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Anghami marks approval to list on Nasdaq with bell-ringing ceremony

Anghami established its global headquarters and R&D centre in Abu Dhabi in 2021, as part of a partnership with the Abu Dhabi Investment Office (ADIO) under the Dh2 billion ($545 million) Innovation Programme.

Abu Dhabi-headquartered Anghami rang the opening bell at Nasdaq in New York to celebrate approval for listing.

Anghami is the leading digital music entertainment technology platform in the Mena region. The Abu Dhabi Global Market-registered public company got the nod to list following a successful merger with Vistas Media Acquisition Company, a publicly traded special purpose acquisition company.

Founded in 2012, Anghami has seen remarkable growth with more than 72 million songs in its libraries and over 75 million registered users, as well as over 40 telco partners across the region. Anghami will be trading under the symbol: ‘ANGH’ and become the first Arab technology company to be listed on Nasdaq.

Co-founders Eddy Maroun and Elie Habib rang the bell at Nasdaq as staff members cheered them on back home during a live event held at the ADGM.

Maroun, CEO of Anghami, said: “We are incredibly proud of our team, their efforts, and the shared passion that has brought us to where we are today. Nearly a decade after Anghami was founded, we have carved out a place not only in the industry, but also in the hearts of music lovers across the region, with a 58 per cent market share. We look forward to continuing our mission to transform the music streaming industry worldwide by bringing fans and artists together to deliver a unique streaming experience with our focus on original hyper-local content and an extensive catalogue of music and entertainment.”

Habib, CTO of Anghami, added: “As we prepare for life as a public company, I would like to thank Abu Dhabi Global Market for its support in cultivating an environment that allows exciting homegrown Middle East technology companies such as Anghami to grow and thrive. Partnering with ADGM, and establishing our global headquarters here has allowed us to evolve our offering and focus on creating and distributing richer content, as well as developing innovative concepts for our growing subscriber base.”

Ahmed Jasim Al Zaabi, chairman, ADGM, lauded Anghami on its successful merger and approval to list.

“The approval demonstrates the vast opportunity for ADGM based companies to tap into global capital markets to raise funds to realise their full potential. ADGM will continue to support Anghami in the next phase of its growth story.”

— ashwani@khaleejtimes.com