IFPI recently identified MENA as the world's fastest growing region for music sales.
A Dolby Atmos-equipped recording studio, a new label and educational programs are planned as part of the proposed project.
OSN will spend up to $50 million for a majority stake in the music streamer.
The publishers are accusing the service of “unlicensed exploitation of musical and lyrical works,” including songs by Lil Jon and Kelly Clarkson.
The new chart, which will release a top 20 publicly every week, features Nigerian artist Rema and BTS' Jungkook in the top 5 for week one.
The label says the signing is a major first step in its push to discover talent from the MENA region and introduce artists to global audiences.
Nureni replaces Moe Hamzeh, who helped launch WMME five years ago.
