Anghami takes one step closer to its SPAC listing: The streaming platform’s merger — which would value the company at around USD 220 mn — with blank-check firm Vistas Media Acquisition Company was approved by Vistas shareholders at a special stockholders meeting last week, the companies announced in a joint statement.

Anghami and Swvl are in something of a race to close their SPACs: Queen’s Gambit is looking to close with Swvl this month, the domestic press quoted Swvl CEO Mostafa Kandil as saying last month. Anghami is looking to close by 11 February. You can check out its latest investor presentation here.

But they haven’t picked a great time for it: SPACs, IPO stocks and tech are in the middle of a heavy sell-off triggered by the Federal Reserve’s announcement that it will hike interest rates several times this year. Seven SPACs have written to the US Securities and Exchange Commission to cancel IPO plans this month as poor performance coupled with increasing regulatory scrutiny hurts the asset class.

Closer to home though, SPACs are only getting started: We could see our first homegrown SPAC established within the next month, Financial Regulatory Authority (FRA) chief Mohamed Omran said last week.

Also worth noting this morning: UAE-based renewable energy firm Masdar plans to more than double its operations this decade, driven in part by the acquisition of power firms in the US and Europe, Bloomberg reports CFO Niall Hannigan saying. The subsidiary of Abu Dhabi’s Mubadala sovereign wealth fund could get the capital for its “significant” growth ambitions from the UAE government, international capital markets, or the potential sale of its first corporate bond next year.

THE CLOSING BELL-

The EGX30 rose 0.1% on Thursday on turnover of EGP 746 mn (35.2% below the 90-day average). Local investors were net sellers. The index is down 1.8% YTD.

In the green: EFG Hermes (+1.4%), GB Auto (+1.1%) and CIB (+1.0%).

In the red: Fawry (-3.3%), AMOC (-3.0%) and Raya Holding (-2.6%).