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Anghami To Become The First Arab Tech Company To List On NASDAQ

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anghami to become the first arab tech company to list on nasdaq
Anghami

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.

anghami listed on nadsaq new york

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.

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Facebook Will Create 10,000 Jobs In The EU To Build Its Metaverse

Facebook decided to invest in the EU because the company believes that European talent is world-leading, supported by first-class universities.

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Facebook has announced that it wants to create 10,000 jobs in the European Union (EU) to build its metaverse, a virtual reality space in which users can interact with a computer-generated environment and other users.

The concept of the metaverse can be traced to Neal Stephenson’s 1992 cyberpunk novel Snow Crash. In the novel, the metaverse is a virtual shared space that appears to its users as an urban environment. This space is accessed through personal terminals connected to virtual reality goggles.

Sound familiar? That’s because the metaverse is quickly becoming a reality thanks to companies like Oculus, a subsidiary of Facebook, and the combined effort of developers and content creators from around the world.

By creating thousands of new high-skilled jobs within the EU over the next five years, Facebook wants to accelerate the development of the metaverse to usher in a new phase of interconnected virtual experiences, enabled by technologies like virtual and augmented reality.

“At its heart is the idea that by creating a greater sense of ‘virtual presence,’ interacting online can become much closer to the experience of interacting in person,” said Nick Clegg, Facebook’s vice-president of global affairs. “The metaverse has the potential to help unlock access to new creative, social and economic opportunities”.

According to the official announcement, Facebook decided to invest in the EU because the company believes that European talent is world-leading, supported by first-class universities. Facebook also mentioned the role European policymakers are playing in shaping the internet, so it’s likely that the investment has a political dimension to it.

Also Read: How To Lock Your Facebook Profile (From Mobile & Desktop)

Aware of its tarnished reputation, the social media giant stressed that no single company would own and operate the metaverse — just like no single company owns the internet today. Of course, that doesn’t change anything about the fact that Facebook wants to play a huge role in it.

Earlier this year, Mark Zuckerberg told his employees that Facebook is becoming a metaverse company with the goal of building a set of connected social apps and supporting hardware. The recently released Horizon Workrooms remote collaboration app for the Oculus Quest 2 headset can be seen as an early piece of the much larger puzzle the metaverse will become in the future.

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