New directors at OSN
June 6, 2022
By Chris Forrester
Sheikha Al Zain Al Sabah and Elie Habib have joined Dubai-based OSN under the leadership of KIPCO’s Sheikha Dana Al Sabah. The board also includes Michael Johnson from junior partner Mawarid Holding Co as well as OSN’s newly appointed CEO Joe Kawkabani.
Sheikha Dana Al Sabah, Chairperson of the Board commented that the “deep experience and insights in media content and technology [that the new members bring] will be instrumental in ensuring OSN’s continued leadership within the entertainment and streaming technology sector”.
Anghami co-founder Elie Habib joins OSN’s Board of Directors as an independent member bringing vast technological expertise to OSN. Abu Dhabi-based (but originally founded in Lebanon) and Nasdaq-listed Anghami is the region’s first music streaming service, with more than 75 million users, 72 million licensed Arabic & English tracks and integrated with 45 mobile operators.
KIPCO remains the majority shareholder of OSN. Sheikha Dana Al Sabah is also chair at KIPCO itself, where profits have been under pressure especially from its media investment in OSN. Its Q1 accounts (unveiled on May 10th) show that revenues from Media & Digital Satellite Network fell back from Kuwait Dinars 25,276,000 to KD 21,290,000 (about $69.5m). Costs of running OSN during the quarter-year were also reduced from KD 30,600,000 to KD 23,447,000, and perhaps an indication that cost reductions are beginning to make a meaningful difference.
OSN is still listed in KIPCO’s accounts as a considerable asset worth KD 406,137,000 (about $1.3 billion) although down from KD 446,003,000 a year ago.
KIPCO itself is in the process of merging itself with Qurain Petrochemical Industries Company (QPIC) an associate of KIPCO.