Abu Dhabi Global Market-headquartered Anghami, the music streaming rival of Spotify in the Arab world, successfully listed on New York’s Nasdaq with a bell-ringing ceremony on Thursday.
The listing followed Anghami’s deal with Vitas Media Acquisition Company (VMAC), a special purpose acquisition company, or Spac, set up in 2020.
Anghami has become the first Arab technology company to be listed on Nasdaq and the first Arab company to list on this market in more than 25 years, the firm said.
We have carved out a place not only in the industry, but also in the hearts of music lovers in across the region, with a 58 per cent market share
Eddy Maroun,
co-founder and chief executive of Anghami
Founded in 2012, the ADGM-registered public company listed with the trading name Anghami (Nasdaq: ANGH).
ADGM will continue to support Anghami in the next phase of its growth story, said Ahmed Jasim Al Zaabi, chairman of ADGM.
“Anghami is set to become the first Arab technology company to successfully list on Nasdaq, which is a remarkable achievement. The approval demonstrates the vast opportunity for ADGM-based companies to tap into global capital markets to raise funds to realise their full potential,” Mr Al Zaabi said.
Anghami established its global base and research and development centre in Abu Dhabi last year, as part of a partnership with the Abu Dhabi Investment Office under the $545 million innovation programme.
Adio has provided Anghami with financial and non-financial incentives to set up at ADGM, in addition to helping the platform access the advantages of Abu Dhabi, including its strategic location, access to a competitive talent pool and established infrastructure.
“We have carved out a place not only in the industry, but also in the hearts of music lovers in across the region, with a 58 per cent market share,” said Eddy Maroun, co-founder and chief executive of Anghami.
“We look forward to continuing our mission to transform the music streaming industry worldwide by bringing fans and artists together to deliver a unique streaming experience with our focus on original, hyper-local content and an extensive catalogue of music and entertainment."
Dubai investment bank Shuaa Capital invested an undisclosed amount as part of a new funding round in Lebanon-born Anghami in January last year.
Commenting on Twitter on Thursday, Shuaa Capital's chief executive Jassim Alseddiqi wrote: “Anghami successfully lists on Nasdaq New York; the first Arab technology company to list on Nasdaq. Congratulations to the Anghami team and pleased for Shuaa Capital to be leading the listing and the round of funding."
Anghami’s music streaming platform has more than 75 million users in Europe, the US and the Middle East and North Africa region. It offers access to more than 72 million Arabic and international songs to stream and download, and about 200,000 Arabic and global podcasts.
Abu Dhabi is proud to celebrate Anghami's achievements “as it receives final approvals to list on Nasdaq … paving the way for it to become the first Arab technology company to achieve this monumental milestone”, said Mohammed Al Shorafa, chairman of the Abu Dhabi Department of Economic Development and vice chairman of ADGM.
“A true technology pioneer and regional success story, Anghami's drive for innovation and growth has enabled it to reach new heights, boosted by support from the emirate’s ecosystem … working as an integrated ecosystem, Abu Dhabi provides support and enables opportunities for fast-growing companies.”
Anghami has worked with several local label partners to build a comprehensive catalogue of songs from around the region and negotiate licences with major international labels.
“As we prepare for life as a public company, I would like to thank Abu Dhabi Global Market for its support in cultivating an environment that allows exciting home-grown Middle East technology companies such as Anghami to grow and thrive,” said Elie Habib, co-founder and chief technology officer of Anghami.
Guide to intelligent investing
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Juvenile arthritis
Along with doctors, families and teachers can help pick up cases of arthritis in children.
Most types of childhood arthritis are known as juvenile idiopathic arthritis. JIA causes pain and inflammation in one or more joints for at least six weeks.
Dr Betina Rogalski said "The younger the child the more difficult it into pick up the symptoms. If the child is small, it may just be a bit grumpy or pull its leg a way or not feel like walking,” she said.
According to The National Institute of Arthritis and Musculoskeletal and Skin Diseases in US, the most common symptoms of juvenile arthritis are joint swelling, pain, and stiffness that doesn’t go away. Usually it affects the knees, hands, and feet, and it’s worse in the morning or after a nap.
Limping in the morning because of a stiff knee, excessive clumsiness, having a high fever and skin rash are other symptoms. Children may also have swelling in lymph nodes in the neck and other parts of the body.
Arthritis in children can cause eye inflammation and growth problems and can cause bones and joints to grow unevenly.
In the UK, about 15,000 children and young people are affected by arthritis.
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The Dark Blue Winter Overcoat & Other Stories From the North
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Major honours
ARSENAL
BARCELONA
- La Liga - 2013
- Copa del Rey - 2012
- Fifa Club World Cup - 2011
CHELSEA
- Premier League - 2015, 2017
- FA Cup - 2018
- League Cup - 2015
SPAIN
- World Cup - 2010
- European Championship - 2008, 2012
UAE currency: the story behind the money in your pockets
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
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4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
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Gully Boy
Director: Zoya Akhtar
Producer: Excel Entertainment & Tiger Baby
Cast: Ranveer Singh, Alia Bhatt, Kalki Koechlin, Siddhant Chaturvedi
Rating: 4/5 stars
Education reform in Abu Dhabi
The emirate’s public education system has been in a constant state of change since the New School Model was launched in 2010 by the Abu Dhabi Education Council. The NSM, which is also known as the Abu Dhabi School Model, transformed the public school curriculum by introducing bilingual education starting with students from grades one to five. Under this new curriculum, the children spend half the day learning in Arabic and half in English – being taught maths, science and English language by mostly Western educated, native English speakers. The NSM curriculum also moved away from rote learning and required teachers to develop a “child-centered learning environment” that promoted critical thinking and independent learning. The NSM expanded by one grade each year and by the 2017-2018 academic year, it will have reached the high school level. Major reforms to the high school curriculum were announced in 2015. The two-stream curriculum, which allowed pupils to elect to follow a science or humanities course of study, was eliminated. In its place was a singular curriculum in which stem -- science, technology, engineering and maths – accounted for at least 50 per cent of all subjects. In 2016, Adec announced additional changes, including the introduction of two levels of maths and physics – advanced or general – to pupils in Grade 10, and a new core subject, career guidance, for grades 10 to 12; and a digital technology and innovation course for Grade 9. Next year, the focus will be on launching a new moral education subject to teach pupils from grades 1 to 9 character and morality, civic studies, cultural studies and the individual and the community.
