UAE’s Anghami, first Arab tech company to list on Nasdaq, begins trading

MENA music streaming platform and service Anghami begins trading in the US today, February 4, 2022.

The first Arab tech company to be listed on Nasdaq, Anghami, will trade under the tickers ‘ANGH’ and ‘ANGHW’.

The company completed its merger with Vistas Media Acquisition Company (VMAC), a statement said.

Read: MENA music streaming platform Anghami merges with Vistas Media, to list on Nasdaq New York

Eddy Maroun, co-founder and co-chief executive officer of Anghami, commented, “Today marks the end of a long journey toward listing on NASDAQ, but also the momentous beginning of our life as a publicly traded company. As we embark on this new chapter, we remain as committed as ever to our goal of expanding the Arabic-language music repertoire through new initiatives and innovative concepts such as Anghami Originals, Anghami Labs, live concerts, live radio and branded content.”

“We launched in 2012 with the dream of making a valuable difference for users and artists alike, and nearly a decade later, with around 58 per cent of the market share in the Middle East, we have earned a place not only in the industry, but also in the hearts of music lovers across the region,” added Elie Habib, co-founder and chief technology officer of Anghami.

In early 2021, Shuaa Capital led a funding round for Anghami and made a PIPE commitment of $30m, in addition to a $10m commitment from Vistas Media Sponsor.

Read: Shuaa Capital invests in music streaming service Anghami

Global investment company Franklin Templeton also joined as one of the pre-IPO investors and plowed funds in PIPE.

Anghami has been strengthening its business through a number of partnerships and initiatives since announcing its listing plans. These include launching the Vibe Music Arabia, a record label dedicated to supporting the independent Arabic artist community across the GCC and Levant, and in Saudi Arabia in partnership with Sony Music Middle East, the statement added.

In August 2021, the platform launched an entertainment venue ‘Anghami Lab’ in Dubai to be followed by Riyadh and other cities featuring a lounge, stage and studio.

The company currently has over 72 million songs in its libraries and more than 75 million registered users, as well as over 40 telco partners across the MENA region.

Anghami established its global headquarters and R&D centre in Abu Dhabi in 2021, as part of a partnership with the Abu Dhabi Investment Office (ADIO). Through the Dhs2bn ($545m) innovation programme, ADIO has provided the company with incentives to set up at the Abu Dhabi Global Market (ADGM).

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