidiaries are
treated as a controlled foreign corporation or whether any holder is treated as a United States shareholder with respect to any of such
controlled foreign corporations or furnish to any holder information that may be necessary to comply with reporting and tax paying obligations.
Risks
Related to Doing Business in Jurisdictions in Which We Operate
Continued
hostilities and unrest in the MENA Region or changes in the economic, social and political environment in the MENA Region could have
an adverse impact on our business.
It
is difficult for us to predict the consequences of any political and socio-economic change that may be brought about as a result of the
unrest in several countries in the MENA Region, or what the implications of such changes will be on our operations given that legislative,
tax and business environments can be altered quickly and dramatically. Accordingly, our ability to operate our businesses regularly and
our willingness to commit new resources or investments may be affected or disrupted, potentially with corresponding reductions in revenue,
more aggressive taxation policies, increases in other expenses, restrictions on repatriating funds and difficulties in recruiting staff.
Such risks may have a material adverse effect on our business, financial condition, results of operations and/or prospects.
Additionally,
as a substantial part of our assets and operations are currently located in jurisdictions which are, have been, or could in the future
be subject to political, economic and social instability, our operating results were and will be affected by any economic, social and
political developments that affect each of the countries in which we operate and, in particular, by the level of economic activity. Economic,
social and political instability leads to uncertainty over future economic conditions and policy decisions. Prolonged disruptions of
business operations due to any political or social instability could adversely affect our business.
29
Further
incidents of political or social instability, terrorism, protests or violence may directly or indirectly affect the economies of the
markets in which we operate, which, in turn, could have a material adverse effect on our business, prospects, financial condition, cash
flows or results of operations.
We
are subject to the economic and political conditions of operating in an emerging market and operates against a backdrop of continued
instability and unrest in the Middle East.
Our
headquarters are in the UAE and, accordingly, our results of operations are, and will continue to be, generally affected by financial,
economic and political developments in or affecting Abu Dhabi, the UAE and the Middle East. It is not possible to predict the occurrence
of events or circumstances, such as war or hostilities, or the impact of such occurrences, and no assurance can be given that we would
be able to sustain the operation of our business if adverse political events or circumstances were to occur. A general downturn or instability
in certain sectors of the UAE or the regional economy could have an adverse effect on our business, financial condition, results of operations
and prospects.
Although
economic growth rates in the UAE remain above those of many more developed, as well as regional, markets, the UAE has experienced volatile
economic growth in recent years. Economic growth or performance in the UAE, in general, may not be sustained. The UAE's wealth
remains largely based on oil and gas. Despite the UAE being viewed as being less vulnerable than some of our neighbors, due to the growth
in the non-oil sector and the sizeable wealth of the government of Abu Dhabi, fluctuations in energy prices have an important bearing
on economic growth. To the extent that economic growth or performance in the UAE subsequently declines, our business, financial condition
and results of operations may be adversely affected. In addition, the implementation by the governments of the UAE of restrictive fiscal
or monetary policies or regulations, including in respect of interest rates, or new legal interpretations of existing regulations and
the introduction of taxation or exchange controls could have a material adverse effect on our business, financial condition, results
of operations and prospects.
While
the UAE is seen as a relatively stable political environment, certain other jurisdictions in the Middle East are not and there is a risk
that regional geopolitical instability could impact the UAE. Instability in the Middle East may result from a number of factors, including
government or military regime change, civil unrest or terrorism
In
addition to the risks outlined regarding the UAE, operating in Egypt and Lebanon also comes with potential political and economic risks.
Egypt has a history of political instability, including protests and military coups, which can disrupt economic activities. The country
also faces rising inflation and strain on the currency, which has significantly devalued in 2022. On the other hand, Lebanon is facing
an economic crisis and political instability, with inflation reaching 155% in 2022. Any of the foregoing circumstances could have a material
adverse effect on the political and economic stability of the Middle East in general and on the countries that we operate in and, consequently,
could have an adverse effect on our business, financial condition, results of operations and prospects.
It
is not possible to predict the occurrence of events or circumstances such as terrorism, war or hostilities, or more generally the financial,
political and economic conditions prevailing from time to time, or the impact of such occurrences or conditions, and no assurance can
be given that we would be able to be profitable if adverse financial, political or economic events or circumstances were to occur. A
general downturn or instability in certain sectors of the UAE, Egypt, Lebanon or the regional economy, or political upheaval therein,
could have an adverse effect on our business, results of operations and financial condition. Investors should also note that our business
and financial performance could be adversely affected by political, economic or related developments both within and outside the MENA
Region because of interrelationships within the global financial markets.
Prospective
investors should also be aware that investments in emerging markets, such as the UAE, are subject to greater risks than those in more
developed markets. The economy of the UAE, like those of many emerging markets, has been characterized by significant government involvement
through direct ownership of enterprises and extensive regulation of market conditions, including foreign investment, foreign trade and
financial services. While the policies of the local and central governments of the UAE generally resulted in improved economic performance
in previous years, there can be no assurance that these levels of performance can be sustained.
30
Our
business operations could be adversely affected by terrorist attacks and political instability, and other events beyond our control.
Terrorist
activity in the MENA Region stemming from the ongoing political instability and civil war in certain countries, including Syria and Iraq,
has had an adverse effect on consumer appetite and demand in general. There have been a number of terrorist attacks in various countries,
which are claimed to be conducted by the terrorist organization and despite the recent loss of military might and territory of such organization
in Syria and Iraq, there is no assurance that no such attempts will be carried out in the near future. The MENA Region has generally
also experienced domestic political instability caused by ethnic separatist groups. Our business, financial condition, results of operations
or liquidity could be adversely affected if such terrorist activity heightens and spreads into cities where we operate.
We
do business in locations where we are exposed to a greater-than-average risk of adverse sovereign action.
We
do business in locations where we are exposed to a greater-than-average risk of adverse sovereign action, including overt or effective
expropriation or nationalization of property. Furthermore, relatively high commodity prices and other factors in recent years have resulted
in increased resource nationalization in some countries, with governments repudiating or renegotiating contracts with, and expropriating
assets from, companies that are producing in such countries. Governments in these countries may decide not to recognize previous arrangements
if they regard them as no longer being in the national interest. Governments may also implement export controls on commodities regarded
by them as strategic or place restrictions on foreign ownership or operation of strategic assets. Governments of the countries in which
we operate may adopt nationalization, expropriation, or export control policies going forward. Expropriation of assets, renegotiation
or nullification of existing agreements, leases or permits by the governments of countries in which we operate, could each have a material
adverse effect on our business, results of operations, financial condition and/or prospects.
Additionally,
although not direct sovereign actions, certain countries have passed laws to favor their own economic growth. For instance, Saudi Arabia
will no longer sign contracts with foreign companies that do not have regional headquarters in the kingdom after 2023. If the governments
of countries in which we operate create similar requirements, we could be required to expend additional resources to meet such requirements
and this could adversely affect our business, results of operations, and financial condition.
We
operate in regions where corrupt behavior exists that could impair our ability to do business in the future or result in significant
fines or penalties.
We
do business, and may continue to do business in the future, in countries and regions where governmental corruption has been known to
exist, and where we may face, directly or indirectly, corrupt demands by officials, or the risk of unauthorized payments or offers of
payments by one of our employees, consultants, sponsors or agents. Our existing anti-corruption safeguards and policies and any future
improvements thereon may prove to be not fully effective in preventing such unauthorized payments, and our employees and consultants
may engage in conduct for which we might be held responsible. While we are committed to conducting business in a legal and ethical manner,
there is a risk of violating applicable anti-corruption regulations that generally prohibit the making of improper payments to foreign
officials for the purpose of obtaining or keeping business. Violation of these laws may result in severe criminal or civil sanctions
or other liabilities that could materially damage our reputation and, therefore, our business, results of operations and financial condition.
31
Risks
Related to Owning Our Securities
The
trading price of our ordinary shares has been and will likely continue to be volatile.
The
trading price of our ordinary shares has been and is likely to continue to be volatile. Since the closing of our Business Combination
on February 3, 2022, through March 31, 2023, the trading price of our ordinary shares ranged from $1.54 to $33.13. The market price of
our ordinary shares may fluctuate or decline significantly in response to the factors enumerated in this report, as well as other factors,
many of which are beyond our control, including:
●
quarterly
                                            variations in our results of operations or those of our competitors;
●
the
                                            accuracy of our financial guidance or projections;
●
our
                                            announcements or our competitors' announcements regarding new services, enhancements,
                                            significant contracts, acquisitions, or strategic investments;
●
the
                                            overall performance of the equity markets, including fluctuations due to general economic
                                            uncertainty or negative market sentiment;
●
any
                                            major change in our board of directors or management;
●
publication
                                            of research reports about us or our industry or changes in recommendations or withdrawal
                                            of research coverage by securities analysts; and
●
the
                                            exercises of our warrants or redemptions of warrants by us; and sales or expected sales,
                                            or repurchases or expected repurchases, of our ordinary shares by us, and our officers, directors,
                                            and significant shareholders.
See
"
Future sales, or the perception of future
                                            sales, of our ordinary shares and/or warrants being offered by us or our existing securityholders
                                            may cause the market price of such securities to decline significantly."
In
addition, the stock market in general, and the market for technology companies in particular, have experienced extreme price and volume
fluctuations that often have been unrelated or disproportionate to the operating performance of those companies. Price volatility over
a given period may cause the average price at which the Company repurchases its ordinary shares to exceed the trading price at a given
point in time. Securities class action litigation has often been instituted against companies following periods of volatility in the
overall market and in the market price of a company's securities. Such litigation, if instituted against us, could result in very
substantial costs, divert our management's attention and resources and harm our business, operating results, and financial condition.
An
active and liquid trading market for our ordinary shares may not develop, the market price may be volatile, and investors may suffer
a loss.
Prior
to the Business Combination, there was no public market for our ordinary shares. In connection with the Business Combination, our shares
were listed on Nasdaq on February 4, 2022. However, there can be no assurance that an active and liquid trading market for our ordinary
shares will develop or be maintained. Active, liquid trading markets generally result in lower price volatility and more efficient execution
of buy and sell orders for investors. The actual market price of the ordinary shares may fluctuate because of several factors, including
those described in this section "Risk Factors," may not reflect our actual operating performance and may be lower than the
price investors paid to purchase the ordinary shares.
There
can be no assurance that our warrants will be in-the-money at any time, and they may expire worthless.
The
exercise price for our public, service and private placement warrants is $11.50 per ordinary share. There can be no assurance that our
warrants will be in-the-money at any time that our warrants are exercisable and prior to their expiration, and as such, our warrants
may expire worthless. We cannot provide assurance that the trading price of our ordinary shares will be attractive to exercise our outstanding
warrants.
32
The
exercise of our warrants would increase the number of shares eligible for future resale in the public market and result in dilution to
our shareholders.
As
of March 31, 2023, we had 10,000,000 public warrants outstanding and 872,800 private warrants. To the extent our warrants are exercised,
additional ordinary shares will be issued, which will result in dilution to the holders of ordinary shares and potentially increase the
number of shares eligible for resale in the public market, which could cause a decline in the price of our ordinary shares. Sales of
substantial numbers of ordinary shares in the public market could adversely affect the market price of our ordinary shares and warrants.
See "
Future sales, or the perception of future sales, of our ordinary shares and/or warrants being offered by us or our existing
securityholders may cause the market price of such securities to decline significantly
."
Future
sales, or the perception of future sales, of our ordinary shares and/or warrants being offered by us or our existing securityholders
may cause the market price of such securities to decline significantly.
The
sale of substantial amounts of our ordinary shares or warrants, or the perception that such sales could occur, could harm the prevailing
market price of shares of our ordinary shares and warrants. These sales, or the possibility that these sales may occur, also might make
it more difficult for us to sell equity securities in the future at a time and at a price that we deem appropriate. We believe that the
likelihood that warrant holders will exercise their warrants, and therefore the amount of cash proceeds that we would receive, is dependent
upon the market price of our ordinary shares. If the market price for our ordinary shares is less than the exercise price of the warrants
(on a per share basis), we believe warrant holders will be unlikely to exercise the warrants.
Certain
of our security holders acquired their shares at a price that is less than the market price of our ordinary shares as of the date of
this report, may earn a positive rate of return even if the price of our ordinary shares declines and may be willing to sell their shares
at a price less than shareholders that acquired our shares in the public market.
Certain
of our securityholders may have purchased their respective ordinary shares and/or warrants at prices lower than current market prices
and may therefore experience a positive rate of return on their investment, even if our public securityholders experience a negative
rate of return on their investment. In particular, prior to the consummation of VMAC's IPO, Sponsor purchased 2,875,000 Class B
shares of VMAC ("Founder Shares"), which were converted into ordinary shares at the closing of the Business Combination,
for an aggregate purchase price of $25,000, or approximately $0.009 per share. Of these Founder Shares, 375,000 were forfeited by our
Sponsor due to the underwriters' not exercising the over-allotment option in connection with the IPO. As a result, the Sponsor
and other shareholders are able to recognize a greater return on their investment than shareholders or holders of warrants that purchased
VMAC common stock or VMAC warrants in VMAC's IPO, in the public market thereafter, or our ordinary shares after the closing of
the Business Combination. Furthermore, such shareholders may earn a positive rate of return even if the price of our ordinary shares
and/or warrants declines significantly. As a result, such security holders may be willing to sell their shares and/or warrants at a price
less than shareholders that acquired our shares on the public market or at higher prices than the price paid by such security holders.
The sale or possibility of sale of these ordinary shares and/or warrants, including those pursuant to this prospectus, could have the
effect of increasing the volatility in ordinary share and warrant price or putting significant downward pressure on the price of ordinary
shares and/or warrants.
Offers
or availability for sale of a substantial number of shares of our ordinary shares may cause the price of our ordinary shares to decline
and could make more difficult our ability to raise additional financing through the sale of equity or equity-related securities in the
future.
If
our shareholders sell or may sell substantial amounts of our ordinary shares in the public market upon the expiration of any statutory
holding period or lockup agreements or issued upon the exercise of outstanding warrants or other convertible securities, it could create
a circumstance commonly referred to as an "overhang" and in anticipation of which the market price of our ordinary shares
could fall. The existence of an overhang, whether or not sales have occurred or are occurring, also could make more difficult our ability
to raise additional financing through the sale of equity or equity-related securities in the future at a time and price that we deem
reasonable or appropriate.
33
We
may redeem your unexpired public warrants prior to their exercise at a time that is disadvantageous to you, thereby making your Warrants
worthless.
We
have the ability to redeem outstanding warrants at any time after they become exercisable and prior to their expiration, at a price of
$0.01 per warrant, provided that the closing price of our ordinary shares equals or exceeds $18.00 per share (as adjusted for share sub-divisions,
share capitalizations, reorganizations, recapitalizations and the like) on each of 20 trading days within a 30 trading-day period ending
on the third trading day prior to proper notice of such redemption, and provided further that there is an effective registration statement
covering the ordinary shares issuable upon exercise of the warrants, and a current prospectus relating thereto, available throughout
the 30-day redemption period, or we have elected to require the exercise of the warrants on a "cashless basis," and such
cashless exercise is exempt from registration under the Securities Act. If and when the warrants become redeemable by us, we may exercise
our redemption right even if we are unable to register or qualify the underlying securities for sale under all applicable state securities
laws. Redemption of the outstanding warrants could force holders (i) to exercise the warrants and pay the exercise price therefor at
a time when it may be disadvantageous to do so, (ii) to sell the warrants at the then-current market price when the holder might otherwise
wish to hold its warrants, or (iii) to accept the nominal redemption price which, at the time the outstanding warrants are called for
redemption, is likely to be substantially less than the market value of the warrants. Certain warrants held by Sponsor, or its permitted
transferees are not redeemable by us so long as they continue to be held by the Sponsor or its permitted transferees.
If
we do not maintain a current and effective prospectus relating to the ordinary shares issuable upon exercise of our warrants, then holders
may only be able to exercise the warrants on a "cashless basis."
If
we do not maintain a current and effective prospectus relating to our ordinary shares issuable upon exercise of our warrants, at the
time that holders wish to exercise such warrants, then they may only be able to exercise them on a "cashless basis" to the
extent permitted by the terms of the warrant agreement. As a result, the number of ordinary shares that holders will receive upon exercise
of the warrants will be fewer than it would have been had such holders exercised their warrants for cash. Under the terms of the warrant
agreement, we have agreed to use our best efforts to maintain a current and effective prospectus relating to the ordinary shares issuable
upon exercise of the warrants until the expiration of the warrants. However, we cannot assure you that we will be able to do so in a
timely manner or at all. If we are unable to continue to maintain a current and effective prospectus, and there is a right existing under
the terms of the warrant agreement to exercise the warrants on a cashless basis, the potential "upside" of the holder's
investment in the Company may be reduced.
Reports
published by analysts, including projections in those reports that differ from our actual results, could adversely affect the price and
trading volume of our shares.
Securities
research analysts may establish and publish their own periodic projections for Anghami. These projections may vary widely and may not
accurately predict the results we actually achieve. Our share price may decline if our actual results do not match the projections of
these securities research analysts. Similarly, if one or more of the analysts who write reports on us downgrades our stock or publishes
inaccurate or unfavorable research about our business, our share price could decline. If one or more of these analysts ceases coverage
of us or fails to publish reports on us regularly, our share price or trading volume could decline.
Provisions
in our articles of association may delay or prevent our acquisition by a third party.
Our
articles of association contain provisions that may make it more difficult or expensive for a third party to acquire control of us without
the approval of our board of directors and, if required, our shareholders. These provisions also may delay, prevent, or deter a merger,
acquisition, tender offer, proxy contest, or other transaction that might otherwise result in our shareholders receiving a premium over
the market price for their ordinary shares. The provisions of our articles of association could discourage potential takeover attempts
and reduce the price that investors might be willing to pay for our ordinary shares in the future, which could reduce the trading price
of our ordinary shares.
We
do not expect to pay cash dividends in the foreseeable future.
We
have never declared or paid any cash dividends on our share capital. We currently intend to retain any future earnings for working capital
and general corporate purposes and do not expect to pay dividends or other distributions on our ordinary shares in the foreseeable future.
As a result, you may only receive a return on your investment in our ordinary shares if you sell some or all of your ordinary shares
after the trading price of our ordinary shares increases. You may not receive a gain on your investment when you sell your ordinary shares,
and you may lose the entire amount of the investment.
34
Moreover,
we are a holding company and have no material assets other than our direct and indirect ownership of shares in our subsidiaries. Our
ability to pay any future dividends is subject to restrictions on the ability of our subsidiaries to pay dividends or make distributions
to us, including the laws of the relevant jurisdiction in which the subsidiaries are organized or located, as well as any restrictions
in the future indebtedness of our subsidiaries or on our ability to receive dividends or distributions from our subsidiaries. Since we
are expected to rely primarily on dividends from our direct and indirect subsidiaries to fund our financial and other obligations, restrictions
on our ability to receive such funds may adversely impact our ability to fund our financial and other obligations.
Risks
Related to Our Status as a Foreign Private Issuer
As
a foreign private issuer, we are exempt from a number of U.S. securities laws and rules promulgated thereunder and are permitted to publicly
disclose less information than U.S. public companies must. This may limit the information available to holders of the ordinary shares.
We
currently qualify as a foreign private issuer, as defined in the rules and regulations of the SEC, and, consequently, we are not subject
to all of the disclosure requirements applicable to companies organized within the United States. For example, we are exempt from certain
rules under the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") that regulate disclosure obligations
and procedural requirements related to the solicitation of proxies, consents or authorizations applicable to a security registered under
the Exchange Act. In addition, our officers and directors are exempt from the reporting and "short swing" profit recovery
provisions of Section 16 of the Exchange Act and related rules with respect to their purchases and sales of our securities. For
example, some of our key executives may sell a significant amount of ordinary shares and such sales will not be required to be disclosed
as promptly as companies organized within the United States would have to disclose. Accordingly, once such sales are eventually disclosed,
the price of ordinary shares may decline significantly. Moreover, we are not required to file periodic reports and financial statements
with the SEC as frequently or as promptly as U.S. public companies. We are also not subject to Regulation FD under the Exchange Act,
which would prohibit us from selectively disclosing material nonpublic information to certain persons without concurrently making a widespread
public disclosure of such information. Accordingly, there may be less publicly available information concerning our company than there
is for U.S. public companies.
As
a foreign private issuer, we are required to file an annual report on Form 20-F within four months of the close of each fiscal year ended
December 31 and furnish reports on Form 6-K relating to certain material events promptly after we publicly announce these events.
However, because of the above exemptions for foreign private issuers, our shareholders may not always be afforded the same information
generally available to investors holding shares in public companies that are not foreign private issuers.
We
may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses. This would
subject us to U.S. GAAP reporting requirements which may be difficult for us to comply with.
As
a "foreign private issuer," we are not required to comply with all of the periodic disclosure and current reporting requirements
of the Exchange Act and related rules and regulations. Under those rules, the determination of foreign private issuer status is made
annually on the last business day of an issuer's most recently completed second fiscal quarter, and, accordingly, the next determination
will be made with respect to us on June 30, 2023.
35
In
the future, we could lose our foreign private issuer status if a majority of our ordinary shares are held by residents in the United
States and we fail to meet any one of the additional "business contacts" requirements. Although we intend to follow certain
practices that are consistent with U.S. regulatory provisions applicable to U.S. companies, our loss of foreign private issuer status
would make such provisions mandatory. The regulatory and compliance costs to us under U.S. securities laws if we are deemed a U.S. domestic
issuer may be significantly higher. If we are not a foreign private issuer, we will be required to file periodic reports and prospectuses
on U.S. domestic issuer forms with the SEC, which are more detailed and extensive than the forms available to a foreign private issuer.
For example, we would become subject to the Regulation FD, aimed at preventing issuers from making selective disclosures of material
information. We also may be required to modify certain of our policies to comply with good governance practices associated with U.S.
domestic issuers. Such conversion and modifications will involve additional costs. In addition, we may lose our ability to rely upon
exemptions from certain corporate governance requirements of Nasdaq that are available to foreign private issuers. For example, Nasdaq's
corporate governance rules require listed companies to have, among other things, a majority of independent board members and independent
director oversight of executive compensation, nomination of directors, and corporate governance matters. Nasdaq rules also require shareholder
approval of certain share issuances, including approval of equity compensation plans. As a foreign private issuer, we are permitted to
follow home country practice in lieu of the above requirements. While we are not currently using the following exemptions from certain
Nasdaq corporate governance standards as of the date of this annual report, as long as we rely on the foreign private issuer exemption
to certain of Nasdaq's corporate governance standards, a majority of the directors on our board of directors are not required to
be independent directors, our remuneration committee is not required to be comprised entirely of independent directors and we will not
be required to have a nominating and corporate governance committee. Also, we would be required to change our basis of accounting from
IFRS as issued by the IASB to U.S. GAAP, which may be difficult and costly for us to comply with. If we lose our foreign private issuer
status and fails to comply with U.S. securities laws applicable to U.S. domestic issuers, we may have to de-list from Nasdaq and could
be subject to investigation by the SEC, Nasdaq and other regulators, among other materially adverse consequences.
Because
we are incorporated under the laws of the Cayman Islands, you may face difficulties in protecting your interests, and your ability to
protect your rights through the U.S. Federal courts may be limited.
We
are an exempt company incorporated under the laws of the Cayman Islands. As a result, it may be difficult for investors to effect service
of process within the United States upon our directors or officers, or enforce judgments obtained in the United States courts against
our directors or officers.
Our
corporate affairs will be governed by our amended and restated memorandum and articles of association, the Companies Law (as the same
may be supplemented or amended from time to time) and the common law of the Cayman Islands. We will also be subject to the federal securities
laws of the United States. The right of shareholders to take action against the directors, actions by minority shareholders and the fiduciary
responsibilities of our directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands.
The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as
from English common law, the decisions of whose courts are of persuasive authority, but are not binding on a court in the Cayman Islands.
The
rights of our shareholders and the fiduciary responsibilities of our directors under Cayman Islands law are different from what they
would be under statutes or judicial precedent in some jurisdictions in the United States. In particular, the Cayman Islands has a different
body of securities laws as compared to the United States, and certain states, such as Delaware, may have more fully developed and judicially
interpreted bodies of corporate law. In addition, Cayman Islands companies may not have standing to initiate a shareholder's derivative
action in a Federal court of the United States.
We
have been advised by our Cayman Islands legal counsel, that the courts of the Cayman Islands are unlikely (i) to recognize or enforce
against us judgments of courts of the United States predicated upon the civil liability provisions of the federal securities laws of
the United States or any state; and (ii) in original actions brought in the Cayman Islands, to impose liabilities against us predicated
upon the civil liability provisions of the federal securities laws of the United States or any state, so far as the liabilities imposed
by those provisions are penal in nature. In those circumstances, although there is no statutory enforcement in the Cayman Islands of
judgments obtained in the United States, the courts of the Cayman Islands will recognize and enforce a foreign money judgment of a foreign
court of competent jurisdiction without retrial on the merits based on the principle that a judgment of a competent foreign court imposes
upon the judgment debtor an obligation to pay the sum for which judgment has been given provided certain conditions are met. For a foreign
judgment to be enforced in the Cayman Islands, such judgment must be final and conclusive and for a liquidated sum, and must not be in
respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in respect of the same matter, impeachable on the
grounds of fraud or obtained in a manner, or be of a kind the enforcement of which is, contrary to natural justice or the public policy
of the Cayman Islands (awards of punitive or multiple damages may well be held to be contrary to public policy). A Cayman Islands court
may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.
36
As
a result of all of the above, public shareholders may have more difficulty in protecting their interests in the face of actions taken
by management, members of the board of directors or controlling shareholders than they would as public shareholders of a corporation
incorporated in the United States.
It
may be difficult to enforce a U.S. judgment against us or our directors and officers outside the United States, or to assert U.S. securities
law claims outside of the United States.
A
number of our directors and executive officers are not residents of the United States, and the majority of our assets and the assets
of these persons are located outside the United States. As a result, it may be difficult or impossible for investors to effect service
of process upon us within the United States or other jurisdictions, including judgments predicated upon the civil liability provisions
of the federal securities laws of the United States. Additionally, it may be difficult to assert U.S. securities law claims in actions
originally instituted outside of the United States. Foreign courts may refuse to hear a U.S. securities law claim because foreign courts
may not be the most appropriate forum in which to bring such a claim. Even if a foreign court agrees to hear a claim, it may determine
that the law of the jurisdiction in which the foreign court resides, and not U.S. law, is applicable to the claim. Further, if U.S. law
is found to be applicable, the content of applicable U.S. law must be proved as a fact, which can be a time-consuming and costly
process, and certain matters of procedure would still be governed by the law of the jurisdiction in which the foreign court resides.
As
a company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate governance
matters that differ significantly from Nasdaq corporate governance listing standards; these practices may afford less protection to shareholders
than they would enjoy if we complied fully with Nasdaq corporate governance listing standards.
We
are a company incorporated in the Cayman Islands, and our ordinary shares and warrants are listed on Nasdaq. Nasdaq market rules permit
a foreign private issuer like us to follow the corporate governance practices of our home country. Certain corporate governance practices
in the Cayman Islands, which is our home country, may differ significantly from Nasdaq corporate governance listing standards.
Among
others, we are not required to: (i) have a majority of the board be independent; (ii) have a compensation committee consisting entirely
of independent directors; (iii) have a minimum of three members on the audit committee; (iv) obtain shareholders' approval for
issuance of securities in certain situations; or (v) have regularly scheduled executive sessions with only independent directors each
year.
Provisions
in our governance documents may inhibit a takeover of us, which could limit the price investors might be willing to pay in the future
for ordinary shares and could entrench management.
Our
governance documents contain provisions that may discourage unsolicited takeover proposals that shareholders may consider to be in their
best interests. These provisions include that our board of directors is classified into three classes of directors. As a result, in most
circumstances, a person can gain control of the board only by successfully engaging in a proxy contest at two or more annual general
meetings. We may issue additional shares without shareholder approval and such additional shares could be utilized for a variety of corporate
purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The ability for us to issue
additional shares could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer,
merger or otherwise that could involve the payment of a premium over prevailing market prices for ordinary shares.
The
JOBS Act permits "emerging growth companies" like us to take advantage of certain exemptions from various reporting requirements
applicable to other public companies that are not emerging growth companies.
We
currently qualify as an "emerging growth company" as defined in Section 2(a)(19) of the Securities Act, as modified
by the Jumpstart Our Business Startups Act of 2012, which we refer to as the "JOBS Act." As such, we take advantage of certain
exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies for as long
as we continue to be an emerging growth company, including the exemption from the auditor attestation requirements with respect to internal
control over financial reporting under Section 404 of the Sarbanes-Oxley Act. As a result, our shareholders may not have access
to certain information they deem important.
37
In
addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the exemption from complying
with new or revised accounting standards provided in Section 7(a)(2)(B) of the Securities Act as long as we are an emerging growth
company. An emerging growth company can therefore delay the adoption of certain accounting standards until those standards would otherwise
apply to private companies. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with
the requirements that apply to non-emerging growth companies, but any such election to opt out is irrevocable.
We
cannot predict if investors will find ordinary shares or warrants less attractive because we rely on these exemptions. If some investors
find ordinary shares or warrants less attractive as a result, there may be a less active trading market and the share price for ordinary
shares may be more volatile. When we cease to qualify as an emerging growth company, we may incur increased legal, accounting and compliance
costs associated with Section 404 of the Sarbanes-Oxley Act.
ITEM 4.
INFORMATION ON THE COMPANY
A.
History and Development of the Company
Overview
Founded
in 2012, Anghami was the first music-streaming platform in the Middle East and North Africa (the "MENA Region"). Anghami's
business focuses on the following countries within the MENA Region: Algeria, Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya
,
Morocco, Oman, Palestine, Qatar, Saudi Arabia, Sudan, Tunisia and UAE (together, our "MENA Operating Area"). We are now
the leading regional digital music entertainment technology platform in our MENA Operating Area, with the largest catalog, offering approximately
99 million songs to more than 121 million registered users as of December 31, 2022, 1.52 million paid subscribers and 18.8 million active
users, with more than 11.6 billion streams per year as of December 2022. We are a music application and platform that offers listeners
in the MENA Operating Area Arabic and international music to stream and download.
The
service is offered through a choice of two primary plans: Free (Ad-supported) and Anghami Plus (Premium service). Within the Premium
service, we offer four main subscription plans: our individual Anghami Plus plan, the Family Anghami Plus Plan (1 plan for 6 individual
accounts at a discounted price), the Student Plan (discounted and restricted to students), the limited Anghami Plus plan (a more restricted
Plus plan currently available through selected partners or in certain territories). These plans differ in both pricing and duration ranging
from daily to yearly offers. The pricing plans differ by country and currencies.
We
have licensing agreements with thousands of independent labels and distributors to provide users with access to a vast catalog of music.
We have long-standing business relationships with major global labels including Universal Music Group, Sony Music and Warner Music Group.
We have a physical presence in UAE, Saudi Arabia, Egypt and Lebanon, in the MENA Region to establish and maintain strong partnerships
with labels, artists, brands, and telecommunication companies. In addition, we have established strategic relationships with 42 telecommunication
companies across the MENA Operating Area, which we believe will help us to boost free user acquisitions and facilitate subscriptions
in our effort to maintain a leading paying conversion rate amongst music streaming services in the MENA Operating Area
.
Our
artificial intelligence and machine learning algorithms process over 56 million data points collected from our users every day. We utilize
over nine years of historical user data to understand user trends, predict user behavior, and invest in growth areas that we believe
are likely to generate the highest return on investment. Anghami expects its use of data collection and historical user data to help
improve monetization and continue to be a key driver of revenues.
We
are headquartered in Abu Dhabi, at the ADGM, and have offices in Beirut, Dubai, Cairo and Riyadh. ADIO, being the Abu Dhabi government's
investment attraction and development hub, has committed to providing financial incentives to support the establishment, growth and development
of our technology and research and development center in Abu Dhabi, subject to us meeting certain performance metrics and conditions.
ADIO will make available the financial incentives to the Group as part of the agreement. The terms of the Incentive program are effective
through 30 June 2025. As of December 31, 2022 we had accrued government grants of $2,055,978. The accrued government grants are due from
governmental entities not yet claimed.
38
Corporate
History and Structure
Anghami
Inc. is a Cayman Islands exempted company incorporated in March 2021. Our direct and indirect key subsidiaries include:
●
Anghami,
                                            Cayman Islands exempted company incorporated in February 2012;
●
DigiMusic
                                            S.A.L. (Off-Shore), a Lebanese entity established in November 2011;
●
Anghami
                                            FZ LLC, a limited liability company, registered in the UAE, Dubai, established in May 2014;
●
Anghami
                                            for Digital Content, a joint-stock company, registered in Egypt, established in March 2017
                                            ("ADC");
●
Anghami
                                            KSA Co., a limited liability company, registered in the Kingdom of Saudi Arabia, established
                                            in May 2018;
●
Anghami
                                            Technologies Ltd, a limited liability company, registered in the UAE, Abu Dhabi, established
                                            in December 2020;
●
Spotlight
                                            Recreational Services LLC*, a limited liability company, registered in the UAE, Dubai.
*
On
3 June 2022, the Group acquired 100% of the shares of Spotlight Recreational Services LLC ("Spotlight"), a Company incorporated
under the laws of the United Arab Emirates, pursuant to the signed sale and purchase agreement. Spotlight is engaged in operating live
events. This acquisition has been accounted for in accordance with IFRS 3 Business Combinations.
In
February 3, 2022, we completed the Business Combination. Prior to the closing of the Business Combination Anghami Inc, was a wholly owned
subsidiary of Anghami. The following diagram illustrates our current organizational structure after the closing of the Business Combination:
39
Anghami
Inc. is subject to certain of the informational filing requirements of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"). Because Anghami Inc. is a "foreign private issuer", we are exempt from the rules and regulations under the Exchange
Act prescribing the furnishing and content of proxy statements, and the officers, directors and principal shareholders of Anghami Inc.
are exempt from the reporting and "short swing" profit recovery provisions contained in Section 16 of the Exchange Act
with respect to their purchase and sale of common shares. In addition, Anghami Inc. is not required to file reports and financial statements
with the SEC as frequently or as promptly as U.S. public companies whose securities are registered under the Exchange Act. However, the
Company is required to file with the SEC an Annual Report on Form 20-F containing financial statements audited by an independent
accounting firm. The SEC also maintains a website at www.sec.gov that contains reports and other information that Anghami Inc. files
with or furnishes electronically to the SEC.
The
website address of Anghami Inc. is www.anghami.com/investors. The information contained on the website does not form a part of, and is
not incorporated by reference into, this annual report.
B.
Business Overview
Industry
Overview
Global
Music Recording Industry
The
global music recording industry has been making a strong comeback after a period of decline in the early 2000s and is steadily achieving
positive growth due in large part to the advent of music streaming. According to the International Federation of the Phonographic Industry
("IFPI"), recorded music revenue returned to growth in 2015 after the global industry's lowest revenue in 2014 of $14
billion. After nearly two decades of piracy-driven declines, in 2015 global recorded music revenues grew more than 3.57% from the prior
year, and global recorded music revenue growth accelerated in 2016 reaching $15.8 billion, an increase of 8.97% from 2015. Since that
time the industry has rebounded to $24.0 billion in revenue in 2021 and further grew by 9.2% in 2022 to reach $26.2 billion. The industry,
bolstered by music streaming, has now experienced nearly a decade of positive growth.
Streaming
Behind Music Industry Return to Growth
The
return to growth of the global recording industry was primarily driven by streaming, as its growth replaced the decline in physical music
sales. According to the IFPI, streaming revenue grew by 11.5% in 2022 to reach $17.5 billion or 67.0% of global recorded revenue, with
subscription revenue accounting for $12.7 billion and growing by 10.3%. There were 589 million paying subscribers in 2022, up from 523
million in 2021 and 443 million in 2020.
Streaming
is growing globally, including in emerging markets. The ease of access to the internet, exponentially increasing internet penetration,
and high smartphone adoption were drivers for this growth and turned streaming into the dominant global format in the music industry.
The COVID-19 pandemic has only increased the impact and importance of music streaming, as digital delivery platforms allowed continued
use during the pandemic despite government shutdowns and social distancing behaviors.
We
believe that the music streaming market still has potential for significant growth and is still in its early stage. Adoption and penetration
rates have plenty of room to increase both in established and growing markets. In 2022, the IFPI recorded 589 million users of paid subscription
accounts in the industry generally, which is far fewer than the 5.31 billion unique mobile phone users.
40
Music
Streaming Industry in the Middle East and North Africa Region
Decreasing
popularity of physical CDs and album purchases is a global phenomenon and applicable to all music markets around the globe, including
the MENA Region, which in recent years has shown significant growth in online music streaming adoption rates.
The
MENA Region is particularly well suited to growth in the online music streaming space. According to IFPI report, MENA region achieved
the third highest growth in recorded music revenue across all regions with a growth rate of 23.8% in 2022, and streaming accounted for
95.5% of music consumption, the highest rate of any region globally.
In
addition, according to Middle East and Africa Music Streaming Market Forecast to 2027 – COVID-19 Impact and Regional Analysis By
Content Type (Audio Streaming and Video Streaming), Streaming Type (Live Streaming and On-demand Streaming), and End User (Commercial
and Individual) Report issued by Insight Partners in September 2020, the music streaming market in the MENA Region is expected to grow
fast at a Compound Annual Growth Rate (CAGR) of 9.5% from $1.5 billion in 2019 to $3.2 billion by 2027.
The
total global Arab and Pakistani diaspora is substantial and is considered one of the world's fastest-growing populations. This
diaspora also constitutes a favorable demographic for the music streaming space, with a large portion of this group aged between 10-35
years old.
The
MENA Region also has one of the highest smartphone penetration rates in the world (especially the Gulf Cooperation Council ("GCC")
region). According to Mobile Consumption in a Post-Growth World, a Deloitte Global Mobile Consumer Survey, Middle East Edition 2019,
97% of the population overall in UAE and Saudi Arabia own a smartphone. This region also has a high internet penetration. Another study
conducted by market research company Ipsos indicates a substantial embrace of music streaming in the region with 50% of music streamers
listening to music online on a daily basis and around 30% using these services for at least 3-5 hours a day.
Despite
international brands such as Apple, Spotify, and Deezer entering the MENA Region, we have positioned ourselves as the leading streaming
platform in the MENA Operating Area with first mover advantages due to being a local company and benefiting from its prior experience
and history in the market. Our digital streaming offering benefits from and is differentiated by cultural fit, localized content and
language, products adapted to local tastes and consumer behavior, an AI engine that caters to local tastes, and strong relationships
with regional brands and telecommunications providers and a large user database. Today, we are one of the largest digital music streaming
players in the MENA Operating Area. Spotify and Deezer launched in the fourth quarter of 2018 with Deezer having exclusive content with
Rotana, a major Arabic label. In 2022, Anghami was able to retain Rotana content and sign an exclusive partnership with Amr Diab, the
biggest Arab artist in MENA.
41
We
have business relationships with more than 42 telecommunications providers, which we refer to as "Telcos", across the MENA
Operating Area, giving us a competitive edge, as we expect to have priority position with Telcos' customers, access to more marketing
and technical flexibility to control and optimize the subscriber's lifecycle (the process of a customer moving from Telco to a
Premium service with Anghami. We leverage the Telcos' strong marketing capabilities and reach to drive acquisition of new Anghami
Premium subscribers using above the line marketing (during offer launches or seasonal campaigns) and ongoing below the line campaigns
to promote our service, fueled by the exclusive content that we acquire and new features that we launch.
We
also collaborate with leading media groups in the MENA Operating Area, mainly MBC Group, one of the largest media conglomerates in MENA.
This collaboration has enhanced our visibility in the region, primarily through association of our brand with widely viewed TV shows
such as The Voice and Arab Idol.
Our
Strengths
Localized
Content
We
are the sound of the MENA Region. Arabic musical content is hyper-local. It is comprised of many subgenres and is a relatively small
percentage of the global music catalogue.
●
Multiplicity
                                            of Subgenres
. The MENA Region has a large diversity of local musical content and
                                            music taste is often divided by sub regions within the MENA Region. For example, GCC countries
                                            have a local taste for Khaleeji content. While the Levant region's listeners focus
                                            on two distinct content categories: (1) Iraqi content and (2) the female artists popular
                                            in the broader Eastern Mediterranean. North African content falls into three major content
                                            categories: (1) Egyptian, (2) Rai (North Africa) and (3) Sudanese. Each of these interest
                                            groups comprises its own musical genre and has a large fan base across the MENA Region and
                                            among the international Arab diaspora.
●
Local
                                            Content with Room for Growth
. The entire Arabic music catalog on Anghami includes about
                                            894,000 songs, or around 1% of Anghami music library. The Arabic catalogue accounts for 58%
                                            of total streams on Anghami in 2022 which proves a huge potential for content creation and
                                            further growth. New, and in certain cases exclusive, Arabic content is expected to attract
                                            new users to the Anghami Premium service. In recent years the traditional Arabic content
                                            has been supplemented by younger generations who favor international remixes, Arabic hip
                                            hop and indie music with a large presence of female artists.
Anghami
Content Strategy
We
believe that the availability of unique content will drive new users and further increase in streaming adoption in the MENA Region. Accordingly,
we are working to create our own original content, which we believe will help us acquire users and distinguish us from our competition.
Since
its inception, Anghami collected data from more than 98 million downloads. This data collection provides Anghami with irreplaceable information
regarding trends and tastes, including which artists are trending and how music genres and interests are split by demographics and country.
This data provided us with test cases for and helped us in creating Anghami originals, which is a program whereby Anghami partners with
local artists to create new songs and release them on our platform. From 2017 to 2022, Anghami created more than 150 original songs.
We
intend to continue to create content for Anghami Originals both via our relationships with local and international artists and through
potential acquisitions of Arabic content from existing labels. During the first quarter of 2022, Anghami made a huge push in Arabic content
creation by signing an exclusive agreement with Amr Diab, the largest Arab artist in MENA. Under this agreement, Anghami exclusively
streams Amr Diab existing content and creates exclusive and original content over the next three years.
42
Two-Sided
Marketplace
Anghami
as a platform connects artists and fans bringing value in the form of a two-sided marketplace, meaning that it has the ability to provide
value both to users and to artists. Users have the ability to enjoy and discover new music while remaining connected with their favorite
artists. While for artists, the platform allows them both to reach and interact with fans and have access to analytics that drive a better
understanding of the artist's audiences and their needs. This two-sided market approach is discussed more fully below:
Benefits
for Users
We
allow users to discover and play their favorite music based on algorithms for recommendations as well as human curation:
●
Free
                                            Ad-Supported and Paid Experience.
Users have access to a free, ad-supported
                                            tier of Anghami which also provides access to very rich high-quality content. This free offering
                                            allows users to discover the service. Our aim is that once engaged such users will opt to
                                            subscribe for a premium paid experience through different plans. These include individual
                                            monthly subscriptions, but also provide specialized offerings such as family plans, student
                                            plans and other discount plans. We also offer flexibility to pay weekly and daily especially
                                            in low ARPU markets and users can pay by various means such as billing through mobile carrier,
                                            vouchers, cash payment solutions or credit and debit card. This flexibility of plan choice,
                                            flexibility in method of payment, and flexibility in timing of payment, are all designed
                                            so that we can suit each user's individual needs. Finally, our relationship with 42
                                            Telcos also makes it convenient for users to become paying customers who subscribe to our
                                            platform.
●
Playlists
                                            and Personalization.
With access to more than 99 million tracks, we provide users with
                                            curated and machine-learning generated playlists that are built to suit their tastes starting
                                            from the moment they open Anghami. The more they listen and engage, the more we understand
                                            their music DNA and behavior, and the more we can provide them with content that matches
                                            their tastes, moods and preferences. We believe this tailored and personalized approach delivers
                                            higher engagement.
●
Multi-Platform
                                            Product Availability.
We reach users wherever they are, be it on mobile, tablet, web,
                                            desktop, car, Smart TV, Smart Watch, Gaming console, etc., accessible with a single user
                                            ID. We continue to strive to provide a seamless experience that is available across all platforms.
Benefits
for Artists & Creators
The
Anghami platform allows artists to connect with and reach a wide audience through a variety of features, such as Live Radio, that are
unique to our platform. Moreover, we provide artists with tools to access data and analytics and, most importantly, an upload tool which
allows artists to publish their content directly to the platform and access reports, sales and performance data without the need for
a distributor or a third party.
●
Monetization.
Since
                                            2012, Anghami built the digital music economy in the MENA Operating Area and has been the
                                            largest music streaming platform in the MENA Operating Area in terms of payouts to artists,
                                            which exceeded $55 million since inception.
●
Exposure.
We
                                            offer artists access to millions of fans through various features in-app making their work
                                            visible to their relevant audience via editorial, promoting the artist's work on the
                                            platform or on social media accounts of Anghami or the artist, and curation. We also promote
                                            artists' work through our digital media, TV partnerships such as MBC and other media
                                            outlets.
●
Artist
                                            Promotions via Amplify.
We enable artists, creators and their managers to promote their
                                            own work on the platform via paid promotions under a program named Amplify. This program
                                            allows artists, creators, and managers to gain visibility, reach new potential fans and grow
                                            the audiences that they feel are relevant to their popularity.
●
Data
                                            & Analytics.
We provide numerous analytics for artists through our Anghami Artists
                                            app and dashboard interface. These offerings include demographics of that artists listening
                                            audience, geographical locations of their listeners, information about similar artists, playlist
                                            data and revenues accrued from their work.
●
Branded
                                            Collaboration via Anghami Studios.
Through Anghami Studios, our production team works
                                            to provide branded content opportunities that will bring artists and brands together to create
                                            content that features brand placements. This process brings exposure, revenues and valuable
                                            brand associations to artists and brands.
43
Strong
Local Partnerships
Anghami
was the pioneer of Telco partnerships in the MENA Operating Area. Since the early days of the company, given the region's low credit
card penetration and the team's extensive experience in the telecom industry, we prioritized Telco partnerships because they are
a primary payment collection mechanism that users of the region trust and are familiar with.
Our
relationship with Telcos has evolved over the years to become more of a strategic alliance benefiting both Anghami and Telcos. This beneficial
relationship functions as follows:
●
Telcos
                                            use Anghami as a tool to enhance their brand image by associating their Telco brand with
                                            an entertainment service that their customers love. This enables them to attract youth audiences,
                                            gain market share in high value segments, and drive higher data consumption. Our service
                                            helps Telcos increase their customer retention and satisfaction as well as boosting their
                                            ARPU and their customers' uptake of new packages.
●
Our
                                            small but effective team has a substantial experience in the industry, both technically and
                                            commercially, and is dedicated to onboarding Telcos. The team works closely with Telcos across
                                            the region to create mutually beneficial value propositions by proposing appropriate and
                                            tailored offerings based on their strong understanding of each market. We understand the
                                            challenges and best practices of each country and each Telco specifically on the commercial,
                                            pricing, technical, marketing and legal levels. This helps us build products and services
                                            that perform better than other music streaming platforms and in a more efficient manner and
                                            that are customized to the Telco needs:
o
We
                                            offer Anghami Premium service as a standalone service. It is accessible through daily, weekly
                                            and monthly packages depending on the territory and is enabled using direct carrier billing
                                            or other more traditional charging methods.
o
Anghami
                                            Premium service is soft or hard bundled (which means that the Anghami subscription can either
                                            be automatically included in the mobile subscription or the Telco customer has the option
                                            to purchase the subscription through his Telco) with the Telco packages, which allows the
                                            customers to have access to the service part of the package free of charge for a certain
                                            period or as long as they are subscribed.
