Abu Dhabi-based Anghami, the Lebanese leading platform for music streaming in the Middle East and North Africa, is set to become the region’s first tech company to hit the charts on New York’s Nasdaq stock exchange.
Boasting over 70 million registered users, the company, a Spotify competitor, was able to do so as a result of a merger with blank-check company Vistas Media Acquisition Company Inc., in a deal that valued Anghami at $220 million.
Founded in 2012 in Lebanon by Elie Habib and Eddy Maroun, Anghami recently moved its global headquarters to Abu Dhabi in hopes to grasp opportunities to grow the business with the support of the Emirati city, when they could only go so far in Lebanon, which is suffering severe crises.
“We have been working hard for 9 years to create a service we can be proud of, from the region to the region,” Anghami’s Co-founder, Chairman, and CTO, Elie Habib told The961.
“Going global on the NASDAQ allows us to supercharge our growth, and move deeper into the Middle East & beyond. There are also tremendous opportunities that have been untapped because we had a laser focus on pure music. The team is excited to build new products that expand on what we’ve learned,” he explained.
“Last, we are looking forward to investing into Arabic content and creating music as well as shows that connect with the youth of this region.”