Abu Dhabi-Headquartered Anghami Becomes The First Arab Tech Company To List On NASDAQ New York

Abu Dhabi-Headquartered Anghami Becomes The First Arab Tech Company To List On NASDAQ New York

In a milestone moment for the MENA entrepreneurial ecosystem, Anghami, one of the region's leading music streaming platforms and services, has entered into a merger agreement with Vistas Media Acquisition Company Inc., a publicly traded special purpose acquisition company in the United States, that will result in it becoming the first Arab technology company to be listed on the NASDAQ New York stock exchange.With the transaction expected to close in the second quarter of 2021, it pegs Anghami at an initial pro-forma enterprise valuation of approximately US$220 million. A statement from the company noted that this value has been reached by calculating 2.5x 2022 estimated revenues; one of Anghami's competitors in this space, the Stockholm-headquartered Spotify, has a current revenue multiple of 6.5x revenue. Founded in 2012 by CEO Eddy Maroun and CTO Elie Habib, Anghami was the first music-streaming platform in the MENA region, with it now being one of the leaders in the market, offering more than 57 million songs, to more than 70 million registered users, with around one billion streams per month. It