●
We
                                            have relationships with 42 Telcos across the MENA Operating Area, which provides us with
                                            an advantage of priority within the Telco process, marketing, and technical support, reducing
                                            our need to engage third parties.
●
Backed
                                            by our engineering team and given our experience in integrating with a vast array of Telco
                                            systems and infrastructures, we can integrate and launch services with distinct Telcos very
                                            quickly and with minimal difficulties and issues. Telco teams trust us to launch the products
                                            they need and customize them based on their requirements on tight deadlines.
●
Direct
                                            integration with Telcos allows us to have better control of the subscriber's lifecycle.
                                            We have implemented several mechanisms that allow us to increase subscriber retention and
                                            maximize ARPU by enabling grace periods, retrial, and auto payment mechanisms that are customized
                                            by market and product.
●
We
                                            leverage on the Telco's strong marketing capabilities to drive acquisition of new Anghami
                                            Premium service subscribers using: (a) above the line communication during offer launches
                                            or seasonal campaigns; and (b) ongoing below the line communication to promote the service,
                                            fueled by the exclusive content that we acquire as well as new features that are deployed.
●
We
                                            utilize our access to artists and major entertainment events in the region to provide our
                                            Telco partners with exclusive and attractive promotional events that lead to mobile service
                                            activations throughout the year. They use these to promote our service and allow the Telcos
                                            to associate with events and artists that create engagement with their customers. Events
                                            such as artists meet and greet, VIP concert tickets giveaways, access to private sessions
                                            with artists, and access to major regional events such as the Formula 1 in Abu Dhabi.
44
Our
Growth Strategies
We
are already the market leader in music streaming in the MENA Operating Area, but it still has ample room to grow. Our growth strategy
is focused around four areas: (1) capitalizing on increasing digital music market growth in the MENA Region; (2) leveraging our current
market position and knowledge to increase revenue generation and market penetration; (3) new user acquisition and launch of new services;
and (4) new revenue streams.
Capitalizing
on Growth
We
intend to capitalize on increasing digital music market growth in the MENA Region in three main areas: (1) growth in streaming in
our core markets; (2) a strong and increasing demand for Arabic music; and (3) the ability of Arabic music to "go global"
with popularity expanding beyond the Arab world and its diaspora.
●
Large
                                            Streaming Growth Potential in Core Markets.
Music streaming penetration in
                                            our key markets is currently very low in comparison to other more economically developed
                                            markets. For example, only approximately 6% of the Addressable Market (defined as the part
                                            of a country's population that is 10 to 50 years old and with access to an internet
                                            connection) in Saudi Arabia has been reached, which is our largest market. Our target markets
                                            in North Africa (i.e., Tunisia, Algeria and Morocco) also have low market penetration relative
                                            to other countries. Whereas the music streaming penetration in the U.S. is approximately
                                            35% of the addressable market. Anghami expects to benefit from this growing penetration as
                                            consumer behavior shifts from traditional methods (such as radio, digital downloads, CDs)
                                            to using music streaming. IFPI report mentioned that growth in recorded music revenue in
                                            MENA amounted to 35% with streaming market share amounting to 95.3%, which we believe puts
                                            Anghami in good position to achieve future growth potential.
●
Strong
                                            Demand for Arabic Music.
We believe that there is room for growth and strong
                                            demand for a greater breadth of Arabic music. The entire Arabic music catalog on Anghami
                                            includes about 894,000 songs in comparison to the international music catalog that includes
                                            about 98 million songs. Given that Arabic music represents 58% of our music streams, we believe
                                            there is a compelling growth potential for Arabic content. Anghami expects to benefit from
                                            the strong latent demand for more Arabic music content created both by Anghami (through our
                                            Anghami Originals) and by other international music labels. To this extent, Anghami signed
                                            three years exclusive content with Amr Diab, the largest Arab artist in MENA. Existing Amr
                                            Diab content will be exclusively available to Anghami in addition to three albums created
                                            over the contract period.
●
Arabic
                                            Music Going Global.
We believe that the Arabic music genre is on the cusp
                                            of going global similar to what occurred with: (1) Latin music in the early 2000s (e.g.,
                                            Shakira's hit album Laundry Service in 2001) and (2) Korean music (often called K-Pop)
                                            in the past 8 years (e.g., smash hit Gangnam Style released in 2012 and more recently BTS
                                            (Bangtan Boys) in 2019). The global appeal of Arabic music has also been highlighted with
                                            the global success of the movie Fast & Furious 7, the theme song of which and background
                                            music were all Arabic-inspired. In response to the global appeal of Arabic music, the two
                                            leading global music labels (Universal Music and Warner Music) have all announced in 2021
                                            landmark initiatives to support the creation more Arabic music content:
●
Universal
                                            Music announced on April 6, 2021, the creation of a dedicated division for Arabic music called
                                            Universal Music MENA; and
●
Warner
                                            Music announced in February 2021 its investment in a leading Arabic music label.
Anghami,
as the leading music streaming platform with the largest streaming distribution network in the MENA Operating Area, will benefit from
this new Arabic music content in two ways. The new Arabic content will: (1) attract more users in our focus markets and also across the
global diaspora of Arabs (the "Arab Diaspora") and (2) create a new revenue stream for Anghami as Anghami strategically licenses
this content globally.
In
December 2021, Anghami launched a joint venture with Sony Music Entertainment called Vibe Music Arabia. The JV aims to leverage Sony's
global distribution network and Anghami's artist relations to create new Arabic content tailored for younger generations and aiming
for global presence.
45
Leveraging
Current Market Position and Knowledge.
We
aim to leverage our current market position and knowledge to increase revenue generation and market penetration through: (1) maintaining
and utilizing our leading local brand name, (2) our knowledge of user behavior, and (3) the growth in digital advertising in the MENA
Region.
●
Maintain
                                            Leading Brand Name.
As the first music streaming platform in the MENA Operating Area
                                            and the market leader, we believe we are synonymous in our target markets locally with music
                                            streaming. We have market-leading brand appeal among both the MENA Operating Area's
                                            music artists and music streaming users. This market-leading position provides Anghami with
                                            an ability to leverage its market position and brand recognition to spur interest in both
                                            its new products and features and new Arabic music content.
●
Knowledge
                                            of Local User Behavior.
We have a unique proprietary data set covering music
                                            streaming user's behavior in the MENA Operating Area. We have been collecting user
                                            behavior data since inception and currently collect approximately 56 million user data points
                                            per day. We have a strong data-driven music recommendation engine that gives Anghami unique
                                            insights on the type and positioning of new Arabic music in the MENA Region. Anghami already
                                            creates its own content (Anghami Originals) and believes it has proven the business case
                                            for data-driven new Arabic content creation and distribution.
●
Growth
                                            in Digital Advertising.
As one of the leading data-driven digital advertising platforms
                                            in the MENA Operating Area, Anghami will benefit from the accelerating shift of advertising
                                            spend from traditional advertising to digital advertising. According to Statista, the total
                                            online advertising expenditures in the MENA Region was anticipated to grow by 15% in 2022
                                            and is further expected to grow at a Compound Annual Growth Rate (CAGR) of 17% between 2022
                                            and 2024. We believe the growth of digital advertising in the MENA Region is accelerating
                                            and we are uniquely positioned to benefit from this growth.
New
user acquisition and launch of new services.
Anghami
intends to target the Arab diaspora with content and products. There is a large Arab diaspora living outside the MENA Region, mostly
in the Americas, Europe and Africa. This Arab diaspora is fairly affluent and educated and has maintained a strong ethnic identity and
lasting links back home in the Arab world. While, in the past, we have not targeted this Arab diaspora, recently, we have developed new
music streaming products and content specifically designed for the Arab diaspora. We have recently launched a bundled product, in the
U.S., in partnership with a leading Arabic video streaming platform. The collaboration represents a strategic initiative to expand our
reach to Arabic-speaking audiences beyond our existing core markets. By leveraging the complimentary products of both parties, we aim
to provide a compelling offering that caters to this underserved demographic.
Our
Head of International Partnership is Los Angeles-based music industry entrepreneur and manager, Wassim "Sal" Slaiby, the
CEO of XO Records, a top music label that The Weekend co-founded, and of SALXCO, his artist management firm. Sal has been instrumental
in building an international user base for us and expanding our business globally. Sal will oversee our presence and launch in the U.S.
Furthermore,
starting in May 2023, we plan to launch a new offering with a number of additional innovative features, that leverage both our unique
user behavior knowledge and our deep technology credentials.
Anghami
also intends to use features such as Live Radio, that offers unique experiences like participation in real-time alongside content; podcasts,
which have gained significant traction with users, creators, brands, and advertisers; micro payments (which relate to social billing
on the live radio or live concerts, where users can tip the broadcaster or artist, and Anghami will receive a share of that amount) and
e-gifting options to attract new users to its platform.
46
New
Revenue Streams
In
2022, Anghami entered the offline events business through (1) the acquisition of Spotlight and (2) the launch of Anghami Lab.
(1)
Anghami's
                                            acquisition of Spotlight, a well-established events and concert company in the MENA region,
                                            was completed in the second half of 2022. The acquisition allowed Anghami to penetrate the
                                            live events and concerts space, enabling us to generate revenue from offline activities and
                                            expand our presence in the live music space. Furthermore, the acquisition of Spotlight created
                                            new opportunities to unlock synergies and connections between the physical and digital music
                                            experience. In 2022, Spotlight managed and executed 16 concerts and generated revenue of
                                            $4,864,015.
(2)
In
                                            the third quarter of 2022, Anghami partnered with Addmind, a leading player in the hospitality
                                            industry in the Middle East, to launch Anghami Lab. The partnership was backed by Sela, a
                                            semi-governmental events services company with a mission to develop and commercialize events
                                            in Saudi Arabia. The partnership aims to establish innovative entertainment venues that specialize
                                            in music, live performances, and Food & Beverage. The first location opened in Riyadh,
                                            KSA, as a rooftop venue and lounge that hosted a number of successful live concerts and corporate
                                            events. Anghami Lab generated revenue of $4,498,779 in 2022.
We
believe that there is still a big opportunity to capitalize on offline events going forward. With the world and the region coming out
of COVID-19 restrictions, people are willing to enjoy outdoor activities including music events. Anghami is looking to leverage on those
events to (1) create a strong brand equity, (2) generate revenues, and (3) create synergies between online and offline.
●
Create
                                            strong brand equity.
Anghami has strong relationships with regional artists. Creating
                                            music events in partnerships with those artists will enable Anghami to leverage the artist's
                                            social media presence to promote Anghami as a go to brand for music streaming and entertainment
                                            in MENA. This will ultimately result in organic user growth.
●
Generate
                                            revenue.
Via ticket sales, events sponsorship and promotions.
●
Create
                                            synergies between offline and online.
Live performance creates original content. By streaming
                                            the content live on Anghami, users will be spending more time on the app, thus increasing
                                            user engagement and the likelihood of converting free users to paying subscribers. In addition,
                                            Anghami plans to monetize its Live Radio feature via selling tickets for offline music events,
                                            thus increasing ARPU.
Our
Business Model
We
offer both paid subscriptions known as the "Anghami Plus" or "Premium" service and ad-supported free services
known as the "Ad-Supported" service. We currently operate in 16 countries.
We
offer users four main subscription plans within our Anghami Premium service: our individual Anghami Plus plan, the Family Anghami Plus
Plan (1 plan for 6 individual accounts at a discounted price), the Student Plan (discounted and restricted to students), the limited
Anghami Plus plan (a more restricted Plus plan currently available through selected partners or in certain territories). These plans
come in monthly, 3-month, 6-month and 12-month subscription options (both renewed and non-renewed) and can be purchased through the distribution
channels listed above. The pricing plans differ by country and currencies. Additionally, and with selected partners (mainly Telco operators)
and territories we offer daily and weekly subscription options.
47
Revenue
We
have three primary revenue streams: (i) Revenue from subscriptions; (ii) Revenue from advertisement; and (iii) Revenue from live events.
Revenues are primarily driven from Premium subscriptions (through app stores, our Telco partners, and direct debit and card purchases),
which generated 56% of total revenues during fiscal year ended December 31, 2022, whereas data driven advertising contributed 25% of
total revenues and live events contributed the remaining 19% of total revenues during the fiscal year ended December 31, 2022.
Over
the years, we have experienced increased engagement from users, which we believe is due to the compatibility of our platform across various
devices, including smartphones, desktops, cars and game consoles. Our Premium users (that is, users of Anghami Plus, our premium service)
average about 75.2 minutes per day in 2022. Our Premium users have streamed 1.6 times the amount of content per month than non-Premium
users. The latter are steadily converting into the Premium service at an average rate of 16% in 2022 with a healthy ratio of DAU to MAU
(DAU and MAU are defined as Daily Active Users and Monthly Active Users respectively. Active users are the users who used our app for
at least once over the respective period).
Premium
Service
Our
Premium service provides paying subscribers with unlimited online and offline high-quality streaming and download access to our catalog,
commercial-free.
Revenues
through the Premium service are generated via three main payment channels: (i) through the app stores (Google Play and Apple Store),
(ii) through our Telco partners, or (iii) through direct debit and card purchases. An offline channel is also available through which
consumers can purchase vouchers from partner stores that provide limited access to our Premium service. So far, we have partnered with
42 Telcos distributed among 16 countries. Most of our Telco partnerships include valuable offerings to the end users such as data bundles,
where customers can subscribe to our platform and receive a certain amount of data to use on it. In addition, Telcos often advertise
our services and plans with a significant marketing budget. We are also expanding to new online payment channels that are gaining popularity
in the region such as STC Pay in Saudi Arabia and Fawry Pay in Egypt as well as integrating with mobile wallets of various banks and
mobile operators that are becoming more popular as payment channels.
Premium
service is the largest revenue stream, and our marketing efforts focus on growing our Premium user base while investing in the product
to enhance our free to premium conversion rates. Our efforts translated into consistent new subscriber growth, with the aggregate monthly
subscribers (Telco and direct) increasing from 595,980 in January 2019 to 1,521,472 in December in 2022. We have also invested heavily
in increasing the retention of our subscriber base by offering tailored plans and through an advanced algorithmic content recommendation
engine. Over time, the churn of the monthly paying subscribers has continued to trend lower from 7.7% in January 2019 to 6.1% in December
2022.
48
In
order to drive the sales of our Anghami Premium service we rely on:
●
Converting
                                            the Anghami Free user base
: Using owned and paid media channels we have built a
                                            conversion engine that relies on segmentation to target free users along their journey with
                                            the different available subscription plans directly or through partners by offering them
                                            discounts, no commitment plans and free trials. We also run big seasonal campaigns (for example:
                                            Eid offer, White Friday offer, Saudi National offer) that have longer trial periods (usually
                                            three months for new subscribers) that drive subscriptions and revenues significantly across
                                            the year; and
●
Acquiring
                                            Anghami Premium service subscribers (through Business to Business ("B2B") partners):
We
                                            leverage both Telco partners and distribution partners to run major seasonal above the line
                                            (ATL) campaigns and monthly below the line (BTL) campaigns that drives the acquisition of
                                            new Anghami Premium service subscribers who purchase the subscription either from the partner
                                            or get it for free (subsidized by the partner) as a part of a bundle or product sold by the
                                            partner.
In
order to increase subscriber's retention and lifetime value (LTV) we have implemented several mechanisms to address churn whether
involuntary, for instance, because of payment related issues such as expired credit card, or voluntary, that is the Premium user choosing
to unsubscribe. Starting 2020, we increased re-subscription rate of churned users by 53% by reviewing all audiences and user journey
at different stages: grace period to churn and post-churn, and adding customized messages based on the churn reason and subscription
channels in different placements (in-app, email, push notifications, SMS). On the Telco level we also implemented smart charging mechanisms
and extended grace periods that reduce involuntary churn and maximize the ARPU.
Anghami
has also signed separate servicing agreements with 12 of the Telco operators, our B2B partners, through which Anghami sells its Premium
subscription at a discount directly to the Telco operators. These Telco operators then go on to offer Anghami Premium service to their
user base as part of a broader package. These agreements are based on a discounted subscription fee and tied to a minimum revenue guarantee
scheme.
Revenue
from advertisement
Our
Ad-Supported Service has no subscription fees and provides Ad-Supported users with limited on-demand online access to our catalog on
their computers and shuffle-only access on compatible mobile devices and tablets. This segment contributes to our revenues and also works
as a marketing tool, increasing our engagement with users who often convert to our Premium service. We generate revenue for our Ad-Supported
segment from the sale of display, audio, video and content sponsorship solutions delivered through advertising impressions. We source
our advertising customers through advertising agency, Digital Media Service ("DMS"), who receive a 40.5% revenue share of
the gross advertising value. To date, more than 280 global brands have advertised on our platform. In 2020, we launched an additional
"direct ads" service, whereby Anghami directly works with brands while DMS invoices and collects the receivables with a 10%
revenue share. These advertising arrangements typically specify the type of advertising product, pricing, insertion dates, and number
of impressions in a stated period.
Revenue
for our Ad-Supported segment is affected primarily by the number of our Ad-Supported users, the total Content Hours per MAU of our Ad-Supported
users, and our ability to provide innovative advertising products that are relevant to our Ad-Supported users and enhance returns for
our advertising partners. Our advertising strategy centers on the belief that advertising products that are based in music and are relevant
to the Ad-Supported user can enhance Ad-Supported users' experiences and provide even greater returns for advertisers.
We
had seven active barter agreements during 2022 with partners such as Amazon Prime, beIN and Noon whereby Anghami provides to Amazon Prime
marketing services that generated $4.3 million during 2022.
We
offer different advertising campaigns on our platform, primarily in the form of:
●
branded
                                            content — producing a song tailored to a specific brand. We have initiated this revenue
                                            stream starting 2020, we have seen recurring and increasing revenue from existing brands.
                                            Key customers are mainly coming from telecom, gaming and FMCG industries;
●
content
                                            promotion — banner ads, promotion on certain playlists, audio ads, etc. We believe
                                            that this revenue stream has significant growth potential as Anghami's brand equity
                                            increases; and
●
sponsored
                                            playlists.
49
Variable Cost Structure
Licensing Agreements
We have a rich catalog of over 99 million
songs. We have signed content agreements with up to 2,000 music labels and artists. Obtaining license agreements and paying royalties
are the two prevailing costs of sales. In exchange for the right to stream certain music, royalty costs are due to music record labels
and publishers. Royalties are calculated monthly based on the percentage of revenue and the music labels' respective market share.
In addition, Premium service user royalties depend on the number of subscribers while royalties for free users depend on the number of
streams. Licensing agreements include several terms related to paying royalties, minimum guaranteed payments, marketing commitments, reporting
and audit rights. Generally, the contracts are valid for 1 year, and renegotiated on annual basis, the label holds the right to terminate
the agreements if any breach of terms takes place. The content cost, which represents the royalties paid to the labels, calculated based
on the number of streams/revenue generated for each category separately (Revenue from subscriptions and Revenue from advertisement), constitutes
a major part of our variable costs and amounts to 47% of our revenue (excluding revenue from live events).
We have long standing relationships with both
global and local music companies despite a fragmented market. Among these are the top three global music labels: Universal Music Group,
Sony Music Entertainment, and Warner Music Group; alongside the largest regional labels: Rotana, Qanawat, Watary, Platinum record and
Nay. Arabic label agreements provide for global coverage while most of the international music agreements are restricted to the MENA Operating
Area. We have also signed an exclusive three year agreement with Amr Diab, the biggest artist in the Arab World whereby Anghami becomes
the sole distributor of Amr Diab content globally, for the next three years. In addition, Amr Diab will create exclusive content for Anghami
over the contract term.
Payment Fees/Expenses
The various payment channels we use are entitled
to a portion of our revenue. The emerging markets are characterized by very low credit and debit cards penetration, which is why we have
focused on diversifying our payment channels to increase our user base. Partnerships with the Telco operators acted as a key catalyst
to help us achieve and maintain a leading paying conversion rate amongst music streaming services in the MENA Operating Area.
The take rate varies depending on the payment
channel as follows:
●
Direct carrier billing and Telco B2B
: 51.2% of our total subscription revenues in 2022 were paid via direct carrier billing
and Telco B2B. The Telco operator's share is subject to a revenue share agreement that varies by operator and by country. On average,
Telcos charge a 30% transaction fee.
●
App stores
: 36.8% of our total subscription revenues in 2022 were paid via app stores and are subject to revenue share
agreements with the relevant app store. Apple Store and Google Play charge 30% of the transaction value. Apple stores reduces the take
rate to 15% of the transaction value in the second year of the retained user's subscription, while Google store reduced the take
rate to all subscribers to 11% as of June, 2022.
●
Vouchers
: To cater to users who are not used to transacting online, we sell vouchers via an offline distribution network
such as Epay, Cash United, Virgin Megastores, LikeCard, Fawry, BOB, Libanpost, Whish/Itel, Librairie Antoine, CashPlus, YouGotAGift (YGAG),
Wafa Cash, Akwad, Al Khdmah Pro, STC Pay, Resal KSA. 7.0% of our total subscription revenues in 2022 were paid via vouchers. Distribution
partners charge up to 10% fee of the voucher value. In addition, vouchers are often combined with an advertising campaign and sold to
our advertising brands, who then distribute it to its customers.
●
Debit and credit cards
: There is generally a fixed transaction fee per transaction plus a variable rate that varies according
to the country and currency. 5.0% of our subscription revenues in 2022 were paid via debit and credit cards, average fees amount to 5.4%.
B2B Telco contracts described above are not
subject to a revenue share agreement.
50
Variable Technology costs
We partnered with Amazon Web Services ("AWS")
to host our servers and to provide scalability, redundancy, security and ensure continuity of our operations. In addition, we partnered
with other third-party technology providers to optimize our services and the music listening experience. On an average, monthly variable
technology costs in 2022 amounted to $316,293. These costs vary month-to-month based on usage and app features (video vs. audio streaming,
etc.). During the first half of 2022, technology costs experienced an increase due to a strategic decision to allocate time and resources
to optimize the platform's backend code and improve efficiency. Although this increase was temporary, the optimization effort has
resulted in long-term benefits by enhancing the platform's scalability, flexibility, and cost-effectiveness, leading to faster data
insights and more efficient business decisions. The optimization effort has also yielded notable performance improvements and cost savings
that have carried through to the second half of 2022.
Our Services
Unique User Experience
We combine a sleek and seamless user interface
with our artificial intelligence and machine learning capabilities to create a sophisticated yet user-friendly platform accessible on
every kind of device. We provide a customized on-boarding process to ensure that from the moment users open the Anghami application, they
see a personalized homepage with content that reflects our understanding of their music tastes. Users are able to explore our deep library
of content with a variety of features including personalized mixtapes, song recommendations and playlists with top charts by country and
genre. We provide effortless search capabilities using the universal search bar, Radar and Personal DJ features.
We also give our users different ways to search,
browse, engage, and discover music and other content. These include:
●
Mixtapes
: We have built a machine learning model that learns from users' streaming
habits and generates weekly and daily personalized mixtapes that fit their music taste. They are part of our effort to increase music
discoverability, personalize the user's experience by ensuring that we provide them with a variety of content inspired by the music
they like.
51
●
Personalized recommendations
: Our AI-powered recommendation system fuels different parts
of the platform. Our explore page is shaped around personalized playlists, albums, and songs that match the users' expectations.
Those recommendations rely on their music DNA, time of day, day of week, and other factors, to surface the content that the users are
most likely to enjoy and therefore increase time spent on the application. Whenever users interact with any song, album, or artist, we
utilize our recommendation system to generate a list of similar content that is also personalized to make sure they enjoy a pleasant music
experience.
●
Playlists
: We provide users with the ability to create their own playlists to organize their library and access their
favorite songs easily. They can also discover playlists that are made by other users or by our own curation team. Our team has built over
4,000 playlists so users can browse among more than a 100 genres and moods and find a variety of playlists that fit their different moods
and tastes.
52
●
Search Functions
: To allow proper discoverability of our entire library, we give users the ability
to search for all types of content. Users can find songs, albums, artists, playlists, podcasts, moods, genres, and even other users on
Anghami. They can also search for songs using parts of their lyrics. Our search engine is integrated with various virtual assistants like
Siri and Google assistant to make it even easier to search and find content using audio commands.
●
Videos
: We also have invested in expanding our content offerings to include videos. Embedding
video clips into activity-based playlists helps provide a visual layer to our content offerings, allowing artists to promote their music
further through graphics or photos on social media platforms while the song is playing. Integrating video into our playlists enables us
to convert our listeners into content viewers.
53
●
Podcasts
: We offer a growing number of podcasts, which have gained significant traction
with users, creators, brands, and advertisers. Our platform enables seamless dissemination of podcasts covering a wide range of genres
and topics, including technology, sports, business and finance, travel, and cooking, among many others. According to a report by eMarketer,
global podcast listeners are expected to reach 504 million in 2024 up from 275 million in 2019 representing a Compound Annual Growth Rate
(CAGR) of 12.9%. This engagement presents a significant opportunity for Anghami as we believe we have the ability to enhance the podcast
user experience with a better product that is focused on discovery, especially since we are working on original podcasts and have developed
a curated podcast section for the MENA Operating Area users.
●
Radar:
Discovery of new music is a big part of any user's experience on Anghami. With a single tap, a user can trigger
Radar, a recognition feature which would identify the music playing around them, display the song with all its details then add it to
a special playlist for easy access. This allows users to discover new songs they hear on TV, radio, or at public places and add them to
their library. Our Radar ensures offline experiences are complimented by a smooth online experience on the platform.
54
Immersive User Engagement
In addition to our large catalogue of music,
we offer unique opportunities to our users to engage with the Anghami community through features that create an immersive social experience
such as chats, stories, Anghami Live and music rooms.
●
Chats:
To increase user-to-user interaction and extend the time spent in-app, we allow users to share music with their friends
directly on Anghami instead of having to use a third party chat application. This simplifies the users' experience and encourages
them to interact with others around music. Users can exchange songs and text messages via Chats and instantly create a shared mixtape
that matches both their tastes.
55
●
Stories:
Stories allow users to share the music they play with their followers in a unique way.
All stories are displayed at the top of the explore page. Users can choose to share songs manually or automatically so they can be posted
as chapters in their stories. Stories are 15 seconds previews of songs that users can browse in a seamless manner and react to them using
Emoji's and text replies. They allow users to discover new music through their friends and interact with others around music.
56
●
Live Radio:
Live Radio offers a number of unique features. Any user, including artists,
DJs, content creators and music influencers, will be able to talk alongside playing songs, playlists and podcasts from our large library
of music. It gives everyone the chance to participate in a real-time version of a podcast experience and, by creating their own virtual
events, users will be able to bring together communities with live interaction. Other features include applauding the host, sending text
comments, meeting other participants and side-chats.
57
●
Music Match:
As part of the social music experience, Anghami allows users to find people that
have a similar music taste. A music match is a score that shows on any user suggestions component and on a user's profile page.
We surface a special section of users that have a high music match on the explore page. This increases engagement between users and helps
them build new friendships.
58
Advertising Solutions
We offer the following advertising solutions:
Media Offerings:
●
Audio Ads
: Audio ads, our core offering, are 15-second ad slots that sit in between songs, and cannot be skipped. They
are accompanied by a companion banner with a call to action that can link to a landing page. It creates a one-on-one environment between
the brand and the user. We have also recently released a unique audio to leads solution. This allows brands to collect Anghami first party
data via a lead form that the ad leads to. This lead form can be customized with a message from the brand, to make the user want to submit
their leads.
●
Video Ads
: Anghami allows brands to communicate their video copies, either 15-seconds or 30-seconds of length. These also
appear in between the users' listening experience.
●
Display Ads
: Display, which is one of the most common media formats in the market, is available on Anghami across multiple
formats. These are best used to drive traffic to a landing page. One of the reasons we offer video and display, apart from being common
and known formats, is because our research has shown that combining video and display with audio drives further impact across brand funnel
metrics.
●
Programmatic Integration
: Our media solutions are available programmatically, through what are typically referred to as
demand side platform ("DSP"s). Programmatic is used by clients to buy in real-time and have more cross campaign visibility.
We can guarantee audio on programmatic at a fixed price, however our display solutions are available to be bought in real-time by a programmatic
DSP.
We have designed a new pricing scheme for
ads that depends on the number of streams delivered to users rather than number of impressions. Besides, we introduced additional formats
for ads delivery in which users listen to shorter ads over shorter intervals. We believe that these changes will increase ads inventory
and ultimately increase our yield from advertising revenue.
Content Promotion Offerings and Production
We offer brands the ability to promote their
own music content to achieve more streams. We typically do this by making the content more discoverable on the platform and easily searchable.
We also provide brands the ability to sponsor a playlist. Sponsoring a playlist gives the brand 100% share of voice on that playlist,
with a logo on the cover of the playlist and a display masthead within the playlist. A brand can also create their own playlist which
we can in turn promote on the platform, while also leveraging the platform's AI to recommend customized playlists to users, with
a branded message.
We also offer both audio and music production
capabilities to advertisers. Branded content is a significant part of our advertising unit, as brands have become more accustomed to creating
content to communicate their message, and build favorability. Anghami produces music in various forms for brands and manages the entire
process. Most notably, Anghami produces songs that brands end up owning and can promote on Anghami, as well as across other media channels.
Furthermore, Anghami also creates music videos to support the songs, the majority of which are shot in studios. We have also started creating
experiences in the form of concerts. These can be pre-recorded and post-edited, or live. With the latter, Anghami allows brands to host
the concert live via their new live feature, where people can stream live and engage with the brand, as well as with each other.
Data Solutions
To measure the effectiveness of our ad campaigns,
we run research to note the awareness, favorability and recall brands have on the platform. In certain instances, we run searches on the
platform to note the current level of awareness a brand may have. We send these research documents to brands post-campaign and measure
against the initial awareness they had. We have also automated and decentralized certain tools to give clients the ability to cherry pick
insights and create audience profiling on the platforms as well as traffic campaigns, specifically audio, display, video and playlist
promotions. We have also surveyed our users via Global Web Index, across different verticalized questions and audience behavior —
for example, their favorite car brand — and made this available via a tool to our clients to support their campaigns.
59
Marketing
Over the last ten years, we have endeavored
to build a strong and local brand, focusing on our mission to provide users with the ability to socialize and get entertained beyond simply
listening to music. As we grew and became the leading music streaming platform in MENA, we decided to refresh our brand during the first
quarter of 2022 to highlight the importance of both music lovers and creators in growing the ecosystem and to show our commitment to empower
our users to share their voice with the world. "Anghami, the World is Listening".
Our key differentiator is our ability to adapt
our marketing strategy to seasonality and our agile approach to real-time events which allows us to be relevant and closer to users while
sounding familiar. We listen to our different user segments and create custom experiences based on their different needs in each market
or region. We make use of the different internal and external marketing touchpoints to ensure we have a 360 coverage in our communications
throughout the user journey in-app and through external channels. The objective being to have a unified and efficient way to spread brand
love while acquiring, engaging, retaining and converting users to our premium service: Anghami Plus.
Digital Marketing
Our digital footprint covers all leading networks
in our key markets driving mainly our performance and social media marketing. We rely heavily on data analytics and experimentation in
our decision making by using internal tools and custom dashboards that reflect the performance of our campaigns and ongoing efforts. This
data allows us to continuously optimize and make strategic budgeting allocation decisions and drive optimal performance results in each
market, platform and channel at any given point in time.
On social media, our aim has always been to
build a strong and engaged community with our users, artists and partners. An example of which has been by rewarding our Anghami Premium
service users by giving them the chance to win exclusive signed merchandise from their favorite local and international artists. Our most
recent addition has been our blog "Anghami talks" which was created in order to keep all stakeholders up-to-date by showcasing
our latest business and product news and updates which allowed us to have better press coverage.
Owned Media
We deploy lifecycle marketing and communication
efforts on our own platform by using all owned channels from push, email marketing, SMS, native display and audio ads. Our in-app process
is built on user behavior throughout their lifecycle, but tailored to each person. A new user will go through an on-boarding process for
us to better understand their music taste, they can optionally choose to opt in to Anghami Premium, completely for free during the trial
period, and discover the full Anghami experience. And we use the power of machine learning to recommend customized and relevant content
and communication at the relevant time in their journey, in an effort to keep our users engaged and retained. One great example is our
yearly 2022 End of Year campaign. We leverage our usage data to provide an engaging experience personalized to each and every user with
the ability to drive shareability and virality. This campaign consistently increases our engagement and resurrects dormant users.
We offer free trials of Anghami Premium service
in all our markets and have created custom pricing models with a wide option of payment methods to cater to all user segments. We also
offer a wide range discounted plan price, some of which are seasonal campaigns and some are available throughout the year.
Offline Marketing
In the early days and through our partnership
with MBC, Anghami relied a lot on TV media for brand building and brand affinity. This helped increase our brand presence in the region,
especially through the association with the popular TV shows such as The Voice and Arab Idol. We run several out-of-home campaigns in
Egypt, Saudi Arabia, UAE and Lebanon, throughout the year, promoting the brand as well as new releases and artists. We also get offline
exposure through key partners such as the Dubai International Airport where we offer free and easy web access to our platform to all airport
visitors when accessing the Wi-Fi landing page. We also get support from our Telco partners who run major co-branded outdoor campaigns
across the region.
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Competition
We compete for the time and attention of our
users across different forms of media, including traditional broadcast, terrestrial, satellite, and internet radio, other providers of
on-demand music streaming services (Spotify, YouTube, YouTube Music, Apple Music, Deezer, Google Play Music, and SoundCloud), and other
providers of in-home and mobile entertainment such as cable television, video streaming services, and social media and networking websites.
We compete to attract, engage, and retain users with other content providers based on a number of factors, including quality of the user
experience, content range and quality, ease of use of the Anghami application, price, accessibility, perceptions of advertising load on
our Ad-Supported Free service, brand awareness, and reputation. Many of our competitors enjoy competitive advantages such as greater name
recognition, legacy operating histories, and larger marketing budgets, as well as greater financial, technical, human, and other resources.
In addition, some of our competitors, including Google, Apple, and Amazon have developed, and continue to develop, devices for which their
music streaming service is preloaded, creating a visibility advantage.
Additionally, we compete to attract and retain
advertisers and a share of their advertising spend for our Ad-Supported Free service. We believe our ability to compete depends primarily
on the reputation and strength of our brand as well as our reach and ability to deliver a strong return on investment to our advertisers,
which is driven by the size of our Ad-Supported free user database, our advertising products, our targeting, delivery and measurement
capabilities, and other tools.
We also compete to attract and retain highly
talented individuals, including data scientists, engineers, product designers, and product managers. Our ability to attract and retain
personnel is driven by compensation, culture, and the reputation and strength of our brand. We believe we provide competitive compensation
packages and foster a team-oriented culture where each employee is encouraged to have a meaningful contribution to Anghami. We also believe
the reputation and strength of our brand helps us attract individuals that are passionate about our brand.
For information on competition-related risks,
see "
Risk Factors — Risks Related to Our Business Model, Strategy, and Performance— If our efforts to attract prospective
users, retain existing users, and effectively monetize our products and services are not successful, our growth prospects and revenue
will be adversely affected
," "
Risk Factors — Risks Related to Our Operations—We face and will continue
to face competition for Ad-Supported Free service users, Premium service users, and user listening time
," and "
Risk
Factors — Risks Related to Our Operations—Our business depends on a strong brand, and any failure to maintain, protect, and
enhance the brand would hurt our ability to retain or expand our base of Ad-Supported Free service users, Premium service users, and advertisers.
"
Intellectual Property
Our success depends in part upon our ability
to protect our technologies and intellectual property. To accomplish this, we rely on a combination of intellectual property rights, including
trade secrets, patents, copyrights, and trademarks, as well as contractual restrictions, technological measures, and other methods.
We have filed and acquired several active
patent applications and issued patents in the MENA Operating Area, the United States and other countries. We continue to pursue additional
patent protection, both in the United States and other countries outside the MENA Operating Area, where appropriate and cost effective.
We intend to hold these patents as part of our strategy to protect and defend our technology, including to protect and defend Anghami
in patent-related litigation.
61
Our registered trademarks include our primary
mark "Anghami" and various versions of the Anghami logo. In addition, "Anghami" is registered in several jurisdictions
such as New York, the European Union, UK, Switzerland, UAE, Saudi Arabia, Lebanon, Jordan and Egypt. We also have pending trademark applications
in the United States, and other countries for certain Anghami marks. Finally, we have a portfolio of internet domain names, including
our primary domain
www.anghami.com.
In addition to the forms of intellectual property
listed above, we own rights to proprietary processes and trade secrets, including those underlying the Anghami platform. We use contractual
and technological means to control the use and distribution of our proprietary software, trade secrets, and other confidential information,
both internally and externally, including contractual protections with employees, contractors, customers, and partners. Finally, we also
have licenses with various rights holders to stream sound recordings and the musical compositions embodied therein, as further described
under "—
Licensing Agreements
" below, as well as licenses to stream sound recordings in videos and other types
of content.
Licensing Agreements
In order to stream music to our users, we
generally secure rights both to the sound recordings and the musical compositions embodied therein (i.e., the musical notes and the lyrics).
To secure such rights, we obtain licenses from, and pay royalties to, rights holders or their agents. Below is a summary of certain provisions
of our license agreements.
Sound Recording License Agreements with
Major and Independent Record Labels
We have license agreements with record label
affiliates of the three largest music companies for English/International Music — Universal Music Group, Sony Music Entertainment,
and Warner Music Group — as well as Merlin, which represents the digital rights on behalf of numerous independent record labels.
Similarly, we have license agreements with independent labels, as well as companies known as "aggregators" (for example, Believe
International).
For Arabic music we have similar license agreements
in place with Rotana, Mazzika, Qanawat, Chbk, Nay for Media, and Watary which represent digital rights on behalf of prominent Arabic artists.
These agreements typically require us to pay royalties and make minimum guaranteed payments, and they include marketing commitments, advertising
inventory, and financial and data reporting obligations. The sound recording rights granted to us with respect to these agreements, generally
having a duration of 1 year; top 20 labels account for 88% of total streams for the year ended December 31, 2022. These license agreements,
generally are not automatically renewable and apply to the Middle East in case of the international major labels and globally for the
Arabic labels and aggregators. The license agreements also allow for the record label to terminate the agreement in certain circumstances,
including, for example, our failure to timely pay sums due within a certain period, our breach of material terms. These agreements generally
provide that the record labels have the right to audit us for compliance with the terms of these agreements. Further, they contain "most
favored nations" provisions, which require that certain material contract terms are at least as favorable as the terms we have agreed
to with any other record label. See the section entitled "
Risk Factors — Risks Related to Our Business and Industry —
Minimum guarantees required under certain of our license agreements for sound recordings and underlying musical compositions may limit
our operations and may adversely affect its business, operating results, and financial condition
."
Musical Composition License Agreements
with Music Publishers
With respect to the underlying musical compositions
embodied in the sound recordings we stream, we generally secure both reproduction ("mechanical") and public performance rights
from the owners of the compositions (or their agents). In the United States, the rates we pay are for mechanical rights, a function of
a ratemaking proceeding conducted by an administrative agency called the Copyright Royalty Board. The most recent proceeding before the
Copyright Royalty Board (the "Phonorecords IV Proceedings") set the rates for the Section 115 compulsory license for calendar
years 2023 through 2027. The Copyright Royalty Board issued its initial written determination on January 26, 2018 and set up the Mechanical
Licensing Collective (The MLC). The MLC is a nonprofit organization designated by the U.S. Copyright Office pursuant to the historic Music
Modernization Act of 2018. In January 2021, The MLC began administering blanket mechanical licenses to eligible streaming and download
services (digital service providers or DSPs) in the United States, which Anghami opted for and obtained a Blanket License for Mechanical
Rights in the US. The MLC collects the royalties due under those licenses from the DSPs and pays songwriters, composers, lyricists, and
music publishers. We currently believe that the current rates will not materially impact our business, operating results, and financial
condition in the US as although the US is our biggest market outside of the MENA Operating Area, it is not significant in comparison to
our markets in the MENA Operating Area. However, if our business does decide to expand fully (with Arabic and International music both)
in the US market, and does not perform as expected or if the rates are modified to be higher than the proposed rates, our content acquisition
costs could increase and impact our ability to obtain content on pricing terms favorable to us, which could negatively harm our business,
operating results, and financial condition and hinder our ability to provide interactive features in our services, or cause one or more
of our services not to be economically viable in US.
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In the United States, public performance rights
are generally obtained through intermediaries known as PROs, which negotiate blanket licenses with copyright users for the public performance
of compositions in their repertory, collect royalties under such licenses, and distribute those royalties to copyright owners. We have
obtained public performance licenses from, and pay license fees to, the major PROs in the United States, including ASCAP, and are in the
process of obtaining licenses from other prominent PRO, including SESAC, Inc., among others. These agreements have music usage reporting
obligations and audit rights for the PROs. In addition, these agreements typically have one to two year terms, and some have continuous
renewal provisions, with either party able to terminate for convenience with one to two months' prior written notice, and are limited
to the territory of the United States and its territories and possessions.
With respect to publishing rights in the MENA
Operating Area, Anghami pays on the rates to various rights owners through a ratemaking process conducted on a case-by-case basis negotiating
each license. We obtain mechanical and performance licenses for musical compositions either through local collecting societies representing
publishers or from publishers directly, or a combination thereof. There are cases of publishing deals which are represented by bodies
or agents which combine both Mechanical and Public Performance rights. Since in many countries in the MENA Operating Areas there are no
collection societies we cannot guarantee that our licenses with the existing few collecting societies and/or our direct licenses with
publishers provide full coverage for all of the musical compositions we make available to our users in such countries. As such there is
a fragmented copyright licensing landscape which leads to publishers, songwriters, and other rights holders choosing not to be represented
by collecting societies and that adversely impacts our ability to secure favorable licensing arrangements in connection with musical compositions
that such rights holders own or control, including increasing the costs of licensing such musical compositions, or subjecting us to significant
liability for copyright infringement. Some Arabic labels cover Anghami on publishing rights; these labels own the mechanical and public
performance rights of their content. Accordingly, our licensing agreements cover both master rights and publishing rights.
From time to time, our license agreements
with certain rights holders and/or their agents, including both sound recording license agreements with major and independent record labels
and musical composition license agreements with music publishers, may expire while we negotiate renewals. Per industry custom and practice,
we and those rights holders may continue such agreements on a month-to-month basis or enter into other short-term extensions, and/or continue
to operate as if the license agreement had been extended (including by our continuing to make music available). It also is possible that
such agreements will never be renewed at all. The lack of renewal, or termination, of one or more of our license agreements, or the renewal
of a license agreement on less favorable terms, could have a material adverse effect on our business, financial condition, and results
of operations. See "
Risk Factors — Risks Related to Our Business Model, Strategy and Performance — We have no control
over the providers of our content, and our business may be adversely affected if the access to music is limited or delayed. The concentration
of control of content by our major providers means that even one entity, or a small number of entities working together, may unilaterally
affect our access to music and other content."
We also obtain licenses directly from artists,
through our Dashboard License Agreement, that contains simpler terms of the licensing agreement signed with the labels and distributors.
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We opted to create new and original content
as part of our Anghami Originals project, whereby we create new content for artists through collaboration agreements, in addition to hosting
and producing Anghami Sessions with the artists whereby the latter performs his/her songs in a different format and set up. Anghami Originals
and Anghami Sessions' intellectual property is sometimes owned by Anghami or by the artist or even co-owned, with ownership being
addressed on a case by case basis. Anghami also produces music in various forms for brands. This branded content is owned by the brands
and promoted on Anghami.
Government Regulations
We are subject to many U.S. federal and state,
European, Luxembourg, MENA Operating Area and other foreign laws and regulations, including those related to privacy, data protection,
content regulation, intellectual property, consumer protection, rights of publicity, health and safety, employment and labor, competition,
and taxation. These laws and regulations are constantly evolving and may be interpreted, applied, created, or amended in a manner that
could harm our business. In addition, it is possible that certain governments may seek to block or limit our products or otherwise impose
other restrictions that may affect the accessibility or usability of any or all of our products for an extended period of time or indefinitely.
In the area of information security and data
protection, the laws in several jurisdictions require companies to implement specific information security controls to protect certain
types of information. Data protection, privacy, consumer protection, content regulation, and other laws and regulations are very stringent
and vary from jurisdiction to jurisdiction. In particular, we are subject to the data protection/privacy regulation under the laws of
the EU.
The framework legislation at an EU level with
respect to data protection currently is Directive 95/46/EC (the "Data Protection Directive"). The purpose of the Data Protection
Directive is to provide for the protection of the individual's right to privacy with respect to the processing of personal data.
Each member state is obligated to have national legislation consistent with the Data Protection Directive. We are therefore subject to
the local implementing rules of the European countries where we are established (for example, Luxembourg and Sweden). These local laws
can impose stringent rules relating to the way in which we process personal data.
The Data Protection Directive will be superseded
by the General Data Protection Regulation ("GDPR"), which came into effect on May 25, 2018. The GDPR is intended to create
a single legal framework that applies across all EU member states. However, there are certain areas where EU member states can derogate
from the requirements in their own legislation. It is therefore likely that we will need to comply with these local regulations in addition
to the GDPR. Local Supervisory Authorities will be able to impose fines of up to 4% of annual worldwide turnover of the preceding financial
year or €20 million, whichever is greater, for non-compliance. These data protection authorities will have the power to carry out
audits, require companies to cease or change processing, request information, and obtain access to premises. Where consent is relied upon
as the legal basis for processing personal data, businesses must be able to demonstrate that the data subjects gave their consent to the
processing of their personal data and will bear the burden of proof that consent was validly obtained and can be withdrawn at any time.
The GDPR implemented more stringent operational requirements for processors and controllers of personal data, including, for example,
requiring enhanced disclosures to data subjects about how personal data is processed, limiting retention periods of personal data, requiring
mandatory data breach notification, and requiring additional policies and procedures to comply with the accountability principle under
the GDPR. In addition, data subjects have more robust rights with regard to their personal data.
Our privacy policy and terms and conditions
of use describe our practices concerning the use, transmission, and disclosure of user information and are posted on our website.
64
Employees
As of December 31, 2022 and 2021, we had 145 and 174 full-time and
part-time employees, respectively, including 2 part-time employees as of December 31, 2022 and 5 part-time employees as of December 31,
2021. The following table provides a breakdown of our employee base by function as of the dates indicated:
Department
As of
December 31,
2022
As of
December 31,
2021
Engineering Department
56
61
Sales and Marketing
31
39
Business Development
12
11
Finance and Administration
16
24
Operations
30
39
Total
145
174
The following table provides a breakdown of our employee base by geographic
location as of the dates indicated:
Location
As of
December 31,
2022
As of
December 31,
2021
Abu Dhabi
56
60
Beirut
60
74
Cairo
8
14
Dubai
17
20
Riyadh
4
6
Total
145
174
In 2022, we took a decision to downsize our
total workforce by 22% as part of several cost-cutting measures that were implemented.
C. Organizational Structure
Anghami is a limited liability company incorporated
in the Cayman Islands on 14 February 2012. Anghami owns and controls multiple subsidiaries in Egypt, Saudi Arabia, United Arabi Emirates,
Lebanon and UK.
