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Abu Dhabi Global Market (ADGM) is proud to welcome the listing of Anghami, an ADGM-registered public company trading under the name Anghami, on the Nasdaq following a successful merger with a Special Purpose Acquisition Company (SPAC), Vistas Media Acquisition Company (VMAC) ( Nasdaq: ANGH).
Today, the company marked its approval to go public with a bell ringing ceremony.
Anghami, the leading music streaming platform in the Middle East and North Africa, is a true regional success story. Founded in 2012 and headquartered at ADGM, Anghami has grown significantly and this approval to list on the Nasdaq is a testament to its continued growth potential.
In less than a decade, Anghami has partnered with a number of local labels to build a comprehensive catalog of songs from the region and negotiated licensing with major international labels. Today, Anghami has more than 72 million songs and more than 75 million registered users in its library, as well as more than 40 telecom partners in the MENA region. Anghami’s years of growth and success have made the company a driving force in shaping the music business in the Middle East and North Africa (MENA) region.
Anghami will be the first Arab tech company to list on the Nasdaq and the first Arab company to list on the market in 25 years. With access to global capital markets, Anghami is poised to enter the next phase, further innovating its technology, original content and bringing its products to millions of users around the world.
Commenting on the approval, ADGM Chairman Ahmed Jasim Al Zaabi said: “ADGM congratulates Anghami on its successful merger with VMAC and approval to become a Nasdaq-listed entity. Anghami will be the first Arab technology company to successfully list on Nasdaq, This is a remarkable achievement. This approval demonstrates that ADGM’s companies have tremendous opportunity to access global capital markets to raise capital to realize their full potential. ADGM will continue to support Anghami in the next phase of its growth story.”
Anghami established its global headquarters and research and development center in Abu Dhabi in 2021 as part of a partnership with the Abu Dhabi Investment Office (ADIO) under the AED2 billion ($545 million) innovation program. In addition to helping the music streaming platform take advantage of Abu Dhabi’s strengths, including its strategic location, access to a competitive talent pool and mature infrastructure, ADIO also provides Anghami with financial and non-financial incentives set up at ADGM.
Mohammed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED) and Vice-Chairman of ADGM, said: “Abu Dhabi is proud to celebrate Anghami’s achievements as it received final approval to list on Nasdaq in New York for its Paved the way to become the first Arab tech company to achieve this milestone. A true technology pioneer and regional success story, Anghami’s drive to innovation and growth has taken it to new heights supported by the emirate’s ecosystem “ADIO’s innovation program, combined with ADGM’s favorable business environment, gives Anghami an edge as it pursues its global ambitions from its Abu Dhabi headquarters. As an integrated ecosystem, Abu Dhabi provides support and opportunities for fast-growing companies.”
Commenting on the news, Anghami co-founder and CEO Eddy Maroun said: “We are incredibly proud of our team, their hard work and the shared passion that has brought us to where we are today. Nearly a decade after Anghami was founded, we Not only in the industry, but in the hearts of music lovers across the region, with a 58% market share. We look forward to continuing our mission of transforming the global music streaming industry, bringing fans and artists together for unique streaming experience, we focus on original hyper-local content and an extensive catalog of music and entertainment.”
Elie Habib, Anghami’s co-founder and CTO, added: “As we prepare for life as a public company, I would like to thank the Abu Dhabi Global Market for creating an environment that allows exciting Middle East homegrown tech companies such as Anghami ) environment. Grow and prosper. Partnering with ADGM and establishing our global headquarters here allows us to grow our product and focus on creating and distributing richer content and developing innovations for our growing user base concept.”
Anghami’s music streaming platform has more than 75 million users in the Middle East and North Africa, Europe and the United States. It offers streaming and downloads of over 72 million Arabic and international songs, as well as approximately 200,000 Arabic and international podcasts.
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