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Anghami To Become The First Arab Tech Company To List On NASDAQ
Anghami, the first music-streaming platform in the MENA region, will soon also become the first Arab technology company to list on NASDAQ New York via a merger with Vistas Media Acquisition Company Inc., a publicly-traded special purpose acquisition company.
“Today, we have taken a significant step forward in our growth plans in seeking to become the region’s first Arab technology company to list on Nasdaq,” said Anghami co-founder Eddy Maroun. “Being a US-listed public company gives us access to growth capital and a global platform that is the best in the world.”
Anghami, which translates into “my tunes” in Arabic, was founded in 2012 by Maroun and his fellow Lebanese entrepreneur Elie Habib, providing convenient access to Arabic and international music alike. Over the years, the platform has become the leader in the MENA region, offering around 60 million songs to more than 70 million registered users.
In early 2021, Anghami moved its headquarters to Abu Dhabi, after a partnership with the Abu Dhabi Investment Office. The merger with Vistas Media Acquisition Company Inc. implies an initial pro-forma valuation of around $220 million. The music-streaming platform will continue to operate under its name and trade under the symbol “ANGH”.
Also Read: Anghami Review: The MENA’s Favorite Music Streaming Service
“This is a landmark transaction for the MENA region and for Vistas,” commented Saurabh Gupta, co-founder of Vistas Media Acquisition Company Inc. “The combination of Anghami and the Vistas team will be a powerful force in the media and entertainment world, and we couldn’t be prouder of the hard work from everyone to get to this stage, but our work has only just begun.”
Anghami founders would like to use the new funding to not only attract additional customers from the MENA region, but they would also like to expand into new markets and compete with services like Spotify and Deezer, both of which are significantly more popular outside the Middle East.
News
Altegio Expands To UAE, Driving Digital Transformation For Local Businesses
The company aims to enhance efficiency for local service businesses, aligning with the UAE’s ambitious digital economy plan for 2031.
Altegio, a digital business ecosystem featuring sophisticated online booking and management solutions, has announced its entry into the UAE market, aiming to enhance operational efficiency and accelerate digital adoption for local enterprises.
This expansion also complements the UAE’s Digital Economy Strategy, which aims to increase the digital economy’s share in the nation’s non-oil GDP to over 20% by 2031. Projections indicate the UAE’s digital sector could contribute an estimated $140 billion by 2032, highlighting the region’s commitment to fostering a modern, tech-driven economy.
Altegio’s platform offers over 30 distinct management tools that automate as much as 80% of routine business operations. Its suite of services includes online booking options, a customizable mobile app, robust financial and inventory management, analytics, SMS and email marketing, and a customer loyalty program.
Altegio’s key differentiator lies in its customer-focused approach to business automation. Unlike many platforms that redirect customers to external sites, potentially exposing them to competitor services, Altegio’s booking system is embedded directly within each company’s own ecosystem. This prevents “cannibalization” of clients and enhances customer loyalty by maintaining a consistent, secure experience.
Also Read: Google Launches Largest AI Initiative In The MENA Region
“Our expansion into the UAE is a strategic move that aligns with the country’s ambitious digital transformation agenda,” explained Yri Petrou, Managing Partner at Altegio. “We are excited to support UAE businesses in embracing digital transformation across their operations. By providing a comprehensive suite of business automation tools, we aim to not only accelerate operational efficiency but also redefine how businesses engage with customers”.
Founded in 2022, Altegio operates as a network of independent firms with offices in the UAE, Brazil, Hungary, Cyprus, Armenia, and several other nations. Each regional hub integrates local partners and technologies to enhance Altegio’s core offerings. The company’s impact includes an annual gross merchandise volume (GMV) of $1 billion, a client base of over 10,000 across 89 countries, and more than 4 million bookings each month on its platform.