Anghami Inc. was incorporated on March 1,
2021 and a wholly owned subsidiary of Anghami. On February 3, 2022, upon the completion of the Business Combination with VMAC, Anghami
and VMAC (later renamed as Anghami (DE) Inc.) became wholly owned subsidiaries of Anghami Inc. A list of the subsidiaries of the Company
as of the closing date of the Business Combination is included in Exhibit 8.1 to this Report. See also the diagram illustrating our current
organizational structure under "
Item 4 – Information on the Company – A. History and Development of the Company –
Corporate History and Structure
" of this Report.
D. Property, Plants and Equipment
We operate an asset-light business and host
the vast majority of our data on cloud servers, as such, our Property, Plants and Equipment is limited to office fit outs and electronic
equipment.
65
ITEM 4A. UNRESOLVED STAFF COMMENTS
None.
ITEM 5. OPERATING AND FINANCIAL REVIEW
AND PROSPECTS
Overview
Anghami is a technology-driven mobile-first music platform
that offers listeners in the MENA Operating Area unlimited Arabic and international music to stream and download.
Today we are the leading music-streaming platform in the MENA
Operating Area. We partner with mobile telecom operators across the region, have direct relationships with 42 Telcos, and with MBC group,
the largest media group in the MENA Region, and utilize these relationships and our business plan to fuel growth and boost customer acquisition.
We digitize local Arabic music catalogs and also offer innovative social features allowing users to chat and meet locally. Furthermore,
we utilize our artificial intelligence ("AI") and machine learning algorithms, to predict user behavior, capture investment
returns and spur product development. With an Arabic speaking population of over 400 million worldwide, we plan to continue to expand
our user base globally and invest in delivering a unique music streaming experience.
We offer more than 99 million songs to more than 121 million
registered users with more than 11.5 billion streams per year as of December 2022. We currently monetize our service through subscriptions,
advertising and live events. Our Premium service users numbered 1.52 million, and our Ad-Supported free service users were 6.70 million
as of December 31, 2022. The Premium service and Ad-Supported users support each other's growth, and we leverage the Telco's
strong marketing capabilities to drive acquisition of new Premium subscribers.
We have long standing business relationships within the music industry,
locally in the MENA Operating Area and globally with the major music labels including Universal Music Group, Sony Music Entertainment,
Warner Music Group and the Merlin Network. We also have licensing agreements with thousands of independent labels to provide users with
legal access to a vast catalog of music.
Our investors currently include leading MENA financial investors including
venture capital firms, asset management, private equity firms, strategic shareholders and other leading telecommunications companies.
Recent Developments
Content Growth
Anghami invested significantly in content acquisition and creation
to further differentiate itself from its competitors and provide unique content to its users. Initiatives include:
●
Rotana Content
: In April 2022, Anghami launched a new partnership with Rotana. Anghami had previously removed Rotana content
in 2019 as a result of Rotana's partnership with Deezer. We believe that the reinstated partnership between Anghami, the largest
streaming platform in the Region, and Rotana, the largest Saudi label, is key for Anghami's growth in Saudi Arabia; it provides
additional content not yet available on other streaming platforms and further increases the likelihood of subscription of free users.
●
Amr Diab
: In February 2022, Anghami signed an exclusive partnership with Amr Diab, the largest artist in MENA with more
than 22 million followers on social media and 1 billion streams per year. Amr Diab owned content will not be available on any other streaming
platform for the duration of the contract. In addition, he will create three original albums to be streamed exclusively on Anghami.
●
Vibe Music Arabia
: In December 2021, Anghami announced a joint venture with Sony Music to
create a new Arabic label, Vibe Arabia ("Vibe"). Vibe will leverage on Anghami's regional artist relations and Sony's
global reach to create original Arabic content, mashups and mixes between Arabic and international music. Vibe plans on releasing around
20 songs in 2022
.
66
Completion of Business Combination with Vistas Media Acquisition
Company Inc.
On February 3, 2022, we consummated the previously
announced business combination (the "Business Combination") pursuant to the Business Combination Agreement (the "Business
Combination Agreement"), dated March 3, 2021, by and among the Group, Vistas Media Acquisition Group Inc. ("VMAC" or
the "SPAC") , Anghami, an exempted Group incorporated under the laws of the Cayman Islands ("Anghami"), Anghami
Vista 1, a Cayman Islands exempted Group and wholly-owned subsidiary of the Group ("Vistas Merger Sub"), and Anghami Vista
2, a Cayman Islands exempted Group and wholly-owned subsidiary of the Group ("Anghami Merger Sub").
Pursuant to the Business Combination Agreement,
each of the following transactions (among others) occurred at the closing of the Business Combination:
-
VMAC and Vistas Merger Sub consummated the merger of Vistas
Merger Sub with and into VMAC, with VMAC being the surviving Group and continuing as a wholly-owned subsidiary of the Group known as
Anghami (DE), Inc. (the "Vistas Merger"), Anghami and Anghami Merger Sub consummated the merger of Anghami Merger Sub with
and into Anghami, with Anghami being the surviving Group and continuing as a wholly-owned subsidiary of Anghami Inc.;
-
Each outstanding share of VMAC's Class A Common Stock,
including the PIPE shares, the Share Based Payment shares, the Extension Payment shares, and Class B common stock, par value USD 0.0001
per share, was exchanged for one ordinary share of the Group;
-
each issued and outstanding VMAC warrant to purchase VMAC
Class A Common Stock ceased to represent a right to acquire shares of VMAC Class A Common Stock and was converted into the right to acquire
the same number of ordinary shares, at the same exercise price and on the same terms as in effect immediately prior to the closing of
the Business Combination; and
-
All 25,697 Class A ordinary shares of Anghami were exchanged
for ordinary shares of Anghami Inc. for 5,070,164 shares, all 59,954 Class B ordinary shares of Anghami were exchanged for ordinary shares
of Anghami Inc. for 11,829,265 shares, all 5,578 Class C ordinary shares of Anghami were exchanged for ordinary shares of Anghami Inc.
for 1,100,571 shares
In connection and immediately prior to the consummation
of the Business Combination, VMAC sold 4,056,000 shares of its Class A common stock, par value USD 0.0001 per share ("VMAC Class
A Common Stock") for gross proceeds of USD 40,560,000 to the subscribers in the private placement (the "PIPE").
Also, VMAC issued 540,000 shares (the "Share
Based Payments") of VMAC Class A Common Stock and 152,800 warrants to purchase VMAC Class A Common Stock at an exercise
price of USD 11.50 per share to certain service providers for services rendered in connection with the Business Combination, and VMAC
also issued 100,000 shares (the "Extension Payment") of VMAC Class A Common Stock to Vistas Media Sponsor, LLC ("Sponsor")
as the result of the conversion the USD 1,000,000 loan that Sponsor made to VMAC to fund extension payment to extend the period of time
that VMAC had to consummate its initial business combination;
67
The net proceeds received from business combination
is as follows:
2022
USD
Cash from reverse recapitalization from IPO Trust
102,075,880
Shares redeemed from the IPO Trust
(99,595,773
)
Proceeds from reverse recapitalization
2,480,107
Cash from reverse recapitalization from PIPE Trust – net
30,427,800
Reverse recapitalization transaction costs
(9,470,709
)
23,437,198
The number of shares of Common Stock issued immediately
following the consummation of the Business Combination was as follows:
VMAC's Public Shareholders, outstanding prior to the business combination
10,000,000
Less redemption of VMAC's public shares
(9,757,033
)
Net VMAC's Public Shareholders
242,967
VMAC's Initial Shareholders
2,830,000
Shares issued to PIPE
4,056,000
Share Based Payments (including 360,000 placement agent fee)
640,000
Sponsor, PIPE and Transaction Cost Shares issued
7,526,000
Anghami initial Shareholders
18,000,000
Total shares outstanding immediately after the Business Combination
25,768,967
Shares issued against exercise of warrants during 2022
236,687
Total shares outstanding as of December 31, 2022
26,005,654
The exchange of Anghami's shares for Anghami
Inc.'s shares will be accounted for as a transaction under common control in accordance with IFRS. The exchange of VMAC's
shares for Anghami Inc.'s shares will be accounted for as a "reverse acquisition" in accordance with IFRS. Under this
method of accounting, VMAC will be treated as the "acquired" Group for financial reporting purposes.
This determination was based on the guidance provided
in IFRS 3 (Business Combinations) and IFRS 10 (Consolidated Financial Statements) and was primarily based on the assumptions that Anghami's
operations will substantially comprise the ongoing operations of the Combined Group, Anghami's designees are expected to comprise
a majority of the governing body of the Combined Group, Anghami's senior management will comprise the senior management of the Combined
Group, and Anghami's existing shareholders will be the largest group of shareholders of the Combined Group following the consummation
of the Business Combination.
Accordingly, for accounting purposes, the exchange
of VMAC's shares for Anghami Inc. shares will be treated as the equivalent of Anghami Inc. issuing shares for the net assets of
VMAC, accompanied by a recapitalization. It has been determined that VMAC is not a business under IFRS, hence the transaction is accounted
for within the scope of IFRS 2 ("share-based payment").
68
In accordance with IFRS 2, the difference in the
fair value of Anghami Inc.'s equity instruments deemed issued to VMAC shareholders over the fair value of identifiable net assets
of VMAC represents a service for listing and is accounted for as a share-based payment which is expensed as incurred. The net assets of
the Combined Group will be stated at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the exchange
of VMAC's shares for Anghami Inc.'s shares will be deemed to be those of Anghami Inc. , the summary of which is as follows:
Fair value of net assets of VMAC comprising:
USD
Cash and cash equivalents
43,040,107
Trade Payables
(9,146,258
)
Warrants Liabilities
(7,625,965
)
26,267,884
Less: Fair value of consideration comprising:
7,478,964 Anghami Inc. ordinary shares issued at 10 USD
74,789,640
Share listing expenses recognized in profit or loss
48,521,756
Offline Activations and Revenue Streams
●
Spotlight
: on June 3 2022, Anghami acquired Spotlight Recreational Services LLC, a well-established events and concert
company operating mainly in UAE, KSA and Egypt. The acquisition of Spotlight provides an opportunity to leverage synergies between online
and offline music delivery, to create new experiences for listeners and to strengthen Anghami's brand awareness, building stronger relationships
with artists in the region..
●
Anghami Lab
: In August 2021, Anghami announced a partnership with Addmind, a leading hospitality group within MENA. Subsequently
in 2022, the first Anghami Lab location opened in Riyadh, KSA, a music venue, lounge and studio where creators can experiment by co-creating
music inspired by both Arabic and international cultures to be performed live. Anghami Lab enables synergies whereby live and offline
events can be promoted through Anghami's various digital channels and the resulting music can be made available exclusively on the
Anghami app.
A. Operating Results
Revenue
.
We operate and manage our business in three reportable segments: (1)
Revenue from subscriptions
, Anghami's Premium service, branded as Anghami Plus, which accounts for around 56% of the revenues
during the fiscal year ended December 31, 2022, (2)
Revenue from advertisement
, consisting of advertising revenue generated
from Ad-Supported free service, which accounts for 25% of the revenues during the fiscal year ended December 31, 2022 and (3)
Revenue from live events
, consisting of revenue generated from Spotlight and Anghami Lab, which account for 19% of the revenues
during the fiscal year ended December 31, 2022. We identify these lines of businesses based on the organizational units used by management
to monitor the performance and other key aspects of our business in order to make operational decisions, including but not limited to
the type of subscriber, the channel of subscribing customer (direct subscriptions, app stores or Telcos (Business to Customer ("B2C")
or B2B), the type and volume of the content consumed, the intellectual property ("IP") owners of the consumed content, the
country of the subscribing customer, research and development and capital allocations.
Revenue from subscriptions.
Our Premium
service segment provides paid subscribers with a commercial free streaming experience, unlimited access to online streaming content and
unlimited downloads across various devices. In addition, Premium subscribers can download encrypted music and have access to exclusive
contents and pre-releases. As of December 31, 2021, and 2022, we had approximately 1.44 million and 1.52 million Premium
subscribers, respectively. New Premium subscriber growth is driven by conversion of Ad-Supported and free trial users. Premium subscribers
are split into two groups. First, direct subscription, which includes subscribers who subscribe via Apple Store, Google Play Store, Paypal,
our website or through prepaid subscription cards. Second, Telco subscription, which includes subscribers who subscribe via the Telco
network. We have two types of subscribers through the Telco network: (1) B2C subscribers who choose to subscribe to Anghami Plus (our
Premium service) and pay their subscription through their mobile carrier billing, and (2) B2B subscribers to whom we sell bulk subscriptions
at a discount to the Telcos, which in return bundle our subscription with other services and sell the bundled plan to their users.
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Revenue from advertisement.
Without a
subscription fee, our Ad-Supported free service users are provided with limited access to on-demand online streaming content
with audio or video advertisements played intermittently. We generate revenue from charging the brands a fee on cost per 1,000 impressions
("CPM") basis of the display, audio and video advertising. The fee rate varies across countries and regions. In addition,
we sell branded content to advertisers where we customize audio and music video contents for brands that wish to release songs featuring
their brands. Among the brands that we worked with are PUBG, EA Sports, Galaxy, Mars, New Balance, PepsiCo, and Vice Arabia. Revenue from
our Ad-Supported segment is impacted by the profile of our Ad-Supported free service users, our ability to reach the target
audience with respect to the advertisers and in the geographic markets in which we operate.
Revenue from live events.
In 2022, Anghami entered the live
events space through the acquisition of Spotlight and the Launch of Anghami Lab. Spotlight generates revenue primarily through concert
ticket sales and sponsorships, whilst Anghami Lab generates revenue both through F&B sales as well as concerts, live events ticket
sales, and hosting of corporate events.
Cost of Revenue.
Cost of revenue consists mainly of royalty costs, publishing rights
costs, processing fees and technology infrastructure.
Content acquisition and royalty costs.
Our
content cost makes up 43% of the total cost of revenue for the year ended December 31, 2022. We pay the content cost, which mainly
represents royalty fees, to music labels for the right to stream their content on our platform. For the advertisement segment, the
content cost is driven by the number of streams per label, net proceeds from advertising revenue and the per stream rate. For the Premium
service segment, the content cost is dependent on the number of subscribers, the share of streams per label, the rate per subscriber,
the rate per stream and revenue per subscriber. Rates per subscriber and rates per stream vary by country and region. The cost of labels
are calculated per country on a monthly basis. In certain cases, our negotiated rates are dependent on meeting certain key performance
indicators ("KPI"s) like growth of subscribers or implementing content usage restriction on Ad-Supported users. Certain
content cost agreements require a minimum annual guarantee to be paid by us. This minimum guarantee is renegotiated annually and is typically
recouped against monthly calculated costs, but not always. In certain cases, we might not recoup the full minimum guarantee which will
result in higher content cost and lower gross profit margin. The un-recouped balances have not been significant to date.
Included in this expense are the costs associated with publishing rights.
Publishing rights are comprised of mechanical licensing and public performance licensing. Mechanical rights grant its holder the right
to reproduce and distribute copyrighted musical compositions while public performance rights enable songwriters, composers and music publishers
to have the exclusive right to play and authorize others to play their music under copyright laws. Similar to content cost, we negotiate
with Performing Rights Organizations ("PRO"s) on rates, minimum guarantees, and settlement terms for mechanical and public
performance rights. PROs are organizations that track, license, and pay for songwriters and publishers their royalties.
Payment processing and agency fees.
We
incur significant processing fees relating to app stores such as Apple Store and Google Play and through the revenue sharing agreements
with Telcos. Credit card usage is low in the MENA Region, so we partnered with the leading Telcos in the region to utilize their network
as a payment processing solution. Similar to the app store fees, Telcos' revenue sharing agreements vary depending on the nature
of the partnership (B2B v.s. B2C) and average stand at 30% of the revenue generated from subscribers through the Telco network for B2C
partnerships in relation to app store fees.
Technology infrastructure Costs.
These
costs relate to the cloud computing and server rental expenses.
Amortization of intangible assets.
Cost of revenue also includes
amortization of intangible assets relating to the product development, including part of the engineers' salaries (see the section
entitled "— Key Components of Our Operating Results — Cost of Revenue — Research and Development" below)
and costs related to new song and podcast creations. Since 2017, we have created more than 150 songs in which we partner with top and
rising artists to create a new song or remix an existing song. The cost to create a new song including lyrics, mixing and mastering, artist
fees and production and podcasts costs are capitalized under intellectual property. Intangible assets with finite lives are typically
amortized on a straight-line basis over their estimated useful lives, typically over 3 to 5 years. Intangibles are assessed for impairment
whenever there is an impairment indication like change in technology, consumer behavior and adverse economic conditions.
70
Furthermore, we invest heavily in research and development.
We have been focused on creating distinctive application features that enhance user experience and increase user engagement on the platform,
such as unique features like live radio, chats, stories as well as additional feature to go live in 2023. We capitalize product development
as part of our engineering cost. Capitalized cost is amortized on a straight-line basis over a five-year period and reported
under the cost of revenue. In 2022, we capitalized 2.3% of engineering salaries related to major enhancement of existing functionality
or development of new features and decreased from the 24% capitalization in 2021. Time spent by engineers on research of new features
or managing day-to-day operations like content ingestion, Telco integrations and reporting are expensed as part of monthly employee
expenses.
Online and other costs.
This mainly includes
the software subscriptions cost utilized by the engineering team.
Barter transaction cost.
These costs
represent the value of the marketing and other services that Anghami provides to its partners. This is accounted for in exchange for the
barter revenue that is recognized.
Live events cost.
Live events cost includes
the cost of sales of Spotlight and Anghami Lab. Spotlights cost of sales consist of events expenses (primarily artist fees and travel
expenses as well as venue rentals), whilst Anghami Lab costs of sales include F&B costs, venue rental charges, staff salaries &
accommodation, utilities and events and entertainment costs.
Selling and Marketing Expenses
Advertising expenses.
Advertising expenses
consist of fees paid to advertising and branding agencies to promote and sell ad campaigns to regional and international brands on our
platform. We partner with the largest digital ad agency in the MENA Region.
Marketing and branding expenses.
This
includes all the digital and social media campaigns, television, offline and outdoor campaigns utilized to promote our brand recognition,
user acquisition and user retargeting. In 2022, it also included the marketing-related portion of the exclusivity deal with Amr Diab.
It also includes all software subscriptions needed for marketing such as appearance of Anghami on search engines as well as marketing
research needed for developing growth and acquisition strategies.
General and Administrative Expenses
General and administrative expenses consist mainly of employee compensations,
rental expenses, utilities cost, Estimated Credit Loss (ECL) provisions, share-based compensation expense and depreciation of property
and equipment. Employee compensation includes salaries and benefits of finance, accounting, legal, analytics, and operations teams.
Consultancy and Professional Fees
Consultancy and professional fees are related to legal, audit, and
tax advisory.
In 2022, we incurred a total of $2.1 million of professional fees,
$1.0 million of which were legal fees in relation to the SPAC, approximately $0.7 million of audit fees and approximately $0.4 million
as other consultancy fees.
SPAC reverse recapitalization expense
The exchange of Anghami's shares for Anghami Inc.'s shares
was accounted for as a transaction under common control in accordance with IFRS. The exchange of VMAC's shares for Anghami Inc.'s
shares was accounted for as a "reverse acquisition" in accordance with IFRS. Under this method of accounting, VMAC was treated
as the "acquired" company for financial reporting purposes.
The SPAC reverse recapitalization expense amounted to $48.5 million
in 2022.
71
Key Performance Indicators
In addition to the IFRS financial metrics that we regularly monitor,
we also monitor the following metrics to evaluate our business, measure our performance and identify trends affecting our business. The
metrics provided below are unaudited and were not prepared with a view toward public disclosure or compliance with the published guidelines
of the SEC, or the applicable guidelines for the preparation and presentation of financial statements.
The metrics
provided below may not be comparable to metrics issued by other issuers or competitors.
Active Users
We track active users as an indicator of the size of the audience engaged
with our platform. Active users are the users who used our app for at least once over a three month look back period from the period-end reported.
We use the three-month period because we have strong seasonality of music consumption in the MENA Operating Area due to major holidays.
For example, users consume less content during Ramadan, the Muslim holy month, while music activity increases in December. The table below
sets forth our active users as of December 31, 2020 2021, and 2022.
2022
2021
2020
Active Users (at year-end)
18,762,596
18,186,330
18,354,766
Overall active users increased from 18.2 million in 2021 to 18.8 million
in 2022, despite the economic challenges in Egypt and Lebanon.
Premium Subscribers, Conversion and ARPU
We define Premium subscribers as users who have completed registration
on our platform and activated a payment method for Premium services. Premium subscribers include subscribers who are within a grace period
of up to 30 days after failure to pay their subscription fee as well as free trial users. We define the Premium average revenue per user,
or ARPU, as the monthly measure of total Premium subscription revenue earned during a specific month, divided by the total number of Premium
subscribers over the period of that specific month, that contributed towards the monthly revenue. Premium subscribers at the month-end are
counted without duplication, that is, if a single subscriber has subscribed to different plans over the month, that subscriber is counted
as one single subscriber. Free trial users are not counted for the purposes of ARPU. Total Premium subscription revenue includes revenue
earned from all types of Premium subscribers (daily, weekly, monthly, semi-annual and annual) and is calculated on an accrual basis
excluding any unearned revenue at month-end. We have one of the highest Premium subscribers' conversion rates in emerging markets
amounting to 16% in 2022, driven by our marketing efforts and a strong partnership with Telcos, who launch seasonal SMS campaigns to entice
users to subscribe to our Premium services. Conversion rate means the total number of Premium subscribers (daily, weekly, monthly, semi-annual,
annual and free trial users) across all Premium subscription plans that contributed to the revenue from subscriptions in any given month
divided by the number of MAUs for that month. Daily Premium subscribers are those subscribers who subscribe to our daily Premium plan
(meaning the subscription covers one day), whereas Monthly Premium Subscribers are those who subscribe to our monthly Premium plan (meaning
the subscription covers one month). Premium subscribers include subscribers to all types of Premium plans (daily, weekly, monthly, semi-annual and
annual). Starting 2018, we have focused on increasing daily premium subscribers as a starting point for our users to try our Premium services,
and then incentivize them to convert into monthly Premium subscribers through long term offers, free trials and discounts which explains
the growth in monthly paying subscribers from 1.17 million at December 31, 2020 to 1.20 million at December 31, 2022.
72
The table below sets forth our Premium subscribers, monthly Premium
subscribers, ARPU and our direct integration from Telco users for the months of December 2022, December 2021 and December 2020.
Year Ended December 31,
Change from
Change from
2022
2021
2020
2021 to 2022
2020 to 2021
%
%
Premium Subscribers
1,521,472
1,439,480
1,416,521
81,992
5.7
%
22,959
1.6
%
Monthly Premium Subscribers
1,198,508
1,173,127
797,984
25,381
2.2
%
375,143
47.0
%
Premium Average Revenue Per User*
$
2.09
$
1.92
$
1.85
$
0.17
8.7
%
$
0.07
4.0
%
Direct Telco Integrations
42
41
35
1
2.4
%
6
17.1
%
*
Average for the year
ARPU increased from $1.92 average for the year 2021 to $2.09 average
for the year 2022 due to the increase in Premium Subscribers as well as the growth in revenue within the adverstisement segment.
Unit Economics
We measure our efficiency by the rate of investment, or ROI, on marketing
expenses, defined as our total annual revenue divided by the total annual amount of sales, branding and marketing expenses. We optimized
our limited marketing budget by leveraging our expertise, and data across different marketing channels, such as Facebook, Instagram or
app stores, and across different countries to attract new users in various demographics. Our ROI decreased from 5.8 times in 2020 to 4.4
and 4.2 times in 2021 and 2022 respectively, driven by increased spending on marketing. With the launch of new data sharing restrictions
on iOS, ad campaign targeting is becoming more expensive and less efficient. As such, we have opted to push into organic growth via content
acquisition like Amr Diab partnership, creating original content for brand differentiation, and partnership with global brands like Sony
and Amazon to tap into their large user network. The table below sets forth our average ROI on marketing expense for the years ended December 31,
2020, 2021, and 2022.
Year Ended December 31,
Change from
Change from
2021 to 2022
2020 to 2021
2022
2021
2020
%
%
ROI on marketing expense
4.2
X
4.4
X
5.8
X
-0.2
X
(5.4
%)
-1.3
X
(23.3
%)
73
User Engagement
We focused on maintaining strong user engagement to minimize churn
and increase Premium conversion. Despite the economic and operational challenges from COVID-19, we maintained a stable average daily streaming
time for Premium subscribers from 2019 to 2022. The average daily streaming time remained stable at around 1.25 hours for Premium subscribers
and around 45 minutes for Ad-Supported users. We achieved this through both our technology and content marketing initiatives. On
the technology front, we launched new features such as live radio that enables broadcasters to stream their playlists and songs to their
followers live. We also improved our machine learning algorithm, so more users listened to the playlists recommended by the platform.
On the content marketing initiatives front, we launched multiple initiatives like live events with artists, partnerships with top international
DJs such as Marshmallow to create exclusive playlists on Anghami to attract new users and building music communities across the MENA Operating
Area. We also rebranded the Anghami logo in 2022 to better tailor for users of the TikTok app and attract more Generation Z users. We
define a churned subscriber as a monthly paying subscriber who churned from his or her Premium subscription during a given month and did
not recover during 30 days following the churn date (look back period). Churn rate is defined as the percentage of monthly Premium subscribers
who stopped paying Premium fee in the 30-day look back period from the indicated period end, out of the total Premium subscribers.
The table below sets forth the churn rate for the years 2020, 2021 and 2022.
2022
2021
2020
Churn Rate
6.1
%
6.5
%
5.9
%
Arabic Content and Originals Creation
We stand out for our strong local Arabic content and user base. For
the year ended December 31, 2022, Arabic songs streaming time on our platform stabled at approximately 58% of total streams (up from
53% as at December 31, 2021), although Arabic catalogue represented only 1% of Anghami's total song library. We believe this represents
an opportunity to invest in Arabic content creation. Since the beginning of 2018, we have created more than 150 original Arabic songs
that generated an ROI of 59% on our production cost with the best successes from Arabic and international remixes. Not only has it built
a foundation for strong relationships with international labels, creating Arabic contents will also be a cornerstone of our growth strategy
and a key differentiator for us. Subsequently in 2022, we signed an exclusive contract with Amr Diab whereby Anghami has exclusive access
to all Amr Diab owned content in addition to future releases over the contract period. Further to that, Anghami brought back Rotana content,
which is critical to Saudi Arabia market growth.
Results of Operations
In 2022, our Premium subscription revenue increased by 5.4% compared
to 2021 driven by the increase in Premium subscriber, while revenue from advertisement increased by 22.5% compared to 2021. Total Premium
subscribers (which includes free trial subscribers) increased as of December 31, 2022 by 5.7% compared to December 31, 2021. Free trial
users are not counted for the purposes of ARPU and therefore the denominator used in calculating the ARPU is smaller than it would be
if these free trial users were included. The average ARPU for the fiscal year 2022 of $2.09 increased by 8.7% compared to the average
ARPU of $1.92 for the fiscal year 2021. The increase in ARPU in 2022 is due to the increase in Premium Subscribers as well as the growth
in revenue within the advertisement segment.
74
Our performance in 2022 varied across our core geographies. KSA was
the best performing market with revenue growing by $6.3 million year-on-year (from $8.3 million in 2021 to $14.6 million in 2022) or 76.3%
year-on-year mainly driven by the increase from the newly launched Anghami Lab as well as growth in revenue from advertisement (Revenue
from advertisement is attributed to a country based on where the advertising campaign is viewed). Revenue from UAE increased by $6.8 million
year-on-year (from $6.0 million to $12.8 million) or 113.2% year-on-year driven by the incremental revenue from Spotlight (Spotlight was
acquired in 2022 and primarily operates within UAE). On the other hand, revenue from Lebanon decreased by $1.3 million year-on-year (from
$4.8 million to $3.6 million) due to the economic downturn and the devaluation of the Lebanese currency against the USD.
Revenues
The table below presents our revenues from each of our segments:
Year Ended December 31,
Change from
Change from
2022
2021
2020
2021 to 2022
2020 to 2021
USD
USD
USD
USD
%
USD
%
Revenue from subscriptions
27,061,318
25,664,145
24,715,271
1,397,173
5.4
%
948,874
3.8
%
Revenue from advertisement
12,057,903
9,840,247
5,803,085
2,217,656
22.5
%
4,037,162
69.6
%
Revenue from live events
9,362,794
-
-
9,362,794
100.0
%
-
-
%
TOTAL
48,482,015
35,504,392
30,518,356
12,977,623
36.6
%
4,986,036
16.3
%
R
evenue from subscriptions.
For the year ended December 31, 2022, revenue
from subscriptions comprised 56% of our total revenue. Compared with 2021, the revenue from subscriptions increased by $1.4 million, or
5.4%. The growth in subscription revenue is driven by the increase in number of monthly paying subscribers mainly direct subscribers on
app stores (both google and apple). The growth in subscribers is a result of continued comprehensive campaigns made throughout the year
to push free users and low ARPU daily subscribers to convert to monthly subscribers.
Revenue from advertisement.
For the year ended December 31, 2022, the
revenue from the advertisement segment comprised close to 25% of our total revenue. Compared with 2021, revenue from advertisement
increased by $2.2 million or 22.5%. The increase was driven primarily by barter agreements executed with key strategic partners such
as Amazon Prime, Noon and beIN.
Revenue from live events
The year ended December 31, 2022, marked our launch
of live events through Spotlight and Anghami Lab. Live events is a new vertical within Anghami that aims to diversify revenue streams
and leverage synergies between offline and online music delivery. Spotlight and Anghami Lab generated $4.9 million and $4.5 million respectively
for the year ended December 31, 2022.
75
Expenses
The table below presents a breakdown of our expenses:
Year Ended December 31,
Change from
Change from
2022
2021
2020
2021 to 2022
2020 to 2021
USD
USD
USD
USD
%
USD
%
Content acquisition and royalty costs
16,930,370
15,739,013
12,600,373
1,191,357
7.6
%
3,138,640
24.9
%
Payment processing and agency fees
5,778,190
6,339,355
6,819,022
(561,165
)
(8.9
%)
(479,667
)
(7.0
%)
Technology infrastructure costs
3,795,517
2,957,199
2,152,996
838,318
28.3
%
804,203
37.4
%
Amortization of intangible assets
871,663
711,919
623,276
159,744
22.4
%
88,643
14.2
%
Online and other costs
551,179
239,623
150,854
311,556
130.0
%
88,769
58.8
%
Barter transaction cost
4,270,233
475,528
-
3,794,705
798.0
%
475,528
-%
Live events cost
6,933,370
-
-
6,933,370
-%
-
-%
TOTAL
39,130,522
26,462,637
22,346,521
12,667,885
47.9
%
4,116,116
18.4
%
Content acquisition and royalty costs
Content acquisition and royalty costs have increased
by $1.2 million or 7.6% during the year ended December 31, 2022, compared to 2021. The increase is mainly due to (1) the expenses
from the addition of Rotana's catalogue, one of the region's largest labels and (2) the expenses from the exclusivity deal
signed in February 2022 with Amr Diab, one of the MENA region's leading artists (a $10 million exclusive deal covering a period
of 3 years where Anghami obtains exclusivity over Amr Diab's entire music catalogue).
Payment processing and agency fees
Payment processing and agency fees decreased by
$0.6 million or 8.9% year-on-year, partly due to change in revenue share policy of Google Store. In 2022, Google Store dropped revenue
share fees to 11% to all subscribers from the prevailing 15%.
Technology infrastructure costs
During the year ended December 31, 2022,
technology infrastructure cost increased by $0.8 million. This is primarily due to our strategic decision to invest time and resources
to optimize our backend code. The optimization efforts have led to a temporary increase in usage and costs mostly during the first half
of 2022, however, these improvements are expected to generate long term cost efficiencies while also rendering the platform significantly
more scalable and less costly.
Amortization of intangible assets
Amortization of intangibles assets increased by
$159,744 or 22.4% during the year ended December 31, 2022 compared to 2021. Intangible assets, include the costs of application development
and original content creation, have increased during the year ended December 31, 2022, which resulted in a higher amortization cost.
The increase in capitalized intangible assets is normal as we invest heavily in app development and original content creation.
76
Online and other costs
This mainly includes the software subscriptions
cost utilized by the engineering team.
Online and other costs increased by $311,556 during
the year ended December 31, 2022, compared to 2021. The increase was primarily driven by additional usage dedicated to the R&D
project to optimize our backend code, which will ultimate result in cost savings.
Barter transaction cost
During 2022, we had a total of 7 barter agreements
with partners whereby Anghami provides marketing services to the partner and vice versa. Major partners include Amazon Prime, Noon and
beIN. Barter costs represent the value of the marketing and other services that Anghami provides to its partners against the recognized
barter revenue.
Live events costs
This includes the costs associated with Spotlight
and Anghami Lab,
Gross Profit and Gross Margin
Year Ended December 31,
Change from
Change from
2022
2021
2020
2021 to 2022
2020 to 2021
USD
USD
USD
USD
%
USD
%
Subscriptions Segment
Revenue
27,061,318
25,664,145
24,715,271
1,397,173
5.4
%
948,874
3.84
%
Cost of revenue
(23,541,956
)
(21,863,278
)
(18,772,861
)
(1,678,678
)
7.7
%
(3,090,417
)
16.46
%
Gross profit
3,519,362
3,800,867
5,942,410
(281,505
)
(7.4
)%
(2,141,543
)
(36.04
)%
Gross margin
13.0
%
14.8
%
24.0
%
Advertisement Segment
Revenue
12,057,903
9,840,247
5,803,085
2,217,656
22.5
%
4,037,162
69.57
%
Cost of revenue
(8,655,196
)
(4,599,359
)
(3,573,660
)
(4,055,837
)
88.2
%
(1,025,699
)
28.70
%
Gross profit
3,402,707
5,240,888
2,229,425
(1,838,181
)
(35.1
)%
3,011,463
135.08
%
Gross margin
28.2
%
53.3
%
38.4
%
Live events Segment
Revenue
9,362,794
-
-
9,362,794
-
%
-
-
%
Cost of revenue
(6,933,370
)
-
-
(6,933,370
)
-
%
-
-
%
Gross profit
2,429,424
-
-
2,429,424
-
%
-
-
%
Gross margin
25.9
%
-
%
-
%
Consolidated
Revenue
48,482,015
35,504,392
30,518,356
12,977,623
36.6
%
4,986,036
16.34
%
Cost of revenue
(39,130,522
)
(26,462,637
)
(22,346,521
)
(12,667,885
)
47.9
%
(4,116,116
)
18.42
%
Gross profit
9,351,493
9,041,755
8,171,835
309,738
3.4
%
869,920
10.65
%
Gross margin
19.3
%
25.5
%
26.8
%
77
For the year ended December 31, 2022, as
compared to 2021, consolidated gross profit increased by $309,783 or 3.4% while the gross margin has decreased from 25.5% to 19.3%.
The overall decrease was partially impacted by
the decrease in gross profit margin in the Subscriptions segment where (1) the economic downturn and currency devaluation in Egypt and
Lebanon caused a significant drop in revenue whereas a large portion of our costs remained fixed and (2) cost of revenue increased further
to the additional expenses from the Rotana and Amr Diab deals.
Additionally, the gross margin within the Advertisement
segment experienced decline due to three primary reasons. Firstly, the accounting for barter agreements which records equal amounts of
revenue and costs, ultimately results in a neutral impact on gross profit but a negative impact on gross margin percentage. Secondly,
due to the economic downturn and currency devaluation in Egypt and Lebanon, two of our core markets. Finally, 2022 was a transitional
year for Anghami in the Advertisement segment, where we focused on redefining our strategy to reduce our reliance on media-based standard
advertising and, instead, we focused on leveraging our platform's unique selling points in production, branded content, and direct
ads. The shift in strategy led to a temporary decrease in the gross margin in the first half of 2022 but demonstrated significant improvement
in margin for the second half of 2022.
The newly added Live events segment positively
contributed to our 2022 gross profit, with an incremental gross profit of $2.4 million at a 25.9% margin.
While our gross margin dropped in 2022 compared
to 2021, we note than many improvements were made in the second half of 2022 compared to the first half. Content costs, Technology and
infrastructure costs, as well Payment processing and agency fees all decreased as percentage of revenue in line with our continued focus
on efficiency and profitability.
Advertising and marketing expenses
Year Ended December 31,
Change from
Change from
2022
2021
2020
2021 to 2022
2020 to 2021
USD
USD
USD
USD
%
USD
%
Advertising expenses
2,435,769
3,105,512
2,359,656
(669,743
)
(21.6
%)
745,856
31.6
%
Marketing and branding expenses
9,133,617
4,908,421
2,924,496
4,225,196
86.1
%
1,983,925
67.8
%
TOTAL
11,569,386
8,013,933
5,284,152
3,555,453
44.4
%
2,729,781
51.7
%
Advertising expenses
The decrease is attributed to a lower contribution
from agency advertising to overall advertising revenue in 2022 compared to 2021. This is because a greater portion of advertising revenue
in 2022 was generated from Anghami Studios and Anghami Direct Ads.
78
Marketing and branding expenses
This mainly relates to the marketing and branding
expenses to grow our brand. Marketing and branding expenses increased by $4.2 million, or 86.1% during the year ended December 31,
2022, as compared to 2021. The primary contributor to this increase is the exclusivity deal signed with Amr Diab .
General and administrative expenses
Year Ended December 31,
Change from
Change from
2022
2021
2020
2021 to 2022
2020 to 2021
USD
USD
USD
USD
%
USD
%
Salaries and other related benefits
12,954,848
7,655,816
3,507,055
5,299,032
69.2
%
4,148,761
118.3
%
Provision for expected credit losses
716,291
235,164
-
481,127
204.6
%
235,164
-
%
Provision for employee's end of service benefit
643,904
43,477
33,717
600,427
1381.0
%
9,760
28.9
%
Employees' share-based compensation
564,741
801,450
564,284
(236,709
)
(29.5
)%
237,166
42.0
%
Insurance expense
564,617
218,801
65,997
345,816
158.1
%
152,804
231.5
%
Rent and related charges
514,643
474,865
89,362
39,778
8.4
%
385,503
431.4
%
Travel expenses
327,808
416,435
84,114
(88,627
)
(21.3
)%
332,321
395.1
%
Utilities
299,697
202,052
73,465
97,645
48.3
%
128,587
175.0
%
Depreciation of property and equipment
204,002
155,742
150,736
48,260
31.0
%
5,006
3.3
%
Taxes
-
157,826
25,142
(157,826
)
(100.0
)%
132,684
527.7
%
Depreciation of rights-of-use assets
121,020
84,884
85,117
36,136
42.6
%
(233
)
(0.3
)%
License fees
48,362
139,588
290,148
(91,226
)
(65.4
)%
(150,560
)
(51.9
)%
Write off receivables
45,679
160,715
8,501
(115,036
)
(71.6
)%
152,214
1790.5
%
Amortization of intangibles assets
3,437
-
-
3,437
-
%
-
-
%
Other expenses
356,264
270,950
226,989
85,314
31.5
%
43,961
19.4
%
TOTAL
17,365,313
11,017,765
5,204,627
6,347,548
57.6
%
5,813,138
111.7
%
General and Administrative expense increased by $6.3 million, or 57.6%
from 2021 to 2022, this increase is mainly due to the increase in the number of employees and relocation of staff from Beirut to Abu Dhabi
which began in in 2021 and continued through 2022. In addition, we have moved our head office to Abu Dhabi which increased rent charges
and was accompanied by an increase in travel expenses.
Finance costs
Year Ended December 31,
Change from
Change from
2022
2021
2020
2021 to 2022
2020 to 2021
USD
USD
USD
USD
%
USD
%
Transaction and other costs
-
-
150,000
-
-
%
(150,000
)
(100.0
)%
Interest on lease liabilities
58,610
57,779
74,149
831
1.4
%
(16,370
)
(22.1
)%
Fair value movements on convertible notes
-
453,331
1,291,551
(453,331
)
(100.0
)%
(838,220
)
(64.9
)%
Interest on convertible loans
322,748
1,836,468
188,138
(1,513,720
)
(82.4
)%
1,648,330
876.1
%
Interest on working capital loans
88,757
221,372
-
(132,615
)
(59.9
)%
221,372
-
%
Bank interest and other charges
82,636
110,813
60,844
(28,177
)
(25.4
)%
49,969
82.1
%
TOTAL
552,751
2,679,763
1,764,682
(2,127,012
)
(79.4
)%
915,081
51.9
%
79
Interest on Convertible notes
Interest on Convertible notes decreased because Anghami obtained a
waiver on the accrual of interest on both loans: Alkonost and MEVP starting August 31, 2021.
The loans from Alkonost and MEVP converted into Anghami Inc. shares
upon the consummation of the Business Combination.
Interest on Working Capital Loans
Working capital loans were repaid upon the consummation of the Business
Combination on February 3, 2022. Hence the accrual period was only for approximately one month in 2022 compared to 2021.
Non-IFRS Financial Measures
This annual report includes certain non-IFRS financial measures,
such as EBITDA. We present EBITDA, a non-IFRS performance measure, to supplement the financial results presented in accordance with
IFRS. EBITDA is defined as earnings before interest, income tax, depreciation and amortization. We believe EBITDA is useful to investors
for evaluating the operating performance against competitors, which commonly disclose similar performance measures. However, our calculation
of EBITDA is susceptible to varying calculations and may not be comparable to other similarly titled performance measures of other companies.
EBITDA is not intended to be a substitute for any IFRS financial measure. You should not consider EBITDA in isolation, or as a substitute
for an analysis of our results as reported on our consolidated financial statements appearing elsewhere in this annual report.
EBITDA
Year Ended December 31,
Change from
Change from
2022
2021
2020
2021 to 2022
2020 to 2021
USD
USD
USD
USD
%
USD
%
EBITDA
(13,119,311
)
(11,904,292
)
(1,124,900
)
(1,215,019
)
10.2
%
(10,779,392
)
958.3
%
As a percentage of revenue
(27.1
%)
(33.5
%)
(3.7
%)
For the year ended December 31, 2022, as compared to 2021, EBITDA
loss increased by $1.2 million. The increased EBITDA loss was impacted by the currency devaluation and economic downturn in Egypt and
Lebanon and was further driven by additional professional fees incurred in relation to the Business Combination, the additional expense
due to the addition of the Rotana catalogue, the rise in salaries further to the expansion strategy initiated in 2021 and the company
moving its headquarter to Abu Dhabi (which has a higher salary scale). For a discussion of the limitations associated with using EBITDA
rather than IFRS measures and a reconciliation of EBITDA to net loss, see discussion below under the heading
"Non-IFRS Financial
Measures"
and the section entitled "
Selected Historical Financial Data of Anghami
."
80
The following table presents a reconciliation of EBITDA to the net
loss for the periods indicated:
Year Ended December 31,
Change from
Change from
2022
2021
2020
2021 to 2022
2020 to 2021
USD
USD
USD
USD
%
USD
%
Net loss
(61,221,032
)
(18,050,307
)
(5,743,190
)
(43,170,725
)
239.2
%
(12,307,117
)
214.3
%
Taxes
892,937
340,003
501,238
552,934
162.6
%
(161,235
)
(32.2
)%
Finance cost
552,751
2,679,763
1,764,682
(2,127,012
)
(79.4
)%
915,081
51.9
%
Foreign exchange (gain)/loss, net
3,129,330
1,558,780
1,126,851
1,570,550
100.8
%
431,929
38.3
%
Finance income
(15,036
)
(145,107
)
(137,397
)
130,071
(89.6
)%
(7,710
)
5.6
%
Other income
(2,724,600
)
(41,419
)
(60,497
)
(2,683,181
)
6478.1
%
19,078
(31.5
)%
Depreciation and amortization
3,798,223
952,545
859,129
2,845,678
298.7
%
93,416
10.9
%
Share based payments
643,904
801,450
564,284
(157,546
)
(19.7
)%
237,166
42.0
%
Recapitalization expenses
48,521,787
-
-
48,521,787
-
%
-
-
%
Fair Value change of warrants liabilities
(6,697,574
)
-
-
(6,697,574
)
-
%
-
-
%
EBITDA
(13,119,311
)
(11,904,292
)
(1,124,900
)
(1,215,019
)
10.2
%
(10,779,392
)
958.3
%
B. Liquidity and Capital Resources
On February 3, 2022, we consummated the Business Combination pursuant
to the Business Combination Agreement. As a result of the Business Combination, Anghami and VMAC became wholly owned subsidiaries of Anghami
Inc.
Prior to the Business Combination, we funded our operations primarily
through the issuance of convertible debt and equity instruments. Upon the completion of the Business Combination, the Company raised a
total of $32.9 million out of which $23.4 million were received after deducting reverse recapitalization transaction costs of $9.5 million.
For the years ended December 31, 2022 and 2021 we had a loss for the
financial year of $61.2 million and $18.1 million, respectively. As of December 31, 2022 and December 31, 2021, we had
cash and cash equivalents of $3.1 million and $0.7 million, respectively. Our cash and cash equivalents consist primarily of cash
with banks or other financial institutions that is unrestricted as to withdrawal and use. Our cash and cash equivalents are primarily
denominated in U.S. Dollars as well as in local currencies of the markets where we operate.
We require and will continue to need significant
cash resources to, among other things, fund our working capital requirements, increase our headcount, make capital expenditures (including
those related to product development), and expand our business across targeted markets. As a result, we expect that we will need to raise
capital in the future from equity and / or debt sources.
Our future capital requirements depend on
many factors including our growth rate, the continuing market acceptance of our offerings, the timing and extent of spending to support
our efforts to develop our platform, the expansion of sales and marketing activities, and the expansion of our business into new geographies
and markets. Further, as part of our growth strategy, we expect to enter into arrangements to acquire products, services, and/or technologies.
To enhance our liquidity position or increase our cash reserve for future investments or operations through additional financing activities,
we may in the future seek equity or debt financing. The issuance and sale of additional equity would result in further dilution to our
shareholders. The incurrence of indebtedness would result in increased fixed obligations and could result in operating covenants that
would restrict our operations.
81
We believe that our historical ability to raise and deploy capital
to fund the development of our platform and expansion of our operations would enable us to access financing on reasonable terms. However,
there can be no assurance that such financing would be available to us on favorable terms or at all. If the financing is not available,
or if the terms of such financing are not acceptable to us, we may be forced to decrease the level of investment in our platform, scale
back our operations, defer investments to execute on our growth strategy or execute a combination of these cost management strategies,
which could have an adverse impact on our business and financial prospects. The loss for the financial year in current and prior periods
we have incurred since inception are consistent with our strategy and plans for continued growth and expansion. We expect to continue
to incur losses as we execute on our operating plan and expand our product offerings.
Cash Flow
The following table summarizes our cash flows for each of the periods
presented:
Year Ended December 31,
Change from
Change from
2022
2021
2020
2021 to 2022
2020 to 2021
USD
USD
USD
USD
%
USD
%
Cash from operating activities
84,663
(13,887,941
)
171,157
13,972,604
(100.6
%)
(14,059,098
)
(8214.2
%)
Cash from investing activities
(12,577,132
)
(1,485,129
)
(897,306
)
(11,092,003
)
746.9
%
(587,823
)
65.5
%
Cash from financing activities
14,973,260
10,397,299
5,292,903
4,575,961
44.0
%
5,104,396
96.4
%
Net change in cash and cash equivalents
2,480,791
(4,975,771
)
4,566,754
7,456,562
(149.9
%)
(9,542,525
)
(209.0
%)
Opening Cash and cash equivalent
632,540
5,608,311
1,041,557
12,032,523
214.5
%
(4,438,129
)
(426.1
%)
Free cash flow
(12,492,469
)
(15,373,070
)
(726,149
)
12,032,523
(78.3
%)
(4,438,129
)
611.2
%
Operating Activities
During the year ended December 31, 2022, cash flows from operating
activities were positive at $84,663, primarily due to the positive impact resulting from the optimization of our working capital.
