History Made as Anghami Officially Begins Trading on New York’s NASDAQ

Marking the momentous beginning of its journey as a publicly traded company, MENA’s leading music streaming platform Anghami the first Arab tech company to be listed on the NASDAQ and the first Arab company to list on the US-based exchange in more than 25 years. The UAE-based company rang the opening bell at the NASDAQ stock exchange on Thursday to celebrate its approval to officially list after completing its business combination with Vistas Media Acquisition Company. Anghami’s common ordinary shares and warrants began trading in the US on February 4, 2022 under the tickers ‘ANGH’ and ‘ANGHW’.

The road to the coveted NASDAQ listing was an arduous yet fruitful one for Anghami; over the last year, the company launched a number of pioneering initiatives and campaigns and raised millions in funding from regional and international investors. SHUAA Capital led a funding round for Anghami and made a PIPE commitment of $30 million along with an additional $10 million commitment from Vistas Media Sponsor in early 2021 to kick off the official listing process with NASDAQ.

Anghami’s global success is built entirely on localisation with its Arabic music catalog taking front and center, accounting for more than 50 percent of songs streamed daily. After a decade of coding, innovating and experimenting, Anghami has now emerged as the region’s leading streaming platform swallowing up 58 percent market share. Anghami has worked avidly to partner with local and international labels and now boasts the most extensive catalogue in MENA with more than 75 million songs and podcasts available for streaming. 

Its massive success can be attributed to Anghami’s local approach; although it has only reached 10% of its potential market, its work with local labels and artists through initiatives like Anghami Originals, Anghami Labs and Vibe Music Arabia, had earned it not only a loyal fanbase but the capacity to continue expanding the Arabic-language music repertoire. Elie Habib, Co-Founder and CTO of Anghami noted that localized content is at the core of everything they do: “We launched in 2012 with the dream of making a valuable difference for users and artists alike, and nearly a decade later, with around 58% 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,” comments Habib.

Anghami’s appetite for innovation and growth has galvanised the company to have global ambitions while still maintaining a localised approach; the streaming platform not only targets fans and artists in the region but also the millions of Arabs in the diaspora looking to stay connected with their culture.