The Middle East and North Africa (MENA) region’s largest music platform, Anghami has successfully listed on New York’s Nasdaq, following its merger with Special Purpose Acquisition Company (SPAC), Vistas Media Acquisition Company (VMAC).
The company said in a statement that it has become the first Arab technology company to be listed on Nasdaq and the first Arab company to list on this market in more than 25 years. Established in 2012, the ADGM-registered public company listed with the trading name Anghami (Nasdaq: ANGH).
According to the statement, “Anghami has worked with several local label partners to build a comprehensive catalog of songs from around the region and negotiate licenses with major international labels.”
“ADGM congratulates Anghami on its successful merger with VMAC and its approval to become a listed entity on NASDAQ. Anghami is set to become the first Arab technology company to successfully list on NASDAQ, which is a remarkable achievement. The approval demonstrates the vast opportunity for ADGM based companies to tap into global capital markets to raise funds to realize their full potential. ADGM will continue to support Anghami in the next phase of its growth story.”
Mr. Eddy Maroun, co-founder, and CEO of Anghami said that, “We are incredibly proud of our team, their efforts, and the shared passion that has brought us to where we are today. Nearly a decade after Anghami was founded, we have carved out a place not only in the industry but also in the hearts of music lovers across the region, with a 58 percent market share.”
“Partnering with ADGM, and establishing our global headquarters here has allowed us to evolve our offering and focus on creating and distributing richer content, as well as developing innovative concepts for our growing subscriber base,” commented Mr. Elie Habib, co-founder, and CTO of Anghami.
Anghami’s music streaming platform has more than 75 million users in MENA, Europe, and the USA. It provides access to over 72 million Arabic and International songs to stream and download and around two hundred thousand Arabic and International podcasts.