Investing Activities
The 2022 cash outflows from investing activity of $12.6 million was
driven by (i) additions in property and equipment primarily, in relation to fit out costs for the set up and launch of Anghami Lab, (ii)
additions to intangible assets which primarily include the value of the exclusivity contract with Amr Diab, the cost of producing original
content and app development capitalization as a result of implementing additional major features, (iii) investment in Vibe Music Arabia,
the Joint Venture with Sony Music and (4) the cash cost of the acquisition of Spotlight.
Financing Activities
During the year ended December 31, 2022 net cash inflows from
financing activities were $15.0 million consisting primarily of the proceeds from the PIPE financing the reverse capitalization net
of the SPAC transaction costs of VMAC and the repayment of existing loans and borrowings as part of the Business Combination.
Free Cash Flow
Free cash flow represents the total sum of operating and investing
cash flow. In 2022, Free cash flow was negative $12.5 million, an improvement from previous year's negative $15.4 million. This
is due to the factors explained in the previous three headings.
82
Indebtedness
Our principal debts are comprised of trade accounts payables, bank
overdraft, and operating lease obligations.
Contractual Obligations and Commitments
Anghami is subject to the following minimum guarantee
amounts relating to investments in joint ventures and the content on its service and publishing rights, the majority of which relate to
initial investments and minimum royalty payments associated with its license agreements for the use of licensed content and publishing
royalties, as at December 31:
2022
2021
USD
USD
Less than one year
4,194,264
5,149,957
Later than one year but not more than 5 years
1,250,000
1,965,594
In addition to the minimum guarantees listed above, Anghami is subject
to various service agreements including a service agreement with Amazon for the use of Amazon servers and cloud.
D. Trend Information
Seasonality in Our Business
Our business exhibits significant seasonality. Historically our fourth
quarter is our strongest quarter, driven by large advertising spending from our advertisers during the holiday season. In addition, we
face seasonal fluctuations during Ramadan, the Muslim holy month. Ramadan started in April in 2022 but is a floating holiday and shifts
by approximately 10 days each year. During Ramadan, our user activities and revenues from advertisement and subscriptions drop significantly
due to general reductions in people's daily leisure activities. To reduce the impact of Ramadan's seasonality on our user
engagement and revenues, since 2017 we launched a special Ramadan subscription that offers Ramadan-related content to offset the
negative impact on our user engagement.
Competition
We still consider piracy to be our main competitor, as the copyright
protection laws are still developing in the MENA Region. However, we believe the early stage of regulations on music copyrights represents
an opportunity for our growth as we provide a legal and premium experience with higher quality contents than piracy with the option to
upgrade for more unique features.
Our other competitors include global streaming services. In 2015, Apple
Music launched globally including in the MENA Region, but our number of subscribers kept growing. In 2018, both Spotify and Deezer launched
in the MENA Region. In 2019, YouTube Music also expanded to the MENA Region, with the support from various contents from YouTube and the
power of Google Search. We believe that the competition can help increase the general awareness of music copyrights, which in turn helps
to expand the market and therefore benefits the entire music streaming industry.
There are other non-significant local music streaming platforms
with limited reach to Telco users, except a few Telco driven platforms such as Etisalat Music in Egypt. Huawei Music is available preinstalled
in Huawei devices but has a relatively small market recognition. Amazon Music is currently not available in the MENA Region. Amazon Prime
subscribers get an Anghami Plus subscription.
83
Market Trends and Future Outlook
Revenue from advertisement
We anticipate further growth in revenues from advertisement as we have
shifted this year towards a diversified strategy focused around our platform's unique selling points ("USP"). Our reliance
on media and impression-based advertising as the primary source of revenue is decreasing due to the challenges posed by tech giants like
TikTok and YouTube offering wider reach at lower prices.
To counter these challenges, we have diversified beyond traditional
media offerings by leveraging our custom technology, production capabilities, and various business streams to monetize. This diversification
has expanded our pool of advertising solutions beyond standard media, which remains a key contributor to our revenue.
Music and sound can instantaneously trigger an emotional response,
increase awareness and attribution, improve perceptions, drive consideration and build deeper connections. Today music listening is at
an all-time high and people rely on their favorite songs to accompany their various experiences. Anghami leverages the connection between
music and activities by providing people with playlists made up of the best songs for activities like running, driving, exercising etc.
and offers brands the opportunity to sponsor those targeted playlists. When brands tap into the power of music and sound, experiences
will be better and personal connections with the brand will be stronger. The targeting algorithm does not only use data and technology,
but also considers the emotions of the consumer. Anghami's playlists and "moods" allow marketers to reach target audiences
while they are in a certain mood or emotion (what we call the "Narrative of Emotions"). This allows marketers to directly
attach brands to specific associations and feelings the consumers are experiencing at that moment.
Our advertisement strategies are anchored by a combined platform USP
and Narrative of Emotions, setting us apart from competitors like Facebook and Google. By focusing on emotions and our understanding of
the local market, we have positioned ourselves as a top-of-funnel platform, making us an attractive choice for brands in the region.
Our diversification strategy is already proving to be successful, with
growing shares of production (Anghami Studios), branded content, and direct Ads revenue, while media-based (standard advertising) share
is decreasing as on an aggregate level.
Additionally, our third-party agency partner DMS is committed to increasing
advertising efforts in key regions where we operate, which, combined with our emphasis on diversification, unique USP, and focus on emotional
narrative, positions us well for continued growth and success in the competitive advertising landscape.
Live events
The strategic additions of Spotlight and Anghami Lab have provided
us with organic diversification of our revenue streams, and have offered existing Anghami users as well as non-users additional ways to
consume music.
During the first year of launch in 2022, our live events businesses
accounted for nearly 20% of our total revenue. We anticipate that this segment will play a more pivotal role in our business moving forward
as these newly-launched businesses continue to grow and develop under our brand.
Looking ahead, we are committed to integrating our live events business
with our core offering, thus leveraging synergies between offline and online music experiences. In the medium term, we expect live events
to become increasingly intertwined with our platform, as we strive to offer our users a seamless and comprehensive music experience. We
believe that these efforts will not only enhance the overall value proposition of our platform, but also strengthen our competitive position
within the industry.
Geographic expansion strategy
In the short term from 2022 to 2023, we remain committed to expanding
our market share among the younger generation in our existing geographic markets. In the medium term from 2023 to 2025, we plan to focus
on French-speaking North Africa, Iraq and the Arab diaspora, a large population of Arabs who live outside the MENA Region. With over
20 million Arabs living in North America and Europe, Arab diaspora represents a large opportunity to grow our users beyond the MENA
Region. We have developed new music streaming products and original content specifically designed for this population, mainly by combining
Arabic music with English and French lyrics or tunes. In the longer term, we plan to expand into South Asia, mainly Pakistan. With a population
of 220 million people, almost half of the Arab world's population, Pakistan has similar market dynamics to the MENA Region
with a large young population, a significant Telco user base and high mobile phone ownerships. We expect our experiences in the MENA Operating
Area could bring us success in Pakistan.
84
Premium subscription growth strategy
We remain committed to driving growth in our core Premium subscriptions
offering, as we continue to implement measures such as optimizing subscription plans in countries impacted by currency devaluation, as
well as targeting services and geographies that generate higher ARPU. Furthermore, we are prioritizing growth in our direct channels and
will renegotiate key Telco deals to enhance our revenue streams. Additionally, we plan to introduce new Telco bundles that generate higher
ARPU. Furthermore, we are working on developing unique supplementary features that will be exclusively available to Premium users. These
strategic initiatives are expected to drive growth in our subscription revenue and strengthen our unique position in the region.
E. Critical Accounting Estimates
Critical Accounting Policies and Estimates
The consolidated financial statements of the Group comply with International
Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and
have been prepared on a historical cost basis, except for certain convertible notes, employees' share based payment and warrants
which have been measured at fair value, and lease liabilities, which have been measured at present value.
The preparation of the consolidated financial statements in conformity
with IFRS requires the application of certain critical accounting estimates and assumptions. It also requires management to exercise its
judgment in the process of applying the accounting policies. The areas involving a greater degree of judgment or complexity, or areas
in which assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 3.5.
The consolidated financial statements are presented in United States
dollar (USD) which is also the functional currency of the Group. The Group has assessed the operation of each of its subsidiaries and
determined that the functional currency of the subsidiaries is the same as the Group's functional currency, as each subsidiary operate
as an extension of the Group since they lack the required autonomy and are dependent on the Group and other subsidiaries in providing
their services. The USD is considered the functional currency of the Group as it is the main currency that influences the sales prices
for services, cost of revenues, expenses and financing activities.
The consolidated financial statements have been rounded off to the
nearest USD, except when otherwise indicated. Foreign currency transactions are translated into the functional currency using the exchange
rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions
and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are recognized
in the consolidated statement of comprehensive income within foreign exchange loss, net.
Revenue recognition
Revenue from subscriptions
The Group generates subscription revenue from the sale of the premium
service in which customers can listen on-demand and offline. Premium services are sold directly to end users and through partners who
are generally telecommunications companies that bundle the subscription with their own services or collect payment for the stand-alone
subscriptions from their end customers. The Group satisfies its performance obligation, and revenue from these services is recognized,
on a straight-line basis over the subscription period. Premium services are paid in advance.
85
Premium partner subscription revenue is based on a per-subscriber rate
in a negotiated partner agreement. Under these arrangements, a premium partner may bundle the premium service with its existing product
offerings or offer the premium service as an add-on to their services. Payment is remitted to the Group through the premium partner. The
Group assesses the facts and circumstances, including whether the partner is acting as a principal or agent, of all partner revenue arrangements
and then recognizes revenues either gross or net. Premium partner services, whether recognized gross or net, have one material performance
obligation, which is the delivery of the premium service. The service provided by the premium partners is to act as a payment gateway
to collect the subscription fees and transfer it to the Group against receiving a fee calculated as a percentage of revenue collected.
The Group has assessed each of its premium partner subscription revenue agreements and concluded that revenue should be recognized on
a gross basis as the Group controls the music streaming service provided to the premium users and remains responsible to deliver the music
streaming services at the agreed quality during the full subscription period; in addition, the Group has full discretion in determining
the price of the music streaming services offered. The fees paid to the premium partner against the services provided by them is recognized
as part of cost of revenue in the consolidated statement of comprehensive income.
Additionally, the Group sells premium subscriptions to third party
service providers who bundle the purchased premium subscriptions with other services and products they deliver to their end-users. Under
this product, the third-party service providers are the Group's customers and not their end-users. The Group's only material
performance obligation is the delivery of the music streaming service. The third-party service providers do not provide any services to
the Group. The Group recognizes the revenue received from such third-party service providers over the sold premium subscriptions and vouchers
validity period which starts on their respective activation day.
Revenue from advertisement
The Group's advertising revenue is primarily generated through
display, audio, and video advertising delivered through advertising impressions. The Group's advertising revenue is generated through:
(1)
Agency Sales Channel: the Group entered into an arrangement
with an advertising agency that sells ads campaigns to global and regional brands. These advertising arrangements are typically sold
on a cost-per-thousand basis and are evidenced by an Insertion Order ("IO") that specifies the terms of the arrangement such
as the type of ad product, pricing, insertion dates, and number of impressions in a stated period. The advertising agency promotes the
Group's advertising products based on a pre-agreed sales commission based on generated revenue. The Group sets the pricing schedule
for ads impressions and approves the ads before their display on the Anghami platform and remains responsible to deliver the advertising
products to the advertising client. Advertising clients and advertising agency send for the Group's approval the advertisement
to be displayed on the Anghami platform and the IOs that specify the number of ads impressions, campaigns periods, and the agreed service
fees.
(2)
Direct Sales Channel: the Group works directly with advertising
clients. The Group's sales team identifies and manages these advertising clients and approves their advertising campaigns sent
via IOs which acts as a contract between the Group and the advertising clients.
(3)
Programmatic Advertising Channel: the Group generates revenue
from adverstisement through arrangements with certain advertising exchange platforms to distribute advertising inventory for purchase
on a cost-per-thousand basis through their automated exchange. The Group has control over which ads are to be displayed on its platform,
volumes and selection criteria.
(4)
Barter deals: Revenue is recorded at the fair value of non-cash
consideration received or promised from the customer. The fair value is measured at contract inception.
86
Revenue is recognized over time based on the number of impressions
delivered.
Live events
The Group generates its live events revenues from the sale of tickets,
sponsorships & food & beverages to customers.
Cost of revenue
Cost of revenue consists predominantly
of label and publishing costs related to content streaming, payment processing, agency fees and barter transaction costs. The Group incurs
label and publishing costs to certain music record labels, music publishers, and other rights holders for the right to stream music to
the Group's users. Label and publishing costs are typically calculated using negotiated rates in accordance with license agreements
and are based on either subscription and advertising revenue earned, user/usage measures, or a combination of these. The determination
of the amount of the rights holders' liability is complex and subject to a number of variables, including the revenue recognized,
the type of content streamed and the country in which it is streamed, the product tier such content is streamed on, identification of
the appropriate license holder, size of user base, ratio of Ad-Supported users to premium subscribers, and any applicable advertising
fees and discounts, among other variables. Some rights holders have allowed the use of their content on the platform while negotiations
of the terms and conditions are ongoing. In such situations, label and publishing costs are calculated using estimated rates. In certain
jurisdictions, rights holders have several years to claim royalties for musical compositions and therefore estimates of the label and
publishing payables are made until payments are made. The Group has certain arrangements whereby label and publishing costs are paid in
advance or are subject to minimum guaranteed amounts. An accrual is established when actual label and publishing costs to be incurred
during a contractual period are expected to fall short or exceed the minimum guaranteed amounts.
The expense related to these accruals
is recognized in cost of revenue. Cost of revenue also includes payment processing fees for subscription revenue, server's rental
and other infrastructure costs, amortization of intangible assets, and expenses incurred to produce music content sold to brands and ads
clients.
Amortization of podcast content assets
is recorded over the shorter of the estimated useful economic life, or the license period (if relevant), and begins at the release of
each episode. Amortization is calculated on double-declining basis similar to internally developed music content. We make payments to
podcast publishers, whose content we monetize through advertising sales.
The Group incurs expenses from barter deals with
third parties where the Group receives advertising services which can be reliably measured at the fair value of those advertising services.
The Group incurs expenses related to the purchase
of food and beverage, venues rent, artists fees & artists' logistics fees.
Selling and marketing expenses
Sales and marketing expenses are primarily comprised
of marketing campaigns on digital platforms, outdoor campaigns, advertising agency cost and cost of working with record labels and artists
to promote the availability of new releases on the Group's platform.
General and administrative expenses
General and administrative expenses are comprised
primarily of employee compensation and benefits for functions such as accounting, analytics, legal, human resources, consulting fees,
and other costs including facility and equipment costs, director fees, depreciation of property and equipment and the provision for employee
share-based compensations.
Income tax expense
The tax expense for the period comprises current
and deferred tax. Tax is recognized in the consolidated statement of comprehensive income except to the extent that it relates to a business
combination, or items recognized directly in equity or in other comprehensive income.
87
Current tax comprises the expected tax payable
or receivable on the taxable income or loss for the year and any adjustment to tax payable or receivable in respect of previous years.
It is measured using tax rates enacted or substantively enacted at the reporting date.
Deferred tax is recognized on all temporary differences
at the reporting date between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding
tax bases used in the computation of taxable profit, with the following exceptions:
Where the temporary difference arises from the
initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination that at the time of the
transaction affects neither accounting nor taxable profit or loss;
In respect of taxable temporary differences associated
with investments in subsidiaries, associates and joint ventures, where the timing of reversal of the temporary differences can be controlled
and it is probable that the temporary differences will not reverse in the foreseeable future; and
Deferred tax assets are recognized only to the
extent that it is probable that a taxable profit will be available against which the deductible temporary differences and carried forward
tax credits or tax losses can be utilized.
The carrying amount of deferred tax assets is
reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available
to allow all or part of the deferred tax assets to be utilized. Unrecognized deferred tax assets are reassessed at each reporting date
and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured
on an undiscounted basis at the tax rates that are expected to apply when the asset is realized or the liability is settled, based on
tax rates and tax laws enacted or substantively enacted at the reporting date.
Current and deferred tax is charged or credited
directly to other comprehensive income or equity if it relates to items that are credited or charged to, respectively, other comprehensive
income or equity. Otherwise, income tax is recognized in the consolidated statement of comprehensive income.
The withholding tax (WHT) incurred on distributions
from foreign jurisdiction are comprised of distributions made from subsidiary entities (mainly Anghami KSA and ADC) to the Group. In addition,
WHT include taxes paid by the Group for income generated from Telco partners. These Telco partners operate in countries where the Group
does not have an operating entity and has service agreements with Telco companies. The tax on services performed by non-resident Group
is deducted from the Group's payments received from the Telco partners based on WHT rates for the respective countries which are
established as part of the existing WHT regimes for each country. WHT has been presented with the income taxes in these consolidated financial
statements.
Share-based compensation
Employee share-based compensation
Employees of the Group receive remuneration in
the form of share-based compensation transactions, whereby employees render services in consideration for equity instruments. The cost
of equity-settled transactions with employees is determined by the fair value at the date of grant using an appropriate valuation model.
The cost is recognized in the consolidated statement of comprehensive income, together with a corresponding credit to other reserves in
equity, over the period in which the service conditions are fulfilled.
The cumulative expense recognized for equity-settled
transactions with employees at each reporting date until the vesting date reflects the Group's best estimate of the number of equity
instruments that will ultimately vest. The expense for a period generally represents the movement in cumulative expense recognized at
the beginning and end of that period and is recognized in employee share-based compensation. When the terms of an equity-settled transaction
award are modified, the minimum expense recognized is the expense as if the terms had not been modified, if the original terms of the
award are met. An additional expense is recognized for modifications that increase the total fair value of the share-based compensation
transaction or are otherwise beneficial to the grantee as measured at the date of modification.
88
Share-based payment to service provider
The cost of other equity-settled transactions
is determined by the fair value at the date when the grant is made using an appropriate valuation model.
That cost is recognized in general and administrative
expense (Note 8), together with a corresponding increase in equity (other capital reserves), over the period in which the service and,
where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled
transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group's
best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the consolidated statement of comprehensive
income for a period represents the movement in cumulative expense recognized as at the beginning and end of that period.
IFRS 16 Leases
Lease liabilities
At the commencement date of the lease, the Group recognizes lease liabilities
measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance
fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected
to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain
to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the
option to terminate. Variable lease payments that do not depend on an index or a rate are recognized as expenses in the period in which
the event or condition that triggers the payment occurs.
In calculating the present value of lease payments,
the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily
determinable. Our incremental borrowing rate is determined based on estimates and judgments, including our credit rating and a credit
spread.
After the commencement date, the amount of lease
liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount
of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments
or a change in the assessment to purchase the underlying asset.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition
exemption to its short-term leases (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not
contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases that are considered of low value
(i.e., below USD 5,000, when new). Lease payments on short- term leases and leases of low-value assets are recognized as expense
on a straight-line basis over the lease term.
Right-of-use assets (ROU)
The Group recognizes right-of-use assets at the
commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less
any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use
assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement
date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term
and the estimated useful lives of the assets, as follows:
●
Office spaces
4 - 5 years
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If ownership of the leased asset transfers to
the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated
useful life of the asset.
Variable lease payments that do not depend on
an index or a rate are recognized as expenses (unless they are incurred to produce inventories) in the period in which the event or condition
that triggers the payment occurs.
The determination of whether an arrangement is
(or contains) a lease is based on the substance of the arrangement at the inception of the lease. The arrangement is, or contains, a lease
if fulfilment of the arrangement is dependent on the use of a specific asset (or assets) and the arrangement conveys a right to use the
asset (or assets), even if that asset is (or those assets are) not explicitly specified in an arrangement.
Trade and other receivables
A trade receivable represents the Group's
right to an amount of consideration that is unconditional (i.e. only the passage of time is required before payment of the consideration
is due). Trade receivables are stated at original invoice amount less a provision for any uncollectible amount.
Contract assets and contract liabilities
Contract assets
A contract asset is the right to consideration
in exchange for goods or services transferred to the customer. If the Group performs by transferring goods or services to a customer before
the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration that is conditional.
Contract liabilities
A contract liability is recognized if a payment
is received or a payment is due (whichever is earlier) from a customer before the Group transfers the related subscription services. Contract
liabilities are recognized as revenue when the Group performs its obligations under the contract (i.e., transfers control of the services
to the customer).
Property and equipment
Property and equipment are stated at cost less
accumulated depreciation and any impairment in value.
Depreciation is calculated on a straight-line
basis over the estimated useful lives of the assets at the following rates:
Furniture and fixtures
3-5 years
Office and computer equipment
5 years
General installations
5 years
The carrying values of property and equipment
are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. If any such
indication exists and where the carrying values exceed the estimated recoverable amount, the assets are written down to their recoverable
amount.
Expenditure
incurred to replace a component of an item of equipment that is accounted for separately is capitalized and the carrying amount of the
component that is replaced is written off. Other subsequent expenditure is capitalized only when it increases future economic benefits
of the related item of property and equipment. All other expenditure is recognized in the consolidated statement of comprehensive income
as the expense is incurred.
Intangible assets
The Group recognizes
internal application and content development costs, podcasts and original content as intangible assets only when the following criteria
are met: the technical feasibility of completing the intangible asset exists, there is an intent to complete and an ability to use or
sell the intangible asset, the intangible asset will generate probable future economic benefits, there are adequate resources available
to complete the development and to use or sell the intangible asset, and there is the ability to reliably measure the expenditure attributable
to the intangible asset during its development. Until development of the underlying intangible asset is completed and is available for
intended use, the costs incurred are reflected as work in progress.
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Intangible assets
with finite lives are typically amortized on a straight-line and double declining basis over their estimated useful lives based on the
nature of the intangible asset, typically over 3 to 5 years. Intangibles are assessed for impairment whenever there is an impairment indication
like change in technology, consumer behavior and adverse economic conditions. The amortization period and the amortization method for
an intangible asset are reviewed at least annually. Changes in the expected useful life or the expected pattern of consumption of future
economic benefits embodied in the asset are accounted for by changing the amortization period or method, as appropriate, and are treated
as changes in accounting estimates. The amortization of intangible assets is recognized in the consolidated statement of comprehensive
income in the cost of revenue, Selling & distribution expenses and General & Administrative expenses categories depending on the
function of the intangible assets.
An intangible asset is derecognized upon disposal (i.e., at the date
the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising upon
derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included
in the consolidated statement of comprehensive income.
Goodwill
Goodwill is the excess of the consideration transferred over the net
identifiable assets acquired and liabilities assumed. Goodwill is tested annually for impairment, or more regularly if certain indicators
are present. Goodwill is evaluated for impairment by comparing the recoverable amount of the Group's operating segments to the carrying
amount of the operating segments to which the goodwill relates. If the recoverable amount is less than the carrying amount an impairment
charge is determined. The recoverable amount of the operating segments is based on fair value less costs of disposal. The Group determines
the fair value of the operating segments using a combination of a discounted cash flow analysis and a market-based approach.
ITEM 6. RESERVED
A. Directors and Senior Management
Our directors and senior management are as
follows:
Name
Age
Position
Edgard Maroun
48
Chief Executive Officer, Director
Elias Habib
50
Chief Technology Officer, Chairman
Rabih Khoury
57
Interim Vice President, Finance
Choucri Khairallah
37
Chief Premium Officer
Hossam El Gamal
48
Chief Brand Officer
F. Jacob Cherian
58
Director
Kaswara Saria Alkhatib
54
Director
Jana Yamani
35
Director
Klaas Baks
49
Director
Abhayanand Singh
41
Director
Fawad Tariq Khan
40
Director
Edgard Maroun
serves as our Chief
Executive Officer. Mr. Maroun is Anghami's co-founder and has served as Chief Executive Officer and as a member of Anghami's
Board of Directors since 2012. Mr. Maroun handles the business development and strategic partnerships among music labels, telecommunication
companies, advertisers and the media. Prior to founding Anghami, Mr. Maroun was VAS Manager at PowerMeMobile, a company that engineered
SMS gateways for mobile operators from 2001 to 2012. Mr. Maroun received a bachelor's degree in law and a master's degree
in private law from the University of La Sagesse in Lebanon, a master's degree in business administration in international business
from Bordeaux Business School (Kedge) and a master's degree in business administration from Notre Dame University, Lebanon.
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Elias Habib
serves as our Chief
Technology Officer. Mr. Habib is Anghami's co-founder and has served as Anghami's Chief Technology Officer and as the
chairman of its Board of Directors since 2012. Prior to founding Anghami, Mr. Habib was the co-founder and Chief Technology Officer
of PowerMeMobile, since 2003. Previously, Mr. Habib served as IT Manager at Naharnet, and developed an online e-commerce store for
Getforless. Mr. Habib received a bachelor's degree in Computer Science and a master's degree in Software Engineering
from the Lebanese American University in Lebanon.
Rabih Khoury
serves as our Interim
Vice President of Finance. Mr. Khoury is Managing Partner & Chief Exit Officer with Middle East Venture Partners (MEVP), one of the
leading Technology VC asset managers in MENA. MEVP is an institutional asset manager regulated by both DFSA and ADGM. Mr. Khoury has extensive
experience in venture capital, private equity and advisory, having executed more than US$5 billion in transactions and raised more than
US$2 billion in capital..
Choucri Khairallah
serves as the
Chief Premium Officer. Mr. Khairallah served as Anghami's since Vice President, Business Development since February 2018.
As our Vice President, Business Development, Mr. Khairallah is responsible for overseeing strategy, marketing, global partnerships,
and product offerings for Anghami's subscription business. Mr. Khairallah previously served as Business Development Manager
and Product and Account Manager at Anghami. Prior to joining Anghami in 2013, Mr. Khairallah was Product Implementation Team Lead
at Invigo. Mr. Khairallah holds a bachelor's degree in Science in Electrical and Computer Engineering from the American University
of Beirut and graduated with distinction in 2007.
Hossam El Gamal
serves as the Chief
Brand Officer. Mr. El Gamal was Anghami's Vice President, North Africa from March 2019 until the Closing of the Business
Combination. He is responsible for the brand's image and experience and oversees marketing, design, public relations, and customer
service. He began working at Anghami in January 2016 as a Country Director in Egypt. Prior to joining Anghami, Mr. El Gamal
was Marketing Director at ALZWAD Mobile Services (ZMS) from 2011 to 2015 and Head of Retail and Channel Marketing at Etisalat Telecommunication
Company from 2007 to 2011. Prior to that he served as the Head Retail Operations and Marketing for Linea Fashion. Mr. El Gamal received
a bachelor's degree in Mechatronics Engineering from the Higher Technological Institute, Cairo, and a master's degree in business
administration from the University of ESLSCA Business School, France.
F. Jacob Cherian
serves as a Director.
Previously, Mr. Cherian served as VMAC's Chief Executive Officer and a member of its board of directors since April 2020.
Mr. Cherian co-founded and served as Chief Executive Officer and a director of I-AM Capital Acquisition Company Inc.
("I-AM"), a special purpose acquisition company, from August 2017 to February 2019. I-AM completed a $50 million
initial public offering in August 2017 and completed a business combination in December 2018, listing the first e-sports company
on Nasdaq (Simplicity Esports & Gaming). Mr. Cherian also served as Chairman, Chief Executive Officer and director of Millennium
India Acquisition Company Inc., a special purpose acquisition company, from March 2006 to October 2013, completing a $58 million
initial public offering in July 2006. Millennium India completed a business combination with SMC, an India-headquartered leading
diversified financial services company with over 2,500 locations in over 500 cities serving approximately 1.7 million customers in
India and the Middle East. Mr. Cherian's prior work and experience with JP Morgan & Co., as a director at KPMG LLP
and as Partner at Computer Sciences Corp., a Fortune 500 global information technology & services company spans 15 years
and three continents of Europe, Middle East and South Asia. Mr. Cherian holds a B.A. in Accounting & Information Systems
from Queens College of CUNY and an MBA in International Finance from St. John's University. He has also served as Adjunct Professor
of Finance at the Tobin College of Business at St. John's University's MBA Program for ten years. Mr. Cherian has
served as a member of the board of directors on a number of public and private and not-for profit boards
Kaswara Saria Alkhatib
is the Chairman
of Webedia Arabia Holding Ltd. and the Chief Marketing Officer of Events Center (part of General Entertainment Authority of Saudi Arabia).
Mr. Alkhatib has been serving as Chairman of Webedia Arabia Holding Ltd. since 2018. Prior to that, Mr. Alkhatib joined UTURN
Entertainment in 2011 and served as its Chairman from March 2013 until 2018, launched 'Made in Saudi Films', a production
and post-production house in 2009 and served as its Chief Exeucitve Officer until 2018, and founded and served as chief executive officer
of FullStop in 2002. Mr. Alkhatib holds a bachelor of technology degree in Computer Engineering from Jamiat Al-Malik Abdulaziz. We
believe Mr. Alkhatib is qualified to serve on our board of directors due to his extensive knowledge and experience in the broadcasting
and entertainment industries.
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Jana Yamani
leads MBC Talent, MBC
Academy, and MBC Hope at Middle East Broadcasting Center (MBC). Mrs. Yamani joined MBC Group in October 2019. Prior to that
she founded Outar International from December 2016 until October 2019, led Fellowships and Traineeships at Misk Foundation from
August 2017 until September 2019, managed customer experience projects with Medallia from November 2015 until July 2016,
and consulted for McKinsey & Company prior to that. Mrs. Yamani holds a master's of science degree in Computation
for Design and Optimization from the Massachusetts Institute of Technology and a bachelor's degree of science in Computer Science
and Mathematics from Northeastern University. We believe Mrs. Yamani is qualified to serve on our board of directors due to her knowledge
and experience in the broadcasting and entertainment industries.
Dr. Klaas Baks, Ph.D.
served on
VMAC's board of directors since August 2020. Dr. Baks is the Co-Founder and Director of the Emory Center for Alternative
Investments and has been a finance professor at Emory University's Goizueta Business School since September 2002. He teaches
courses in private equity, venture capital and distressed investing and has been recognized with nine awards, including Emory University's
highest award for teaching excellence, the Emory Williams Distinguished Teaching Award, the Marc F. Adler Prize for Teaching Excellence
awarded by alumni and the Donald R. Keough Award for Excellence. Since October 2014, Dr. Baks has served as the Atlanta
Chair for Tiger 21, a peer-to-peer learning network for high-net-worth investors whose members manage more than $50 billion
and are entrepreneurs, inventors and top executives focused on improving investment acumen and exploring common issues of wealth preservation,
estate planning and family dynamics. Dr. Baks also serves as a director or advisor for various companies and investment funds, including
American Virtual Cloud Technologies (NASDAQ: AVCT) (since July 2017) — acquired through a SPAC business combination, Buckhead
One Financial (since January 2018), JOYN (from May 2017 to March 2020), Peachtree Hotel Group (since August 2016),
Backend Benchmarking (since April 2018) and TWO Capital Partners (since September 2009). Dr. Baks also has served on the
Investment Committee of the Westminster Schools Board of Trustees since September 2017. Prior to joining Emory University, he held
positions at Fuji Bank in Tokyo, Japan, Deutsche Bank in Hong Kong and the International Monetary Fund in Washington, D.C. Dr. Baks's
research and teaching focuses on issues in alternative investments, entrepreneurial finance and investment management, and he has published
papers in numerous academic and business journals, including the Wall Street Journal. Dr. Baks studied at the Wharton School at the
University of Pennsylvania, during which he spent two years at Harvard University as part of his doctoral research on the performance
of actively managed mutual funds, and earned a Ph.D. in finance. He also earned a Master of Arts in economics from Brown University, a
Master of Science in econometrics, cum laude from Groningen University and a diploma in Japanese language and business studies from Leiden
University.
Abhayanand Singh
served as VMAC's
Co-Founder and group Chief Executive Officer since April 2018 and has served as a member of our board of directors
since
April 2020. Mr. Singh also has served as a director of JB Ventures Group Ltd., a film financing investment company, since May 2019.
Previously, he served as the co-founder and chief executive officer of Indie Muviz Pte. Ltd ("Muviz"), a digital streaming
and content production company. He also has experience in the banking, private equity and asset management industries, as a managing director
of Pinnacle Fund Management Ltd, an investment management company, from 2010 to 2013, and as an assistant vice president at HSBC from
2005 to 2010. Over the last six years, Mr. Singh's companies have invested in more than 15 films and series across productions
and distributions, which have been released worldwide, including in China and across several leading OTT/Digital platforms globally. Mr. Singh
also serves as a director of
Sidus Consulting Pte. Ltd., a management consulting company, and Muviz. Mr. Singh
holds an MBA in marketing from Chetana's Institute of Marketing & Research Mumbai and a bachelor's degree in Business
Administration from the University of Lucknow, India
Fawad Tariq Khan
is the managing
director at SHUAA, a leading asset management and investment banking platform with approximately $14 billion in assets under management.
He joined SHUAA in 2014 and heads up its investment banking group with responsibilities for SHUAA's advisory, capital markets and
credit business lines. He also serves on the board of directors of Northacre, a London-based real estate developer, and NCM Investment
Company, a global foreign exchange and commodities platform. Mr. Khan started his career at Deloitte & Touche in September 2006,
based out of London, before eventually joining the Dubai office where he helped set up its Middle East debt advisory practice. Mr. Khan
served on multiple public companies' boards in the United Kingdom, UAE, Kuwait and Bahrain. He holds a Bachelor of Science in Computer
Science from University College Cork and a Master of Science in Business Studies from UCD Smurfit Business School. We believe Mr. Khan
is qualified to serve on our board of directors due to his extensive financial and regional knowledge as well as public company experience.
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The business address for each of the directors
and executive officers of the Company is 16th Floor, Al-Khatem Tower, WeWork Hub71, Abu Dhabi Global Market Square, Al Maryah Island,
Abu Dhabi, United Arab Emirates.
Family Relationships
There are no family relationships between any
of the directors. There are no family relationships between any director and any of the senior management of our Company.
Arrangements or Understandings
Upon the closing of the Business Combination,
our directors were appointed to three classes pursuant to the terms of the Business Combination Agreement. For more information about
the classes to which our directors were appointed, see "ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES - Board Practices - Classified
Board of Directors."
B. Compensation
Anghami Executive Compensation
For the year ended December 31, 2022, Anghami's
executive officers received total compensation of approximately
$
2,119,723. The total compensation
paid to Anghami's executive officers consists of base salary, and the value of stock options granted in 2022. Anghami's executive
officers are also entitled to and earn sales commission as well as certain statutory medical insurance and allowances, to the extent applicable.
Compensation of Directors and Officers
Our executive compensation program reflects
Anghami's compensation policies and philosophies, as they may be modified and updated from time to time.
For 2023, we anticipate that we will pay a
retainer of $35,000 per year to our non-employee directors, $20,000 per year to the chairperson of our audit committee, $20,000 per year
to the chairperson of our compensation committee and $20,000 per year to the chairperson of our nominating committee.
Eligibility and Administration
Employees or directors (including executive
directors), non-executive directors or consultants of Anghami Inc. or of any member of our group are eligible to participate in the LTIP. The
LTIP is administered by the Compensation Committee.
Nature of the LTIP and Form of Awards
The LTIP is an "umbrella" arrangement
which, to give the Compensation Committee maximum flexibility, allows various types of award to be granted. It is intended that the LTIP
will be used to grant Performance Share Awards, Restricted Stock Awards and Market Value Stock Options to employees, non-executive directors
or consultants of any member of the Group. Performance Share Awards must be granted subject to performance targets. Performance Share
Awards and Restricted Stock may be granted in the form of nil (or nominal) cost options to acquire ordinary shares; or contingent rights
to receive ordinary shares. Market Value Stock Options will be granted as an option to acquire ordinary shares at market value.
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Individual limits
The LTIP contains individual limits which
provide that the market value of ordinary shares that may be granted under award to any one awardholder in any financial year of Anghami
Inc. cannot exceed 200 per cent of annual base salary.
Source of Ordinary Shares and dilution
limits
Awards are satisfied by newly issued ordinary
shares. The aggregate number of ordinary shares which may be issued or transferred pursuant to awards under the LTIP is 5,000,000 preference
shares, which is approximately equal to 0.23% of our total issued share capital in issue at the time.
Grant of awards
The Compensation Committee may, in its absolute
discretion, determine which participants (if any) will be selected for the grant of an award. The Compensation Committee may consider
recommendations made by our executive directors as to which participants should be selected. Awards may then be granted to selected participants
at any time. No Award may be made in breach of any Dealing Restriction. No Award may be made after February 3, 2032.
Performance targets
Performance Share Awards will always be subject
to performance targets. Performance targets are defined as any performance-related condition(s) relating to the performance of any
one or more of Anghami Inc., a Subsidiary, a division and/or the awardholder measured over the applicable performance period specified
for the relevant award. The Compensation Committee has the discretion to reduce the number of ordinary shares that vest to ensure that
the vesting outcome is appropriate in light of the underlying business performance of the Group. The Compensation Committee may amend
a performance target if an event occurs which causes the Compensation Committee to consider it appropriate to do so. The amended performance
target shall not be materially more or less demanding to satisfy than the original performance target was when first set and must be a
fairer measure of performance than the original performance target.
Vesting of awards
Performance Share Awards will normally vest
on the third anniversary of grant, subject to the satisfaction of the performance targets. Restricted Stock Awards will vest on such dates
as the Compensation Committee may determine on or before the grant of the awards. Market Value Stock Options will vest on such dates as
the Compensation Committee may determine on or before the grant of the awards. On or before the grant of an award, the Compensation Committee
shall determine whether the award shall be subject to a post-vesting holding period. If so, and to the extent that the Compensation Committee
considers it appropriate, the Compensation Committee shall also determine the basis upon which the post-vesting holding period will operate.
Leaving employment
If an award holder leaves employment with
the Group his award will lapse unless he is a "good leaver". An award holder will be a "good leaver" if the reason
for leaving is death, ill-health, injury, disability, redundancy, retirement, the transfer of the employing business or company, or otherwise
at the discretion of the Compensation Committee. If the award holder is a good leaver then any awards shall vest on the date on which
they would have vested had the cessation not occurred subject to any performance targets being satisfied and, unless in exceptional circumstances
the Compensation Committee determines otherwise, taking into account a time pro-rata reduction to reflect the period of time between grant
and cessation relative to the length of the vesting period.
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Corporate events
In the event of a takeover of Anghami Inc.,
awards shall vest early subject, unless the Compensation Committee determines otherwise, to a Time Pro-Rata Reduction. If we are or may
be affected by a demerger, delisting, special dividend or other event which, in the opinion of the Compensation Committee, would affect
the market price of a Share to a material extent, the Compensation Committee may allow Awards to Vest at such time as it sees fit.
If there is an Internal Reorganisation and
awardholders are invited to accept an exchange of awards, or the Compensation Committee determines that there will be an automatic exchange
of awards, awards shall not vest as a result of the Internal Reorganisation, and at the end of the period in which awardholders may accept
such an invitation or upon an automatic exchange of awards (as applicable), the awards shall lapse in full.
Rights attaching to ordinary shares and
transferability
Ordinary shares allotted or transferred under
the LTIP will rank alongside shares of the same class then in issue. We will apply to the Securities and Exchange Commission for the listing
of any newly issued ordinary shares. Awards are not transferable (except on death) and are not pensionable benefits.
Amendment
The Compensation Committee may amend the LTIP
in any respect. However, no alteration or amendment may be made to any of the provisions of the LTIP if it would adversely affect the
rights of an existing awardholder, except where the alteration or amendment has been approved by the awardholder who would be adversely
affected by the alteration or amendment. All alterations and amendments to the LTIP are subject to any approvals required pursuant to
the rules of the applicable stock exchange or any listing, regulatory or governmental authority and taking into account any exemptions
provided by such rules.
Indemnification Agreements with Directors
and Executive Officers
Anghami Inc. has also entered into indemnification
agreements with its directors and executive officers. Cayman Islands law does not limit the extent to which a company's memorandum
and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be
held by a Cayman Islands court to be contrary to public policy, such as to provide indemnification against fraud or willful default or
the consequences of committing a crime. The Amended and Restated Memorandum and Articles of Association of the Company (our "Chater")
provides for indemnification of its officers and directors to the fullest extent permitted by law, including for any liability incurred
in their capacities as such, except through their own actual fraud, willful default or willful neglect. We have or will maintain insurance
on behalf of its directors and executive officers. We have entered into contracts with certain of our directors and executive officers
providing indemnification of such directors and executive officers by us to the fullest extent permitted by law, subject to certain limited
exceptions.
Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions,
we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act
and is theretofore unenforceable.
C. Board Practices
For our current directors and executive officers,
see "
Item 1. Identity of Directors, Senior Management and Advisers
" of this Report.
96
Corporate Governance
We believe our corporate governance is structured
to align our interests with those of our shareholders. Notable features of this corporate governance include:
●
we have a majority of independent directors, in accordance with Nasdaq rules that apply for foreign private issuers, and independent
director representation on our audit, compensation and nominating committees immediately following the consummation of the Business Combination,
and our independent directors will meet regularly in executive sessions without the presence of our corporate officers or non-independent
directors;
●
at least one of our directors qualifies as an "audit committee financial expert" as defined by the SEC; and
●
we have implemented a range of other corporate governance practices, including implementing a robust director education program.
Classified Board of Directors
In accordance with our articles of association,
our Board is divided into three classes with only one class of directors being elected in each year and each class (except for those directors
initially appointed as Class I and Class II directors) serving a three-year term. The initial Class I and Class II directors'
terms will expire at the annual general meeting to be held in 2023, and the initial Class III directors' term will expire at
the annual general meeting to be held in 2024.
Our Class I directors are Fawad Tariq Khan.
Our Class II directors are Kaswara Saria Alkhatib,
Klaas Baks and Abhayanand Singh.
Our Class III directors are Elias Habib, Edgard
Maroun, Jana Yamani and F. Jacob Cherian.
Independence of our Board of Directors
A majority of our board consists of independent
directors and we have an independent audit committee, nominating committee and compensation committee.
Board Committees
Audit Committee
Our audit committee is responsible for, among
other things:
●
meeting with our independent registered accounting firm regarding, among other issues, audits, and adequacy of our accounting and
control systems;
●
monitoring the independence of the independent registered public accounting firm;
97
●
verifying the rotation of the lead (or coordinating) audit partner having primary responsibility for the audit and the audit partner
responsible for reviewing the audit as required by law;
●
inquiring and discussing with management our compliance with applicable laws and regulations;
●
pre-approving all audit services and permitted non-audit services to be performed by our independent registered public accounting
firm, including the fees and terms of the services to be performed;
●
appointing or replacing the independent registered public accounting firm;
●
determining the compensation and oversight of the work of the independent registered public accounting firm (including resolution
of disagreements between management and the independent registered public accounting firm regarding financial reporting) for the purpose
of preparing or issuing an audit report or related work;
●
establishing procedures for the receipt, retention and treatment of complaints received by us regarding accounting, internal accounting
controls or reports which raise material issues regarding our financial statements or accounting policies;
●
reviewing our policies on risk assessment and risk management; and
●
reviewing related person transactions.
Our audit committee consists of Klaas Baks and
Kaswara Saria Alkhatib, with Klaas Baks serving as the chair of the committee. Each of the directors who serves on the audit committee
qualifies as independent directors according to the applicable rules and regulations of the SEC and Nasdaq with respect to audit committee
membership. In addition, all of the audit committee members meet the requirements for financial literacy under applicable SEC and Nasdaq
rules and at least one of the audit committee members qualifies as an "audit committee financial expert," as such term is
defined in Item 407(d) of Regulation S-K.
Compensation Committee
Our compensation committee is responsible
for, among other things:
●
reviewing and approving on an annual basis the corporate goals and objectives relevant to our Chief Executive Officer's compensation,
evaluating our Chief Executive Officer's performance in light of such goals and objectives and determining and approving the remuneration
(if any) of our Chief Executive Officer based on such evaluation;
●
reviewing and approving the compensation of all of our other executive officers;
●
reviewing our executive compensation policies and plans;
●
implementing and administering our incentive compensation equity-based remuneration plans;
●
assisting management in complying with any disclosure requirements;
●
approving all special perquisites, special cash payments and other special compensation and benefit arrangements for our officers
and employees;
●
reviewing, evaluating and recommending changes, if appropriate, to the remuneration for directors.; and
●
retaining and overseeing any compensation consultants.
Our compensation committee consists of Jana
Yamani and Klaas Baks.
98
Nominating Committee
Our nominating committee is responsible for,
among other things:
●
identifying individuals qualified to become members of our board of directors, consistent with criteria approved by our board of directors;
●
overseeing succession planning for our Chief Executive Officer and other executive officers;
●
periodically reviewing our board of directors' leadership structure and recommending any proposed changes to our board of directors;
●
overseeing an annual evaluation of the effectiveness of our board of directors and its committees; and
●
developing and recommending to our board of directors a set of corporate governance guidelines.
Our nominating committee consists of Fawad
Tariq Khan and Abhayanand Singh, with Fawad Tariq Khan serving as the chair of the committee.
Risk Oversight
Our board of directors is responsible for
overseeing our risk management process. Our board of directors focuses on our general risk management strategy, the most significant risks
facing us, and oversees the implementation of risk mitigation strategies by management. Our audit committee is also responsible for discussing
our policies with respect to risk assessment and risk management. Our board of directors believes its administration of its risk function
has not negatively affected our board of directors' leadership structure.
D. Employees
Information regarding the employees of Anghami
Inc. is included under "
Item 4. Information on the Company – B. Business Review – Employees
" of this
Report.
E. Share Ownership
See "
Item 7. Major Shareholders and
Related Party Transactions—A. Major Shareholders
" of this Report.
ITEM 7. MAJOR SHAREHOLDERS AND RELATED
PARTY TRANSACTIONS
A. Major Shareholders
The following table shows the beneficial ownership
of common shares and ordinary shares as December 31, 2022 by:
●
each person known to us who will beneficially own more than 5% of the common shares and ordinary shares;
●
each of our executive officers and directors; and
●
all of the executive officers and directors of as a group.
99
The SEC has defined "beneficial ownership"
of a security to mean the possession, directly or indirectly, of voting power and/or investment power over such security. A shareholder
is also deemed to be, as of any date, the beneficial owner of all securities that such shareholder has the right to acquire within 60
days after that date through (i) the exercise of any option, warrant or right, (ii) the conversion of a security, (iii) the
power to revoke a trust, discretionary account or similar arrangement, or (iv) the automatic termination of a trust, discretionary
account or similar arrangement. In computing the number of shares beneficially owned by a person and the percentage ownership of that
person, ordinary shares or common shares subject to options or other rights (as set forth above) held by that person that are currently
exercisable, or will become exercisable within 60 days thereafter, are deemed outstanding, while such shares are not deemed outstanding
for purposes of computing percentage ownership of any other person. Each person named in the table has sole voting and investment power
with respect to all of the ordinary shares and common shares shown as beneficially owned by such person, except as otherwise indicated
in the table or footnotes below.
