Spotify competitor Anghami to become first Arab tech firm to list on Nasdaq, eyes plans for Egypt

Anghami, which operates a music streaming app popular in the Middle East and North Africa, announced on Wednesday it is set to become the first Arab tech firm to list on the Nasdaq after entering a deal to merge with a special purpose acquisition company (SPAC).

The deal implies an enterprise value of around $220 million, Anghami explained in a statement. The transaction includes a $30 million commitment from UAE financial firm Shuaa Capital and $10 million from the parent of the SPAC.

Shuaa acted as financial advisor and had also led a funding round for Anghami in 2020.

“Being a U.S. listed public company gives us access to growth capital and a global platform that is the best in the world,” Anghami co-founder and CEO Eddy Maroun said in the statement.

Anghami plans for Egypt

Part of the proceeds from the listing, which could take place as early as June, will be used for recruitment and investment in key markets including Egypt and Saudi Arabia, Ellie Habib, one of Angahmi’s Lebanese founders told Bloomberg.

The Abu Dhabi-headquartered streaming service Anghami has more than 70 million registered users and partnerships with Universal Music Group, Sony Music, and Warner Music Group.