Singapore's VMC plans Mena expansion with $150m ADGM media investment fund | The National

Singapore's VMC plans Mena expansion with $150m ADGM media investment fund | The National

Singapore-based Vistas Media Capital, the parent of the special purpose acquisition company that is taking music streaming platform Anghami public, is expanding its footprint in the Middle East and North Africa with an investment fund and an events and content production company in Abu Dhabi.

The planned $150 million multi-strategy investment fund will be based in the emirate’s financial hub, Abu Dhabi Global Market, VMC said in a statement on Sunday. The company had already set up Vistas International DMCC in Dubai even before it began discussions withi Anghami.

“We have carefully evaluated all the gaps and the demand that exist[s] in this region across the media and entertainment sector and the need for an investment platform that offers unique global investment opportunities for local, Mena-based investors,” Sandeep Mishra, who heads Vistas International DMCC, said.

“[Following] the landmark Anghami transaction, with the set-up of our media company in Abu Dhabi and [the fund launch] we believe we will be able to bridge these gaps and offer unique investment solutions for asset managers, investment funds, family offices and high-net worth investors in the region.

Anghami, the music streaming rival of Spotify in the Arab world, is set to become the first technology company from the region to list on the Nasdaq in New York, following a merger with Vitas Media Acquisition Company (VMAC). The deal values Anghami at $220 million, or about 2.5 times its 2022 estimated revenue.