ABU DHABI, 3rd February 2022 (WAM) — Abu Dhabi Global Market (ADGM) proudly welcomes the approval to list of Anghami, an ADGM registered public company, on NASDAQ following its successful merger with Special Purpose Acquisition Company (SPAC), Vistas Media Acquisition Company (VMAC), with the trading name Anghami (NASDAQ: ANGH).
Today, the company marked its approval to list with a bell-ringing ceremony.
Anghami, the leading music streaming platform in the Middle East & North Africa, is a true regional success story. Founded in 2012, with its headquarters established at ADGM, Anghami has shown remarkable growth, and this approval to list on NASDAQ is a testament to its continued potential for growth.
In less than a decade, Anghami has worked with several local label partners to build a comprehensive catalogue of songs from around the region and negotiate licenses with major international labels. Today, Anghami 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’s growth and success over the years, catapulted the company into a driving force in shaping the music business in the Middle East and North Africa (MENA) region.
Anghami will become the first Arab Technology company to be listed on NASDAQ and the first Arab company to list on this market in over 25 years. Through access to global capital markets, Anghami is primed for the next stage in its journey to further innovate in its technology, original content and to bring its offering to millions of users around the world.
Commenting on the approval news, Ahmed Jasim Al Zaabi, Chairman of ADGM, said: “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 realise their full potential. ADGM will continue to support Anghami in the next phase of its growth story.”
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) under the AED 2 billion (USD 545 million) Innovation Programme. ADIO has provided Anghami with financial and non-financial incentives to set up at ADGM, in addition to helping the music streaming platform access the advantages of Abu Dhabi, including its strategic location, access to a competitive talent pool and established infrastructure.
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 receives final approvals to list on NASDAQ in New York, paving the way for it to become the first Arab technology company to achieve this monumental milestone. 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. ADIO’s Innovation Programme, coupled with ADGM’s enabling business environment, has given Anghami a leg up as it pursues global ambitions from its Abu Dhabi headquarters. Working as an integrated ecosystem, Abu Dhabi provides support and enables opportunities for fast-growing companies.”
Commenting on the news, Eddy Maroun, co-founder and CEO of Anghami, said: “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 in across the region, with a 58% market share. 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.”
Elie Habib, co-founder and CTO of Anghami added: “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 homegrown Middle East technology companies such as Anghami to grow and thrive. 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.”
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.