News
Anghami Acquires Spotlight Events To Expand Its Footprint
If everything goes according to plan, the acquisition should help Anghami further increase its growing revenue, which reached $35.5 million in 2021.
UAE-based Anghami, the first music-streaming platform in the MENA region, has recently announced the acquisition of Dubai-based Spotlight Events, a live events and concert company.
The acquisition is supposed to help Anghami expand its footprint in the music and entertainment ecosystem by bridging the gap between online and offline entertainment.
Eddy Maroun
“Our vision is to expand from music streaming to a fully integrated entertainment platform that meets our goal of building our unique category that no other provider can compete with,” explained Eddy Maroun, Co-founder and CEO of Anghami.
Maher Khawkhaji, Founder and CEO of Spotlight, believes that Anghami’s reach, data, and technical capabilities will allow Spotlight Events to bring the best to music fans, artists, and brands.
In addition to promoting upcoming concerts and making it easy for users to purchase tickets through Spotlight Events, Anghami will also take advantage of its live video streaming capabilities to deliver concerts as immersive virtual reality experiences.
If everything goes according to plan, the acquisition should help Anghami further increase its growing revenue, which reached $35.5 million in 2021, with the overall gross margin reaching 25.5 percent.
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“Maher has built a great business on solid economics and has proven that live concerts and events are a scalable and profitable business,” said Maroun.
Earlier this year, Anghami became the first Arab tech company to be listed on NASDAQ New York via a merger with Vistas Media Acquisition Company Inc., a publicly-traded special purpose acquisition company. The music-streaming platform is traded under the symbol “ANGH.”
Just like most other tech companies, Anghami is currently not doing well on the stock market. Right now, shares of Anghami are being traded for around $4.30 a piece, a significant decline from the all-time high of $28.88 back in February.
News
PayPal & TerraPay Join Forces For Cross-Border MENA Payments
The collaboration will be especially helpful in regions where traditional banking infrastructure is limited or inconsistent.
PayPal has teamed up with TerraPay to improve cross-border payments across the Middle East and Africa. The move is designed to make it easier and faster for users to send and receive money internationally, especially in regions where traditional banking infrastructure can be limited or inconsistent.
The partnership connects PayPal’s digital payments ecosystem with TerraPay’s global money transfer network. The goal is to streamline real-time transfers between banks, mobile wallets, and financial institutions, significantly improving access for millions of users looking to move money securely and efficiently.
Through the partnership, users will be able to link their PayPal accounts to local banks and mobile wallets using TerraPay’s platform. This means faster transactions and fewer barriers for individuals and businesses across the region.
“The Middle East and Africa are at the forefront of the digital transformation, yet financial barriers still limit growth for many,” said Otto Williams, Senior Vice President, Regional Head and General Manager, Middle East and Africa at PayPal. “At PayPal, we’re committed to changing that […] Together, we’re helping unlock economic opportunity and build a more connected, inclusive financial future”.
For TerraPay, the deal is a chance to scale its reach while reinforcing its mission of frictionless digital transactions.
“Our mission at TerraPay is to create a world where digital transactions are effortless, secure, and accessible to all,” said Ani Sane, Co-Founder and Chief Business Officer at TerraPay. He added that the partnership is a major milestone for enhancing financial access in the Middle East and Africa, helping businesses grow and users move funds with fewer limitations.
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The integration also aims to support financial inclusion in a region where access to global banking tools is still uneven. With interoperability at the core, TerraPay can bridge the gap between different financial systems — whether that’s a mobile wallet or a traditional bank — making it easier to send money, pay for services, or grow a business across borders.
As the demand for cross-border payment options continues to rise, both PayPal and TerraPay are doubling down on their commitment to provide reliable, secure, and forward-looking financial tools for the region.
PayPal & TerraPay Join Forces For Cross-Border MENA Payments
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