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Anghami, the music streaming rival of Spotify in the Arab world, is set to become the first technology firm from the region to list on the Nasdaq in New York, following a merger with a blank-cheque company.
The deal with Vitas Media Acquisition Company (VMAC), a special purpose acquisition firm, or SPAC, set up last year will be one of the biggest investments in a technology start-ups this year, valuing the company at $220 million, or about 2.5 times its 2022 estimated revenue.
The company will raise about $100m in funding through the deal and about 70 per cent of proceeds will be reinvested to spur growth, Anghami co-founders Eddy Maroun and Elie Habib told