Alwaleed, Kingdom invest $300m in Twitter
Riyadh, December 19, 2011
Saudi Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud and his Kingdom Holding Company (KHC) will make a combined investment of $300 million in Twitter, a popular micro-blogging site.
This investment is the result of several months of negotiations and comprehensive due diligence and represents a strategic stake in Twitter, said a KHC statement.
Prince Alwaleed said: “Our investment in Twitter reaffirms our ability in identifying suitable opportunities to invest in promising, high-growth businesses with a global impact.”
Eng Ahmed Halawani, KHC executive director of private equity and international investments, said: “We believe that social media will fundamentally change the media industry landscape in the coming years. Twitter will capture and monetise this positive trend.”
Twitter is a communication platform that instantly connects people everywhere to what's most meaningful to them. At the heart of Twitter are small bursts of information called Tweets, which are 140 characters or less in length. With 250 million Tweets per day and more than 100 million active users, there is something for everyone on Twitter, said the statement.
Prince Alwaleed has a strong presence and influence in media through his investments in media and entertainment in the Arab world, and beyond like the Saudi Research and Marketing Group (SRMG), in which Kingdom Holding holds a 29.9 per cent stake.
In February 2010, Rotana Group announced that Newscorp has reached an agreement to buy a 9.09 percent stake in Rotana Group, to further develop its postion in the media sector in the Middle East and expand it horizon.
In addition, Prince alwaleed recently announced plans to launch his privately owned Alarab news channel. - TradeArabia News Service