Number
% of
Class
Executive Officers and Directors
(1)
:
Edgard Jean Maroun
2,486,052
9.6
%
Elias Nabil Habib
2,486,052
9.6
%
Rabih Khoury
—
*
Choucri Khairallah
—
*
Hossam El Gamal
19,731
*
F. Jacob Cherian
250,000
*
Kaswara Saria Alkhatib
—
*
Jana Yamani
—
*
Klaas Baks
18,000
*
All directors and executive officers as a group
5,259,835
19.1
%
Five Percent or More Holders:
Entities affiliated with Shuaa Capital (2)
4,043,332
15.5
%
Entities affiliated with Vistas Media Sponsor, LLC (3)
3,250,000
12.5
%
MBC Ventures Limited (4)
3,124,533
12.0
%
MEVP Cayman LTD (5)
2,289,862
8.8
%
Samena Beats Holdings (6)
1,976,608
7.6
%
Mobily Ventures Holdings W.L.L. (7)
1,318,002
5.1
%
To our knowledge, except as noted above, no person or entity is the
beneficial owner of more than 5% of the voting power of the Company's stock.
*
Less Than 1%
(1)
Unless otherwise noted, the address of each director and executive officer of the Company is c/o Anghami Inc., 16th Floor, Al-Khatem
Tower, WeWork Hub71, Abu Dhabi Global Market Square, Al Maryah Island, Abu Dhabi, United Arab Emirates.
(2)
Shares held by Shuaa Capital and their other related entities.
(3)
Includes (i) 1,768,500 ordinary shares held of record by Vistas Media Sponsor, LLC, (ii) 1,000,000 shares held of record by Vistas
Media Capital Pte. Ltd, and (iii) 481,500 shares held of record by other Vistas-related directors and investors. The address for Vistas
Media Sponsor, LLC is c/o 30 Wall Street, 8th Floor, New York, New York 10005.
(4)
The address of MBC Ventures Limited is Craigmuir Chambers, Road Town, Tortola VG1110, British Virgin Islands. Sheikh Walid Al Brahim
is the sole shareholder of MBC Ventures Limited. Based on information reported on Schedule 13G filed by MBC Ventures Limited with the
SEC on April 3, 2023.
(5)
The address of MEVP Cayman LTD is P.O. Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. Investment and voting decisions
for MEVP Cayman LTD are made by a majority vote of its investment committees and /or the board of directors, as applicable. As a result,
no single person controls investment or voting decisions with respect to the shares held by the MEVP Cayman LTD or has or shares beneficial
ownership of such securities.
(6)
The address of Semena Beats Holdings is P.O. Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.
(7)
The address of Mobily Ventures Holdings W.L.L. is Unit 1237, Building 574, Road 31, Block 611, Al-Himriya, Kingdom of Bahrain.
100
B. Related Party Transactions
Related Party Loans and Warrants
Convertible note 1
During the year 2020, the Group signed a convertible
note agreement with MEVP for funds amounting to USD 650,000 maturing on May 31, 2021 and is subject to an interest rate of 9% per
annum, which has been extended at the discretion of MEVP. The convertible notes rank ahead of the ordinary shares in the event of a liquidation.
MEVP provided an advance of USD 150,000 in 2019 which has been account for against the convertible note. On August 31, 2021 convertible
note 3 has been extended to May 31, 2022 where Anghami has obtained a waiver on the accrual of interest for the extension period.
Upon the consummation of the business combination,
the convertible notes of USD 650,000 and unpaid accrued interest of USD 292,231 were converted into 96,483 shares in Anghami Inc.
Convertible note 2
During the year 2020, the Group signed a convertible
note agreement and an ancillary conversion undertaking agreement with Alkonost Investment Ltd. for funds amounting to USD 5,000,000 maturing
May 2022, which is subject to a profit rate of 12% per annum and for which the Group has obtained a waiver for the interest which was
accrued up to August 2021. The convertible notes rank ahead of the ordinary shares in the event of a liquidation. Anghami has obtained
a waiver on the accrual of interest until August 31,2021.
The Convertible note 2 agreements included certain
affirmative covenants, including the delivery of audited consolidated financial statements to the holders.
Upon the consummation of the business combination,
the convertible notes of USD 5,000,000 and unpaid accrued interest of USD 1,795,953 were converted into 693,332 shares in Anghami Inc.
Convertible note 3
The Group has entered into a convertible loan
on December 5, 2021, and an ancillary conversion undertaking agreement with Shuaa amounting to USD 6,000,000 with maturity date of February
11, 2023. The Group has the right to repay the loan interest free by February 11, 2022, however, a transaction cost of 390,000 was charged
as part of the loan. After three months interest rate of 12% will be accrued monthly. At maturity date, the lenders have the option to
either demand the repayment of the principal and the accrued interest at maturity or convert the outstanding loan balance at a discount
to the fair market value of the Group.
Upon the consummation of the business combination,
the loan was deducted from the proceeds that resulted from the business combination as well as the transaction cost of USD 390,000.
Working capital loan 1
The Group has entered into a working capital loan
on July 1, 2021 and an ancillary conversion undertaking agreement with Shuaa amounting to USD 3,500,000. The working capital loan has
three-month grace period after which an annual interest of 12% will be accrued monthly. On February 11, 2023 (the maturity date), the
lenders have the option to either demand the repayment of the principal and the accrued interest at maturity.
Upon the consummation of the business combination,
the loan was deducted from the proceeds that resulted from the business combination as well as the transaction cost of USD 203,000.
Working capital loan 2
The Group has entered into a working capital loan
on September 4, 2021 with MEVP amounting to USD 1,000,000. The working capital loan has three-month grace period after which an annual
interest of 12% will be accrued monthly. Cash settlement of interest and principal will occur upon the completion of the business combination
with VMAC.
101
On March 3, 2022 this working capital loan has
been settled in cash where the entire principle of USD 1,000,000 has been paid along with an interest amount of USD 67,923 and a success
fee of USD 39,200.
Commercial Arrangements
●
Anghami entered into a marketing agreement, dated May 26,
2019, with MBC FZ LLC ("MBC"), a shareholder of Anghami, pursuant to which MBC provides advertising services to Anghami,
featured in all MBC entertainment shows and formats. The outstanding balance as of December 31, 2022 was $1,941,289.
●
Anghami entered into an operator billing agreement, dated
October 15, 2013, and as amended on October 25, 2015, with Emirates Integrated Telecommunications Company, PJSC ("Du"),
a shareholder of Anghami, pursuant to which Anghami uses Du's billing services platform. Du is entitled to receive 30% of the net
revenue collected on behalf of Anghami, in accordance with the terms and conditions of the agreement. Anghami paid Du $91,651 for payment
processing for the year ended December 31, 2022. ,Pursuant to an amendment, Anghami has also agreed to provide Anghami Plus, its
Premium service, to Du which Du will in turn provide to its own customers. Du will pay Anghami for every customer that activates the
Premium service, in line with specific pricing terms provided in the amendment.
●
Anghami entered into a revenue sharing agreement, dated March 11,
2014, with Etihad Etisalat Company ("Mobily"), a shareholder of Anghami, pursuant to which Anghami will provide content services
through Mobily's platform systems. Based on the type of service, Mobily will be entitled to a certain percentage share of the revenue,
ranging from 35%-70%. Pursuant to an amendment, Anghami revised some of its content services, including providing Anghami Plus, its Premium
service to Mobily which Mobily can then offer to its customers. Anghami paid Mobily $184,782 for payment processing for the year ended
December 31, 2022.
Du and Mobily utilize their network to facilitate
subscription payments for the Group's users.
Related Party Advances
●
The current outstanding aggregate amount is $2,436,308 split
into $232,429 from Edgard Maroun (CEO and Director), $162,354 from Elias Habib (Chief Technology Officer and Chairman), $100,236 from
Maher Khawkhaji (General Manager, Spotlight Recreational Services LLC) and $1,941,289 from MBC.
C. Interests of Experts and Counsel
Not applicable.
ITEM 8. FINANCIAL INFORMATION
A. Consolidated Statements and Other Financial
Information
Financial Statements
See "
Item 18. Financial Statements
"
of this Report for consolidated financial statements and other financial information.
Legal Proceedings
We are from time to time subject to various
claims, lawsuits and other legal proceedings. Some of these claims, lawsuits and other legal proceedings involve highly complex issues,
and often these issues are subject to substantial uncertainties. Accordingly, our potential liability with respect to a large portion
of such claims, lawsuits and other legal proceedings cannot be estimated with certainty. Management, with the assistance of legal counsel,
periodically reviews the status of each significant matter and assesses potential financial exposure. Anghami recognizes provisions for
claims or pending litigation when it determines that an unfavorable outcome is probable and the amount of loss can be reasonably estimated.
Due to the inherent uncertain nature of litigation, the ultimate outcome or actual cost of settlement may materially vary from estimates.
If management's estimates prove incorrect, current reserves could be inadequate and Anghami could incur a charge to earnings which
could have a material adverse effect on its results of operations, financial condition, net worth, and cash flows.
102
In December 2022, Reservoir Media Management
Inc. and Pop Arabia FZLLC initiated legal action against Anghami, alleging the "unlicensed exploitation of musical and lyrical works"
in reference to 12 songs in the UAE territory. At present, we do not have an estimation of what the potential liability may be, as they
have not requested a specific monetary compensation and have only cited infringement of rights related to 12 songs, limited only to the
territory of the United Arab Emirates. As such, we have not identified this as a material case.
Anghami filed an opposition claim of the published
mark in the UAE Trademark Office Committee for the benefit of Vivdville Inc. On September 21, 2020, the UAE Trademark Office Committee
issued a decision rejecting our opposition. Anghami appealed the decision of the Ministry of Economy and filed a Grievance dismissal objection
in October 2020. The appeal is currently pending. As such, we have not identified this as a material case.
B. Significant Changes
Except as disclosed elsewhere in this annual
report, we have not experienced any significant changes since the date of the annual financial statement included in this annual report.
ITEM 9. THE OFFER AND LISTING
A. Offering and Listing Details
The Company's Ordinary Shares are listed
on the Nasdaq Global Market under the symbol "ANGH" and its Warrants are listed on the Nasdaq Capital Market under the symbol
"ANGHW."
B. Plan of Distribution
Not applicable.
C. Markets
The Company's Ordinary Shares are listed
on the Nasdaq Global Market under the symbol "ANGH" and its Warrants are listed on the Nasdaq Capital Market under the symbol
"ANGHW."
D. Selling Shareholders
Not applicable.
E. Dilution
Not applicable.
F. Expenses of the Issue
Not applicable.
ITEM 10. ADDITIONAL INFORMATION
A. Share Capital
Not applicable.
103
B. Memorandum and Articles of Association
Information regarding certain material provisions
of our Memorandum and Articles of Association (our "Charter") are as follows.
Ordinary Shares
Holders of Ordinary Shares are entitled to one vote for each share
held of record on all matters to be voted on by members.
There is no cumulative voting with respect to the election of directors,
with the result that the holders of more than 50% of the shares voted for the election of directors can elect all of the directors.
Preference Shares
Anghami Inc.'s board of directors (the "Board") is
authorized to issue preference shares from time to time in one or more series without member approval. The Board has the discretion under
the Charter to determine the rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights,
redemption privileges and liquidation preferences of Anghami Inc.'s authorized but unissued undesignated shares, and the Board may
issue those shares in series of preference shares, without any further member approval. The rights with respect to a series of preference
shares may be greater than the rights attached the Ordinary Shares. It is not possible to state the actual effect of the issuance of any
preference shares on the rights of holders of Ordinary Shares until the Board determines the specific rights attached to any preference
shares so issued. The effect of issuing preference shares could include, among other things, one or more of the following:
●
Restricting dividends in respect of the Ordinary Shares;
●
Diluting the voting power of the Ordinary Shares or providing
that holders of preference shares have the right to vote on matters as a class;
●
Impairing the liquidation rights of the Ordinary Shares; or
●
Delaying or preventing a change of control of Anghami Inc.
As of December 31, 2022 there were no preference shares outstanding.
Dividend Rights
Subject to the foregoing, the payment of cash dividends in the future,
if any, will be at the discretion of the Board.
Variation of Rights
Under the Charter, if the Anghami Inc. share capital is divided into
more than one class of shares, the rights attached to any such class may, whether or not Anghami Inc. is being wound up, be varied without
the consent of the holders of the issued shares of that class where such variation is considered by the directors not to have a material
and adverse effect upon such rights; otherwise, any such variation shall be made only with the consent in writing of all of the holders
of the issued shares of that class or with the approval of a resolution passed by a majority of not less than two thirds of the votes
cast at a separate meeting of the holders of the shares of that class.
Transfer of Shares
Members may transfer all or any of the member's Shares in compliance
with the rules and regulations of the designated stock exchange, the SEC and any other competent regulatory authority or as permitted
by applicable law.
The Board may in its absolute discretion decline to register a transfer
of Shares which are not fully paid up or on which Anghami Inc. has a lien or issued under any share incentive scheme for employees upon
which a transfer restriction imposed still exists. The Board may, but is not required to, decline to register a transfer of any Shares
unless certain requirements are met.
104
Liquidation
On a winding-up or other return of capital, subject to any special
rights attaching to any other class of shares, holders of Shares will be entitled to participate in any assets available for distribution
in proportion to their shareholdings.
Indemnification of Directors and Executive Officers and Limitation
of Liability
Cayman Islands law does not limit the extent to which a company's
articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held
by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences
of committing a crime. The Charter permit indemnification of officers and directors for any liability, action, proceeding, claim, demand,
costs damages or expenses, including legal expenses, incurred in their capacities as such unless such liability (if any) arises from actual
fraud, willful neglect or willful default which may attach to such directors or officers. In addition, Anghami Inc. has entered into indemnification
agreements with its directors and senior executive officers that will provide such persons with additional indemnification beyond that
provided in the Charter.
Insofar as indemnification for liabilities arising under the Securities
Act may be permitted to Anghami Inc.'s directors, officers or persons controlling Anghami Inc. under the foregoing provisions, Anghami
Inc. has been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act
and is therefore unenforceable.
Certain Anti-Takeover Provisions in the Charter
Certain provisions in the Charter may be deemed to have an anti-takeover effect
and may delay, deter or prevent a tender offer or takeover attempt that a member might consider to be in its best interests, including
attempts that might result in a premium being paid over the market price for the Ordinary Shares. These provisions are also designed,
in part, to encourage persons seeking to acquire control of us to first negotiate with the Board.
Ordinary Shares
The authorized but unissued Ordinary Shares will be available for future
issuance by the Board on such terms as the Board may determine, subject to any limitations in the Charter. These additional shares may
be utilized for a variety of corporate purposes, including future public offerings to raise additional capital, corporate acquisitions
and employee benefit plans. The existence of authorized but unissued Ordinary Shares could render more difficult or discourage an attempt
to obtain control over Anghami Inc. by means of a proxy contest, tender offer, merger, amalgamation, scheme of arrangement or otherwise.
Preference Shares
Preference shares could be issued quickly with terms calculated to
delay or prevent a change in control of Anghami Inc. or make removal of management more difficult. If the Board decides to issue these
preference shares, the price of Ordinary Shares may fall and the voting and other rights of the holders of Ordinary Shares may be materially
adversely affected. Pursuant to the Charter, preference shares may be issued by Anghami Inc. from time to time, and the Board is authorized
(without any requirement for further member action) to determine the rights, preferences, powers, qualifications, limitations and restrictions
attaching to those shares (and any further undesignated shares which may be authorized by Anghami Inc.'s members).
However, under Cayman Islands law, Anghami Inc.'s directors may
only exercise the rights and powers granted to them under the Charter for a proper purpose and for what they believe in good faith to
be in the best interests of Anghami Inc.
Classified Board
The Charter provide that, subject to the right of holders of any series
of preference shares, the Board will be divided into three classes of directors, as nearly equal in number as possible, and with the directors
serving staggered three-year terms, with only one class of directors being elected at each annual general meeting. As a result, approximately
one-third of the Board will be elected each year.
105
The classification of directors will have the effect of making it more
difficult for members to change the composition of the Board. The Charter provide for a board comprised of between three and 12 directors,
but in accordance with the Charter, the directors may increase or reduce the upper and lower limits of the number of directors.
Unanimous Action by Written Consent
The Charter provides that members may approve corporate matters by
way of a unanimous written resolution signed by or on behalf of each member who would have been entitled to vote on such matter at a general
meeting without a meeting being held.
Amendment of Governing Documents
As permitted by Cayman Islands law, the Charter may only be amended
by a special resolution of the members.
Member Proposals and Director Nominations
An extraordinary general meeting may be called by the board of directors
or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling extraordinary general
meeting.
The Companies Act provides shareholders with only limited rights to
requisition a general meeting and does not provide shareholders with any right to put any proposal before a general meeting.
The Charter provides for the ability of members to nominate candidates
for election as directors and for the ability to bring business before a meeting of members, subject to meeting certain notice and delivery
requirements.
General Meetings
The Companies Act provides members with only limited rights to requisition
a general meeting and does not provide member with any right to put any proposal before a general meeting. The Charter permits the Board
or the chairperson of the Board to call general meetings. The Charter does not allow members to requisition a general meeting. The Charter,
however, allows a member to put a proposal before a general meeting, subject to meeting certain notice and delivery requirements.
Cumulative Voting
Cumulative voting potentially facilitates the representation of minority
members on a board of directors since it permits the minority member to cast all the votes to which the member is entitled on a single
director, which increases the member's voting power with respect to electing such director. As permitted under Cayman Islands law,
the Charter does not provide for cumulative voting.
Transactions with Interested Members
Cayman Islands law has no statute that prohibits certain business combinations
with an interested member. However, although Cayman Islands law does not regulate transactions between a company and its significant members,
it does provide that such transactions must be entered into bona fide in the best interests of the company and for a proper corporate
purpose and not with the effect of constituting a fraud on the minority members. Any merger or consolidation of Anghami Inc. with one
(1) or more constituent companies shall require the approval of a special resolution (66
2
/
3
% of members at
a general meeting where there is a quorum).
Dissolution; Winding Up
Under Cayman Islands law, a company may be wound up by either an order
of the courts of the Cayman Islands or by a special resolution of its members or, if the company is unable to pay its debts as they fall
due, by an Ordinary Resolution (simple majority standard) of its members. The court has authority to order winding up in a number of specified
circumstances including where it is, in the opinion of the court, just and equitable to do so.
106
Under the Charter, if Anghami Inc. is wound up, the liquidator may
distribute the assets available for distribution amongst the members in proportion to the par value of the Ordinary Shares held by them
at the commencement of the winding up subject to a deduction from those Ordinary Shares in respect of which there are monies due, of all
monies payable to Anghami Inc. for unpaid calls or otherwise.
Rights of Non-Resident or Foreign Members
There are no limitations imposed by the Charter on the rights of non-resident or
foreign members to hold or exercise voting rights on Anghami Inc.'s shares. In addition, there are no provisions in the Charter
governing the ownership threshold above which member ownership must be disclosed.
Directors' Power to Issue Shares
Subject to applicable law, the Board is empowered to issue or allot
shares or grant options and warrants with or without preferred, deferred, or other rights or restrictions.
Inspection of Books and Records
Holders of Anghami Inc. shares have no general right under Cayman Islands
law to inspect or obtain copies of the Anghami Inc. register of members or Anghami Inc.'s corporate records.
Waiver of Certain Corporate Opportunities
The Charter provide for a waiver of the obligation to provide business
opportunities to Anghami Inc. for directors, members and affiliates of members, in each case, other than an officer (including any officer
that is also a director, or a member or an affiliate of such member, as the case may be) (as more particularly described in the Charter).
Notwithstanding that the waiver does not apply to any officer, officers are not restricted from engaging, directly or indirectly, in other
business ventures of every type and description (other than any competing business, except to the extent permitted under the Charter).
Directors
Appointment of Directors
The Board is divided into three (3) classes designated as Class I,
Class II and Class III, respectively with directors divided as nearly as possible into thirds among the classes. Directors shall be assigned
to each class by the Board. At the 2023 annual general meeting of Anghami Inc., the term of office of the Class I and Class II directors
shall expire and Class I and Class II directors shall be elected for a full term of three (3) years. At the 2024 annual general meeting
of Anghami Inc., the term of office of the Class III directors shall expire and Class III directors shall be elected for a full term of
three (3) years. At each succeeding annual general meeting of Anghami Inc., directors shall be elected for a full term of three (3) years
to succeed the directors of the class whose terms expire at such annual general meeting. Directors hold office until the expiration of
the director's term, until a director's successor has been duly elected and qualified or until such director's earlier
death, resignation or removal.
Directors are elected by a majority standard, which requires the number
of votes cast for the person's appointment to exceed the number of votes cast against the person's appointment.
Removal of Directors
Under the Charter, a director may be removed from office only for cause
by special resolution of Anghami Inc. A director will also cease to be a director if he or she (i) becomes bankrupt or makes any arrangement
or composition with such director's creditors; (ii) is found to be or becomes of unsound mind; (iii) resigns the office of director
by notice in writing to the company; (iv) the director absents himself or herself (for the avoidance of doubt, without being represented
by proxy) from three (3) consecutive meetings of the Board without special leave of absence from the Board, and the Board passes a resolution
that he or she has by reason of such absence vacated office; or (v) is prohibited, by any applicable law or relevant code applicable to
the listing of shares on the designated stock exchange, from being a director.
107
Filing Vacancies on the Board
Vacancies on the Board may be filled by the majority of the directors
then in office, even if less than a quorum, or by a sole remaining director (subject to the Companies Act, applicable law, or any rights
of any preference shares).
A director appointed to fill a vacancy resulting from the death, resignation
or removal of a director serves the remainder of the full term of the director whose death, resignation or removal created the vacancy
and until his or her successor shall have been appointed and qualified.
Directors' Fiduciary Duties
Under Cayman Islands law, directors and officers owe the following
fiduciary duties:
●
duty to act in good faith in what the director or officer believes
to be in the best interests of the company as a whole;
●
duty to exercise powers for the purposes for which those powers
were conferred and not for a collateral purpose;
●
directors should not improperly fetter the exercise of future
discretion;
●
duty to exercise powers fairly as between different sections
of members;
●
duty not to put themselves in a position in which there is a
conflict between their duty to the company and their personal interests; and
●
duty to exercise independent judgment.
In addition to the above, directors also owe a duty of care which is
not fiduciary in nature. This duty has been defined as a requirement to act as a reasonably diligent person having both the general knowledge,
skill and experience that may reasonably be expected of a person carrying out the same functions as are carried out by that director in
relation to the company and the general knowledge skill and experience of that director.
As set out above, directors have a duty not to put themselves in a
position of conflict and this includes a duty not to engage in self-dealing, or to otherwise benefit as a result of their position. However,
in some instances what would otherwise be a breach of this duty can be forgiven and/or authorized in advance by the members provided that
there is full disclosure by the directors. This can be done by way of permission granted in the amended and restated memorandum and articles
of association or alternatively by member approval at general meetings.
Meetings of Members
As a Cayman Islands exempted company, Anghami Inc. is not obliged by
law to call annual general meetings, however, directors are elected at annual general meetings.
See Exhibit1.1 for the Charter.
108
C. Material Contracts
Information regarding certain material contracts
is included in this annual report under the section titled "
Item 4. Information on the Company – B. Business Overview—Licensing
Agreements
" and is incorporated herein by reference.
D. Exchange Controls
There is no exchange control legislation or
regulation in the Cayman Islands, except by way of such as freezing of funds of, and/or prohibition of new investments in, certain jurisdictions
subject to international sanction.
E. Taxation
The following is a discussion on certain Cayman Islands income tax
consequences of an investment in our securities. The discussion is a general summary of present law, which is subject to prospective and
retroactive change. It is not intended as tax advice, does not consider any investor's particular circumstances, and does not consider
tax consequences other than those arising under Cayman Islands law.
Under Existing Cayman Islands Laws:
Payments of dividends and capital in respect of our securities will
not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder
of the securities nor will gains derived from the disposal of the securities be subject to Cayman Islands income or corporate tax. The
Cayman Islands currently has no income, corporate or capital gains tax and no estate duty, inheritance tax or gift tax.
No stamp duty is payable in respect of the issue of the warrants. An
instrument of transfer in respect of a warrant is stampable if executed in or brought into the Cayman Islands.
No stamp duty is payable in respect of the issue of our ordinary shares
or on an instrument of transfer in respect of such shares. However, an instrument of transfer in respect of shares is stampable if executed
in or brought into the Cayman Islands.
We are incorporated under the laws of the Cayman Islands as an exempted
company with limited liability and, as such, has applied for and received an undertaking from the Financial Secretary of the Cayman Islands
in the following form:
The Tax Concessions Act
(As Revised)
Undertaking as to Tax Concessions
In accordance with the provision of Section 6 of The Tax Concessions
Act (As Revised), the Financial Secretary undertakes with Anghami Inc. (the "Company"):
1.
That no law which is hereafter enacted in the Islands imposing
any tax to be levied on profits, income, gains or appreciations shall apply to the Company or our operations; and
2.
In addition, that no tax to be levied on profits, income, gains
or appreciations or which is in the nature of estate duty or inheritance tax shall be payable:
2.1
On or in respect of the shares, debentures or other obligations
of the Company; or
2.2
by way of the withholding in whole or part, of any relevant
payment as defined in Section 6(3) of the Tax Concessions Act (As Revised).
These concessions shall be for a period of 20 years from May 13, 2022.
109
MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS
This section describes the material U.S. federal income tax considerations
for beneficial owners of our ordinary shares and warrants. This discussion applies only to ordinary shares and warrants held as capital
assets for U.S. federal income tax purposes (generally, property held for investment) and does not discuss all aspects of U.S. federal
income taxation that might be relevant to holders in light of their particular circumstances or status, including alternative minimum
tax and Medicare contribution tax consequences, or holders who are subject to special rules, including:
●
brokers, dealers and other investors that do not own ordinary
shares or warrants as capital assets;
●
traders in securities that elect to use a mark-to-market method
of accounting for their securities holdings;
●
tax-exempt organizations, qualified retirement plans, individual
retirement accounts or other tax deferred accounts;
●
banks or other financial institutions, underwriters, insurance
companies, real estate investment trusts or regulated investment companies;
●
U.S. expatriates or former long-term residents of the United
States;
●
persons that own (directly, indirectly, or by attribution) 5%
or more (by vote or value) of our ordinary shares;
●
partnerships or other pass-through entities for U.S. federal
income tax purposes, or beneficial owners of partnerships or other pass-through entities;
●
persons holding our ordinary shares or warrants as part of a
straddle, hedging or conversion transaction, constructive sale, or other arrangement involving more than one position;
●
persons required to accelerate the recognition of any item of
gross income with respect to our ordinary shares or warrants as a result of such income being recognized on an applicable financial statement;
●
persons whose functional currency is not the U.S. dollar;
●
persons that received our ordinary shares or warrants as compensation
for services; or
●
controlled foreign corporations or passive foreign investment
companies.
This discussion is based on the Internal Revenue Code of 1986, as amended
(the "Code"), existing and proposed Treasury regulations promulgated under the Code (the "Treasury Regulations"),
published rulings by the IRS and court decisions, all as of the date hereof. These laws are subject to change, possibly on a retroactive
basis. This discussion is necessarily general and does not address all aspects of U.S. federal income taxation, including the effect of
the U.S. federal alternative minimum tax, or U.S. federal estate and gift tax, or any state, local or non-U.S. tax laws to a holder of
our ordinary shares or warrants.
ALL HOLDERS OF OUR ORDINARY SHARES OR WARRANTS SHOULD CONSULT WITH
THEIR OWN TAX ADVISORS REGARDING THE TAX CONSEQUENCES TO THEM OF THE OWNERSHIP AND DISPOSITION OF ORDINARY SHARES AND WARRANTS, INCLUDING
THE EFFECTS OF U.S. FEDERAL, STATE, AND LOCAL AND NON-U.S. TAX LAWS.
U.S. Federal Income Tax Treatment of Anghami
A corporation is generally considered for U.S. federal income tax purposes
to be a tax resident in the jurisdiction of its organization or incorporation. Accordingly, under the generally applicable U.S. federal
income tax rules, we, since we are incorporated under the Cayman Islands, would be classified as a non-U.S. corporation (and, therefore,
not a U.S. tax resident) for U.S. federal income tax purposes. Section 7874 of the Code provides an exception to this general rule
(more fully discussed below), under which a non-U.S. incorporated entity may, in certain circumstances, be treated as a U.S. corporation
for U.S. federal income tax purposes. These rules are complex and there is limited guidance regarding their application.
110
Under Section 7874, a corporation created or organized outside
the United States (i.e., a non-U.S. corporation) will nevertheless be treated as a U.S. corporation for U.S. federal income tax purposes
(and, therefore, as a U.S. tax resident subject to U.S. federal income tax on its worldwide income) if each of the following three
conditions are met: (i) the non-U.S. corporation, directly or indirectly, acquires substantially all of the properties held directly
or indirectly by a U.S. corporation (including through the acquisition of all of the outstanding shares of the U.S. corporation); (ii)
the non-U.S. corporation's "expanded affiliated group" does not have "substantial business activities" in
the non-U.S. corporation's country of organization or incorporation and tax residence relative to the expanded affiliated group's
worldwide activities (this test is referred to as the "substantial business activities test"); and (iii) after the acquisition,
the former shareholders of the acquired U.S. corporation hold at least 80% (by either vote or value) of the shares of the non-U.S. acquiring
corporation by reason of holding shares in the U.S. acquired corporation (taking into account the receipt of the non-U.S. corporation's
shares in exchange for the U.S. corporation's shares) as determined for purposes of Section 7874 (this test is referred
to as the "80% ownership test").
For purposes of Section 7874, the first two conditions described
above were met with respect to the Business Combination because we acquired indirectly all of the assets of VMAC in the Business Combination,
and we, including our "expanded affiliated group," is not expected to satisfy the substantial business activities test. As
a result, whether Section 7874 will apply to cause us to be treated as a U.S. corporation for U.S. federal income tax purposes
should depend on the satisfaction of the 80% ownership test.
Based upon the terms of the Business Combination, the rules for determining
share ownership under Section 7874 and the Treasury Regulations promulgated thereunder, and certain factual assumptions, we believe
that the ownership percentage of the VMAC stockholders in us is less than 80%. Accordingly, we do not believe that we are treated as a
U.S. corporation for U.S. federal income tax purposes under Section 7874. The rules for determining ownership under Section 7874
are complex, unclear and the subject of ongoing regulatory change. Accordingly, there can be no assurance that the IRS would not assert
a contrary position to those described above or that such an assertion would not be sustained by a court.
If we were to be treated as a U.S. corporation for U.S. federal income
tax purposes, it could be subject to substantial liability for additional U.S. income taxes, and the gross amount of any dividend payments
to our non-U.S. holders (as defined below) could be subject to 30% U.S. withholding tax, depending on the application of any income tax
treaty that might apply to reduce the withholding tax.
The remainder of this discussion assumes that we are not treated as
a U.S. corporation for U.S. federal income tax purposes under Section 7874.
U.S. Holders
The section applies to you if you are a U.S. holder. For purposes of
this discussion, a U.S. holder means a beneficial owner of our ordinary shares or warrants that is, for U.S. federal income tax purposes:
●
an individual who is a citizen or resident of the United States;
●
a corporation (or other entity taxable as a corporation for
U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District of
Columbia;
●
an estate whose income is subject to U.S. federal income tax
regardless of its source; or
●
a trust if (1) a U.S. court can exercise primary supervision
over the trust's administration and one or more U.S. persons are authorized to control all substantial decisions of the trust;
or (2) the trust has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person.
111
Distributions on Ordinary Shares
Subject to the discussion under the section entitled "
Material
U.S. Federal Income Tax Considerations — U.S. Holders
— Passive Foreign Investment Company Rules
," the
gross amount of any distribution on our ordinary shares that is made out of our current or accumulated earnings and profits (as determined
for U.S. federal income tax purposes) generally will be taxable to a U.S. holder as ordinary dividend income on the date such distribution
is actually or constructively received. Any such dividends generally will not be eligible for the dividends received deduction allowed
to corporations in respect of dividends received from other U.S. corporations. To the extent that the amount of the distribution exceeds
our current and accumulated earnings and profits (as determined under U.S. federal income tax principles), such excess amount will be
treated first as a non-taxable return of capital to the extent of the U.S. holder's tax basis in its ordinary shares, and thereafter
as capital gain recognized on a sale or exchange.
Subject to the discussion under the section entitled "
Material
U.S. Federal Income Tax Considerations — U.S. Holders
— Passive Foreign Investment Company Rules
," dividends
received by non-corporate U.S. holders (including individuals) from a "qualified foreign corporation" may be eligible
for reduced rates of taxation, provided that certain holding period requirements and other conditions are satisfied. For these purposes,
a non-U.S. corporation will be treated as a qualified foreign corporation with respect to dividends it pays on shares that are readily
tradable on an established securities market in the United States. U.S. Treasury guidance indicates that shares listed on Nasdaq will
be considered readily tradable on an established securities market in the United States. Subject to the exception discussed below for
passive foreign investment companies, since our ordinary shares are currently traded on the Nasdaq we believe that we should be treated
as a qualified foreign corporation for purposes of dividends paid on those shares. However, there can be no assurance that ordinary shares
will be considered readily tradable on an established securities market in future years. Non-corporate U.S. holders that do not meet
a minimum holding period requirement during which they are not protected from the risk of loss or that elect to treat the dividend income
as "investment income" pursuant to Section 163(d)(4) of the Code (dealing with the deduction for investment interest
expense) will not be eligible for the reduced rates of taxation regardless of our status as a qualified foreign corporation. In addition,
the rate reduction will not apply to dividends if the recipient of a dividend is obligated to make related payments with respect to the
positions in substantially similar or related property. This disallowance applies even if the minimum holding period has been met. We
will not constitute a qualified foreign corporation for purposes of these rules if we are a passive foreign investment company for the
taxable year in which it pays a dividend or for the preceding taxable year. See the section entitled "
Material U.S. Federal Income
Tax Considerations — U.S. Holders
— Passive Foreign Investment Company Rules.
"
Sale, Exchange, Redemption or Other Taxable Disposition of Ordinary
Shares and Warrants
Subject to the discussion under the section entitled "
Material
U.S. Federal Income Tax Considerations — U.S. Holders
— Passive Foreign Investment Company Rules
," a
U.S. holder generally will recognize gain or loss on any sale, exchange, redemption or other taxable disposition of our ordinary shares
or warrants in an amount equal to the difference between (i) the amount realized on the disposition and (ii) such U.S. holder's
adjusted tax basis in such ordinary shares or warrants. Any gain or loss recognized by a U.S. holder on a taxable disposition of our ordinary
shares or warrants generally will be capital gain or loss and will be long-term capital gain or loss if the holder's holding
period in such shares and/or warrants exceeds one year at the time of the disposition. Preferential tax rates may apply to long-term capital
gains of non-corporate U.S. holders (including individuals). The deductibility of capital losses is subject to limitations. Any gain
or loss recognized by a U.S. holder on the sale or exchange of our ordinary shares or warrants generally will be treated as U.S. source
gain or loss.
Exercise or Lapse of a Warrant
Except as discussed below with respect to the cashless exercise of
a warrant, a U.S. holder generally will not recognize gain or loss upon the acquisition of an ordinary share on the exercise of a warrant
for cash. A U.S. holder's tax basis in an ordinary shares received upon exercise of the warrant generally should be an amount equal
to the sum of the U.S. holder's tax basis in the warrant exchanged therefor and the exercise price. The U.S. holder's holding
period for an ordinary share received upon exercise of the warrant will begin on the date following the date of exercise (or possibly
the date of exercise) of the warrant and will not include the period during which the U.S. holder held the warrant. If a warrant is allowed
to lapse unexercised, a U.S. holder generally will recognize a capital loss equal to such holder's tax basis in the warrant.
The tax consequences of a cashless exercise of a warrant are not clear
under current tax law. A cashless exercise may be tax-deferred, either because the exercise is not a gain realization event or because
the exercise is treated as a recapitalization for U.S. federal income tax purposes. In either tax-deferred situation, a U.S. holder's
basis in the ordinary shares received would equal the holder's basis in the warrants exercised therefore. If the cashless exercise
were treated as not being a gain realization event, a U.S. holder's holding period in the ordinary shares would be treated as commencing
on the date following the date of exercise (or possibly the date of exercise) of the warrants. If the cashless exercise were treated as
a recapitalization, the holding period of the ordinary shares would include the holding period of the warrants exercised therefore.
112
It is also possible that a cashless exercise of a warrant could be
treated in part as a taxable exchange in which gain or loss would be recognized. In such event, a U.S. holder would recognize gain or
loss with respect to the portion of the exercised warrants treated as surrendered to pay the exercise price of the warrants (the "surrendered
warrants"). The U.S. holder would recognize capital gain or loss with respect to the surrendered warrants in an amount generally
equal to the difference between (i) the fair market value of the ordinary shares that would have been received with respect to the surrendered
warrants in a regular exercise of the warrants and (ii) the sum of the U.S. holder's tax basis in the surrendered warrants and the
aggregate cash exercise price of such warrants (if they had been exercised in a regular exercise). In this case, a U.S. holder's
tax basis in the ordinary shares received would equal the U.S. holder's tax basis in the warrants exercised plus (or minus) the
gain (or loss) recognized with respect to the surrendered warrants. A U.S. holder's holding period for the ordinary shares would
commence on the date following the date of exercise (or possibly the date of exercise) of the warrants.
Due to the absence of authority on the U.S. federal income tax treatment
of a cashless exercise of warrants, there can be no assurance which, if any, of the alternative tax consequences and holding periods described
above would be adopted by the IRS or a court of law. Accordingly, U.S. holders should consult their own tax advisors regarding the tax
consequences of a cashless exercise of warrants.
Possible Constructive Distributions
The terms of each warrant provide for an adjustment to the number of
ordinary shares for which the warrant may be exercised or to the exercise price of the warrant in certain events, as discussed in the
section entitled "Description of Securities." An adjustment which has the effect of preventing dilution generally is not taxable.
A U.S. holder of a warrant would, however, be treated as receiving a constructive distribution from us if, for example, the adjustment
increases the holder's proportionate interest in our assets or earnings and profits (e.g., through an increase in the number of
ordinary shares that would be obtained upon exercise of such warrant) as a result of a distribution of cash to the holders of the ordinary
shares which is taxable to the U.S. holders of such shares as described under the section entitled "Material U.S. Federal Income
Tax Considerations — U.S. Holders — Distributions on Ordinary Shares." Such constructive distribution would be subject
to tax as described under that section in the same manner as if the U.S. holder of such warrant received a cash distribution from us equal
to the fair market value of such increased interest. The rules regarding constructive distributions are complex. U.S. holders should consult
their own tax advisors regarding the application of the rules to them in light of their own circumstances.
Passive Foreign Investment Company Rules
Generally.
The treatment of U.S. holders
of our ordinary shares could be materially different from that described above if we are treated as a passive foreign investment company,
or PFIC, for U.S. federal income tax purposes. A PFIC is any foreign corporation with respect to which either: (i) 75% or more of the
gross income for a taxable year constitutes passive income for purposes of the PFIC rules, or (ii) 50% or more of such foreign corporation's
assets in any taxable year (generally based on the quarterly average of the value of its assets during such year) is attributable to assets,
including cash, that produce passive income or are held for the production of passive income. Passive income generally includes dividends,
interest, certain royalties and rents, annuities, net gains from the sale or exchange of property producing such income and net foreign
currency gains. The determination of whether a foreign corporation is a PFIC is based upon the composition of such foreign corporation's
income and assets (including, among others, its proportionate share of the income and assets of any other corporation in which it owns,
directly or indirectly, 25% (by value) of the stock), and the nature of such foreign corporation's activities. A separate determination
must be made after the close of each taxable year as to whether a foreign corporation was a PFIC for that year. Once a foreign corporation
qualifies as a PFIC it is, with respect to a shareholder during the time it qualifies as a PFIC, and subject to certain exceptions, always
treated as a PFIC with respect to such shareholder, regardless of whether it satisfied either of the qualification tests in subsequent
years.
113
If we are or become a PFIC during any year in which a U.S. holder holds
ordinary shares, there are three separate taxation regimes that could apply to such U.S. holder under the PFIC rules, which are the (i) excess
distribution regime (which is the default regime), (ii) QEF regime, and (iii) mark-to-market regime. A U.S. holder who holds
(actually or constructively) stock in a foreign corporation during any year in which such corporation qualifies as a PFIC is subject to
U.S. federal income taxation under one of these three regimes. The effect of the PFIC rules on a U.S. holder will depend upon which of
these regimes applies to such U.S. holder. However, dividends paid by a PFIC are generally not eligible for the lower rates of taxation
applicable to qualified dividend income ("QDI") under any of the foregoing regimes.
Excess Distribution Regime.
If a U.S.
holder does not make a QEF election or a mark-to-market election, as described below, the U.S. holder will be subject to the default
"excess distribution regime" under the PFIC rules with respect to (i) any gain realized on a sale or other disposition
(including a pledge) of our ordinary shares, and (ii) any "excess distribution" received on our ordinary shares (generally,
any distributions in excess of 125% of the average of the annual distributions on ordinary shares during the preceding three years or
the U.S. holder's holding period, whichever is shorter). Generally, under this excess distribution regime:
●
the gain or excess distribution will be allocated ratably over
the period during which the U.S. holder held ordinary shares;
●
the amount allocated to the current taxable year, will be treated
as ordinary income; and
●
the amount allocated to prior taxable years will be subject
to the highest tax rate in effect for that taxable year and the interest charge generally applicable to underpayments of tax will be
imposed on the resulting tax attributable to each such year.
The tax liability for amounts allocated to years prior to the year
of disposition or excess distribution will be payable generally without regard to offsets from deductions, losses and expenses. In addition,
gains (but not losses) realized on the sale of ordinary shares cannot be treated as capital gains, even if you hold the shares as capital
assets. Further, no portion of any distribution will be treated as QDI.
QEF Regime.
A QEF election is effective
for the taxable year for which the election is made and all subsequent taxable years and may not be revoked without the consent of the
IRS. If a U.S. holder makes a timely QEF election with respect to its direct or indirect interest in a PFIC, the U.S. holder will be required
to include in income each year a portion of the ordinary earnings and net capital gains of the PFIC as QEF income inclusions, even if
amount is not distributed to the U.S. holder. Thus, the U.S. holder may be required to report taxable income as a result of QEF income
inclusions without corresponding receipts of cash. Our shareholders that are U.S. holders subject to U.S. federal income tax should
expect that they will not receive cash distributions from us sufficient to cover their respective U.S. tax liability with respect to such
QEF income inclusions. In addition, U.S. holders of warrants will not be able to make a QEF election with respect to their warrants.
The timely QEF election also allows the electing U.S. holder to: (i) generally
treat any gain recognized on the disposition of its shares of the PFIC as capital gain; (ii) treat its share of the PFIC's
net capital gain, if any, as long-term capital gain instead of ordinary income; and (iii) either avoid interest charges resulting
from PFIC status altogether, or make an annual election, subject to certain limitations, to defer payment of current taxes on its share
of PFIC's annual realized net capital gain and ordinary earnings subject, however, to an interest charge on the deferred tax computed
by using the statutory rate of interest applicable to an extension of time for payment of tax. In addition, net losses (if any) of a PFIC
will not pass through to our shareholders and may not be carried back or forward in computing such PFIC's ordinary earnings and
net capital gain in other taxable years. Consequently, a U.S. holder may over time be taxed on amounts that as an economic matter exceed
our net profits.
A U.S. holder's tax basis in our ordinary shares will be increased
to reflect QEF income inclusions and will be decreased to reflect distributions of amounts previously included in income as QEF income
inclusions. No portion of the QEF income inclusions attributable to ordinary income will be treated as QDI. Amounts included as QEF income
inclusions with respect to direct and indirect investments generally will not be taxed again when distributed. U.S. holders should consult
their own tax advisors as to the manner in which QEF income inclusions affect their allocable share of our income and their basis in our
ordinary shares.
In order to comply with the requirements of a QEF election, a U.S.
holder must receive certain information from us. If we determine that we are a PFIC for any taxable year, we will endeavor to provide
all of the information that a U.S. holder making a QEF election is required to obtain to make and maintain a QEF election, but there is
no assurance that we will timely provide such information. There is also no assurance that we will have timely knowledge of our status
as a PFIC in the future or of the required information to be provided. In addition, if we hold an interest in a lower-tier PFIC (including,
without limitation, in any PFIC subsidiaries), U.S. holders will generally be subject to the PFIC rules described above with respect to
any such lower-tier PFICs.
114
Mark-to-Market Regime.
Alternatively,
a U.S. holder may make an election to mark marketable shares in a PFIC to market on an annual basis. PFIC shares generally are marketable
if: (i) they are "regularly traded" on a national securities exchange that is registered with the Securities and Exchange
Commission or on the national market system established under Section 11A of the Securities Exchange Act of 1934; or (ii) they
are "regularly traded" on any exchange or market that the Treasury Department determines to have rules sufficient to ensure
that the market price accurately represents the fair market value of the stock. We believe that our ordinary shares qualify as marketable
shares for the PFIC rules purposes, but there can be no assurance that ordinary shares will continue to be "regularly traded"
for purposes of these rules. Pursuant to such an election, a U.S. holder would include in each year as ordinary income the excess, if
any, of the fair market value of our ordinary shares over the U.S. holder's adjusted tax basis at the end of the taxable year. A
U.S. holder may treat as ordinary loss any excess of the adjusted basis of the stock over its fair market value at the end of the year,
but only to the extent of the net amount previously included in income as a result of the election in prior years. A U.S. holder's
adjusted tax basis in the our ordinary shares will be increased to reflect any amounts included in income, and decreased to reflect any
amounts deducted, as a result of a mark-to-market election. Any gain recognized on a disposition of ordinary shares will be treated
as ordinary income and any loss will be treated as ordinary loss (but only to the extent of the net amount of income previously included
as a result of a mark-to-market election). A mark-to-market election only applies for the taxable year in which the election
was made, and for each subsequent taxable year, unless the PFIC shares ceased to be marketable or the IRS consents to the revocation of
the election. U.S. holders should also be aware that the Code and the Treasury Regulations do not allow a mark-to-market election
with respect to stock of lower-tier PFICs that is non-marketable. There is also no provision in the Code, Treasury Regulations or
other published authority that specifically provides that a mark-to-market election with respect to the stock of a publicly-traded holding
company (such as us) effectively exempts stock of any lower-tier PFICs from the negative tax consequences arising from the general
PFIC rules. U.S. holders should consult their own tax advisors to determine whether the mark-to-market tax election is available
to them and the consequences resulting from such election. In addition, U.S. holders of warrants will not be able to make a mark-to-market election
with respect to their warrants.
PFIC Reporting Requirements.
If we are
a PFIC, a U.S. holder of our ordinary shares will be required to file an annual report on IRS Form 8621 containing such information with
respect to our ordinary shares as the IRS may require. Failure to file IRS Form 8621 for each applicable taxable year may result in substantial
penalties and result in the U.S. holder's taxable years being open to audit by the IRS until such Forms are properly filed.
