Spotify rival Anghami to list on NASDAQ via merger with Vistas Media Acquisition Company

Prominent Middle Eastern Spotify rival Anghami has entered into a definitive merger agreement with publicly traded special purpose acquisition company (SPAC) Vistas Media Acquisition Company Inc.

The deal will result in Anghami listing on the NASDAQ in New York, with the combined company set to operate under the Anghami name and trade under the new symbol ANGH.

The transaction implies an initial pro-forma enterprise valuation of approximately $220 million, or 2.5x 2022 estimated revenues. The transaction is expected to close in Q2 of 2021.

Citing unnamed sources, Bloomberg reports that Anghami could be valued at nearly $300m following the deal.

With an Arabic speaking population of over 450m globally, Anghami, which has 70m registered users, says that a listing on NASDAQ allows it “to scale its user base and invest in technology to build on its data play”.

UAE-based publicly listed asset management and investment banking firm SHUAA Capital and Vistas Media Capital Singapore, the parent of the sponsor for Vistas Media Acquisition Company Inc., have gathered commitments of a combined $40m ($30m from SHUAA and $10m from Vistas Media Capital) in PIPE financing.

SHUAA also led a funding round for Anghami earlier in the year.

Anghami, headquartered in Abu Dhabi, UAE, is currently backed by MENA venture capital firms and strategic shareholders, including media groups and teleco companies that collectively own approximately 68% of Anghami, with the balance owned by the founders.

Anghami also has offices in Beirut (where it was previously headquartered), Dubai, Cairo and Riyadh.

The company reports to have grown its revenues 80% over the last three years and is expected to increase five-fold over the next three years.

Anghami also expects to have approximately $142m of cash on its balance sheet at closing to be used primarily to fuel additional growth.

Vistas Media Acquisition Company Inc. is led by CEO F. Jacob Cherian and co-founders Saurabh Gupta and Abhayanand Singh.

Anghami’s management team, led by co-founder and CEO Eddy Maroun, will continue to operate and manage Anghami following the transaction.

Co-founder and Chairman Elie Habib will continue as Anghami’s CTO.

F. Jacob Cherian, CEO of Vistas Media Acquisition Company Inc. is expected to join the music streaming company as Co-CEO for a period of one year.


Founded in 2012, Anghami claims to be the first music-streaming platform in the MENA region and now has 70m registered users with around 1 billion streams per month. The service offers a catalog of over 57m songs.

The company also has long standing partnerships with all three major labels including, Universal Music Group, Sony Music and Warner Music Group.

In addition, Anghami has established direct partnerships with 36 teleco companies across the MENA region to boost free user acquisitions and facilitate subscriptions achieving hat it claims is “the highest paying conversion rate in emerging markets”.

The company’s international head of partnerships is LA-based music industry entrepreneur and manager, Wassim “Sal” Slaiby, the CEO of XO Records (the label which he co-founded with The Weeknd whom he also manages) and of SALXCO, his management firm.

Anghami says that Slaiby has been instrumental in formulating global partnerships.


“Being a US listed public company gives us access to growth capital and a global platform that is the best in the world.”

Eddy Maroun, Anghami

Co-founder and CEO of Anghami, Eddy Maroun, said: “Today is a very exciting day for all of us at Anghami and our partners globally.

“Elie and I co-founded the company in 2012 with a vision for Anghami to be a first of its kind, digital media entertainment technology platform in the MENA region.

“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.

“Being a US listed public company gives us access to growth capital and a global platform that is the best in the world.”

“We’re proud of the product and technology we’ve been able to build and now we will have the ability to invest more in R&D.”

Elie Habib, Anghami 

Elie Habib, Co-founder, Chairman and CTO of Anghami, added: “We’re proud of the product and technology we’ve been able to build and now we will have the ability to invest more in R&D and innovate providing a product that goes beyond music to immersive experiences around media and entertainment while remaining relevant to our users and focused on our local edge.”

“SHUAA led a funding round for Anghami earlier in the year and has been working closely with the team to secure the PIPE investment and deliver a successful listing on NASDAQ.”

Jassim Alseddiqi, SHUAA

Jassim Alseddiqi, Group CEO of SHUAA, stated: “We are delighted to be leading the PIPE for Anghami’s business combination with VMAC in what will accelerate Anghami’s growth and build upon its success as a pioneer in the music streaming space in the Middle East and North Africa.

“SHUAA led a funding round for Anghami earlier in the year and has been working closely with the team to secure the PIPE investment and deliver a successful listing on NASDAQ.

“In addition, the enhanced reputation and access to capital that comes with a listing on NASDAQ accelerates the company’s growth journey.”

“MBC is extremely proud of the exceptional team at Anghami and we are honored to be a part of a huge success story for the region.”

Sam Barnet, MBC

Sam Barnet, CEO of MBC, the Saudi Arabian media group and one of Anghami’s key shareholders, said: “MBC is extremely proud of the exceptional team at Anghami and we are honored to be a part of a huge success story for the region.

“The team has been committed to revolutionizing the Arabic music industry through innovation and the best product in the market.”

“As the largest institutional investor in Anghami, we at MEVP are delighted that one more of our top portfolio companies will list on NASDAQ, the leading global market for technology.”

Rabih Khoury, Middle East Venture Partners

Rabih Khoury, Managing Partner of Middle East Venture Partners added: “As the largest institutional investor in Anghami, we at MEVP are delighted that one more of our top portfolio companies will list on NASDAQ, the leading global market for technology.

“We have partnered with Eddy and Elie from the outset in 2012 and continuously supported Anghami starting with its seed round and all its subsequent funding rounds.

“This strong partnership with Anghami has culminated in identifying Vistas as the ideal merger partner.

“The combination with Vistas will confirm Anghami’s position as a MENA technology leader and will provide the funding for its next phase of growth, establishing Anghami as one of the leading technology platforms.”

“Going public on NASDAQ will enable Anghami to invest in innovation from its Abu Dhabi HQ and accelerate its ambitious international growth plans.”

Mohammed Ali Al Shorafa Al Hammadi, Abu Dhabi Department of Economic Development

His Excellency, Mohammed Ali Al Shorafa Al Hammadi, Chairman of the Abu Dhabi Department of Economic Development stated: “Abu Dhabi is a launchpad for innovators to excel globally. We support investors and companies on every step of their journey.

“Going public on NASDAQ will enable Anghami to invest in innovation from its Abu Dhabi HQ and accelerate its ambitious international growth plans. It will also establish a template for other companies in Abu Dhabi to realize their full potential by tapping into global capital markets.”

“This is a landmark transaction for the MENA region and for Vistas.”

Saurabh Gupta, Vistas Media Acquisition Company 

Saurabh Gupta, Co-founder of Vistas Media Acquisition Company Inc. said: “This is a landmark transaction for the MENA region and for Vistas.

“As a media and entertainment sector focused SPAC, our objective was to find a high growth company, and back phenomenal entrepreneurs like Eddy and Elie.

“Anghami is synonymous with the music culture in the MENA region.

“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.”Music Business Worldwide