Reportedly, Anghami becomes the first Arab technology company to list on Nasdaq. In addition, Abu Dhabi Global Market-based (ADGM) Anghami, the Arab world’s answer to music streaming service Spotify, has successfully listed on New York’s Nasdaq.
The listing followed on from the company’s deal with Vistas Media Acquisition Company (VMAC), a special purpose acquisition company, or Spac, set up in 2020.
Historic first
According to the company, Anghami is the first Arab technology company to be listed on Nasdaq and the first Arab company to list in over 25 years.
“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,” said Ahmed Jasim Al Zaabi, chairman of ADGM.
“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% market share,” said Eddy Maroun, co-founder, and chief executive of Anghami. “We look forward to continuing our mission to transform the music streaming industry worldwide by bringing fans and artists together to deliver a unique streaming experience with our focus on original, hyper-local content and an extensive catalogue of music and entertainment,” he said.
Dubai investment bank Shuaa Capital invested an undisclosed amount as part of a new funding round in Anghami in January last year. Shuaa Capital’s chief executive Jassim Alseddiqi Tweeted, “Anghami successfully lists on Nasdaq New York; the first Arab technology company to list on Nasdaq. Congratulations to the Anghami team and pleased for Shuaa Capital to be leading the listing and the round of funding.”
Tech pioneer
The company’s music streaming service is used by over 75 million people in Europe, the US, and the MENA region. It offers access to more than 72 million Arabic and international songs to stream and download, and approximately 200,000 Arabic and global podcasts.
“A true technology pioneer and regional success story, Anghami’s drive for innovation and growth has enabled it to reach new heights, boosted by support from the emirate’s ecosystem … working as an integrated ecosystem, Abu Dhabi provides support and enables opportunities for fast-growing companies,” said Mohammed Al Shorafa, chairman of the Abu Dhabi Department of Economic Development and vice chairman of ADGM.
At last, they concluded “As we prepare for life as a public company, I would like to thank Abu Dhabi Global Market for its support in cultivating an environment that allows exciting home-grown Middle East technology companies such as Anghami to grow and thrive,” said Elie Habib, co-founder, and chief technology officer of Anghami.
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