Founded in 2012, the ADGM-registered public company listed with the trading name Anghami.
Abu Dhabi Global Market-headquartered music streaming platform Anghami has successfully listed on New York’s Nasdaq with a bell-ringing ceremony.
The listing followed Anghami’s deal with Vitas Media Acquisition Company (VMAC), a special purpose acquisition company, set up in 2020.
Anghami has become the first Arab technology company to be listed on Nasdaq and the first Arab company to list on this market in more than 25 years, the firm said.
In less than a decade, Anghami has worked with several local label partners to build a comprehensive catalogue of songs from around the region and negotiate licenses with major international labels. Today, Anghami has over 72m songs in its libraries and more than 75m registered users, as well as over 40 telco partners across the MENA region.
Commenting on the approval news, Ahmed Jasim Al Zaabi, Chairman of ADGM, said: “ADGM congratulates Anghami on its successful merger with VMAC and its approval to become a listed entity on Nasdaq. Anghami is set to become the first Arab technology company to successfully list on Nasdaq, which is a remarkable achievement. 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.”
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 AED 2bn ($545m) Innovation Programme. ADIO has provided Anghami with financial and non-financial incentives to set up at ADGM, in addition to helping the music streaming platform access the advantages of Abu Dhabi, including its strategic location, access to a competitive talent pool and established infrastructure.
E. Mohammed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED) and Vice Chairman of ADGM, added: “Abu Dhabi is proud to celebrate Anghami’s achievements as it receives final approvals to list on Nasdaq in New York, paving the way for it to become the first Arab technology company to achieve this monumental milestone. A true technology pioneer and regional success story, Anghami’s drive for innovation and growth has enabled it to reach new heights, boosted by support from the emirate’s ecosystem. ADIO’s Innovation Programme, coupled with ADGM’s enabling business environment, has given Anghami a leg up as it pursues global ambitions from its Abu Dhabi headquarters. Working as an integrated ecosystem, Abu Dhabi provides support and enables opportunities for fast-growing companies.”
Eddy Maroun, Co-founder and CEO of Anghami, stated: “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% 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.”
Elie Habib, Co-founder and CTO of Anghami, noted: “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.”