Anghami lists on New York’s NASDAQ stock exchange
Abu Dhabi-based music streaming platform Anghami has become the first Arab tech company to be listed on New York’s NASDAQ stock exchange. Following a business combination with Vistas Media Acquisition Company, a special purpose company formed to facilitate the listings, Anghami’s shares began trading in the United States on February 4, 2022.
Anghami was founded in 2012 in Lebanon by Eddy Maroun and Elie Habib, and has since become one of the largest platforms in the region.
Eddy Maroun, co-founder and co-chief executive officer of Anghami, said: “Today marks the end of a long journey toward listing on NASDAQ, but also the momentous beginning of our life as a publicly traded company. We are grateful to our investors and partners who have made this possible. We believe that our efforts to take a different approach and challenge the status quo in the streaming world present a great opportunity for fans not only in the region, but also for millions of people around the world who are trying to reconnect with their roots through music. As we embark on this new chapter, we remain as committed as ever to our goal of expanding the Arabic-language music repertoire through new initiatives and innovative concepts such as Anghami
Originals, Anghami Labs, live concerts, live radio and branded content.”
Elie Habib, co-founder and chief technology officer of Anghami, said: “This is a moment of great pride, not only for Anghami but for the entire Arab world, as well as for our engineers, builders, creators and partners around the world. We launched in 2012 with the dream of making a valuable difference for users and artists alike, and nearly a decade later, with about 58 per cent of the market share in the Middle East, we have earned a place not only in the industry but also in the hearts of music lovers across the region. We look forward to continuing our mission to transform the music streaming industry globally by connecting fans and artists and providing a unique streaming experience by focusing on original hyper-local content and a catalogue of music and entertainment.”
Meta has announced the appointment of Fares Akkad as the new regional director of the MENA region, effective March 1, 2022. In this role, Akkad will design and lead the commercial growth of the company and its portfolio of apps, services and businesses across MENA.
Akkad was most recently the director of media partnerships for news in growth markets at Meta, supporting journalists and publishers in embedding a sustainable business model in the digital age. Prior to joining Meta, Akkad led digital business development and distribution for MBC Group.
Entrepreneurship remains a passion for Akkad, said Meta in a statement. Having started, funded and exited several startups in MENA and the US, he remains an active advisor and investor in the startup scene.