Additional Reporting Requirements
Certain U.S. holders holding specified foreign financial assets with
an aggregate value in excess of the applicable dollar thresholds are required to report information to the IRS relating to our ordinary
shares, subject to certain exceptions (including an exception for ordinary shares held in accounts maintained by U.S. financial institutions),
by attaching a complete IRS Form 8938 to their tax return, for each year in which they hold our ordinary shares. Substantial penalties
apply to any failure to file IRS Form 8938, unless the failure is shown to be due to reasonable cause and not willful neglect. Also, in
the event a U.S. holder does not file IRS Form 8938 or fails to report a specified foreign financial asset that is required to be reported,
the statute of limitations on the assessment and collection of U.S. federal income taxes of such U.S. holder for the related taxable year
may not close before the date which is three years after the date on which the required information is filed. U.S. holders should consult
their tax advisors regarding the effect, if any, of these rules on the ownership and disposition of our ordinary shares.
Non-U.S. Holders
The section applies to non-U.S. holders. For purposes of this discussion,
a non-U.S. holder means a beneficial owner (other than a partnership or an entity or arrangement so characterized for U.S. federal income
tax purposes) of our ordinary shares or warrants that is not a U.S. holder.
115
Assuming that we are not treated as a U.S. corporation under the rules
discussed above, a non-U.S. holder of our ordinary shares will not be subject to U.S. federal income tax or, subject to the discussion
below under "—
Information Reporting and Backup Withholding
," U.S. federal withholding tax on any dividends
received on ordinary shares or any gain recognized on a sale or other disposition of ordinary shares (including, any distribution to the
extent it exceeds the adjusted basis in the non-U.S. holder's ordinary shares) unless the dividend or gain is effectively connected
with the non-U.S. holder's conduct of a trade or business in the United States, and if required by an applicable tax treaty, is
attributable to a permanent establishment maintained by the non-U.S. holder in the United States. In addition, special rules may apply
to a non-U.S. holder that is an individual present in the United States for 183 days or more during the taxable year of the sale or disposition,
and certain other requirements are met. Such non-U.S. holders should consult their own tax advisors regarding the U.S. federal income
tax consequences of the sale or disposition of ordinary shares.
Dividends and gains that are effectively connected with a non-U.S.
holder's conduct of a trade or business in the United States (and, if required by an applicable income tax treaty, are attributable
to a permanent establishment in the United States) generally will be subject to U.S. federal income tax at the same regular U.S. federal
income tax rates applicable to a comparable U.S. holder and, in the case of a non-U.S. holder that is a corporation for U.S. federal income
tax purposes, also may be subject to an additional branch profits tax at a 30% rate or a lower applicable tax treaty rate.
The U.S. federal income tax treatment of a
non-U.S. holder's exercise of a warrant, or the lapse of a warrant held by a non-U.S. holder, generally will correspond to the U.S.
federal income tax treatment of the exercise or lapse of a warrant by a U.S. holder, as described under "— U.S. Holders —
Exercise or Lapse of a warrant," above, although to the extent a cashless exercise results in a taxable exchange, the consequences
would be similar to those described in the preceding paragraphs above for a non-U.S. holder's gain on the sale or other disposition
of the ordinary shares and warrants.
Information Reporting and Backup Withholding
Information reporting requirements may apply to dividends received
by U.S. holders of ordinary shares, and the proceeds received on the disposition of ordinary shares effected within the United States
(and, in certain cases, outside the United States), in each case other than U.S. holders that are exempt recipients (such as corporations).
Backup withholding (currently at a rate of 24%) may apply to such amounts if the U.S. holder fails to provide an accurate taxpayer identification
number (generally on an IRS Form W-9 provided to the paying agent of the U.S. holder's broker) or is otherwise subject to backup
withholding. Any dividend payments with respect to our ordinary shares and proceeds from the sale, exchange, redemption or other disposition
of our ordinary shares may be subject to information reporting to the IRS and possible U.S. backup withholding. U.S. holders should consult
their own tax advisors regarding the application of the U.S. information reporting and backup withholding rules.
Information returns may be filed with the IRS in connection with, and
non-U.S. holders may be subject to backup withholding on amounts received in respect of their ordinary shares, unless the non-U.S. holder
furnishes to the applicable withholding agent the required certification as to its non-U.S. status, such as by providing a valid IRS Form
W-8BEN, IRS Form W-8BEN-E or IRS Form W-8ECI, as applicable, or the non-U.S. holder otherwise establishes an exemption. Dividends
paid with respect to ordinary shares and proceeds from the sale of other disposition of ordinary shares received in the United States
by a non-U.S. holder through certain U.S.-related financial intermediaries may be subject to information reporting and backup withholding
unless such non-U.S. holder provides proof an applicable exemption or complies with certain certification procedures described above,
and otherwise complies with the applicable requirements of the backup withholding rules.
Backup withholding is not an additional tax. Amounts withheld as backup
withholding may be credited against the holder's U.S. federal income tax liability, and a holder may obtain a refund of any excess
amounts withheld under the backup withholding rules by timely filing the appropriate claim for a refund with the IRS and furnishing any
required information.
F. Dividends and Paying Agents
Not applicable.
116
G. Statement by Experts
Not applicable.
H. Documents on Display
We are subject to the informational requirements
of the Exchange Act. Accordingly, we are required to file reports and other information with the SEC, including annual reports on Form 20-F and
reports on Form 6-K. The SEC maintains an Internet site at www.sec.gov that contains reports, proxy and information statements
and other information we have filed electronically with the SEC. The information on that website is not part of this report.
We also make available on our website, free
of charge, our annual reports on Form 20-F and the text of our reports on Form 6-K, including any amendments to these
reports, as well as certain other SEC filings, as soon as reasonably practicable after they are electronically filed with or furnished
to the SEC. Our website address is www.anghami.com/investors. The reference to our website is an inactive textual reference only, and
information contained therein or connected thereto is not incorporated into this Report.
I. Subsidiary Information
Not applicable.
ITEM 11. QUANTITATIVE AND QUALITATIVE
DISCLOSURES ABOUT MARKET RISK
Market risk is the risk that the fair value of future cash flows of
a financial instrument will fluctuate because of changes in market prices. Market prices are comprised of four types of risk: foreign
currency risk, interest rate risk, commodity price risk and equity price risk. The main risks for us are foreign currency risk and interest
rate risk. We do not currently have significant commodity risk or equity price risk. To manage these risks and our exposure to the unpredictability
of financial markets, we seek to minimize potential adverse effects on our financial performance and capital.
Foreign Currency Risk
Currency risk arises from the possibility that changes in exchange
rates will affect the values of the financial assets and liabilities denominated in foreign currencies against the U.S. dollar in case
we do not hedge the currency exposure by hedging instruments. The functional currency of Anghami is U.S. dollars. We are exposed to foreign
currency fluctuations on our transactions in foreign currencies, mainly in Egyptian and Lebanese pounds. As the UAE dirham and Saudi riyal
are pegged to the U.S. dollar, balances in these currencies are not considered to represent significant currency risk. Our principle foreign
currency risk arises from Egyptian and Lebanese pounds denominated transactions.
117
Egypt Operating Environment
The table below indicates the Group's foreign
currency exposure at December 31 as a result of its monetary assets and liabilities denominated in Egyptian Pounds. The analysis calculates
the effect of a reasonable possible movement of the US Dollars rate against Egyptian with all other variables held constant on the consolidated
statement of comprehensive income.
Sensitivity analysis
A 5% strengthening/(weakening) of the following currency against USD
currency at 31 December would have increased/(decreased) financial instruments by USD equivalent amounts shown below:
Increase/decrease
Effect
    on
in
    USD rate to the
loss
    before tax
Egyptian
    Pound
USD
2022
+ /-5%
76,352
2021
+ /-5%
30,985
Lebanon Operating Environment
On 10 May 2021, the Central Bank of Lebanon issued
Basic Circular 157 setting the framework of exceptional measures for foreign-currency operations. Hence, banks operating in Lebanon must
process customers' FX operations (buy and sell) related to their personal or commercial needs on the electronic platform "Sayrafa".
Transactions with customers encompass purchase and sale of foreign currencies banknotes against LBP, as well as operations from/to foreign
currencies external accounts against LBP. The Sayrafa corresponds to a floating system and the Sayrafa average rate and volume of foreign
currency operations are published on the website of the Central Bank of Lebanon. Foreign currency operations were executed on the Sayrafa
platform at the following exchange rates:
2022
Rate
                                            as at
December
                                            31
Average rate
for the period
from January 1
to December 31
LBP
LBP
US Dollar
38,000
25,681
The Sayrafa platform is not available for the
purchase and sale of and "local" foreign currency bank accounts which are subject to unofficial capital controls.
118
The application of Sayrafa has affect the group's
statement of profit and loss in the following manner:
At official rate
At sayrafa rate
Impact
Cost of revenues
407,056
24,587
382,468
Finance costs
315,883
17,119
298,765
General and administrative expenses
799,955
46,645
753,310
Net foreign exchange differences
7,690,532
391,694
7,298,838
Other income
3,082
209
2,873
Revenues from contracts with customers
9,416,614
536,265
8,880,349
Selling and distribution expenses
158,475
9,603
148,872
Consultancy and professional fees
1,013
44
969
Foreign exchange loss, net
Year Ended December 31,
2022
2021
2020
Change from
2020 to 2021
Change from
2020 to 2021
USD
USD
USD
USD
%
USD
%
Foreign exchange (gain)/loss, net
3,129,330
1,558,780
1,126,851
1,570,550
100.8
%
431,929
38.3
%
Foreign exchange loss has increased by $1,570,550 or 100.8% during
the year ended December 31, 2022 as compared to 2021 mainly due to the currency devaluation in Egypt and further deterioration of
Lebanese pound against USD.
Interest Rate Risk
Interest rate risk arises from the possibility that changes in market
interest rates will affect the fair value of convertible notes. The fair value of our convertible notes was dependent on market interest
rates, which could negatively impact earnings. The convertible notes were remeasured at each reporting date using valuation models using
input data, which could include market interest rates. Changes in the fair value of the convertible notes were recognized in finance income
or cost in the consolidated statement of comprehensive income.
ITEM 12. DESCRIPTION OF SECURITIES OTHER
THAN EQUITY SECURITIES
Not applicable.
119
PART II
ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND
DELINQUENCIES
None.
ITEM 14. MATERIAL MODIFICATIONS TO THE
RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
None
ITEM 15. CONTROLS AND PROCEDURES
A. Disclosure Controls and Procedures
We maintain
disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed
to ensure that information required to be disclosed in the Company's reports under the Exchange Act is recorded, processed, summarized
and reported within the time periods specified in the SEC's rules and forms and that such information is accumulated and communicated
to our management, including
our Chief Executive Officer and Interim Vice President of Finance, carried out an evaluation of the
effectiveness of the design and operation of our disclosure controls and procedures as of December 31, 2022. Based upon that evaluation,
our management, with the participation of our Chief Executive Officer and Interim Vice President of Finance, have concluded that, due
to the material weaknesses described below, as of December 31, 2022, our disclosure controls and procedures were not effective. We
are in the process of undertaking certain remedial steps to address the material weakness in our disclosure controls and procedures as
set forth below under "Changes in Internal Control over Financial Reporting."
B. Management's Annual Report on
Internal Control Over Financial Reporting
Management assessed the effectiveness of internal
control over financial reporting as at December 31, 2022, based on the criteria established in the 2013 Internal Control — Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Management is responsible for establishing and
maintaining adequate internal control over financial reporting.
Based on the material weaknesses described
below, our management, with the participation of our Chief Executive Officer and our Interim Vice President of Finance, have concluded
that, as of December 31, 2022, our internal control over financial reporting was not effective.
In connection with the preparation of its
financial statements as of and for the year ended December 31, 2022, Anghami and its independent registered public accounting firm
identified material weaknesses in Anghami's internal control over financial reporting related to
●
Lack of sufficiently skilled personnel with requisite IFRS and SEC reporting knowledge and experience;
●
Lack of sufficient entity level controls and sufficiently designed internal controls and financial reporting policies and procedures
including segregation of duties, that are commensurate with SEC reporting requirements; and
●
Lack of design and operating effectiveness of IT general controls for information systems that are relevant to the preparation of
Anghami's consolidated financial statements.
The Public Company Accounting Oversight Board
has defined a material weakness as a deficiency, or a combination of deficiencies, in internal control over financial reporting, such
that there is a reasonable possibility that a material misstatement of Anghami's financial statements will not be prevented or detected
on a timely basis.
120
In March 2022, Anghami developed and began
the process of implementing a remediation plan to address these control deficiencies, which will address the underlying causes of Anghami's
material weaknesses. As part of Anghami's remediation plan, Anghami has begun taking measures, and we will continue to take measures,
to remediate these control deficiencies. Measures including enhancing our ERP, potentially hiring outside consultants, provide technical
training for its employees and hire internal auditors. Besides, management is planning to introduce technical IFRS training.
Below are the measures taken by Anghami during
2022 as part of the remediation plan:
●
Enhancing our ERP: In the fourth quarter of 2022, we requested from our current ERP administrator to make some enhancement to our
billing procedures which eventually will lead to having a bridge between our billing and accounting systems which would automate the process
●
Hiring outside consultants: we hired consultants to help us valuate our warrants and ESOPs
If these measures are ineffective, Anghami
may be unable to remediate these issues in the anticipated timeframe, which may have an adverse effect on Anghami's operating results,
Anghami's ability to operate its business or investors' views of Anghami.
For more information on our internal control
over financial reporting, please see the sections of this Report entitled "Item 3D. Risk Factors—Anghami has identified material
weaknesses in its internal control over financial reporting. If for any reason Anghami is unable to remediate these material weaknesses
and otherwise to maintain proper and effective internal controls over financial reporting in the future, Anghami's ability to produce
accurate and timely consolidated financial statements may be impaired, which may harm Anghami's operating results, Anghami's
ability to operate its business or investors' views of Anghami."
C. Attestation Report of the Registered
Public Accounting Firm
This Report does not include an attestation
report of the company's registered public accounting firm due to a transition period established by rules of the SEC for emerging
growth companies.
D. Changes in Internal Control Over Financial
Reporting
Except for the remediation efforts described
above taken to address the material weaknesses, there were no other changes in our internal control over financial reporting (as defined
in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the year ended December 31, 2022 that have materially affected, or are
reasonably likely to materially affect, our internal control over financial reporting.
Item 16A. Audit Committee Financial Expert
Our board of directors has determined that
Klass Baks is an "audit committee financial expert," as defined in Item 16A of Form 20-F. All audit committee members satisfy
the independence requirements set forth under NASDAQ Stock Market Rule 5605(a)(2) and in Rule 10A-3 under the Exchange Act.
Item 16B. Code of Ethics
We have adopted the Anghami, Inc. Code of
Business Conduct and Ethics which applies to all of directors, officers, and employees, and is intended to meet the definition of "code
of ethics" under Item 16B of Form 20-F. The Anghami, Inc. Code of Business Conduct and Ethics is available on our website at https://www.anghami.com/investors.
We intend to disclose on our website any amendments to or waivers of the Anghami, Inc. Code of Business Conduct and Ethics.
Item 16C. Principal Accountant Fees and
Services
Grant Thornton Audit and Accounting Limited
(Dubai Branch) ("Grant Thornton") were appointed as our principal accountants for the year ended December 31, 2022.
Comparative figures presented in the table
below relate to amounts paid to Ernst & Young — Middle East (Abu Dhabi) who acted as our principal accountants for that period.
121
The following table summarizes the charge
for professional fees rendered in those periods:
Year Ended December 31,
2022
2021
USD
USD
Audit fees
683,332
475,000
Audit-related fees
25,000
Tax fees
3,672
14,800
All other fees
-
-
Total
687,004
514,800
"Audit fees" are the aggregate
fees earned by the Ernst & Young entities and Grant Thornton principal accountant entities respectively for the audit 2021 and 2022
of our consolidated annual financial statements, reviews of interim financial statements and attestation services that are provided in
connection with statutory and regulatory filings or engagements.
"Audit-related fees" are fees
charged by the principal accountant entities for assurance and related services that are reasonably related to the performance of the
audit or review of our financial statements and are not reported under "Audit fees." This category comprises fees for internal
control reviews, agreed-upon procedure engagements and other attestation services subject to regulatory requirements.
"Tax Fees" include fees billed
for tax compliance.
"All other fees" are the fees
for products and services other than those in the above three categories.
All audit services and permitted non-audit
services to be performed for us by our independent auditor must be approved by our Audit Committee in advance to ensure that such engagements
do not impair the independence of our independent registered public accounting firm. The Audit Committee generally pre-approves particular
services or categories of services on a case-by-case basis.
Item 16D. Exemptions from the Listing Standards
for Audit Committees
None.
Item 16E. Purchases of Equity Securities
by the Issuer and Affiliated Purchasers
None
Item 16F. Change in Registrant's
Certifying Accountant
In December 2022, Ernst & Young - Middle
East (Abu Dhabi) ("EY"), had made the decision to resign as our independent registered public accounting firm. On January
27, 2023, we engaged Grant Thornton Audit and Accounting Limited (Dubai Branch) as a new independent accountant for our fiscal year ended
December 31, 2022. Grant Thornton's appointment has been considered and approved by Anghami's audit committee.
The audit reports of EY on the financial statements
of Anghami as of and for the years ended December 31, 2021 and December 31, 2020 did not contain any adverse opinion or disclaimer of
opinion, nor was it qualified or modified as to uncertainty, audit scope, or accounting principles, except for an explanatory paragraph
in such reports regarding substantial doubt about Anghami's ability to continue as a going concern.
During the fiscal years ended December 31,
2021 and December 31, 2020 and the subsequent period through the date of this filing, there were (i) no disagreements, as defined in Item
16F(a)(1)(iv) of Form 20-F, between Anghami and Ernst & Young - Middle East (Abu Dhabi) on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of
EY, would have caused EY to make reference to the subject matter of the disagreements in connection with its reports on the consolidated
financial statements for such years, and (ii) no reportable events as defined in Item 16F(a)(1)(v) of Form 20-F, other than the material
weaknesses in Anghami's internal control over financial reporting reported in its Form 20-F filed with the SEC on May 13, 2022.
Item 16G. Corporate Governance
Our common shares are listed on the Nasdaq.
For purposes of Nasdaq rules, so long as we are a foreign private issuer, we are eligible to take advantage of certain exemptions from
Nasdaq corporate governance requirements provided in the Nasdaq rules. We have not utilized foreign private issuer exemptions from the
Nasdaq corporate governance rules to date.
Item 16H. Mine Safety Disclosure
Not applicable.
Item 16I. Disclosure Regarding Foreign
Jurisdictions that Prevent Inspections
Not applicable.
122
PART III
ITEM 17. FINANCIAL STATEMENTS
See "
Item 18. Financial Statements
"
of this Report.
ITEM 18. FINANCIAL STATEMENTS
The audited consolidated financial statements
of the Company as required under Item 18 are attached hereto starting on page F-1 of this Form 20-F.
123
ITEM 19. EXHIBITS
Exhibit no
Description
1.1
Amended and Restated Memorandum and Articles of Association of the Company. (incorporated by reference to Exhibit 1.1 to the Company's Shell Company Report on Form 20-F filed with the SEC on February 9, 2022).
2.1*
Description of Securities of the Registrant (incorporated by reference to Exhibit 2.1 to the Company's Annual Report on Form 20-F filed with the SEC on May 13, 2022).
2.2
Specimen Ordinary Share Certificate of the Company (incorporated by reference to Exhibit 4.7 to Amendment No. 3 to the Company's Registration Statement on Form F-4 (File No. 333-260234) filed with the SEC on December 3, 2021).
2.3
Specimen Warrant Certificate of the Company (incorporated by reference to Exhibit 4.8 to Amendment No. 3 to the Company's Registration Statement on Form F-4 (File No. 333-260234) filed with the SEC on December 3, 2021).
2.4
Warrant Agreement, dated August 6, 2020, by and between VMAC and Continental Stock Transfer & Trust Company, as warrant agent. (incorporated by reference to Exhibit 2.4 to the Company's Shell Company Report on Form 20-F filed with the SEC on February 9, 2022).
2.5
Assignment, Assumption and Amendment Agreement (Warrant Agreement), dated February 3, 2022, by and among VMAC, the Company and Continental Stock Transfer & Trust Company, as warrant agent
4.1†
Business Combination Agreement, dated as of March 3, 2021, by and among VMAC, Anghami, the Company, Anghami Vista 1 and Anghami Vista 2 (incorporated by reference to Exhibit 2.1 to Amendment No. 3 to the Company's Registration Statement on Form F-4 (File No. 333-260234) filed with the SEC on December 3, 2021)
.
4.2
Letter Agreement, dated August 6, 2020, by and among VMAC, Vistas Media Sponsor, LLC and each of the initial stockholders of VMAC (incorporated by reference to Exhibit 10.1 to the Company's Registration Statement on Form F-4 (File No. 333-260234) filed with the SEC on October 14, 2021).
4.3
Private Placement Warrants Purchase Agreement, August 6, 2020, by and between VMAC and Vistas Media Sponsor, LLC (incorporated by reference to Exhibit 10.4 to the Company's Registration Statement on Form F-4 (File No. 333-260234) filed with the SEC on October 14, 2021).
4.4
Private Placement Units Purchase Agreement, dated August 6, 2020, by and between VMAC and Vistas Media Sponsor, LLC (incorporated by reference to Exhibit 10.5 to the Company's Registration Statement on Form F-4 (File No. 333-260234) filed with the SEC on October 14, 2021).
4.5
Private Placement Units Purchase Agreement, dated August 6, 2020, by and between VMAC and I-Bankers Securities, Inc. (incorporated by reference to Exhibit 10.6 to the Company's Registration Statement on Form F-4 (File No. 333-260234) filed with the SEC on October 14, 2021).
4.6
Registration Rights Agreement, dated August 6, 2020, by and among VMAC, Vistas Media Sponsor, LLC and the other holders party thereto (incorporated by reference to Exhibit 10.7 to the Company's Registration Statement on Form F-4 (File No. 333-260234) filed with the SEC on October 14, 2021).
4.7
Form of Subscription Agreement, by and among VMAC and the subscribers party thereto (incorporated by reference to Exhibit 10.8 to the Company's Registration Statement on Form F-4 (File No. 333-260234) filed with the SEC on October 14, 2021).
124
4.8
Form of Restrictive Covenant Agreement, by and between the Company and the shareholders party thereto (incorporated by reference to Exhibit 10.9 to the Company's Registration Statement on Form F-4 (File No. 333-260234) filed with the SEC on October 14, 2021).
4.9
Form of Sponsor Letter Agreement, by and among VMAC, Vistas Media Sponsor, LLC, Anghami and the parties named thereto (incorporated by reference to Exhibit 10.10 to the Company's Registration Statement on Form F-4 (File No. 333-260234) filed with the SEC on October 14, 2021).
4.11
Nominee Agreement dated October 13, 2021 by and between Anghami and Hossam Mohamed El Gamal (incorporated by reference to Exhibit 10.12 to Amendment No. 2 to the Company's Registration Statement on Form F-4 (File No. 333-260234) filed with the SEC on October 28, 2021).
4.14
Letter Agreement, dated December 5, 2021, by and among, the Company and SHUAA Capital psc. (incorporated by reference to Exhibit 10.15 to Amendment No. 4 to the Company's Registration Statement on Form F-4 (File No. 333-260234) filed with the SEC on December 10, 2021).
4.15^
Anghami Inc. Long Term Incentive Plan. (incorporated by reference to Exhibit 4.15 to the Company's Shell Company Report on Form 20-F filed with the SEC on February 9, 2022).
4.16^
Form of Indemnification Agreement. (incorporated by reference to Exhibit 4.16 to the Company's Shell Company Report on Form 20-F filed with the SEC on February 9, 2022).
8.1*
List of subsidiaries of the Company
12.1*
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
12.2*
Certificate of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
13.1**
Certificate of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
13.2**
Certificate of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
16.1
Change in Registrant's Certifying Accountant letter
101.INS*
Inline XBRL Instance Document
101.SCH*
Inline XBRL Taxonomy Extension Schema Document.
101.CAL*
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*
Inline XBRL Taxonomy Definition Linkbase Document.
101.LAB*
Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104*
Cover Page Interactive Data File (formatted as inline XBRL and contained
    in Exhibit 101)
*
Filed herewith.
**
Furnished herewith.
†
Schedules to this exhibit have
been omitted pursuant to Item 601(b)(2) of Registration S-K. The Registrant hereby agrees to furnish a copy of any omitted schedules
to the Commission upon request.
^
Indicates management contract
or compensatory plan
125
SIGNATURES
The registrant hereby certifies that it meets
all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this report
on its behalf.
Anghami Inc.
By:
/s/ Edgard Maroun
Date: May 16, 2023
Name:
Edgard Maroun
Title:
Chief Executive Officer
126
ANGHAMI INC.
CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022, 2021 and 2020
F-
1
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
(PCAOB ID
3211
)
To the Board of Directors and Shareholders
Anghami, Inc.
Opinion on the consolidated financial statements
We have audited the accompanying consolidated
financial position of Anghami Inc. (the "Parent Company") and its subsidiaries (together the "Group") as of December
31, 2022, the related consolidated statement of comprehensive income, consolidated statement of changes in equity and the consolidated
statement of cash flows for the year then ended, including the related notes to the consolidated financial statements (collectively referred
to as the "consolidated financial statements").
In our opinion, the consolidated financial statements
present fairly, in all material respects, the financial position of the Group as of December 31, 2022, and the results of its operations
and its cash flows for each of the year then ended, in accordance with International Financial Reporting Standards (IFRS), as issued by
International Accounting Standards Board.
We also have audited the adjustments to the 2021
and the 2020 consolidated financial statements to retrospectively reflect the shares and basic and diluted net loss per share attributable
to equity holders of Anghami Inc., prior to the Business Combination, as described in Note 1. The adjustments have been applied using
the Exchange Ratio established in the Business Combination. In our opinion, such adjustments are appropriate and have been properly applied.
We were not engaged to audit, review, or apply any procedures to the 2021 or the 2020 consolidated financial statements of the Group other
than with respect to the adjustments and, accordingly, we do not express an opinion or any other form of assurance on 2021 and 2020 consolidated
financial statements taken as a whole.
Going Concern
The accompanying consolidated financial statements
have been prepared assuming that the Parent Company will continue as a going concern. As discussed in Note 2 to the consolidated financial
statement, the Parent Company incurred a net loss of $61,221,032 during the year ended December 31, 2022, and as of that date, the Parent
Company's current liabilities exceeded its current assets by $16,604,967 and its total liabilities exceeded its total assets by
$6,437,632. These conditions, along with other matters as set forth in Note 2, raise substantial doubt about the Parent Company's
ability to continue as a going concern.
Basis for opinion
These consolidated financial statements are the
responsibility of the Group's management. Our responsibility is to express an opinion on the Group's consolidated financial
statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United
States) ("PCAOB") and are required to be independent with respect to the Group in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated
financial statements are free of material misstatement, whether due to error or fraud. The Group is not required to have, nor were we
engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Group's
internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess
the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence supporting the amounts and disclosures in the
consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide
a reasonable basis for our opinion.
/s/
Grant Thornton Audit and Accounting Limited (Dubai Branch)
We have served as the Group's auditor since 2022
Dubai, United Arab Emirates
May 16, 2023
F-
2
Report of Independent Registered Public Accounting
Firm
To the Shareholders and the Board of Directors of Anghami Inc.
Opinion on the Financial Statements
We have audited, before the adjustments to retrospectively
apply the effects of the business combination described in Note 1 to the consolidated financial statements, the accompanying consolidated
statement of financial position of Anghami Inc. (the Company) as of December 31, 2021, the related consolidated statements of comprehensive
income, changes in equity and cash flows for the two years in the period ended December 31, 2021, and the related notes (collectively
referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements, before the
adjustments to retrospectively apply the effects of the business combination described in Note 1 to the consolidated financial statements,
present fairly, in all material respects, the financial position of the Company at December 31, 2021 and the results of its operations
and its cash flows for each of the two years in the period ended December 31, 2021, in conformity with International Financial Reporting
Standards as issued by the International Accounting Standards Board.
The Company's Ability to Continue as a Going
Concern
The consolidated financial statements were prepared
assuming that the Company will continue as a going concern. As discussed in Note 2.1 to the consolidated financial statements included
in the 2021 Annual Report on Form 20-F, the Company suffered recurring losses from operations, had a working capital deficiency, and stated
that substantial doubt exists about the Company's ability to continue as a going concern. Management's evaluation of the events
and conditions and management's plans regarding these matters were also described in Note 2.1. The consolidated financial statements
did not include any adjustments that might result from the outcome of this uncertainty.
Basis for Opinion
These financial statements are the responsibility
of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits.
We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required
to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations
of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged
to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal
control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We were not engaged to audit, review, or apply
any procedures to the adjustments to retrospectively apply the effects of the business combination described in Note 1 and, accordingly,
we do not express an opinion or any other form of assurance about whether such adjustments are appropriate and have been properly applied.
Those adjustments were audited by Grant Thornton Audit and Accounting Limited (Dubai Branch).
/s/ Ernst & Young – Middle East (Abu Dhabi)
We have served as the Company's auditor from 2019 to 2022.
Abu Dhabi, United Arab Emirates
May 13, 2022
F-
3
ANGHAMI INC.
CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
2022
2021
2020
Note
USD
USD
USD
Revenue
4
48,482,015
35,504,392
30,518,356
Cost of revenue
6
(
39,130,522
)
(
26,462,637
)
(
22,346,521
)
Gross profit
9,351,493
9,041,755
8,171,835
Selling and marketing expenses
7
(
11,569,386
)
(
8,013,933
)
(
5,284,152
)
General and administrative expenses
8
(
17,365,313
)
(
11,017,765
)
(
5,204,627
)
Consultancy and professional fees
11
(
2,114,707
)
(
6,120,494
)
(
231,369
)
Government grants
12
4,318,726
2,546,360
-
Operating loss
(
17,379,187
)
(
13,564,077
)
(
2,548,313
)
Finance costs
9
(
552,751
)
(
2,679,763
)
(
1,764,682
)
Finance income
15,036
145,107
137,397
Other income
10
2,825,374
41,419
60,497
Share of loss of a joint venture
17
(
283,055
)
(
94,210
)
-
Fair value change of warrants liabilities
26
6,697,574
-
-
Recapitalization expense
31
(
48,521,756
)
-
-
Foreign exchange loss, net
(
3,129,330
)
(
1,558,780
)
(
1,126,851
)
Loss before tax
(
60,328,095
)
(
17,710,304
)
(
5,241,952
)
Income tax expense
13
(
892,937
)
(
340,003
)
(
501,238
)
TOTAL COMPREHENSIVE LOSS FOR THE YEAR
(
61,221,032
)
(
18,050,307
)
(
5,743,190
)
Attributable to:
Equity holders of the Parent
(
61,019,350
)
(
17,786,681
)
(
5,585,948
)
Non-controlling interests
(
201,682
)
(
263,626
)
(
157,242
)
(
61,221,032
)
(
18,050,307
)
(
5,743,190
)
Basic and diluted loss per share attributable to equity holders of the Parent
30
(
2.35
)
(
1.03
)
(
0.34
)
The attached notes 1 to 33 form part of these
consolidated financial statements.
F-
4
ANGHAMI INC.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
December 31,
December 31, 2021
Note
2022
USD
USD
(recast)
ASSETS
Non-current assets
Property and equipment
14
2,200,975
276,325
Intangible assets
15
7,603,155
2,042,846
Goodwill
22
600,000
-
Investment in a joint venture
17
833,495
48,142
Right-of-use assets
21
296,538
169,769
Deferred tax assets
13
1,384
-
11,535,547
2,537,082
Current assets
Trade and other receivables
16
10,321,833
5,405,547
Cash and bank balances
18
3,117,087
649,972
Government grants
12
-
601,612
Accrued government grants
12
2,055,978
-
Contract assets
4
2,365,013
2,164,205
Amount due from related parties
25
239,262
1,666,909
18,099,173
10,488,245
TOTAL ASSETS
29,634,720
13,025,327
EQUITY AND LIABILITIES
Equity
Share capital
19
2,601
1,721
Share premium
19
116,505,240
32,109,245
Share-based payment reserves
20
1,512,490
3,162,544
Other reserves
-
(
100,774
)
Accumulated losses
(
123,135,335
)
(
62,015,211
)
Deficit attributed to equity holders of the Parent
(
5,115,004
)
(
26,842,475
)
Non-controlling interests
(
1,322,628
)
(
1,120,946
)
Total Deficit
(
6,437,632
)
(
27,963,421
)
Non-current liabilities
Provision for employees' end-of-service benefits
23
700,953
166,013
Loans and borrowings
27
-
-
Lease liabilities
21
168,799
135,967
Government grants
12
498,460
310,163
Deferred tax liabilities
13
-
14,625
1,368,212
626,768
Current liabilities
Trade and other payables
24
26,522,239
15,892,129
Government grants
12
22,289
81,606
Contract liabilities
4
4,536,370
3,150,431
Loans and borrowings
27
-
18,526,802
Amount due to related parties
25
2,436,308
2,070,847
Warrant liabilities
26
562,722
-
Income tax payable
432,211
518,500
Bank overdrafts
18
3,756
17,432
Lease liabilities
21
188,245
104,233
34,704,140
40,361,980
Total liabilities
36,072,352
40,988,748
TOTAL EQUITY AND LIABILITIES
29,634,720
13,025,327
The attached notes 1 to 33 form part of these consolidated financial
statements.
F-
5
ANGHAMI INC.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share
capital
Share
premium
Share-based payment reserves
Other
reserves
Accumulated losses
Deficit attributable to the equity holders of the Parent
Non-controlling interest
Total deficit
USD
USD
USD
USD
USD
USD
USD
USD
At January 1, 2020
(recast)
1,633
25,079,283
1,796,810
(
168,259
)
(
38,642,582
)
(
11,933,115
)
(
700,078
)
(
12,633,193
)
Share-based payments
-
-
564,284
-
-
564,284
-
564,284
Movement in other reserves
-
-
-
(
100,774
)
-
(
100,774
)
-
(
100,774
)
Total comprehensive loss
-
-
-
-
(
5,585,948
)
(
5,585,948
)
(
157,242
)
(
5,743,190
)
At December 31, 2020
(recast)
1,633
25,079,283
2,361,094
(
269,033
)
(
44,228,530
)
(
17,055,553
)
(
857,320
)
(
17,912,873
)
Share-based payments (note 20)
-
-
801,450
-
-
801,450
-
801,450
Movement in share capital
-
(
21,889
)
-
-
-
(
21,889
)
-
(
21,889
)
Loans converted to equity (note 27)
88
7,220,110
-
-
-
7,220,198
-
7,220,198
Transfer from other reserves during the year
-
(
168,259
)
-
168,259
-
-
-
-
Total comprehensive loss
-
-
-
-
(
17,786,681
)
(
17,786,681
)
(
263,626
)
(
18,050,307
)
At December 31, 2021
(recast)
1,721
32,109,245
3,162,544
(
100,774
)
(
62,015,211
)
(
26,842,475
)
(
1,120,946
)
(
27,963,421
)
Share-based payments (note 20)
-
-
(
1,650,054
)
-
-
(
1,650,054
)
-
(
1,650,054
)
Issuance of Shares upon reverse recapitalization, net of issuance costs
748
73,392,243
-
-
-
73,392,991
-
73,392,991
Share based payment for service providers
29
2,899,971
-
-
-
2,900,000
-
2,900,000
Loans converted to equity (note 27)
79
7,738,105
-
-
-
7,738,184
-
7,738,184
Issuance of common shares upon exercise of warrants
24
365,676
-
-
-
365,700
-
365,700
Movement in other reserves
-
-
-
100,774
(
100,774
)
-
-
-
Total comprehensive loss
-
-
-
-
(
61,019,350
)
(
61,019,350
)
(
201,682
)
(
61,221,032
)
At December 31, 2022
2,601
116,505,240
1,512,490
-
(
123,135,335
)
(
5,115,004
)
(
1,322,628
)
(
6,437,632
)
The attached notes 1 to 33 form part of these consolidated financial
statements.
F-
6
ANGHAMI INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
2021
2020
Note
2022
USD
USD
(recast)
USD
(recast)
OPERATING ACTIVITIES
Loss for the year
(
61,221,032
)
(
18,050,307
)
(
5,743,190
)
Adjustments for:
Depreciation of property and equipment
14
204,002
155,742
150,736
Depreciation of right-of-use assets
21
121,020
84,884
85,117
Amortization of intangible assets
15
3,469,763
711,919
623,276
Provisions for deferred taxes
(
16,009
)
-
-
Finance costs
9
552,751
2,679,763
1,764,682
Finance income
(
15,036
)
(
145,107
)
(
137,397
)
Provision for employees' end of service benefits
23
643,904
43,477
33,717
Revaluation of warrants liability
26
(
6,697,574
)
-
-
Reversal of provisions of shared-based payment reserves
20
(
2,214,795
)
-
-
Recapitalization expense
31
48,521,756
-
-
Provision for share-based payments
20
564,741
801,450
564,284
Allowance for estimated credit loss
16
716,291
235,164
-
Net foreign exchange losses
-
(
164,769
)
422,022
Share of loss of a joint venture
17
283,055
94,210
-
Taxes
13
892,937
340,003
501,238
Government grants revenue
12
(
4,318,726
)
(
2,546,360
)
-
Reversal of accruals no longer required
-
-
(
60,497
)
(
18,512,952
)
(
15,759,931
)
(
1,796,012
)
Working capital changes:
Trade and other receivables
(
5,632,577
)
(
655,710
)
(
269,123
)
Due from related parties
1,427,647
(
1,241,557
)
10,269
Contract assets
(
200,808
)
(
1,214,626
)
120,579
Trade and other payables
22,340,143
1,246,322
1,428,206
Contract liabilities
1,385,939
1,406,696
917,862
Due to related parties
365,461
185,711
547,360
Cash flow from / (used) in operations
1,172,853
(
16,033,095
)
959,141
Income tax paid
(
979,226
)
(
182,790
)
(
778,807
)
End of service benefits paid
23
(
108,964
)
(
8,573
)
(
9,177
)
Net cash flows from / (used) in operating activities
84,663
(
16,224,458
)
171,157
INVESTING ACTIVITIES
Purchase of property and equipment
14
(
2,128,652
)
(
164,014
)
(
80,488
)
Additions of intangible assets
15
(
9,030,072
)
(
1,178,763
)
(
816,818
)
Investment in a joint venture
17
(
1,068,408
)
(
142,352
)
-
Payment for acquisition of subsidiary
(
350,000
)
-
-
Net cash flows used in investing activities
(
12,577,132
)
(
1,485,129
)
(
897,306
)
FINANCING ACTIVITIES
Payments of lease liabilities
21
(
189,555
)
(
136,992
)
(
133,650
)
(Repayment)/ Proceeds of loans and borrowings
27
(
11,200,123
)
10,788,618
5,500,000
Receipt of government grants
12
2,993,340
2,336,517
-
Proceeds from reverse recapitalization
31
2,480,107
-
-
Proceeds from PIPE Financing
31
30,427,800
-
-
Reverse recapitalization transaction costs
31
(
9,470,709
)
-
-
Finance costs paid
(
82,636
)
(
399,434
)
(
210,844
)
Finance income received
15,036
145,107
137,397
Net cash flows from financing activities
14,973,260
12,733,816
5,292,903
INCREASE  / (DECREASE)  IN CASH AND CASH EQUIVALENTS
2,480,791
(
4,975,771
)
4,566,754
Cash and cash equivalents at January 1
632,540
5,608,311
1,041,557
CASH AND CASH EQUIVALENTS AT DECEMBER 31
18
3,113,331
632,540
5,608,311
Supplementary cash flow information on non-cash investing and financing activities
2022
2021
2020
Issuance of Class A Shares upon exercise of warrants
365,700
-
-
Loans converted to equity upon business combination
7,738,185
-
-
Loans converted to equity during the year
-
7,220,198
-
Share based payment for service provider
2,900,000
-
-
Deferred consideration in relation to acquisition of subsidiary
250,000
-
-
Transaction cost settle net of proceeds
10,132,000
-
-
The attached notes 1 to 33 form part of these consolidated financial
statements.
F-
7
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1 CORPORATE INFORMATION
Anghami Inc. (the "Group" or the "Parent"),
was incorporated as a Cayman Islands exempted Group on March 1, 2021 with its registered office at Maples Corporate Services Limited,
PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. The mailing address of our principal executive office is 16th Floor,
Al-Khatem Tower, WeWork Hub71, Abu Dhabi Global Market Square, Al Maryah Island, Abu Dhabi, United Arab Emirates.
The principal activity of the group is digital
entertainment and online streaming including music, podcasts, music videos, and live events. The Group has a freemium business model whereby
premium (paying) users get unlimited access to online streaming content, ads free streaming experience, and unlimited downloads. The ad-supported
users do not pay subscription fees and are provided with limited access to on-demand online streaming content without the ability to download
content. The Group secures its content via licenses with labels and independent artists to provide its service.
On February 3, 2022 (the "Closing Date"),
the Group consummated a business combination (the "Business Combination") pursuant to the Business Combination Agreement (the
"Business Combination Agreement"), dated March 3, 2021, by and among the Group, Vistas Media Acquisition Group Inc. ("VMAC"
or the "SPAC"), Anghami, an exempted Group incorporated under the laws of the Cayman Islands ("Anghami"), Anghami
Vista 1, a Cayman Islands exempted Group and wholly-owned subsidiary of the Group, and Anghami Vista 2, a Cayman Islands exempted Group
and wholly-owned subsidiary of the Group.
As a result of the Business Combination, Anghami
and VMAC have become wholly-owned subsidiaries of the Group. On February 4, 2022, the Group's ordinary shares commenced trading on the
Nasdaq Global Market under the symbol "ANGH" and the Vistas Media Acquisition Group Inc. warrants to purchase Vistas Media
Acquisition Group Inc. Class A Common Stock that were converted into warrants to purchase ordinary shares of Anghami Inc. commenced trading
on the Nasdaq Capital Market under the symbol "ANGHW." The warrants are subject to the same terms and conditions (including
exercisability terms) as were applicable to the corresponding former VMAC Warrants.
Pursuant to the Business Combination Agreement,
the SPAC does not meet the definition of a business under the guidance of IFRS 3, hence the Transaction was accounted for as a recapitalization
in accordance with IFRS 2. Under this method of accounting, Anghami as been determined to be the accounting acquirer based on evaluation
of the facts and circumstances of the business combination. Accordingly, the reverse recapitalization has been accounted for as the equivalent
of Anghami Inc. issuing shares for the net assets of VMAC, accompanied by a recapitalization by third party investors.
The consolidated financial statements as at and
for the year ended December 31, 2022 are prepared as a continuation of Anghami and its subsidiaries. The comparative financial information
in relation to the shares and basic and diluited net loss per share attributable to equity holders of the Parent, prior to the business
combination, have been retroactively restated as shares reflecting the exchange ratio (the "Exchange Ratio") established in
the business combination. All fractional shares were rounded.
2 GOING CONCERN
For the year ended December 31, 2022, 2021 and
2020 the Group incurred a loss of USD
61,221,032
, USD
18,050,307
and USD
5,743,190
respectively; and as at December 31, 2022, 2021 and
2020 the Group has accumulated losses of USD
123,135,335
, USD
62,015,211
respectively; and negative working capital (i.e. excess of current
liabilities over current assets) of USD
16,604,967
and USD
29,873,735
respectively. In addition to the cash flows to be generated from
the Group's operations, the continuation of the Group's operations is dependent primarily on the ability to raise funding,
and accessibility and availability thereof. The Group's management acknowledge that there is a risk that the quantum and timing
of cash flows may not be achievable in line with the twelve months forecasts from the date of approval of the Group's consolidated
financial statements. A review of the strategic plan and budget, including expected developments in liquidity and capital were considered.
Based on management's forecasts, the day-to-day
operations and expenditure requirements are anticipated to be funded primarily by both cash generated through the ongoing operations and
ability to access additional funding.
F-
8
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
2 GOING CONCERN (continued)
The consolidated
financial statements have been prepared assuming that the Group will continue as a going concern which is contingent upon the Group's
ability to access additional funding. Accordingly, the consolidated financial statements do not include any adjustments relating to the
recoverability and classification of recorded asset amounts, the amounts and classification of liabilities, or any other adjustments that
might result in the event the Group is unable to continue as a going concern.
Capital management
For the Group's capital management, capital
includes issued capital, convertible notes, share premium and all other equity reserves attributable to the equity holders of the Parent.
The primary objective of the Group's capital management is to maximize shareholders' value.
The Group manages its capital structure and adjusts
considering changes in economic conditions and the requirements of the financial covenants. The Group monitors capital using a gearing
ratio, which is 'net debt' divided by total capital plus net debt. The Group includes within net debt, interest bearing loans
and borrowings, trade and other payables, less cash and cash equivalents.
2021
USD
Trade and other payables (Note 24)
15,892,129
Less: Cash and cash equivalents (Note 18)
(
632,540
)
Net debt
15,259,589
Loans and borrowings (Note 27)
18,526,802
Total Deficit
(
26,842,475
)
Total capital
(
8,315,673
)
Capital and net debt
6,943,916
Gearing ratio
220
%
The Gearing ratio does not incorporate trade receivables,
which are dues from Google, Apple Store, and prime telcos of the MENA region. Trade receivables amounted to USD
4.5
million as at December
31, 2021 which further improves the cash position of the Group. No changes were made in the objectives, policies or processes for managing
capital during the year ended December 31, 2021. As of the year ended December 31, 2022, there are no outstanding loans and borrowing.
3 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
3.1 Basis of preparation
The consolidated financial statements of the Group
comply with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board
("IASB") and have been prepared on a historical cost basis, except for certain convertible notes, employees' share based
payment and warrants which have been measured at fair value, and lease liabilities, which have been measured at present value.
The preparation of the consolidated financial
statements in conformity with IFRS requires the application of certain critical accounting estimates and assumptions. It also requires
management to exercise its judgment in the process of applying the accounting policies. The areas involving a greater degree of judgment
or complexity, or areas in which assumptions and estimates are significant to the consolidated financial statements, are disclosed in
Note 3.5.
The consolidated financial statements are presented
in United States dollar (USD) which is also the functional currency of the Group. The Group has assessed the operation of each of its
subsidiaries and determined that the functional currency of the subsidiaries is the same as the Group's functional currency, as
each subsidiary operate as an extension of the Group since they lack the required autonomy and are dependent on the Group and other subsidiaries
in providing their services. The USD is considered the functional currency of the Group as it is the main currency that influences the
sales prices for services, cost of revenues, expenses and financing activities.
F-
9
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
3 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)
3.1 Basis of preparation (continued)
The consolidated financial statements have been
rounded off to the nearest USD, except when otherwise indicated. Foreign currency transactions are translated into the functional currency
using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement
of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange
rates are recognized in the consolidated statement of comprehensive income within foreign exchange loss, net.
3.2 Basis of consolidation
The Group financial statements comprise the financial
statements of the Group and its subsidiaries as at December 31, each year. Subsidiaries are consolidated from the date of their acquisition,
being the date on which the Group obtains control, and continue to be consolidated until the date that control ceases. The financial statements
of subsidiaries are prepared for the same reporting year as the parent Group, using consistent accounting policies. Intra-group balances
and transactions, including unrealized profits arising from intra-group transactions, have been eliminated. Unrealized losses are eliminated
unless the transaction provides evidence of an impairment of the asset transferred. Non-controlling interests represent the equity in
subsidiaries that is not attributable, directly or indirectly, to the Parent shareholders.
