Anghami will become the first home-grown Middle East tech company to list on the New York stock exchange after merging with Vistas Media Acquisition Company in a deal that values the music-streaming service at $220 million.
Anghami, which translates in Arabic to ‘my tunes’, announced on Wednesday that the deal had been struck with Vistas, which is one of the biggest investment into a Middle Eastern technology start-up.
Founder Elie Habib said: Listing on the Nasdaq is very important for us.
It’s the biggest capital market in the US and the biggest for tech. It enables us to open up the opportunities in growing the company by raising more capital and being exposed to different companies and being able to play in the worldwide territory, which just puts us in a different field.