Anghami to be MENA’s First Tech Company on NASDAQ

This comes after merging with Vistas Media Acquisition Company.
Anghami to be MENA’s First Tech Company on NASDAQ

Lebanese music streaming app Anghami announced today, Wednesday, that it will become the first Arab tech company to list on the Nasdaq after agreeing to merge with a special purpose acquisition company (SPAC).

Anghami is merging with Vistas Media Acquisition Company Inc., a special purpose acquisition company set up last year. Reuters reported that the deal implies an enterprise value of about $220 million.

“Being a U.S. listed public company gives us access to growth capital and a global platform that is the best in the world,” says Anghami co-founder and CEO Eddy Maroun. The transaction includes a $30 million commitment from UAE financial firm Shuaa Capital SHUA.DU and $10 million from the parent of the SPAC.

With more than 70 million registered users, UAE-based Anghami has signed deals with the likes of Universal Music Group, Sony Music and Warner Music Group. Over the past three years, Anghami’s revenues jumped 80% and are expected to increase five-fold over the next three years. 

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