“As we continue to expand our footprint in emerging territories all over the world, Chabaka represents an important creative hub in one of the world’s most promising music markets,” said Virgin Music Group co-CEOin a statement.
“Together with UMG, we will drive the transformation of the regional music industry and take it to new places, while creating new possibilities for our existing and potential local artists,” added Ala’a Makki in a statement. An increasingly attractive region for music mergers and acquisitions, MENA had the highest growth rate of any global region in 2021 and the third-fastest growth — 23.8% — in 2022,
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