#UAE's Shuaa set to gain as Spotify's Mideast rival Anghami lists on Nasdaq | ZAWYA MENA Edition

UAE's Shuaa set to gain as Spotify's Mideast rival Anghami lists on Nasdaq | ZAWYA MENA Edition

UAE’s publicly listed financial services firm Shuaa Capital is looking to boost its results following a merger deal and listing of Anghami, a homegrown Arab music streaming platform, on Nasdaq.

Abu Dhabi-based Anghami, which means “my tunes” in Arabic, had entered into a definitive merger agreement with Vistas Media Acquisition Company Inc, a publicly traded special purpose acquisition company (SPAC).

The transaction will result in Anghami becoming the first Middle East technology firm to list on Nasdaq New York.

The deal is expected to close during the second quarter of 2021 and it includes a $30 million commitment from Shuaa Capital, as well as $10 million from Vistas Media Capital, through an arrangement called private investment in public equity (PIPE) financing.

“Shuaa acted as the lead arranger for the transaction which is expected to have a positive effect on the company’s Q2 2021 financial results,” the asset management and investment banking firm told the Dubai Financial Market (DFM) on Thursday.