Anghami becomes the first Arab technology company to list on Nasdaq | latest news


Anghami, which runs a music-playing app popular in the Middle East and North Africa, said Wednesday it will become the first Arab tech company to be listed on the Nasdaq index after agreeing to merge with a special-purpose acquisition. Anghami said in a statement that the deal implies a value of the facility of about $ 220 million.

“Being a US listed company gives us access to growth capital and a global platform that is the best in the world,” said Anghami Co-Founder and CEO Eddie Marron.

Under the deal, Anghami will merge with the publicly listed Vestas Media Development Company. The transaction includes a pledge of $ 30 million from the UAE financial company, Shuaa Capital, and $ 10 million from the acquisition company’s parent company.

Shuaa, which has $ 14 billion in assets under its management, provided financial advice and also led a financing round for Anghami last year.

Abu Dhabi-based Anghami has more than 70 million registered subscribers and partnerships with several production companies.

Anghami said its revenue has jumped 80% over the last three years and is expected to increase five times over the next three years. She added that the company should have liquidity of about $ 142 million in its balance sheet when the deal closes, which is expected to be in the second half.

It is also receiving support from the government-run Abu Dhabi Investment Office to develop its global headquarters and technology, research and development center in Abu Dhabi.


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