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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 Alternate 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 goal acquisition firm. Also known as “clean test corporations” within the trade, 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 prematurely commitments, together with $ 10 million from dad or mum firm, Vista Media Capital of Singapore, and $ 30 million from {dollars} of UAE belongings. administration firm SHUAA Capital.

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

“At this time, we took an essential step in our development plans by looking 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 offers us entry to development capital and a worldwide platform that’s the finest on the earth. “

Based mostly in Abu Dhabi since early 2021, following a partnership with the Abu Dhabi Funding Workplace, it additionally has workplaces in Beirut, Dubai, Cairo and Riyadh. The founding duo at the moment 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% prior to now three years and is predicted to extend fivefold over the subsequent three years.

Rabih Khoury, Managing Companion of Center East Enterprise Companions (MEVP), stated: “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, stated his firm was “honored” to be part of Anghami’s success and the way it was “revolutionizing the Arab music trade by means of 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 increase into new markets exterior the Center East.

“In our area, we consider that there’s nonetheless quite a lot 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 course to go additional with the Arab diaspora, which is a big addressable market.

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

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