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The SPAC frenzy makes its way to MENA, and Anghami is the culprit!MENA

The SPAC frenzy makes its way to MENA, and Anghami is the culprit!

Get the party playlist ready — Anghami is about to make a grand entrance on the US stock market!

Also known as the Middle East’s Spotify, Anghami is going to list on New York’s tech-heavy Nasdaq stock exchange via a merger deal with the Singaporean SPAC Vistas Media Acquisition Company (VMAC) at a valuation of $300m. Other companies in the music business that have been recently targeted by blank-check companies include Jay-Z’s Tidal and Akazoo.

With over 70 million users and counting, Anghami recently relocated its HQ from Lebanon to Abu Dhabi to avail a series of incentives the Emirate provides to select tech startups. Now that it’s saving up so much cash in the bank, we’re bound to see some serious tech innovation come out of Anghami — watch this space!

why it matters
SPACs have become insanely popular vehicles for stock market listings in America over the past year, and the trend is finally making its way to MENA. It is very likely that the region’s tech startups will start adopting the hyped method following Anghami’s move.