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
Closing Bell: Saudi Arabia’s main index closes in red at 10,364
RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower on Sunday, shedding 185.05 points, or 1.75 percent, to end the session at 10,364.03.
Total trading turnover on the benchmark index stood at SR2.55 billion ($680 million), with 20 stocks advancing and 237 declining.
The Kingdom’s parallel market Nomu also retreated, falling 0.63 percent, or 147.19 points, to close at 23,371.82.
The MSCI Tadawul Index slipped 1.71 percent to 1,369.56.
Saudi Industrial Export Co. was the top gainer on the main market, with its share price jumping 9.87 percent to SR2.56.
Shares of Naqi Water Co. rose 2.53 percent to SR58.80, while Shatirah House Restaurant Co. advanced 2.18 percent to SR9.39.
On the downside, Gulf Union Alahlia Cooperative Insurance Co. posted the steepest decline, with its share price falling 4.61 percent to SR10.14.
On the announcements front, Scientific & Medical Equipment House Co. said it had been awarded a contract valued at SR260.98 million by the Ministry of Human Resources and Social Development to supply uncooked food materials and catering items to beneficiaries at the ministry’s residential branches across the Kingdom.
The project scope also includes providing cooked meals to selected anti-begging offices over a 24-month period, according to a Tadawul statement. The company added that the financial impact of the contract will begin in the fourth quarter of this year.
It said further developments would be disclosed in due course after all relevant parties sign the final contract and a copy is received.
Shares of Scientific & Medical Equipment House Co. edged up 0.31 percent to SR32.44.
Separately, Dr. Soliman Abdel Kader Fakeeh Hospital Co. and its subsidiaries signed an agreement with Oloof Development Co., a wholly owned subsidiary of Jazan Municipality, to lease a strategic land plot in Jazan City for SR217.99 million.
According to a Tadawul statement, the land, which spans 34,581 sq. meters, will be used to develop an integrated healthcare facility under a 50-year lease.
The company said the financial impact of the agreement is expected to begin once the medical facility is completed and becomes operational.
Shares of Dr. Soliman Abdel Kader Fakeeh Hospital Co. fell 1.92 percent to SR33.74.
