RIYADH: Anghami, the Middle East-focused music streaming site will appeal to investors as a rare US proxy for the MENA tech scene when it lists on Nasdaq, research group Tellimer said in a note on Tuesday.
Set to become the first Arab technology company to be listed in the US, the Beirut-headquartered company already has some 70 million users across MENA.
Anghami established the first legal music streaming company in the region with a music catalog that includes prominent Arabic record labels like Melody, Mazzika and Platinum, Tellimer said.
“It has a regular stream of monthly subscription revenue and is likely to be cash flow positive, unlike several other tech names,” said report author Nirgunan Tiruchelvam, head of consumer equity research at Tellimer.
Founded by Lebanese entrepreneurs Eddy Maroun, and Elie Habib, its shareholders include Middle East Venture Partners, Samena Capital, Emirates Integrated Telecommunications Co., MBC Group and Etihad Etisalat Co.
The site has been pitched to regional affordability levels at $4.99 a month and its distribution strategy is focused on working with telcos, unlike that of rival Spotify.
Anghami said in March it had agreed to merge with a special purpose acquisition company (SPAC) in a deal that implied an enterprise value of about $220 million.
“Being a US listed public company gives us access to growth capital and a global platform that is the best in the world,” Anghami co-founder and CEO Eddy Maroun said at the time.
Under the deal, Anghami will merge with publicly listed Vistas Media Acquisition Company Inc. The deal includes a $30 million commitment from Dubai-based Shuaa Capital and $10 million from the parent of the SPAC.
Anghami this week said it had added six new mobile partnerships across Saudi Arabia, the United Arab Emirates, Morocco, Tunisia and Algeria in the first half of 2021.
“Partnering with mobile operators has been a key focus for us since our inception as they give us the opportunity to reach new audiences, benefiting for the telco partner’s big marketing reach as well as offering our users a convenient way to pay or to benefit from access to Anghami Plus through bundles that are tailor-made for each market,” said Choucri Khairallah, Anghami’s VP of business development.
Investors to tune into Anghami, the ‘Spotify’ of Arab world: Tellimer
https://arab.news/84zcz
Investors to tune into Anghami, the ‘Spotify’ of Arab world: Tellimer
New Murabba seeks contractors for Mukaab Towers fit-outs: MEED
RIYADH: Saudi Arabia’s New Murabba Development Co., a wholly owned subsidiary of the Public Investment Fund, has issued a request for information to gauge the market for modular and offsite fit-out solutions for its flagship Mukaab development, MEED reported on Wednesday.
The RFI was released on Jan. 26, with submissions due by Feb. 11. NMDC has also scheduled a market engagement meeting during the first week of February to discuss potential solutions with prospective contractors.
Sources close to the project told MEED that NMDC is “seeking experienced suppliers and contractors to advise on the feasibility, constraints, and execution strategy for using non-load-bearing modular systems for the four corner towers framing the Mukaab structure.” The feedback gathered from these discussions will be incorporated into later design and procurement decisions.
The four towers — two residential (North and South) and two mixed-use (East and West) — are integral to the Mukaab’s architectural layout. Each tower is expected to rise approximately 375 meters and span over 80 stories. Key modular elements under consideration include bathroom pods, kitchen pods, dressing room modules, panelized steel partition systems, and other offsite-manufactured fit-out solutions.
Early works on the Mukaab were completed last year, with NMDC preparing to award the estimated $1 billion contract for the main raft works. This was highlighted in a presentation by NMDC’s chief project delivery officer on Sept. 9, 2025, during the Future Projects Forum in Riyadh.
Earlier this month, US-based Parsons Corp. was awarded a contract by NMDC to provide design and construction technical support. Parsons will act as the lead design consultant for infrastructure, delivering services covering public buildings, infrastructure, landscaping, and the public realm at New Murabba. The firm will also support the development of the project’s downtown experience, which spans 14 million sq. meters of residential, workplace, and entertainment space.
The Parsons contract follows NMDC’s October 2025 agreements with three other US-based engineering firms for design work across the development. New York-headquartered Kohn Pedersen Fox was appointed to lead early design for the first residential community, while Aecom and Jacobs were selected as lead design consultants for the Mukaab district.
In August 2025, NMDC signed a memorandum of understanding with Falcons Creative Group, another US-based firm, to develop the creative vision and immersive experiences for the Mukaab project. Meanwhile, Beijing-based China Harbour Engineering Co. completed the excavation works for the Mukaab, and UAE-headquartered HSSG Foundation Contracting executed the foundation works.