Control is achieved when the Group is exposed,
or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power
over the investee. Specifically, the Group controls an investee if and only if the Group has:
Ø
Power over the investee (i.e. existing rights
that give it the current ability to direct the relevant activities of the investee),
Ø
Exposure, or rights, to variable returns from
its involvement with the investee, and
Ø
The ability to use its power over the investee
to affect its returns.
Generally, there is a presumption that a majority
of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar
rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:
Ø
The contractual arrangement with the other vote
holders of the investee
Ø
Rights arising from other contractual arrangements
Ø
The Group's voting rights and potential
voting rights
The Group re-assesses whether or not it controls
an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation
of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets,
liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of
comprehensive income from the date the Group gains control until the date the Group ceases to control the subsidiary.
A change in the ownership interest of a subsidiary,
without a loss of control, is accounted for as an equity transaction.
If the Group loses control over a subsidiary,
it derecognizes the related assets (including goodwill), liabilities, non-controlling interests and other components of equity, while
any resultant gain or loss is recognized in profit or loss. Any investment retained is recognized at fair value.
F-
10
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
3 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)
3.2 Basis of consolidation (continued)
Details of subsidiaries as at December 31, 2022
and December 31, 2021 were as follows:
Subsidiaries
% of legal ownership 2022
% of legal ownership 2021
% of legal ownership 2020
Country of
Incorporation
Principal business activities
Anghami Cayman
100
%
100
%
-
Cayman
Music streaming
Anghami Technologies Ltd
100
%
100
%
100
%
UAE
Music streaming
Spotlight Recreational Services LLC
100
%
-
-
UAE
Live event
Anghami FZ LLC
100
%
100
%
100
%
UAE
Music streaming
Digimusic SAL Offshore
94
%
94
%
94
%
Lebanon
Music streaming
Anghami KSA
100
%
100
%
-
Saudi Arabia
Music streaming
Anghami for Digital Content
100
%
100
%
-
Egypt
Music streaming
The carrying amount of the Group's investment
in the subsidiary and the equity of the subsidiary is eliminated on consolidation.
3.3 Changes in accounting policies
i) New and amended standards and interpretations
Accounting pronouncements which have become effective
from January 1, 2022 and have therefore been adopted are as follows:
-
Reference to conceptual framework (amendments to IFRS 3);
-
Proceeds before intended use (amendments to IAS 16)
-
Onerous contracts – Cost of fulfilling a contract (amendments to IAS 37)
-
Annual improvements to International Financial Reporting Standards 2018-2020 Cycle
(Amendments to IFRS 1, IFRS 9, IFRS 16).
The adoption of the above new amendment
and improvements to standards did not impact the financial position or performance of the Group.
Other standards and amendments that
are not yet effective and have not been adopted early by the Group are as follows:
New and revised IFRS
Effective for annual periods beginning on or after
Amendments
    to IAS 8 - Definition of Accounting Estimates
January 1, 2023
Amendzments to IAS 1 and IFRS Practice statement 2
January 1, 2023
Amendments to IAS 41 - Taxation in fair value measurements
January 1, 2022
Amendments to IFRS 9 - Fees in the '10 per cent' test for derecognition of financial liabilities
January 1, 2022
Amendments to IFRS 1 - Subsidiary as a first-time adopter
January 1, 2022
Amendments to IAS 37 - Onerous Contracts: Costs of Fulfilling a Contract
January 1, 2022
Amendments to IAS 16 - Proceeds before Intended Use
January 1, 2022
Amendments to IFRS 3 - Reference to the Conceptual Framework
January 1, 2022
Amendments to IAS 1 - Classification of Liabilities as Current or Non-current
January 1, 2023
IFRS 17 - Insurance Contracts
January 1, 2023
ii) Recasted Financial information
The consolidated assets, liabilities and results
of operations are those of Anghami for all periods presented. However, the equity structure has been recast for all periods presented
to reflect the number of shares of the Parent's common stock, issued to Anghami stockholders in connection with the Business Combination.
As such, the shares and corresponding capital amounts and losses per share related to Anghami prior to the Business Combination have been
retroactively recast based on shares reflecting the Exchange Ratio established in the Business Combination.
F-
11
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
3 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)
3.4 Summary of significant accounting policies
Revenue recognition
Principal
versus agent considerations
The Group evaluates
the presentation of revenue on a gross versus net basis based on whether they control the service provided to the end-user and are the
principal in the transaction (gross), or they arrange for other parties (advertising agencies) to provide the service to the end-user
and are the agent in the transaction (net).
The Group considers
itself a principal for the subscription, live events and ad supported revenue services because it controls the services provided to subscribers
and customers.
The control
over the services provided to customers is demonstrated through the following key considerations:
●
The Group has full control
over the Anghami's app streaming platform
●
The Group reserves the right
to decide the fees and the advertising agencies and live events partners does not have the right to amend the fees;
●
The Group has complete discretion
over assigning the advertising campaign on the Anghami's app streaming platform to the various advertising agencies;
●
The Group is responsible for
accepting or rejecting the campaign request once placed on the platform;
●
The Group assumes responsibility
for receiving and resolving the complaints registered by the end-users over the quality of the services provided;
●
Any incentives and discounts
given to the end-users are entirely determined by the Group
Subscription
revenue
The Group generates
subscription revenue from the sale of the premium service in which customers can listen on-demand and offline. Premium services are sold
directly to end users and through partners who are generally telecommunications companies that bundle the subscription with their own
services or collect payment for the stand-alone subscriptions from their end customers. The Group satisfies its performance obligation,
and revenue from these services is recognized, on a straight-line basis over the subscription period. Premium services are paid in advance.
Premium partner
subscription revenue is based on a per-subscriber rate in a negotiated partner agreement. Under these arrangements, a premium partner
may bundle the premium service with its existing product offerings or offer the premium service as an add-on to their services. Payment
is remitted to the Group through the premium partner. The Group assesses the facts and circumstances, including whether the partner is
acting as a principal or agent, of all partner revenue arrangements and then recognizes revenues either gross or net. Premium partner
services, whether recognized gross or net, have one material performance obligation, which is the delivery of the premium service. The
service provided by the premium partners is to act as a payment gateway to collect the subscription fees and transfer it to the Group
against receiving a fee calculated as a percentage of revenue collected. The Group has assessed each of its premium partner subscription
revenue agreements and concluded that revenue should be recognized on a gross basis as the Group controls the music streaming service
provided to the premium users and remains responsible to deliver the music streaming services at the agreed quality during the full subscription
period; in addition, the Group has full discretion in determining the price of the music streaming services offered. The fees paid to
the premium partner against the services provided by them is recognized as part of cost of revenue in the consolidated statement of comprehensive
income.
Additionally,
the Group sells premium subscriptions to third party service providers who bundle the purchased premium subscriptions with other services
and products they deliver to their end-users. Under this product, the third-party service providers are the Group's customers and
not their end-users. The Group's only material performance obligation is the delivery of the music streaming service. The third-party
service providers do not provide any services to the Group. The Group recognizes the revenue received from such third-party service providers
over the sold premium subscriptions and vouchers validity period which starts on their respective activation day.
F-
12
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
3 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)
3.4 Summary of significant accounting policies (continued)
Revenue recognition (continued)
Ad-Supported
revenue
The Group's advertising revenue is primarily
generated through display, audio, and video advertising delivered through advertising impressions. The Group's advertising revenue
is generated through:
(1)
Agency Sales Channel: the Group entered into an arrangement
with an advertising agency that sells ads campaigns to global and regional brands. These advertising arrangements are typically sold
on a cost-per-thousand basis and are evidenced by an Insertion Order ("IO") that specifies the terms of the arrangement such
as the type of ad product, pricing, insertion dates, and number of impressions in a stated period. The advertising agency promotes the
Group's advertising products based on a pre-agreed sales commission based on generated revenue. The Group sets the pricing schedule
for ads impressions and approves the ads before their display on the Anghami platform and remains responsible to deliver the advertising
products to the advertising client. Advertising clients and advertising agency send for the Group's approval the advertisement
to be displayed on the Anghami platform and the IOs that specify the number of ads impressions, campaigns periods, and the agreed service
fees.
(2)
Direct Sales Channel: the Group works directly with advertising
clients. The Group's sales team identifies and manages these advertising clients and approves their advertising campaigns sent
via IOs which acts as a contract between the Group and the advertising clients.
(3)
Programmatic Advertising Channel: the Group generates Ad-Supported
revenue through arrangements with certain advertising exchange platforms to distribute advertising inventory for purchase on a cost-per-thousand
basis through their automated exchange. The Group has control over which ads are to be displayed on its platform, volumes and selection
criteria.
(4)
Barter deals: Revenue is recorded at the fair value of non-cash
consideration received or promised from the customer. The fair value is measured at contract inception. Barter revenue is derived from
an exchange of advertising services, to be done through the Group's platform and the same applies for the second party with whom
the barter deal is done with. Instead of paying cash for the advertisements, the Group provides advertisements during the time when music
is streamed to free users.
Revenue is recognized
over time based on the number of impressions delivered.
Live events
The Group generates its live events revenues from
the sale of tickets, sponsorships & food & beverages to customers.
F-
13
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
3 BASIS OF PREPARATION AND SIGNIFICANT
ACCOUNTING POLICIES (continued)
3.4 Summary of significant accounting policies (continued)
Cost of revenue
Cost of revenue consists predominantly
of label and publishing costs related to content streaming, payment processing, agency fees and barter transaction costs. The Group incurs
label and publishing costs to certain music record labels, music publishers, and other rights holders for the right to stream music to
the Group's users. Label and publishing costs are typically calculated using negotiated rates in accordance with license agreements
and are based on either subscription and advertising revenue earned, user/usage measures, or a combination of these. The determination
of the amount of the rights holders' liability is complex and subject to a number of variables, including the revenue recognized,
the type of content streamed and the country in which it is streamed, the product tier such content is streamed on, identification of
the appropriate license holder, size of user base, ratio of Ad-Supported users to premium subscribers, and any applicable advertising
fees and discounts, among other variables. Some rights holders have allowed the use of their content on the platform while negotiations
of the terms and conditions are ongoing. In such situations, label and publishing costs are calculated using estimated rates. In certain
jurisdictions, rights holders have several years to claim royalties for musical compositions and therefore estimates of the label and
publishing payables are made until payments are made. The Group has certain arrangements whereby label and publishing costs are paid in
advance or are subject to minimum guaranteed amounts. An accrual is established when actual label and publishing costs to be incurred
during a contractual period are expected to fall short or exceed the minimum guaranteed amounts.
The expense related to these accruals
is recognized in cost of revenue. Cost of revenue also includes payment processing fees for subscription revenue, server's rental
and other infrastructure costs, amortization of intangible assets, and expenses incurred to produce music content sold to brands and ads
clients.
Amortization of podcast content assets
is recorded over the shorter of the estimated useful economic life, or the license period (if relevant), and begins at the release of
each episode. Amortization is calculated on double-declining basis similar to internally developed music content. We make payments to
podcast publishers, whose content we monetize through advertising sales.
The Group incurs expenses from barter deals with
third parties where the Group receives advertising services which can be reliably measured at the fair value of those advertising services.
The Group incurs expenses related to the purchase
of food and beverage, venues rent, artists fees & artists' logistics fees.
F-
14
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
3 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)
3.4 Summary of significant accounting policies (continued)
Selling and marketing expenses
Sales and marketing expenses are primarily comprised
of marketing campaigns on digital platforms, outdoor campaigns, advertising agency cost and cost of working with record labels and artists
to promote the availability of new releases on the Group's platform.
General and administrative expenses
General and administrative expenses are comprised
primarily of employee compensation and benefits for functions such as accounting, analytics, legal, human resources, consulting fees,
and other costs including facility and equipment costs, director fees, depreciation of property and equipment and the provision for employee
share-based compensations.
Income tax expense
The tax expense for the period comprises current
and deferred tax. Tax is recognized in the consolidated statement of comprehensive income except to the extent that it relates to a business
combination, or items recognized directly in equity or in other comprehensive income.
Current tax comprises the expected tax payable
or receivable on the taxable income or loss for the year and any adjustment to tax payable or receivable in respect of previous years.
It is measured using tax rates enacted or substantively enacted at the reporting date.
Deferred tax is recognized on all temporary differences
at the reporting date between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding
tax bases used in the computation of taxable profit, with the following exceptions:
Where the temporary difference arises from the
initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination that at the time of the
transaction affects neither accounting nor taxable profit or loss;
In respect of taxable temporary differences associated
with investments in subsidiaries, associates and joint ventures, where the timing of reversal of the temporary differences can be controlled
and it is probable that the temporary differences will not reverse in the foreseeable future; and
Deferred tax assets are recognized only to the
extent that it is probable that a taxable profit will be available against which the deductible temporary differences and carried forward
tax credits or tax losses can be utilized.
The carrying amount of deferred tax assets is
reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available
to allow all or part of the deferred tax assets to be utilized. Unrecognized deferred tax assets are reassessed at each reporting date
and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured
on an undiscounted basis at the tax rates that are expected to apply when the asset is realized or the liability is settled, based on
tax rates and tax laws enacted or substantively enacted at the reporting date.
Current and deferred tax is charged or credited
directly to other comprehensive income or equity if it relates to items that are credited or charged to, respectively, other comprehensive
income or equity. Otherwise, income tax is recognized in the consolidated statement of comprehensive income.
F-
15
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
3 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)
3.4 Summary of significant accounting policies (continued)
Income tax expense (continued)
The withholding tax (WHT) incurred on distributions
from foreign jurisdiction are comprised of distributions made from subsidiary entities (mainly Anghami KSA and ADC) to the Group. In addition,
WHT include taxes paid by the Group for income generated from Telco partners. These Telco partners operate in countries where the Group
does not have an operating entity and has service agreements with Telco companies. The tax on services performed by non-resident Group
is deducted from the Group's payments received from the Telco partners based on WHT rates for the respective countries which are
established as part of the existing WHT regimes for each country. WHT has been presented with the income taxes in these consolidated financial
statements.
Share-based compensation
Employee share-based compensation
Employees of the Group receive remuneration in
the form of share-based compensation transactions, whereby employees render services in consideration for equity instruments. The cost
of equity-settled transactions with employees is determined by the fair value at the date of grant using an appropriate valuation model.
The cost is recognized in the consolidated statement of comprehensive income, together with a corresponding credit to other reserves in
equity, over the period in which the service conditions are fulfilled.
The cumulative expense recognized for equity-settled
transactions with employees at each reporting date until the vesting date reflects the Group's best estimate of the number of equity
instruments that will ultimately vest. The expense for a period generally represents the movement in cumulative expense recognized at
the beginning and end of that period and is recognized in employee share-based compensation. When the terms of an equity-settled transaction
award are modified, the minimum expense recognized is the expense as if the terms had not been modified, if the original terms of the
award are met. An additional expense is recognized for modifications that increase the total fair value of the share-based compensation
transaction or are otherwise beneficial to the grantee as measured at the date of modification.
Share-based payment to service provider
The cost of other equity-settled transactions
is determined by the fair value at the date when the grant is made using an appropriate valuation model.
That cost is recognized in general and administrative
expense (Note 8), together with a corresponding increase in equity (other capital reserves), over the period in which the service and,
where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled
transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group's
best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the consolidated statement of comprehensive
income for a period represents the movement in cumulative expense recognized as at the beginning and end of that period.
IFRS 16 Leases
Lease liabilities
At the commencement date of the lease, the Group
recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include
fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an
index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of
a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term
reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognized
as expenses in the period in which the event or condition that triggers the payment occurs.
F-
16
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
3 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)
3.4 Summary of significant accounting policies (continued)
IFRS 16 Leases (continued)
Lease liabilities (continued)
In calculating the present value of lease payments,
the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily
determinable. Our incremental borrowing rate is determined based on estimates and judgments, including our credit rating and credit spread.
After the commencement date, the amount of lease
liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount
of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments
or a change in the assessment to purchase the underlying asset.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition
exemption to its short-term leases (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not
contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases that are considered of low value
(i.e., below USD
5,000
, when new). Lease payments on short- term leases and leases of low-value assets are recognized as expense
on a straight-line basis over the lease term.
Right-of-use assets (ROU)
The Group recognizes right-of-use assets at the
commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less
any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use
assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement
date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term
and the estimated useful lives of the assets, as follows:
●
Office spaces
4
–
5
years
If ownership of the leased asset transfers to
the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated
useful life of the asset.
Variable lease payments that do not depend on
an index or a rate are recognized as expenses (unless they are incurred to produce inventories) in the period in which the event or condition
that triggers the payment occurs.
The determination of whether an arrangement is
(or contains) a lease is based on the substance of the arrangement at the inception of the lease. The arrangement is, or contains, a lease
if fulfilment of the arrangement is dependent on the use of a specific asset (or assets) and the arrangement conveys a right to use the
asset (or assets), even if that asset is (or those assets are) not explicitly specified in an arrangement.
Trade and other receivables
A trade receivable represents the Group's
right to an amount of consideration that is unconditional (i.e. only the passage of time is required before payment of the consideration
is due). Trade receivables are stated at original invoice amount less a provision for any uncollectible amount.
Contract assets and contract liabilities
Contract assets
A contract asset is the right to consideration
in exchange for goods or services transferred to the customer. If the Group performs by transferring goods or services to a customer before
the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration that is conditional.
F-
17
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
3 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)
3.4 Summary of significant accounting policies (continued)
Contract assets and contract liabilities (continued)
Contract liabilities
A contract liability is recognized if a payment
is received or a payment is due (whichever is earlier) from a customer before the Group transfers the related subscription services. Contract
liabilities are recognized as revenue when the Group performs its obligations under the contract (i.e., transfers control of the services
to the customer).
Property and equipment
Property and equipment are stated at cost less
accumulated depreciation and any impairment in value.
Depreciation is calculated on a straight-line
basis over the estimated useful lives of the assets at the following rates:
Furniture and fixtures
3
–
5
years
Office and computer equipment
5
years
General installations
5
years
The carrying values of property and equipment
are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. If any such
indication exists and where the carrying values exceed the estimated recoverable amount, the assets are written down to their recoverable
amount.
Expenditure
incurred to replace a component of an item of equipment that is accounted for separately is capitalized and the carrying amount of the
component that is replaced is written off. Other subsequent expenditure is capitalized only when it increases future economic benefits
of the related item of property and equipment. All other expenditure is recognized in the consolidated statement of comprehensive income
as the expense is incurred.
Intangible assets
The Group recognizes
internal application and content development costs, podcasts and original content as intangible assets only when the following criteria
are met: the technical feasibility of completing the intangible asset exists, there is an intent to complete and an ability to use or
sell the intangible asset, the intangible asset will generate probable future economic benefits, there are adequate resources available
to complete the development and to use or sell the intangible asset, and there is the ability to reliably measure the expenditure attributable
to the intangible asset during its development. Until development of the underlying intangible asset is completed and is available for
intended use, the costs incurred are reflected as work in progress.
Intangible assets
with finite lives are typically amortized on a straight-line and double declining basis over their estimated useful lives based on the
nature of the intangible asset, typically over
3
to
5
years. Intangibles are assessed for impairment whenever there is an impairment indication
like change in technology, consumer behavior and adverse economic conditions. The amortization period and the amortization method for
an intangible asset are reviewed at least annually. Changes in the expected useful life or the expected pattern of consumption of future
economic benefits embodied in the asset are accounted for by changing the amortization period or method, as appropriate, and are treated
as changes in accounting estimates. The amortization of intangible assets is recognized in the consolidated statement of comprehensive
income in the cost of revenue, Selling & distribution expenses and General & Administrative expenses categories depending on the
function of the intangible assets.
An intangible asset is derecognized upon disposal (i.e., at the date
the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising upon
derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included
in the consolidated statement of comprehensive income.
F-
18
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
3 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)
3.4 Summary of significant accounting policies (continued)
Goodwill
Goodwill is the excess of the consideration transferred over the net
identifiable assets acquired and liabilities assumed. Goodwill is tested annually for impairment, or more regularly if certain indicators
are present. Goodwill is evaluated for impairment by comparing the recoverable amount of the Group's operating segments to the carrying
amount of the operating segments to which the goodwill relates. If the recoverable amount is less than the carrying amount an impairment
charge is determined. The recoverable amount of the operating segments is based on fair value less costs of disposal. The Group determines
the fair value of the operating segments using a combination of a discounted cash flow analysis and a market-based approach.
Financial instruments
i). Financial assets
Initial recognition and measurement
The Group's financial assets are comprised
of cash and cash equivalents, trade and other receivables, due from related parties and contract assets. All financial assets are recognized
initially at fair value plus transaction costs that are attributable to the acquisition of the financial asset.
The classification of financial assets at initial
recognition depends on the financial asset's contractual cash flow characteristics and the Group's business model for managing
them.
Trade receivables that do not contain a significant
financing component are measured at the transaction price determined under IFRS 15 'Revenue'.
For a financial asset to be classified and measured
at amortized cost, it needs to give rise to cash flows that are 'solely payments of principal and interest' ("SPPI")
on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level.
The Group's business model for managing
financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether
cash flows will result from collecting contractual cash flows, selling the financial assets, or both.
Subsequent measurement
For purposes of subsequent measurement, financial
assets are classified in two categories:
a)
Amortized cost
b)
Financial assets at fair value through profit or loss
Amortized cost
A financial asset is measured at amortized cost
if it meets both of the following conditions and is not designated as fair value through profit or loss. (FVTPL):
-
The financial asset is held within a business model with the objective to hold financial assets in order
to collect contractual cash flows; and
-
The contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.
Financial assets at amortized cost are subsequently
measured using the effective interest rate ('EIR') method and are subject to impairment. Gains and losses are recognized in
the consolidated statement of comprehensive income when the asset is derecognized, modified or impaired.
F-
19
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
3 BASIS
OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)
3.4 Summary
of significant accounting policies (continued)
Financial instruments (continued)
i). Financial assets (continued)
Subsequent measurement (continued)
Financial assets
at fair value through profit or loss
Financial assets at fair value through profit
or loss include financial assets held for trading and financial assets designated upon initial recognition at fair value through profit
or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if
they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives,
are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets at fair value through
profit or loss are carried in the consolidated statement of financial position at fair value with net changes in fair value recognized
in the consolidated statement of comprehensive income.
Impairment of financial assets
The Group recognizes an allowance for expected
credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between
the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at
an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral
held or other credit enhancements that are integral to the contractual terms.
ECLs are recognized in two stages. For credit
exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses
that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there
has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over
the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
For trade receivables, the Group applies a simplified
approach in calculating ECLs whereby it recognizes a loss allowance based on lifetime ECLs for each ageing bracket. The Group has established
a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors
and the economic environment.
The Group considers a financial asset in default
when contractual payments are 365 days past due. However, in certain cases, the Group may also consider a financial asset to be in default
when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before
taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation
of recovering the contractual cash flows. These write-offs are recorded in the Group's general and administrative expenses.
Derecognition of financial assets
The Group derecognizes a financial asset only
when the contractual rights to the cash flows from the asset expire; or it transfers the financial asset and substantially all the risks
and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards
of ownership and continues to control the transferred asset, the Group recognizes its retained interest in the asset and an associated
liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial
asset, the Group continues to recognize the financial asset.
Cash and cash equivalents
For the purpose of consolidated statement of cash
flows, cash and cash equivalents comprise cash on hand, deposits with financial institutions, and balances with original maturity of less
than three months, which are subject to insignificant risk of changes in fair value. Bank overdrafts are included in cash and cash equivalents
for the consolidated statement of cash flows.
F-
20
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
3 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)
3.4 Summary of significant accounting policies (continued)
Financial instruments (continued)
ii). Financial liabilities
Initial recognition and measurement
The Group's financial liabilities are comprised
of trade and other payables and accruals, due to related parties and other liabilities, including bank overdraft, lease liabilities and
convertible notes. Financial liabilities are recognized initially at fair value and in the case of loans and borrowings fair value of
the consideration received less directly attributable transaction costs.
Subsequent measurements
After initial recognition, financial liabilities
are subsequently measured at amortized cost using the effective interest method or fair value through profit or loss. The effective interest
method amortization is included in finance costs and fair value changes are included in the finance costs or finance income in the consolidated
statement of comprehensive income. Certain convertible notes include embedded derivatives designated at fair value through profit or loss
are subsequently remeasured at fair value.
Financial liabilities are classified as current
liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting
date.
Financial liabilities at fair value through
profit or loss
Financial liabilities at fair value through profit
or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value
through profit or loss.
Financial liabilities are classified as held for
trading if they are incurred for the purpose of repurchasing in the near term.
Gains or losses on liabilities held for trading
are recognized in the consolidated statement of comprehensive income.
Convertible notes that include an embedded derivative
designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if
the criteria in IFRS 9 are satisfied. After initial recognition, financial liabilities at fair value through the profit or loss are subsequently
re-measured at fair value at the end of each reporting period with changes in fair value recognized in finance costs or finance income
in the consolidated statement of comprehensive income. The Group has designated the convertible notes 1 and 2 at fair value through profit
or loss.
Financial liabilities at amortized cost (loans
and borrowings)
This category generally applies to interest-bearing
loans and borrowings, lease liabilities and certain convertible notes. After initial recognition, interest-bearing loans and borrowings,
lease liabilities and certain convertible notes are subsequently measured at amortized cost using the EIR method. Gains and losses
are recognized in the finance costs/income line item in the consolidated statement of comprehensive income when the liabilities are derecognized
as well as through the EIR amortization process. Amortized cost is calculated by considering any discount or premium on acquisition and
fees or costs that are an integral part of the EIR.
The EIR amortization is included as finance cost
in the consolidated statement of comprehensive income.
Derecognition
The Group derecognizes a financial liability when
its contractual obligations are discharged, cancelled, or expire.
Gains and losses are recognized in the consolidated
statement of comprehensive income when the financial liabilities are derecognized.
F-
21
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
3 BASIS OF PREPARATION AND SIGNIFICANT
ACCOUNTING POLICIES (continued)
3.4 Summary
of significant accounting policies (continued)
Financial instruments (continued)
ii). Financial liabilities
(continued)
Employees' end of service benefits
The Group makes contributions to the Lebanese
National Social Security Fund and provides end of service benefits to its employees in accordance with the Lebanese law. Furthermore,
as for the UAE & KSA, the Group provides provisions to their employees as per the respective labor laws of those countries. The entitlement
to these benefits is based upon the employees' length of service, the employees' salaries, the Group's contributions
to the National Social Security Fund and other requirements. The expected costs of these benefits are accrued over the period of employment.
At each reporting date, Management assesses the
impact of accounting for the provision at present value under IAS 19 'Employee benefits' while considering forward-looking
factors such as the employees' expected salary increases and expected length of future service. Management has determined that the
difference between accounting for the provision for employees' end of service benefits in accordance with UAE Labour Law, KSA and
Lebanese Law compared to IAS 19 to be immaterial to the Group's consolidated financial statements.
Accounts payable and accruals
Liabilities are recognized for amounts to be paid
in the future for goods or services received, whether billed by the supplier or not.
Provisions
Provisions are recognized when the Group has a
present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic
benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Group
expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognized as a separate
asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the consolidated statement
of comprehensive income net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using
a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in
the provision due to the passage of time is recognized as a finance cost.
Government Grants
Government grants are recognized where there is
reasonable assurance that the grant will be received, and all attached conditions will be complied with. When the grant relates to an
expense item, it is recognized as income on a systematic basis over the periods that the related costs, for which it is intended to compensate,
are expensed. When the grant relates to an asset, it is recognized as income in equal amounts over the expected useful life of the related
asset.
The Group has chosen to present grants related
to an expense item as other operating income in the consolidated statement of comprehensive income.
F-
22
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
3 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)
3.4 Summary of significant accounting policies (continued)
Financial instruments (continued)
ii). Financial liabilities (continued)
Interest income and expense
Interest income and expense are recognized in
the consolidated statement of comprehensive income using the effective interest rate method. The 'effective interest rate'
is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to:
●
the gross carrying amount of the financial asset;
or
●
the amortized cost of the financial liability.
When calculating the effective interest rate for
financial instruments other than purchased or originated credit-impaired assets, the Group estimates future cash flows considering all
contractual terms of the financial instrument, but not ECL.
The calculation of the effective interest rate
includes transaction costs and fees and points paid or received that are an integral part of the effective interest rate. Transaction
costs include incremental costs that are directly attributable to the acquisition or issue of a financial asset or financial liability.
Current versus non-current classification
The Group presents assets and liabilities in the
consolidated statement of financial position based on current/non-current classification. An asset is current when it is:
-
Expected to be realized or intended to be sold or consumed in
the normal operating cycle,
-
Held primarily for the purpose of trading,
-
Expected to be realized within twelve months after the reporting
period, or
-
Cash or cash equivalent unless restricted from being exchanged
or used to settle a liability for at least twelve months after the reporting period
All other assets are classified as non-current.
A liability is current when:
-
It is expected to be settled in the normal operating cycle,
-
It is held primarily for the purpose of trading,
-
It is due to be settled within twelve months after the reporting
period, or
-
There is no unconditional right to defer the settlement of the
liability for at least twelve months after the reporting period
The Group classifies all other liabilities as
non-current.
F-
23
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
3 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)
3.4 Summary of significant accounting policies (continued)
Joint Venture
A joint venture is a type of joint arrangement
whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the
contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the
unanimous consent of the parties sharing control.
The considerations made in determining significant
influence or joint control are similar to those necessary to determine control over subsidiaries. The Group's investment in its
joint venture is accounted for using the equity method.
Under the equity method, the investment in a joint
venture is initially recognized at cost. The carrying amount of the investment is adjusted to recognize changes in the Group's share
of net assets of the joint venture since the acquisition date. Goodwill relating to the joint venture is included in the carrying amount
of the investment and is not tested for impairment separately.
The consolidated statement of comprehensive income
reflects the Group's share of the results of operations of the joint venture. In addition, when there has been a change recognized
directly in the equity of the joint venture, the Group recognizes its share of any changes, when applicable, in the consolidated statement
of changes in equity.
The financial statements of the joint venture
are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line
with those of the Group.
After application of the equity method, the Group
determines whether it is necessary to recognize an impairment loss on its investment in its joint venture. At each reporting date, the
Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired; If there is such
evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and its
carrying value, and then recognizes the loss within 'Share of profit of a joint venture' in the consolidated statement of
comprehensive income.
Upon loss of significant influence over the joint
control over the joint venture, the Group measures and recognizes any retained investment at its fair value. Any difference between the
carrying amount of the joint venture upon loss of significant influence or joint control and the fair value of the retained investment
and proceeds from disposal is recognized in profit or loss.
Business Combination
Business combinations are accounted for using
the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at
acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business combination, the Group
elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree's
identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses.
The Group determines that it has acquired a business
when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the
ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs,
and the inputs acquired include an organised workforce with the necessary skills, knowledge, or experience to perform that process or
it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without
significant cost, effort, or delay in the ability to continue producing outputs.
When the Group acquires a business, it assesses
the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms,
economic circumstances and pertinent conditions as at the acquisition date.
F-
24
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
3 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)
3.4 Summary of significant accounting policies (continued)
Impairment of non-financial assets
Management determines at each reporting date whether
there are any indicators of impairment relating to the Group's property and equipment including intangible assets. A broad range
of internal and external factors are considered as part of the indicator review process.
The Group's impairment testing for non-financial
assets is based on calculating the recoverable amount of each asset. Recoverable amount is the higher of value in use and fair value less
costs to sell.
Impairment losses of continuing operations are
recognized in the statement of profit or loss in expense categories consistent with the function of the impaired asset
3.5 Significant accounting judgements, estimates and assumptions
The preparation
of the consolidated financial statements requires management to make judgments, estimates, and assumptions that affect the reported amounts
of revenues, expenses, assets, liabilities, and equity in the consolidated financial statements and the Grouping disclosures. Estimates
and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events.
Uncertainty
about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or
liabilities affected in future periods.
The areas where
judgements, assumptions and estimates are significant to the consolidated financial statements are:
Judgements
Determining
the lease term of contracts with renewal and termination options – Group as lessee
The Group determines
the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably
certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised.
The Group has
several lease contracts that include extension and termination options. The Group applies judgement in evaluating whether it is reasonably
certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create
an economic incentive for it to exercise either the renewal or termination.
Estimates and assumptions
Share-based
payments
The Group measures
the cost of equity-settled transactions with employees and non-employees by reference to the fair value of the equity instruments at the
date at which they are granted. While there was a mutual understanding with the employees regarding the terms of the award, its formal
approval is pending. The fair value is estimated using an appropriate model or by reference to a market transaction which requires the
determination of the appropriate inputs, specifically the probability of vesting.
The cost is
recognised in employee benefits expense, together with a corresponding increase in equity (employee share scheme reserve), over the period
in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognised
for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired
and the Group's best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the consolidated
statement of comprehensive income for a period represents the movement in cumulative expense recognised as at the beginning and end of
that period.
F-
25
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
3 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)
3.5 Significant accounting judgements, estimates and assumptions (continued)
Estimates and assumptions (continued)
Agreements
and arrangements
The Group's
agreements and arrangements with rights holders for the content used on its platform are complex. Some rights holders have allowed the
use of their content on the platform while negotiations of the terms and conditions are ongoing. In certain jurisdictions, rights holders
have several years to claim royalties for musical composition and therefore estimates of the royalty accruals are based on available information
and historical trends. The determination of label and publishing cost accruals requires a significant volume of data as well as involves
significant judgements and estimates of the amounts to be paid.
Warrants
Share purchase warrants issued by the Group are
accounted for as derivative liabilities. The warrants are initially recognised at fair value, and in subsequent periods measured at fair
value through profit or loss with any changes in fair value recognised in profit or loss until the warrants are exercised, redeemed, or
expire.
The Group's derivative liabilities related
to its public and private warrants are measured using appropriate valuation method. Public warrants derivative liabilities was measured
using Binomial lattice model while Black-Scholes Options Pricing Model ("BSOPM") was used to value the private warrants.
Useful lives of intangible assets
The Group's management determines the estimated
useful lives of its intangible assets for calculating amortization. This estimate is determined after considering the expected economic
life of the asset. Management reviews the residual value and useful lives annually and future amortization charges would be adjusted where
the management believes the useful lives differ from previous estimates.
Estimated credit losses
Credit risk is the risk that a counterparty will
not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit
risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and
financial institutions, foreign exchange transactions and other financial instruments.
Convertible notes
The fair value of the Group's convertible
notes are estimated using valuation techniques using inputs based on management's judgment and conditions that existed at each reporting
date for determination of the market rate used to calculate the fair value of liability.
Estimation
in Capitalization of Engineering Costs
The Group capitalizes its Engineering cost based
on the percentage derived from number of hours spent by each individual engineers on tasks such as application development to total number
of hours spent by engineers, estimates are made to determine the number of hours spent by each engineer; it is then multiplied by their
respective salaries in order to determine what is the amount to be capitalized to intangible assets.
Uncertain
tax positions
In determining
the amount of current and deferred income tax, the Group takes into account the impact of uncertain tax positions and whether additional
taxes, interest or penalties may be due. This assessment relies on estimates and assumptions and may involve a series of judgments about
future events. New information may become available that causes the Group to change its judgment regarding the adequacy of existing tax
liabilities. Such changes to tax liabilities will impact tax expense in the period that such a determination is made.
F-
26
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
4 REVENUE
2022
2021
2020
USD
USD
USD
Revenue from subscriptions
27,061,318
25,664,145
24,715,271
Revenue from advertisement (1)
12,057,903
9,840,247
5,803,085
Revenue from live events
9,362,794
-
-
48,482,015
35,504,392
30,518,356
Goods and services transferred at a point in time
21,420,697
9,840,247
5,803,085
Goods and services transferred over time
27,061,318
25,664,145
24,715,271
48,482,015
35,504,392
30,518,356
(1)
Revenue from advertisement
include barter transactions amounting to USD 4,270,233 (2021: USD 475,528)
Contract assets
The Group's contract assets consist of accrued
income from contracts with customers which amounts to USD
2,365,013
(2021:
2,164,205
). Accrued income is mainly comprised of subscription
fees due from customers not yet billed. Revenue is recognized over time as the services are performed.
Contract liabilities
The Group's
contract liabilities from contracts with customers consist only of deferred revenue. Deferred revenue is mainly comprised of subscription
fees and vouchers sold collected in advance for services not yet performed and therefore their revenues have not been recognized. Revenue
is recognized over time as the services are performed. As of December 31, 2022, and 2021, the Group had deferred revenue of USD
4,536,370
and USD
3,150,431
respectively. This balance will be recognized as revenue as the services are performed, which is generally expected
to occur over a period up to a year.
Revenue recognized
that was included in the contract liability balance at the beginning of the years ended December 31, 2022, and 2021 is USD
3,150,431
and USD
2,306,502
respectively.
F-
27
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
5 SEGMENT INFORMATION
The Group has three reportable segments: Revenue
from subscriptions, Revenue from advertisement, and Revenue from live events. Segments were identified based on the Group's internal
reporting and how the chief operating decision maker ("CODM") assesses the performance of the business. The Premium service
is a paid service in which customers can listen on demand and offline. Revenue for the Premium segment is generated through subscription
fees. The Ad-Supported service is free to the user. Revenue for the Ad-Supported segment is primarily generated through the sale of advertising
across the Group's content. Revenues from live events are generated from the sale of tickets, food and beverage & sponsorships. Royalty
costs are primarily recorded in each segment based on specific rates for each segment agreed with the rights holders. The remaining cost
of revenue items that are not specifically associated to either of the segments are allocated based on user activity in each segment.
No operating segments have been aggregated to form the reportable segments.
Key financial performance measures of the segments
including revenue, cost of revenue, and gross profit are as follows:
2022
2021
2020
USD
USD
USD
Revenue from subscription segment
Revenue
27,061,318
25,664,145
24,715,271
Cost of revenue
(
23,541,956
)
(
21,863,278
)
(
18,772,861
)
Gross profit
3,519,362
3,800,867
5,942,410
Revenue from advertisement segment
Revenue
12,057,903
9,840,247
5,803,085
Cost of revenue
(
8,655,196
)
(
4,599,359
)
(
3,573,660
)
Gross profit
3,402,707
5,240,888
2,229,425
Revenue from live events segment
Revenue
9,362,794
-
-
Cost of revenue
(
6,933,370
)
-
-
Gross profit
2,429,424
-
-
Consolidated
Revenue
48,482,015
35,504,392
30,518,356
Cost of revenue
(
39,130,522
)
(
26,462,637
)
(
22,346,521
)
Gross profit
9,351,493
9,041,755
8,171,835
F-
28
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
5 SEGMENT INFORMATION (continued)
Reconciliation of gross profits
Selling and marketing, operating expenses, finance
income, and finance costs are not allocated to individual segments as these are managed on an overall group basis. The reconciliation
between reportable segment gross profit to the Group's loss before tax is as follows:
2022
2021
2020
USD
USD
USD
Segment gross profit
9,351,493
9,041,755
8,171,835
Selling and marketing expenses
(
11,569,386
)
(
8,013,933
)
(
5,284,152
)
General and administrative expenses
(
17,365,313
)
(
11,017,765
)
(
5,204,627
)
Consultancy and professional fees
(
2,114,707
)
(
6,120,494
)
(
231,369
)
Government grants (note 12)
4,318,726
2,546,360
-
Finance costs
(
552,751
)
(
2,679,763
)
(
1,764,682
)
Finance income
15,036
145,107
137,397
Other income
2,825,374
41,419
60,497
Share of loss of a joint venture (note 17)
(
283,055
)
(
94,210
)
-
Fair value change of warrants liabilities
6,697,574
-
-
Recapitalization expense
(
48,521,756
)
-
-
Foreign exchange loss, net
(
3,129,330
)
(
1,558,780
)
(
1,126,851
)
Loss before tax
(
60,328,095
)
(
17,710,304
)
(
5,241,952
)
Revenue by market
2022
2021
2020
USD
USD
USD
KSA
14,607,994
8,287,578
10,027,692
UAE
12,750,454
5,980,102
4,100,221
Egypt
9,804,094
8,898,645
6,119,713
Lebanon
3,572,317
4,834,760
4,519,232
Kuwait
1,757,282
1,903,202
1,763,482
Jordan
1,133,807
1,043,768
854,517
Others*
4,856,067
4,556,337
3,133,499
48,482,015
35,504,392
30,518,356
Premium revenue is attributed to a country based
on where the membership originates. Ad-Supported revenue is attributed to a country based on where the advertising campaign is viewed.
Live events revenue is attributed to a country based on where the events occurred.
*
There is no individual geographical market other than those
disclosed above which would constitute more than
5
% of the total revenue.
F-
29
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
6 COST OF REVENUE
2022
2021
2020
USD
USD
USD
Content acquisition and royalty costs
16,930,370
15,739,013
12,600,373
Live events cost
6,933,370
-
-
Payment processing and agency fees
5,778,190
6,339,355
6,819,022
Barter transaction cost
4,270,233
475,528
-
Technology infrastructure costs
3,795,517
2,957,199
2,152,996
Amortization of intangible assets (note 15)
871,663
711,919
623,276
Online and other costs
551,179
239,623
150,854
39,130,522
26,462,637
22,346,521
The Group has
entered into barter transaction cost in the last quarter of 2021 which has increased in 2022 due to the larger number of deals entered
into. Barter transactions are non-monetary transactions whereby the Group receives and performs services with third parties for the same
value; thus, the Group records revenues equal to the cost. Barter revenue is derived from an exchange of advertising services, to be done
through the Group's platform and the same applies for the second party with whom the barter deal is done with. Instead of paying
cash for the advertisements, the Group provides advertisements during the time when music is streamed to free users.
7 SELLING AND MARKETING EXPENSES
2022
2021
2020
USD
USD
USD
Marketing and branding expenses
9,133,617
4,908,421
2,924,496
Advertising expenses
2,435,769
3,105,512
2,359,656
11,569,386
8,013,933
5,284,152
8 GENERAL AND ADMINISTRATIVE EXPENSES
2022
2021
2020
USD
USD
USD
Salaries and other related benefits
12,954,848
7,655,816
3,507,055
Provision for expected credit losses (note 16)
716,291
235,164
-
Provision for employee's end of service benefit (note 23)
643,904
43,477
33,717
Employees' share-based compensation (note 20)
564,741
801,450
564,284
Insurance expense
564,617
218,801
65,997
Rent and related charges (note 21)
514,643
474,865
89,362
Travel expenses
327,808
416,435
84,114
Utilities
299,697
202,052
73,465
Depreciation of property and equipment (note 14)
204,002
155,742
150,736
Taxes
-
157,826
25,142
Depreciation of rights-of-use assets (note 21)
121,020
84,884
85,117
License fees
48,362
139,588
290,148
Write-off receivables
45,679
160,715
8,501
Amortization of intangible assets (note 15)
3,437
-
-
Other expenses
356,264
270,950
226,989
17,365,313
11,017,765
5,204,627
F-
30
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
9 FINANCE COSTS
2022
2021
2020
USD
USD
USD
Interest on convertible loans (note 27)
322,748
1,836,468
188,138
Interest on working capital loans (note 27)
88,757
221,372
-
Bank interest and other charges
82,636
110,813
60,844
Interest on lease liabilities (note 21)
58,610
57,779
74,149
Fair value movements on convertible notes (note 27)
-
453,331
1,291,551
Transaction and other costs
-
-
150,000
552,751
2,679,763
1,764,682
10 OTHER
INCOME
2022
2021
2020
USD
USD
USD
Reversal of provisions of shared-based payment reserves (note 20)
2,214,795
-
-
Write off of payables and other provisions
563,841
20,563
1,101
Other non-operating income
46,738
20,856
59,396
2,825,374
41,419
60,497
Pursuant to
the business combination, the group has implemented a long term incentive plan whereby the shares of Anghami have been converted into
shares in Anghami Inc. the value of those share has dropped significantly due to the share price drop of Anghami Inc. resulting in a write-back
of the provisions taken in previous years amounting to USD
2,214,795
.
11 CONSULTANCY
AND PROFESSIONAL FEES
2022
2021
2020
USD
USD
USD
Legal fees
981,085
1,137,615
105,615
Audit fees
695,086
1,399,593
40,513
Consultancy fees
438,536
3,583,286
85,241
2,114,707
6,120,494
231,369
12 GOVERNMENT
GRANTS
2022
2021
USD
USD
At 1 January
209,843
-
Received during the year
(
2,993,340
)
(
2,336,517
)
Amount recognized in the statement of profit or loss
4,318,726
2,546,360
At 31 December
1,535,229
209,843
2022
2021
USD
USD
Current assets
2,055,978
601,612
Non-current liabilities
(
498,460
)
(
310,163
)
Current liabilities
(
22,289
)
(
81,606
)
1,535,229
209,843
F-
31
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
12 GOVERNMENT
GRANTS (continued)
The Group entered
into an agreement with Abu Dhabi Investment Office (ADIO) a government entity established in Abu Dhabi on December 23, 2020 in order for
the former to move its regional and global headquarters to Abu Dhabi including R&D center where a subsidiary has been incorporated
and registered in the Abu Dhabi Global Market, and to create a skilled-employment opportunities and ensure a positive social and economic
impact on the Emirate of Abu Dhabi. ADIO will make available the financial incentives to the Group as part of the agreement. The terms
of the Incentive program are effective through 30 June 2025.
Government grants
have been received for the payment of salaries and salaries related expenses, rent expenses and purchases of certain items of property
and equipment.
There are no
unfulfilled conditions or contingencies attached to these grants.
As of December
31, 2022 and December 21, 2021 the Group had a Accrued Government grants of USD
2,055,978
and USD
nil
respectively. The accrued government
grants are due from governmental entities not yet claimed.
13 INCOME TAX
The major components
of income tax expense for the years ended December 31, 2022 and 2021 are:
2022
2021
2020
USD
USD
USD
Consolidated statement of comprehensive income
Current income tax:
Current income tax charge
892,937
343,275
481,730
Deferred income tax
Relating to origination and reversal of temporary differences
-
(
3,272
)
19,508
Income tax expense reported in the consolidated statement of comprehensive income
892,937
340,003
501,238
Deferred tax asset / (liability) relates to the following:
Consolidated statement of financial position
Consolidated statement of comprehensive income
2022
2021
2022
2021
USD
USD
USD
USD
Provisions
-
-
-
-
Accelerated depreciation for tax purposes
1,384
(
14,625
)
-
(
3,272
)
Losses available for offsetting against future taxable income
-
-
-
-
Deferred tax expense / (benefit)
Deferred tax assets / (liabilities)
1,384
(
14,625
)
-
(
3,272
)
The Group's exposure to taxes stems from:
(1)
Anghami KSA: established in the Kingdom of Saudi Arabia and
is subject to
5
% withholding tax and
20
% corporate income tax;
(2)
Anghami for Digital Content (ADC): established in Egypt and
is subject to
20
% withholding tax and
22.5
% corporate income; and
(3)
Digi Music SAL (Offshore): established in Lebanon and is subject
to
7.5
% withholding tax.
In 2022, there is no deferred tax assets not recognised.
F-
32
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
13 INCOME TAX (continued)
The majority of withholding tax (WHT) incurred
on distributions from foreign jurisdiction are comprised of distributions made from subsidiary entities (mainly Anghami KSA and ADC) to
the Group. In addition, WHT include taxes paid by the Group for income generated from Telco partners. These Telco partners operate in
countries where the Group does not have an operating entity and has service agreements with Telco companies. The tax on services performed
by non-resident Group is deducted from the Group's payments received from the Telco partners based on WHT rates for the respective
countries which are established as part of the existing WHT regimes for each country.
