Singaporean media investment firm sets up $150m SPAC fund for MENA region

Singapore-based media investment company Vistas Media Capital (VMC) has set up a production company in Abu Dhabi and plans to launch a US$150 million fund for special purpose acquisition companies (SPACs). This is part of its expansion plans in the Middle East and North Africa (MENA) region.

The news comes after VMC’s SPAC (Vistas Media Acquisition Company) merged with Anghami, a music-streaming platform in the MENA region, which led the latter being listed on the Nasdaq in the US.

Vistas Media Capital Group CEO Abhayanand Singh

VMC’s planned US$150 million multistrategy investment fund will target the entire SPAC ecosystem, pre-IPO financing for key sectors in MENA, and structured financing for the content industry in MENA and India.

“Post the landmark Anghami transaction, we have received overwhelming responses from the Abu Dhabi Media Authority and the wider investor community in the MENA region,” said VMC Group’s CEO Abhayanand Singh. “We now wish to expand our global footprint by leveraging this support and demand from MENA to further strengthen our businesses and take Vistas Media Capital, a homegrown Singapore company, global.”

VMC established Vistas Media FZ-LLC at the United Arab Emirates capital’s media free zone, Twofour54, where it will offer end-to-end production services for Arabic, Bollywood, and Hollywood films.

“So far, we have successfully built and grown the Indian content production, distribution, and media investment business and invested in select Hollywood productions,” said Piiyush Singh, Vistas Media FZ-LLC head and VMC’s co-founder. “The strategic location of Abu Dhabi allows us to continue to deepen our footprint in India and also expand our experience, network, and offerings in the Arab world through producing or co-producing and supporting local content makers to create high-quality content.”