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DUBAI: Arab music streaming service Anghami set to turn into area’s first tech firm to be listed on the Nasdaq New York Inventory Change in merger deal valuing platform at 230 million of {dollars}.

Anghami – my songs, in Arabic – is about to merge with Vistas Media Acquisition Co. Inc., a publicly traded particular objective acquisition firm. Sometimes called “clean verify corporations” within the business, the merger is seen as a sooner and cheaper path to Nasdaq itemizing.

Itemizing is predicted to shut in late Might / early June and Vistas Media Acquisition Co. Inc. has already raised $ 40 million upfront commitments, together with $ 10 million from dad or mum firm, Vista Media Capital of Singapore, and $ 30 million from {dollars} of UAE property. administration firm SHUAA Capital.

Eddy Maroun, co-founder and CEO of Anghami, advised Arab Information that the deal is more likely to worth the corporate between $ 220 million and $ 230 million.

Based in 2012 by Maroun and fellow Lebanese entrepreneur Elie Habib, Anghami is the main music streaming platform within the Center East and rivals international manufacturers corresponding to Spotify and Deezer.

With over 57 million Arabic and worldwide songs and round 70 million registered customers, it generates round 10 billion streams per 12 months.

Maroun mentioned, “Elie and I co-founded the corporate in 2012 with the imaginative and prescient of Anghami to be a singular digital multimedia leisure know-how platform within the MENA (Center East and North Africa) area.

“Immediately, we took an vital step in our development plans by searching for to turn into the primary Arab tech firm within the area to be listed on the Nasdaq. Being a public firm listed in the US provides us entry to development capital and a world platform that’s the finest on the planet. “

Based mostly in Abu Dhabi since early 2021, following a partnership with the Abu Dhabi Funding Workplace, it additionally has places of work in Beirut, Dubai, Cairo and Riyadh. The founding duo at present personal 32% of the corporate, with the remaining 68% backed by regional enterprise capital funds and huge media and telecommunications corporations.

In line with Anghami, his earnings has elevated by 80% previously three years and is predicted to extend fivefold over the following three years.

Rabih Khoury, Managing Companion of Center East Enterprise Companions (MEVP), mentioned: “As Anghami’s largest institutional investor, we at MEVP are delighted that one other of our main portfolio corporations is listed on the Nasdaq. , the world’s main know-how market.

“Now we have partnered with Eddy and Elie from the beginning in 2012 and have constantly supported Anghami beginning together with her start-up spherical and all subsequent fundraising rounds.”

Sam Barnett, CEO of MBC, mentioned his firm was “honored” to be part of Anghami’s success and the way it was “revolutionizing the Arab music business via innovation”.

Maroun revealed that he plans to make use of the brand new funding to faucet into extra of the 450 million Arabic-speaking folks and to broaden into new markets exterior the Center East.

“In our area, we imagine that there’s nonetheless a variety of untapped potential within the Center East and North Africa, the place the Gulf and the Levant meet or in North Africa. And we even have a route to go additional with the Arab diaspora, which is a large addressable market.

“Now we have by no means spent any diaspora advertising {dollars}, though there may be nice potential there. And we imagine that we have now the capability to develop in different rising markets given the teachings we have now had in our area, ”he added.

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