14 PROPERTY
AND EQUIPMENT
The movement of property and equipment during
the year is as follows:
General installations
Office and computer equipment
Furniture & fixtures
Total
USD
USD
USD
USD
2021
Cost
At January 1, 2021
616,947
180,598
50,270
847,815
Additions
204
131,679
2,496
134,379
Disposals
-
(
4,162
)
-
(
4,162
)
Write-off
(
1,823
)
-
-
(
1,823
)
At December 31, 2021
615,328
308,115
52,766
976,209
Depreciation
At January 1, 2021
417,996
124,106
37,660
579,762
Charge for the year (note 8)
111,538
37,337
6,867
155,742
Write-off
(
14,104
)
(
17,055
)
(
4,461
)
(
35,620
)
At December 31, 2021
515,430
144,388
40,066
699,884
Net carrying amount
At December 31, 2021
99,898
163,727
12,700
276,325
2022
Cost
At January 1, 2022
615,328
308,115
52,766
976,209
Additions
1,423,217
221,206
484,229
2,128,652
At December 31, 2022
2,038,545
529,321
536,995
3,104,861
Depreciation
At January 1, 2022
515,430
144,388
40,066
699,884
Charge for the year (note 8)
123,370
59,070
21,562
204,002
At December 31, 2022
638,800
203,458
61,628
903,886
Net carrying amount
At December 31, 2022
1,399,745
325,863
475,367
2,200,975
F-
33
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
15 INTANGIBLE
ASSETS
The movement of intangible assets during the year
is as follows:
Application development
Originals and Sessions
Other intangibles
Work in progress
Total
USD
USD
USD
USD
USD
2021
Cost:
At January 1, 2021
2,669,100
342,645
59,450
68,128
3,139,323
Additions
-
-
18,864
86,350
105,214
Additions – internally developed
911,599
123,851
-
38,099
1,073,549
Transfers
-
81,701
-
(
81,701
)
-
At December 31, 2021
3,580,699
548,197
78,314
110,876
4,318,086
Amortization:
At January 1, 2021
1,295,643
250,327
17,351
-
1,563,321
Charge for the year
619,259
74,556
18,104
-
711,919
At December 31, 2021
1,914,902
324,883
35,455
-
2,275,240
Net carrying amount:
At December 31, 2021
1,665,797
223,314
42,859
110,876
2,042,846
2022
Cost:
At January 1, 2022
3,580,699
548,197
78,314
110,876
4,318,086
Additions
-
-
8,849,867
15,900
8,865,767
Additions – internally developed
112,378
51,927
-
-
164,305
Write-off
(
7,567
)
-
-
-
(
7,567
)
Transfers
-
(
80,072
)
86,350
(
6,278
)
-
At December 31, 2022
3,685,510
520,052
9,014,531
120,498
13,340,591
Amortization:
At January 1, 2022
1,914,902
324,883
35,455
-
2,275,240
Charge for the year
725,577
106,503
2,637,683
-
3,469,763
Write-off
(
7,567
)
-
-
-
(
7,567
)
Transfers
-
2,432
(
2,432
)
-
-
At December 31, 2022
2,632,912
433,818
2,670,706
-
5,737,436
Net carrying amount:
At December 31, 2022
1,052,598
86,234
6,343,825
120,498
7,603,155
Work in progress represents costs incurred in
relation to internally produced originals and sessions which are not yet released as well as software being developed by a third party.
Amortization charged is allocated as follows:
2022
2021
USD
USD
Selling and marketing expenses
2,594,663
-
Cost of revenue (note 6)
871,663
711,919
General and administrative expenses (note 8)
3,437
-
3,469,763
711,919
F-
34
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
16 TRADE
AND OTHER RECEIVABLES
2022
2021
USD
USD
Trade receivables
8,279,582
4,488,090
Prepayments
113,036
221,099
Advances paid for content and service providers
1,745,561
566,501
Other receivables
1,117,162
219,587
Other financial assets
(1)
17,947
145,434
Allowance for estimated credit losses
(
951,455
)
(
235,164
)
10,321,833
5,405,547
(1)
The
Group reclassified its bank balances in Lebanese Pounds equivalent of USD
17,947
(2021: USD
145,434
) to other financial assets
due to significant devaluation of Lebanese Pounds against US Dollar caused by the ongoing political and economic situation in
Lebanon. Refer to note 29.
Trade receivables are non-interest bearing and
are generally on terms of
30
to
120
days.
An analysis of expected credit losses is performed
at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for
groupings of various customer segments with similar loss patterns (i.e., by geographical region, product type, customer type and rating,
and coverage by letters of credit or other forms of credit insurance). The calculation reflects the probability-weighted outcome and reasonable
and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic
conditions. This credit analysis performed by the Group resulted in an increase in the ECL provision expense of USD
716,291
as at 31 December
2022 (2021: USD
235,164
) (refer to note 8).
At December 31, 2022 and 2021, the ageing analysis
of unimpaired trade receivables is as follows:
Neither past due nor
Past due but not impaired
Total
impaired
30-60 days
60-90 days
90-120 days
>120 days
USD
USD
USD
USD
USD
USD
2022
7,328,127
5,452,577
612,213
788,516
77,116
397,705
2021
4,252,926
3,863,994
113,814
200,443
61,219
13,456
F-
35
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
17 INVESTMENT
IN A JOINT VENTURE
The Group holds
50
% interest in Vibe Music Arabia
FZ-LLC, a joint arrangement formed with Sony Music Entertainment ME FZ LLC and involved in music distribution, music label and right management
and music production, re-production and recordings. Vibe Music Arabia FZ-LLC is legally separated from the entity and the Group has concluded
it is a joint venture. Vibe Music Arabia FZ-LLC was legally established / incorporated on September 7, 2021 as a free zone Group with
limited liability in Dubai Development Authority
The Group's interest in Vibe Music Arabia
FZ-LLC is accounted for using the equity method in the consolidated financial statements. Summarized financial information of the joint
venture, based on its IFRS financial statements, and reconciliation with the carrying amount of the investment in the consolidated financial
statements are set out below:
2022
2021
USD
USD
Opening balance at 1 January
48,142
-
Investment in joint venture
1,068,408
142,352
Group's share of the joint venture's loss for the year: Profit for the year
(
283,055
)
(
94,210
)
Investment at 31 December
833,495
48,142
Summarized statement of financial position of Vibe Music Arabia-LLC:
2022
2021
USD
USD
Non-current assets
364,743
-
Current assets
1,389,486
142,352
Current Liabilities
(
87,239
)
(
94,210
)
1,666,990
48,142
Summarized statement of profit or loss of Vibe Music Arabia FZ-LLC:
2022
2021
USD
USD
Revenue
34,613
-
Cost of revenue
(
35,338
)
-
Gross profit / Loss
(
725
)
-
Selling and distribution expenses
(
38,706
)
-
General and administrative expenses
(
517,326
)
(
188,356
)
Finance cost
(
4,956
)
(
64
)
Net foreign exchange differences
(
4,397
)
-
Total comprehensive loss for the year
(
566,110
)
(
188,420
)
Group's share of loss for the year (50%)
(
283,055
)
(
94,210
)
Vibe Music Arabia FZ-LLC had no significant contingent
liabilities or capital commitments as at 31 December 2022.
The Group has future commitments of USD
1,200,000
related to their
investment in Vibe Music Arabia FZ-LLC.
F-
36
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
18 CASH
AND BANK BALANCES
Cash and cash equivalents reflected in the consolidated
statement of cash flows comprise the following statement of financial position amounts:
2022
2021
USD
USD
Cash on hand
22,648
193
Bank balances
3,094,439
649,779
3,117,087
649,972
Less: bank overdrafts
(
3,756
)
(
17,432
)
Cash and cash equivalents
3,113,331
632,540
Bank overdrafts carry an interest rate between
7
% –
10
%.
19 ISSUED
CAPITAL AND RESERVES
On February 3, 2022 ("The Closing Date")
The Group consummated the Business Combination with Vistas Media Acquisition Group ("VMAC" or the "SPAC"), where
VMAC merged through multiple transactions with a wholly-owned subsidiary of Anghami Inc.
As a result of the reverse recapitalization and
consummation of the Business Combination, Anghami Inc. authorized the issuance of
7,768,964
shares upon Reverse Recapitalization.
Pursuant to the terms of the business combination
agreement, at the closing date, among other things, each shareholder of Anghami's outstanding common shares class A, common shares
Class B and common Shares Class C all received approximately
197.3057
shares of new Anghami's ordinary shares.
In addition, pursuant to the terms of the business
combination agreement, at the closing date, each outstanding Vista Media Acquisition Warrant were automatically assumed and converted
into a new Warrant to acquire new Anghami's Common Share A, subject to the same terms and conditions (including exercisability terms)
as were applicable to the corresponding former Vista Media Acquisitions Warrants.
On February 3, 2022, the Group converted
into equity by issuance of
96,483
Class B Preferred Shares of Anghami the convertible note agreement signed with MEVP for funds amounting
to USD
650,000
maturing on May 31, 2021 and is subject to an interest rate of
9
% per annum, which has been extended at the discretion
of MEVP. On August 31, 2021 the convertible note has been extended to May 31, 2022 where Anghami has obtained a waiver
on the accrual of interest for the extension period.
On February 3, 2022, the Group converted
into equity by issuance of
693,332
Class B Preferred Shares of Anghami the convertible note agreement and an ancillary conversion undertaking
agreement with Alkonost Investment Ltd. For funds amounting to USD
5,000,000
maturing May 2022. The convertible note was subject
to a profit rate of
12
% per annum and for which the Group has obtained a waiver for the interest which was accrued up to August 2021.
Following the closing of the Business Combination,
the Group had
25,768,967
ordinary shares issued and outstanding,
10,947,800
warrants to purchase ordinary shares at an exercise price
of USD
11.50
per share issued and outstanding and
500,000
warrants to purchase ordinary shares at an exercise price of USD
12.00
per share
issued and outstanding.
F-
37
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
19 ISSUED
CAPITAL AND RESERVES (continued)
After the completion of the Business combination,
575,000
private warrants have been exercised on cashless basis against the issuance of
236,687
class A ordinary shares.
Pursuant to the completion of the business combination,
the Group has recasted certain financial information presented to reflect certain changes in the equity structure and the effect of the
Conversion Ratio that are being applied retrospectively. Specifically, the Group has recast its financial numbers to reflect the change
in number of shares authorized, issued and outstanding post conversion in line with the Conversion Ratio in the Equity disclosure, allocation
between share capital and share premium, and its related impact on the Loss Per Share calculation and Convertible notes, working capital
loans and warrants.
The Group has retroactively adjusted the shares
issued and outstanding prior to February 3, 2022, to give effect to the exchange of Anghami's shares for Anghami Inc.'s shares
pursuant to the Business Combination agreement.
As of December 31, 2022
Number of authorized shares
Number of share outstanding
Ordinary shares
2,150,000,000
26,005,654
Preference shares
5,000,000
-
2,155,000,000
26,005,654
As of December 31, 2021
Number of authorized shares
Number of share outstanding
(recast)
(recast)
Class A Ordinary Shares
39,461,140
5,070,165
Class B Preferred Shares
39,461,140
11,039,452
Class C Ordinary Shares
19,730,570
1,100,571
98,652,850
17,210,188
The movement of ordinary shares and share premium
during the year is as follows:
Number of
Share Capital
Share premium
Shares
USD
USD
Opening balance as of January 1, 2022 (recast)
17,210,188
1,721
32,109,245
Issuance of ordinary shares upon reverse recapitalization
7,478,964
748
73,392,243
Share based payment for service providers
290,000
29
2,899,971
Conversion of convertible notes and working capital loans into common stock
789,815
79
7,738,105
Issuance of shares upon cashless exercise of warrants
236,687
24
365,676
Ending ordinary shares as of December 31,
26,005,654
2,601
116,505,240
The share-based payments reserve is used to recognize
the value of equity-settled share-based payments provided to employees (including key management personnel, as part of their remuneration)
and service provider. Refer to Note 20 for further details of these plans.
F-
38
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
20 SHARE-BASED PAYMENTS
The Group established the Anghami Long term Incentive
Plan ("LTIP") which is designed to provide long-term incentives for key employees in the Group. While there was a mutual understanding
with the employees regarding the terms of the award, its formal approval was pending. However, employees have rendered services to the
Group based on mutual understanding, and this counts towards employees meeting their service conditions. The Board of Directors adopted
a draft version of Anghami Long term Incentive Plan ("LTIP") and a draft version of the sample award agreement for granting
of options to employees as identified by the Management, up to
229,390
shares.
Under the LTIP, the Group, at its discretion,
may grant shares of the Parent to employees, once the employee has completed two years or four years of service, depending upon the plan.
Vesting of the share options is dependent on the completion of the service period of the employee. The fair value of shares granted is
estimated at the date of grant using a revenue multiple approach or by reference to a market transaction and taking into account the terms
and conditions on which the shares were granted. The model simulates the revenue multiple and compares it against the group of principal
competitors or comparable companies, whilst applying an appropriate liquidity discount and volatility rate. It takes into account historical
and expected probability of vesting. The current GESP program is a graded vesting shares ownership program with the following maturities:
1.
4.5
years maturity –
25
% Vesting Rule: Whereby the employee gets
25
% of the distributed shares for
the first 18 months since the date of grant, and
25
% are vested equally over the next
three years
.
2.
2.
5
years maturity –
50
% Vesting Rule: Whereby the employee gets
50
% of the distributed evenly over
two years
.
LTIPs are Class C non-voting preferred shares
and are vested only when the employee completes the vesting period. Employee can only sell the vested shares to the Group or existing
shareholders. The latter's buying of GESP shares requires a board approval.
The shares are distributed evenly through tranches
over the vesting period. The remaining three tranches are distributed at the end of each service year starting the end of the second year
of service. Participation in the plan is at the board's discretion and no individual has a contractual right to participate in the
plan or receive any guaranteed benefits.
Prior to the business combination employees have
been vesting their distributed shares at Anghami (the predecessor consolidation entity) over a period of
4.5
years which have been transferred
to shares in Anghami Inc. whereby they immediately vest
50
% of the distributed shares and the rest will be allocated at a rate of
25
%
per year over a total period of
2
years
The movement of share-based payment reserves during
the year is as follows:
Amount
USD
As at January 1, 2021
2,361,094
Share-based payments expense during the year (note 8)
801,450
At December 31, 2021
3,162,544
Reversal of prior provisions
(
2,214,795
)
Share-based payments expense during the year (note 8)
564,741
As at December 31, 2022
1,512,490
F-
39
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
20 SHARE-BASED
PAYMENTS (continued)
Share options
outstanding at the end of each year are the follows:
2022
2021
Shares options
Shares
                                                                                options
Opening balance as of January 1,
4,318
3,830
Issued during the year (i)
1,110
488
Exercised during the year
-
-
Ending shares option as of December 31,
5,428
4,318
(i)
Since the
grant date is achieved only in the future on the "exit event" while the vesting period commences when awards are issued to
employees, the disclosure considers "number of awards issued" in place of "number of awards granted"
The options
are fair valued using Monte Carlo simulation. The following assumptions are used in calculating the fair values of the options:
2022
2021
Expected weighted average volatility (%)
80
%
70
%
Pursuant to
the business combination, the group has implemented a Long term incentive plan whereby the shares of Anghami have been converted into
shares in Anghami Inc. the value of those share has dropped significantly due to the share price drop of Anghami Inc. resulting in a reversal
of the provisions taken in previous years amounting to USD
2,214,795
.
21 LEASES
The Group has lease contracts for various office
spaces used in its operations. Leases of such office spaces generally have lease terms between
1
and
5
years. The Group's obligations
under its leases are secured by the lessor's title to the leased assets. Generally, the Group is restricted from assigning and subleasing
the leased assets.
There are several lease contracts that include
extension and termination options and variable lease payments.
Set out below are the carrying amounts of right-of-use
assets recognized and the movements during the year:
ROU
USD
At January 1, 2021
254,653
Depreciation expense (note 8)
(
84,884
)
At December 31, 2021
169,769
Additions during the year
247,789
Depreciation expense (note 8)
(
121,020
)
At December 31, 2022
296,538
F-
40
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
21 LEASES (continued)
Set out below are the carrying amounts of lease
liabilities and the movements during the period:
2022
2021
USD
USD
As at January 1
240,200
319,413
Additions during the year
247,789
-
Accretion of interest (note 9)
58,610
57,779
Payments
(
189,555
)
(
136,992
)
As at December 31
357,044
240,200
2022
2021
USD
USD
Current
188,245
104,233
Non-current
168,799
135,967
357,044
240,200
The maturity analysis of lease liabilities is
disclosed in Note 29
2022
2021
USD
USD
Depreciation expense of right-of-use assets (note 8)
121,020
84,884
Interest expense on lease liabilities (note 9)
58,610
57,779
Expenses relating to short-term lease (note 8)
514,643
474,865
Total amount recognized in profit or loss
694,273
617,528
There are no potential future rental payments,
on account of extension options expected not to be exercised and termination option expected to be exercised, relating to periods following
the exercise date of extension and termination options that are not included in the lease term.
22 BUSINESS
COMBINATION AND GOODWILL
On 3 June 2022, the Group acquired
100
% of the
shares of Spotlight Recreational Services LLC ("Spotlight"), a Company incorporated under the laws of the United Arab Emirates,
pursuant to the signed sale and purchase agreement. Spotlight is engaged in operating live events. This acquisition has been accounted
for in accordance with IFRS 3 Business Combinations.
The initial accounting is based on the management's
best estimate of the fair value of the assets and liabilities acquired by the Group and will be finalized within the next 12 months. The
finalization of the purchase price allocation may result in a change in the fair value of assets and liabilities acquired, and accordingly
a corresponding change in the goodwill
.
Management believes there are no material provisional
assets and liabilities to be recorded at the date of the acquisition, further Management does not expect any material adjustments upon
the completion of the purchase price allocation exercise. The purchase consideration are as follows:
●
USD
350,000
paid in cash at closing of acquisition
which has been fully paid is at December 31, 2022
●
USD
250,000
, to be paid in shares
At December 31,2022, the share payment mentioned
above was still due for issuance.
The acquired business contributed a profit of
USD
430,265
and Revenue of USD
4,864,015
for the period since the acquisition date to 31 December 2022.
F-
41
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
23 PROVISION
FOR EMPLOYEES' END OF SERVICE BENEFITS
2022
2021
USD
USD
Provision as at January 1
166,013
131,109
Provided during the year (note 8)
643,904
43,477
Paid during the year
(
108,964
)
(
8,573
)
700,953
166,013
24 TRADE
AND OTHER PAYABLES
2022
2021
USD
USD
Trade payables (content and service providers)
12,311,919
6,075,269
Accrued content acquisition and royalty costs
10,388,153
8,481,666
Social security and taxes payable
259,345
358,702
Withholding taxes payable
437,300
11,008
Other accrued expenses
1,767,875
657,727
Deferred purchase price
250,000
-
Other payables
1,107,647
307,757
26,522,239
15,892,129
25 AMOUNT
DUE FROM/TO RELATED PARTIES
Related parties represent associated companies,
shareholders, directors and key management personnel of the Group, and entities controlled, jointly controlled or significantly influenced
by such parties. Pricing policies and terms of these transactions are approved by the Group's management.
25.1 Related
party balances
Due from related parties:
2022
2021
USD
USD
(a) Affiliated companies:
Du – UAE
32,234
339,767
Mobily – KSA
207,028
261,670
239,262
601,437
(b) Due from related parties
Elias Habib (shareholder)
-
65,472
Vistas Media Acquisition Group
-
1,000,000
239,262
1,666,909
F-
42
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
25 AMOUNT
DUE FROM/TO RELATED PARTIES (continued)
Due to shareholders and related parties:
2022
2021
USD
USD
(a) Due to shareholders
Edgard Maroun
232,429
365,847
MEVP Holding SAL
-
250,000
Elias Habib
162,354
-
Omar Sukarieh
-
30,000
Choucri Khairallah
-
75,000
Maher Khawkhaji
100,236
-
495,019
720,847
(b) Due to a related party
MBC FZ LLC
1,941,289
1,350,000
2,436,308
2,070,847
The above balances are interest free and have
no fixed repayment terms.
(c) Convertible notes:
Convertible notes
from MEVP, Alkonost Investment Ltd. and SHUAA are disclosed in note 27 to the consolidated financial statements.
(d)
Working capital loans:
Working capital
loans from MEVP and SHUAA are disclosed in note 27 to the consolidated financial statements.
25.2 Related
party transactions
Significant transactions with related parties
included in the consolidated statement of comprehensive income are as follows:
2022
2021
USD
USD
Fair value movement on convertible notes (note 27)
-
(
453,331
)
Interest on convertible loans (note 27)
(
322,748
)
(
1,836,468
)
Interest on working capital loans (note 27)
(
88,757
)
(
221,372
)
Consultancy fees paid to Shuaa
-
(
3,100,000
)
Revenues from Du and Mobily
1,248,248
1,445,268
Fees paid to Du and Mobily (cost of revenue)
(
305,394
)
(
577,674
)
Du and Mobily utilize their network to facilitate
subscription payments for the Group's users.
F-
43
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
25 AMOUNT
DUE FROM/TO RELATED PARTIES (continued)
25.3 Compensation
of key management personnel of the Group
2022
2021
USD
USD
Short term employee benefits
1,926,641
1,088,027
Post-employment pension and medical benefits
34,535
30,939
Termination benefits
48,747
1,830
Share-based payment transactions
109,800
105,069
Total compensation of key management personnel of the Group
2,119,723
1,225,865
26 WARRANTS
LIABILITIES
Prior to the Transaction, the SPAC issued
11,295,000
warrants each exercisable at $
11.50
per one Class A Ordinary Share, of which
10,000,000
are Public Warrants listed on NASDAQ and Private
Warrants held by the sponsors.
Upon closing of the Transaction, the Group assumed
the Public Warrants and Private Warrants of the SPAC. Each whole warrant entitles the holder to purchase one share of the Company's
Class A ordinary shares at a price of $
11.50
per share. The Public Warrants will expire 5 years after completion of the Business Combination.
During the year 2022,
575,000
warrants were exercised
on a cashless basis against the issuance of
236,687
class A ordinary shares.
The warrants are initially recognised at fair
value, and in subsequent periods measured at fair value through profit or loss with any changes in fair value recognised in profit or
loss until the warrants are exercised, redeemed, or expire. The public warrants are listed on NASDAQ under the symbol "ANGHW"
The outstanding warrants as of December 31, 2022
are as follows:
Public
Private placement
Representative
Service
Opening balance as of January 1, 2022
-
-
-
-
Issued in connection to reverse recapitalization
10,000,000
795,000
500,000
-
Service based payments
-
-
152,800
Exercised during the year
-
(
75,000
)
(
500,000
)
-
Ending balance as of December 31, 2022
10,000,000
720,000
-
152,800
Public Warrants
Each warrant entitles the registered holder to
purchase one ordinary share at a price of USD
11.50
per share (or such lower price as we may determine pursuant to the terms of the
warrant agreement), subject to adjustment as discussed below, at any time commencing on the later of 12 months from the closing of
the VMAC's public offering and 30 days after the completion of the Business Combination, provided in each case that we have an effective
registration statement under the Securities Act covering the ordinary shares issuable upon exercise of the warrants and a current prospectus
relating to them is available (or we permit holders to exercise their warrants on a cashless basis under the circumstances specified in
the warrant agreement) and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of
the state of residence of the holder.
The warrants will expire five years after the
completion of the Business Combination, which will be February 3, 2027 (or such later date as we may determine pursuant to the terms
of the warrant agreement), or earlier upon redemption or liquidation.
F-
44
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
26 WARRANTS LIABILITIES
(continued)
Private Placement Warrants and Private Placement Unit Warrants
The private placement warrants and private placement
unit warrants have the same terms & conditions as the public warrants, except that the private placement warrants and the private
placement unit warrants and the ordinary shares issuable upon exercise of such warrants are not transferable, assignable or saleable until
30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the private placement warrants
and private placement unit warrants are non-redeemable so long as they are held by the Sponsor, I-Bankers or their permitted
transferees. If the private placement warrants and private placement unit warrants are held by someone other than the Sponsor, I-Bankers or
their permitted transferees, the private placement warrants and private placement unit warrants will be redeemable by the Group and exercisable
by such holders on the same basis as the public warrants.
On March 7, 2022, Anghami Inc. issued
24,393
Class
A Shares upon the cashless exercise of representative warrants to purchase
75,000
Class A Shares at an exercise price of USD
11.50
per
share.
Representative Warrants
On August 11, 2020, VMAC issued an aggregate
of
500,000
Representative's Warrants, exercisable at USD
11.50
per share, to the underwriters in connection with their services
as underwriters for the IPO. The Representative's Warrants may be exercised for cash or on a cashless basis, at the holder's
option, at any time during the period commencing on the later of the first anniversary of the effective date of the registration statement
of the Group and the closing of the Group's initial Business Combination and terminating on the fifth anniversary of such effectiveness
date.
On February 8, 2022, Anghami Inc. issued
153,846
Class A Shares upon the cashless exercise of representative warrants to purchase
400,000
Class A Shares at an exercise price of USD
11.50
per share. On February 18, 2022, Anghami Inc. issued
58,448
Class A Shares upon the cashless exercise of representative warrants to purchase
75,000
Class A Shares at an exercise price of USD
11.50
per share.
Service Warrants
The service warrants are identical in terms to
the public warrants and form part of the same class as, the public warrants.
As at 31 December 2022, The carrying value of
the warrants is as follows:
2022
2021
USD
USD
At January 1
-
-
Recognized pursuant to the reverse acquisition transaction
7,625,996
-
Exercised during the year
(
365,700
)
-
Change in fair value during the period/year
(
6,697,574
)
-
At December 31
562,722
-
The warrants are fair valued using Black-Scholes
model. The following assumptions are used in calculating the fair values of the warrants:
2022
2021
Volatility
75
%
-
Risk-free rate
3.794
%
-
F-
45
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
27 LOANS
AND BORROWINGS
2022
2021
USD
USD
Convertible notes
-
13,805,436
Working capital loans
-
4,721,366
-
18,526,802
Convertible note 1
During the year 2020, the Group signed a convertible
note agreement with MEVP for funds amounting to USD
650,000
maturing on May 31, 2021 and is subject to an interest rate of
9
% per
annum, which has been extended at the discretion of MEVP. The convertible notes rank ahead of the ordinary shares in the event of a liquidation.
MEVP provided an advance of USD
150,000
in 2019 which has been accounted for against the convertible note. On August 31, 2021 convertible
note 3 has been extended to May 31, 2022 where Anghami has obtained a waiver on the accrual of interest for the extension period.
Upon the consummation of the business combination,
the convertible notes of USD
650,000
and unpaid accrued interest of USD
292,231
were converted into
96,483
shares in Anghami Inc.
Convertible note 2
During the year 2020, the Group signed a convertible
note agreement and an ancillary conversion undertaking agreement with Alkonost Investment Ltd. for funds amounting to USD
5,000,000
maturing
May 2022, which is subject to a profit rate of
12
% per annum and for which the Group has obtained a waiver for the interest which was
accrued up to August 2021. The convertible notes rank ahead of the ordinary shares in the event of a liquidation. Anghami has obtained
a waiver on the accrual of interest until August 31,2021.
The Convertible note 2 agreements included certain
affirmative covenants, including the delivery of audited consolidated financial statements to the holders.
Upon the consummation of the business combination,
the convertible notes of USD
5,000,000
and unpaid accrued interest of USD
1,795,953
were converted into
693,332
shares in Anghami Inc.
Convertible note 3
The Group has entered into a convertible loan
on December 5, 2021, and an ancillary conversion undertaking agreement with Shuaa amounting to USD
6,000,000
with maturity date of
February
11, 2023
. The Group has the right to repay the loan interest free by February 11, 2022, however, a transaction cost of
390,000
was charged
as part of the loan. After three months the interest rate of
12
% will be accrued monthly. At maturity date, the lenders have the option
to either demand the repayment of the principal and the accrued interest at maturity or convert the outstanding loan balance at a discount
to the fair market value of the Group.
Upon the consummation of the business combination,
the loan was deducted from the proceeds that resulted from the business combination as well as the transaction cost of USD
390,000
.
The table below presents the changes in the convertible notes:
2022
2021
USD
USD
At January 1
13,805,436
12,735,835
Additions – convertible notes
-
6,000,000
Changes in fair value (note 9)
-
453,331
Interest and transaction costs (note 9)
322,748
1,836,468
Conversion of convertible notes during the year
(
7,738,184
)
(
7,220,198
)
Repayment of convertible notes during the year
(
6,390,000
)
-
At December 31
-
13,805,436
F-
46
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
27 LOANS
AND BORROWINGS (continued)
The table below presents the classification and
maturity of the convertible notes:
2022
2021
USD
USD
Fair value through profit or loss
-
-
Amortized cost
-
13,805,436
-
13,805,436
Current
-
13,805,436
Non-current
-
-
-
13,805,436
Working capital loans
Working capital loan 1
The Group has entered into a working capital loan
on July 1, 2021 and an ancillary conversion undertaking agreement with Shuaa amounting to USD
3,500,000
. The working capital loan has
a three-months grace period after which an annual interest of
12
% will be accrued monthly. On February 11, 2023 (the maturity date), the
lenders have the option to either demand the repayment of the principal and the accrued interest at maturity.
Upon the consummation of the business combination,
the loan was deducted from the proceeds that resulted from the business combination as well as the transaction cost of USD
203,000
.
Working capital loan 2
The Group has entered into a working capital loan
on September 4, 2021 with MEVP amounting to USD
1,000,000
. The working capital loan has three-month grace period after which an annual
interest of
12
% will be accrued monthly. Cash settlement of interest and principal will occur upon the completion of the business combination
with VMAC.
On March 3, 2022 this working capital loan has
been settled in cash where the entire principle of USD
1,000,000
has been paid along with an interest amount of USD
67,923
and a success
fee of USD
39,200
.
The table below presents the changes in the working capital loans:
2022
2021
USD
USD
At January 1
4,721,366
-
Additions – working capital loans
-
4,499,994
Interest (note 9)
88,757
221,372
Repayment of working capital loans
(
4,810,123
)
-
At December 31
-
4,721,366
F-
47
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
28 CONTINGENCIES
AND COMMITEMENTS
28.1 Contingencies
There exist a few pending legal actions, proceedings,
and claims or may be instituted or asserted against the Group. These may include but are not limited to matters arising out of alleged
infringement of intellectual property; alleged violations of consumer regulations; employment-related matters; and disputes arising out
of supplier and other contractual relationships. As a general matter, the music and other content made available on the Group's
service are licensed to the Group by various third parties. Many of these licenses allow rights holders to audit the Group's royalty
payments, and any such audit could result in disputes over whether the Group has paid the proper royalties. If such a dispute were to
occur, the Group could be required to pay additional royalties, and the amounts involved could be material. The Group expenses legal fees
as incurred. The Group records a provision for contingent losses when it is both probable that a liability has been incurred and the amount
of the loss can be reasonably estimated. An unfavorable outcome to any legal matter, if material, could have an adverse effect on the
Group's operations or its financial position, liquidity, or results of operations.
Pop Arabia commenced a law suit against Anghami
in December 2022 with an accusation of "unlicensed exploitation of musical and lyrical works". The estimated amount is immaterial
should the action be successful as they are only claiming the rights for 12 songs.
Based on management assessment, currently there
are no material cases, claims or proceedings of such quantum which require provision or disclosure as contingent liabilities.
28.2 Commitments
The Group is subject to the following minimum
guarantee amounts relating to investments in joint ventures and the content on its service and publishing rights, the majority of which
relate to initial investments and minimum royalty payments associated with its license agreements for the use of licensed content and
publishing royalties, as at December 31:
2022
2021
USD
USD
Less than one year
4,194,264
5,149,957
Later than one year but not more than 5 years
1,250,000
1,965,594
In addition to the minimum guarantees listed above,
the Group is subject to various service agreements including a service agreement with Amazon for the use of Amazon servers and cloud as
at December 31.
29 FINANCIAL
RISK MANAGEMENT OBJECTIVE AND POLICIES
The Group's principal financial liabilities
comprise loans and borrowings, lease liabilities, due to related parties, bank overdrafts and trade and other payables. The main purpose
of these financial liabilities is to finance the Group's operations. The Group's principal financial assets include trade
and other receivables, contract assets, due from related parties and cash and cash equivalents that derive directly from its operations.
The main risks arising from the Group's
financial instruments are market risk, liquidity risk and credit risk. The Board of Directors reviews and agrees policies for managing
each of these risks which are summarised below:
Market risk
Market risk is the risk that the fair value or
future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk:
interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. The sensitivity analyses in the
following sections relate to the position as at December 31, 2022 and 2021.
Interest rate risk
The Group is not exposed to any significant interest
rate risk, all convertible notes have fixed interest rates and have been settled in their entirety during the year ended December 31,
2022.
F-
48
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
29 FINANCIAL
RISK MANAGEMENT OBJECTIVE AND POLICIES (continued)
Credit risk
The Group seeks to limit its credit risk with
respect of customers by setting credit limits and monitoring outstanding receivables and maintaining positive cash flows.
With respect to credit risk arising from other
financial assets of the Group, which comprise of bank balances and trade receivables, the Group's exposure to credit risk arises
from default of the counterparty, with the maximum exposure equal to the carrying amount of these instruments. The Group seeks to limit
its credit risk to banks by only dealing with reputable banks and financial institutions.
Foreign currency risk
Foreign currency risk comprises of transaction
and statement of financial position risk. Transaction risk relates to the Group's cash flow being adversely affected by a change
in the exchange rates of foreign currencies against US Dollars. The consolidated statement of financial position risk relates to the risk
of the Group's monetary assets and liabilities in foreign currencies acquiring a lower or higher value, when translated into US
Dollars, as a result of currency movements.
The Group is exposed to foreign currency fluctuations
on its transactions in foreign currencies, mainly in Egyptian and Lebanese Pounds. As the UAE Dirham and Saudi Riyal are pegged to the
US Dollar, balances in these currencies are not considered to represent significant currency risk. The Group's principle foreign
currency risk arises from Egyptian and Lebanese Pounds denominated transactions.
The table below indicates the Group's foreign
currency exposure at December 31 as a result of its monetary assets and liabilities denominated in Egyptian Pounds. The analysis calculates
the effect of a reasonable possible movement of the US Dollars rate against Egyptian with all other variables held constant on the consolidated
statement of comprehensive income.
Sensitivity analysis
A 5% strengthening/(weakening) of the following currency against USD
currency at 31 December would have increased/(decreased) financial instruments by USD equivalent amounts shown below:
Increase/decrease in USD rate to the
Effect on loss before tax
Egyptian Pound
USD
2022
+/-5
%
76,352
2021
+/-5
%
30,985
As for the Transactions denominated in Lebanese
Pounds the Central Bank of Lebanon issued Basic Circular 157 setting the framework of exceptional measures for foreign-currency operations.
Hence, banks operating in Lebanon must process customers' FX operations (buy and sell) related to their personal or commercial needs
on the electronic platform "Sayrafa".
Transactions with customers encompass purchase
and sale of foreign currencies banknotes against LBP, as well as operations from/to foreign currencies external accounts against LBP.
The Sayrafa corresponds to a floating system and the Sayrafa average rate and volume of foreign currency operations are published on the
website of the Central Bank of Lebanon. Foreign currency operations were executed on the Sayrafa platform at the following exchange rates:
2022
Rate
as at December 31
Average rate for the period from January 1 to December 31
LBP
LBP
US Dollar
38,000
25,681
The Sayrafa platform is not available for the
purchase and sale of and "local" foreign currency bank accounts which are subject to unofficial capital controls.
F-
49
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
29 FINANCIAL
RISK MANAGEMENT OBJECTIVE AND POLICIES (continued)
Foreign currency risk (continued)
The Sayrafa rates were introduced in Lebanon to
suppress the black-market rates. Sayrafa platform was initially created in September 2021 for supporting corporate clients to pay for
international shipments, expatriates' salaries and tuition fees for Lebanese students studying abroad. The volume of transactions
on the Sayrafa platform did not pick up until the end of December 2021, when Banque du Liban ('started selling fresh dollars on
the platform to the public. On December 16, 2021, the Banque du Liban ('issued Basic Circular No 161 allowing the public to withdraw
cash amounts from their LBP accounts at the Sayrafa rate within their cash withdrawal limit.
The application of Sayrafa has affected the group's
statement of profit and loss in the following manner:
At official rate
At sayrafa rate
Impact
Cost of revenues
407,056
24,587
382,469
Finance costs
315,883
17,119
298,764
General and administrative expenses
799,955
46,645
753,310
Net foreign exchange differences
7,690,532
391,694
7,298,838
Other income
3,082
209
2,873
Revenue
9,416,614
536,265
8,880,349
Selling and distribution expenses
158,475
9,603
148,872
Consultancy and professional fees
1,013
44
969
Liquidity risk
The Group limits its liquidity risk primarily
from the funds generated from operations to settle supplier dues and provide the Group with sufficient funds to enable it to meet its
financial obligations as they fall due.
The table below summarises the maturities of the
Group's undiscounted financial liabilities, based on contractual payment dates.
On demand
Less than 3 months
3 months to 1 year
1 to 5 years
Total
USD
USD
USD
USD
USD
December 31, 2022
Bank overdrafts
3,756
-
-
-
3,756
Lease liability
-
-
188,245
168,799
357,044
Trade and other payables
-
12,311,919
14,210,320
-
26,522,239
Total
3,756
12,311,919
14,398,565
168,799
26,883,039
December 31, 2021
Bank overdrafts
17,432
-
-
-
17,432
Lease liability
-
-
104,233
135,967
240,200
Trade and other payables
-
6,075,269
9,816,860
-
15,892,129
Total
17,432
6,075,269
9,921,093
135,967
16,149,761
F-
50
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
30 EARNINGS
PER SHARE (EPS)
Basic loss per share is computed using the weighted-average
number of outstanding shares during the period. Diluted loss per share is computed using the treasury stock method to the extent that
the effect is dilutive by using the weighted-average number of outstanding shares and potential shares during the period. The Group's
potential shares consist of incremental shares issuable upon (1) the assumed exercise of warrants, (2) the assumed vesting of unvested
shares under GESP program, and (3) conversion of the outstanding convertible notes, excluding all anti-dilutive shares outstanding during
the period. The Group used the if-converted method to calculate the dilutive impact for the above convertible instruments and adjusted
the numerator for changes in profit or loss.
The following table reflects the loss and share
data used in the basic and diluted loss per share calculations:
2022
2021
2020
USD
USD
USD
(recast)
(recast)
Basic loss per share
Net loss attributable to the equity holders of the Parent
(
61,019,350
)
(
17,786,681
)
(
5,585,948
)
Shares used in computation:
Weighted-average shares outstanding
26,005,564
17,210,188
16,325,468
Basic net loss per share attributable to equity holders of the Parent
(
2.35
)
(
1.03
)
(
0.34
)
Diluted loss per share
Net loss attributable to the equity holders of the Parent
(
61,019,350
)
(
17,786,681
)
(
5,585,948
)
Shares used in computation:
Weighted-average shares outstanding
26,005,564
17,210,188
16,325,468
Diluted net loss per share attributable to equity holders of the Parent
(
2.35
)
(
1.03
)
(
0.34
)
There have been no other transactions involving
ordinary shares or potential ordinary shares between the reporting date and the date of authorization of these consolidated financial
statements.
F-
51
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 REVERSE
CAPITALIZATION
On February 3, 2022, we consummated the previously
announced business combination (the "Business Combination") pursuant to the Business Combination Agreement (the "Business
Combination Agreement"), dated March 3, 2021, by and among the Group, Vistas Media Acquisition Group Inc. ("VMAC" or
the "SPAC") , Anghami, an exempted Group incorporated under the laws of the Cayman Islands ("Anghami"), Anghami
Vista 1, a Cayman Islands exempted Group and wholly-owned subsidiary of the Group ("Vistas Merger Sub"), and Anghami Vista
2, a Cayman Islands exempted Group and wholly-owned subsidiary of the Group ("Anghami Merger Sub").
Pursuant to the Business Combination Agreement,
each of the following transactions (among others) occurred at the closing of the Business Combination:
-
VMAC and Vistas Merger Sub consummated the merger of Vistas Merger Sub with and into VMAC, with VMAC being
the surviving Group and continuing as a wholly-owned subsidiary of the Group known as Anghami (DE), Inc. (the "Vistas Merger"),
Anghami and Anghami Merger Sub consummated the merger of Anghami Merger Sub with and into Anghami, with Anghami being the surviving Group
and continuing as a wholly-owned subsidiary of Anghami Inc.;
-
Each outstanding share of VMAC's Class A Common Stock, including the PIPE shares, the Share Based
Payment shares, the Extension Payment shares, and Class B common stock, par value USD
0.0001
per share, was exchanged for one ordinary
share of the Group;
-
each issued and outstanding VMAC warrant to purchase VMAC Class A Common Stock ceased to represent a right
to acquire shares of VMAC Class A Common Stock and was converted into the right to acquire the same number of ordinary shares, at the
same exercise price and on the same terms as in effect immediately prior to the closing of the Business Combination; and
-
All 25,697 Class A ordinary shares of Anghami were exchanged for ordinary shares of Anghami Inc. for 5,070,164
shares, all 59,954 Class B ordinary shares of Anghami were exchanged for ordinary shares of Anghami Inc. for 11,829,265 shares, all 5,578
Class C ordinary shares of Anghami were exchanged for ordinary shares of Anghami Inc. for 1,100,571 shares.
In connection and immediately prior to the consummation
of the Business Combination, VMAC sold
4,056,000
shares of its Class A common stock, par value USD
0.0001
per share ("VMAC Class
A Common Stock") for gross proceeds of USD
40,560,000
to the subscribers in the private placement (the "PIPE").
Also, VMAC issued
540,000
shares (the "Share
Based Payments") of VMAC Class A Common Stock and
152,800
warrants to purchase VMAC Class A Common Stock at an exercise
price of USD
11.50
per share to certain service providers for services rendered in connection with the Business Combination, and VMAC
also issued
100,000
shares (the "Extension Payment") of VMAC Class A Common Stock to Vistas Media Sponsor, LLC ("Sponsor")
as the result of the conversion the USD
1,000,000
loan that Sponsor made to VMAC to fund extension payment to extend the period of time
that VMAC had to consummate its initial business combination;
The net proceeds received from business combination
is as follows:
2022
USD
Cash from reverse recapitalization from IPO Trust
102,075,880
Shares redeemed from the IPO Trust
(
99,595,773
)
Proceeds from reverse recapitalization
2,480,107
Cash from reverse recapitalization from PIPE Trust – net
30,427,800
Reverse recapitalization transaction costs
(
9,470,709
)
23,437,198
F-
52
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 REVERSE
CAPITALIZATION (continued)
The number of shares of Common Stock issued immediately
following the consummation of the Business Combination was as follows:
VMAC's Public Shareholders, outstanding prior to the business combination
10,000,000
Less redemption of VMAC's public shares
(
9,757,033
)
Net VMAC's Public Shareholders
242,967
VMAC's Initial Shareholders
2,830,000
Shares issued to PIPE
4,056,000
Share Based Payments (including
360,000
placement agent fee)
640,000
Sponsor, PIPE and Transaction Cost Shares issued
7,526,000
Anghami initial Shareholders
18,000,000
Total shares outstanding immediately after the Business Combination
25,768,967
Shares issued against exercise of warrants during 2022
236,687
Total shares outstanding as of December 31, 2022
26,005,654
The exchange of Anghami's shares for Anghami
Inc.'s shares will be accounted for as a transaction under common control in accordance with IFRS. The exchange of VMAC's
shares for Anghami Inc.'s shares will be accounted for as a "reverse acquisition" in accordance with IFRS. Under this
method of accounting, VMAC will be treated as the "acquired" Group for financial reporting purposes.
This determination was based on the guidance provided
in IFRS 3 (Business Combinations) and IFRS 10 (Consolidated Financial Statements) and was primarily based on the assumptions that Anghami's
operations will substantially comprise the ongoing operations of the Combined Group, Anghami's designees are expected to comprise
a majority of the governing body of the Combined Group, Anghami's senior management will comprise the senior management of the Combined
Group, and Anghami's existing shareholders will be the largest group of shareholders of the Combined Group following the consummation
of the Business Combination.
Accordingly, for accounting purposes, the exchange
of VMAC's shares for Anghami Inc. shares will be treated as the equivalent of Anghami Inc. issuing shares for the net assets of
VMAC, accompanied by a recapitalization. It has been determined that VMAC is not a business under IFRS, hence the transaction is accounted
for within the scope of IFRS 2 ("share-based payment").
In accordance with IFRS 2, the difference in the
fair value of Anghami Inc.'s equity instruments deemed issued to VMAC shareholders over the fair value of identifiable net assets
of VMAC represents a service for listing and is accounted for as a share-based payment which is expensed as incurred. The net assets of
the Combined Group will be stated at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the exchange
of VMAC's shares for Anghami Inc.'s shares will be deemed to be those of Anghami Inc., the summary of which is as follows:
Fair value of net assets of VMAC comprising:
USD
Cash and cash equivalents
43,040,107
Trade Payables
(
9,146,258
)
Warrants Liabilities
(
7,625,965
)
26,267,884
Less: Fair value of consideration comprising:
7,478,964
Anghami Inc. ordinary shares issued at
10
USD
74,789,640
Share listing expenses recognised in profit or loss
48,521,756
F-
53
ANGHAMI INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
32 FAIR
VALUES OF FINANCIAL INSTRUMENTS
Financial instruments comprise financial assets
and financial liabilities.
Financial assets consist of cash and cash equivalents,
trade receivables, contract assets and amount due from related party. Financial liabilities consist of trade payables, lease liability,
overdrafts, convertibles notes, working capital loans and amount due to related party.
The Group uses the following hierarchy for determining
and disclosing the fair value of financial instruments by valuation technique:
Level 1:
quoted (unadjusted) prices in active markets for identical
assets or liabilities.
Level 2:
other techniques for which all inputs which have a
significant effect on the recorded fair value are observable, either directly or indirectly.
Level 3:
techniques which use inputs which have a significant
effect on the recorded fair value that are not based on observable market data.
The Private Warrants were valued using Black Scholes
Model and the Shared-Based Payments were valued valued using Montecarlo Simulation, which are both considered to be a Level 3 fair value
measurement. The primary unobservable inputs utilized in determining the fair value of the derivatives warrant liabilities and Shared-Based
Payments are the expected volatility of our ordinary shares and risk-free rate.
33 SUBSEQUENT
EVENTS
On January 31, 2022,
the UAE Ministry of Finance announced the introduction of a
9
% federal corporate tax rate effective for fiscal years commencing on or
after June 1, 2023. There are no implications to the financial and reporting period ended December 31, 2022.
On January 9, 2023, Anghami
Inc. (the "Group") received a notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC indicating
that the Group is not currently in compliance with Nasdaq's Listing Rules due to the Group's failure to file an interim balance
sheet and income statement as of and for its second quarter ended June 30, 2022 (the "Interim Financials") on Form 6-K with
the Securities and Exchange Commission. Pursuant to Listing Rule 5250(c)(2). The Group has filed the required Interim Financials on March
6, 2023.
F-54