Saudi Arabia Invests In Twitter
Prince Alwaleed, Kingdom Holding Company make $300 million investment in Twitter
RIYADH, Saudi Arabia - HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, and Kingdom Holding Company (KHC), announced a combined investment of $300 Million in Twitter. This investment was the result of several months of negotiations and comprehensive due diligence and represents a strategic stake in Twitter.
Prince Alwaleed commented: "Our investment in Twitter reaffirms our ability to identify 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 commented: "We believe that social media will fundamentally change the media industry landscape in the coming years. Twitter will capture and monetize 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, no matter what you're interested in or where you are in the world. Twitter can be accessed on the web, on smartphones and on the simplest of feature phones.
Prince Alwaleed has a strong presence and influence in media through his investments in entertainment and media entities in the Arab world, and beyond, such as the Saudi Research and Marketing Group (SRMG), in which Kingdom Holding holds a 29.9% stake. The publications that fall under SRMG include Asharq Al Awsat, Al Eqtisadiah, Arab News, Hia magazine, Al Majalla magazine, Arrajol magazine and Sayidati magazine. Furthermore, other entities that fall under SRMG are Al Khaleejiya for Publicity Advertising and Public Relations and Al Madina Printing and Publishing Company. KHC is also owner of approximately 7 percent of News Corporation's Class B Common Stock.
In February 2010, Rotana Group announced that Newscorp had reached an agreement to buy a 9.09 percent stake in Rotana Group, to further develop its position in the media sector in the Middle East and expand its horizons. Under the terms of the agreement, News Corporation will acquire newly-issued shares in Rotana for $70 million. News Corp. has an option to increase its stake to 18.18 percent in the 18 months following completion.
In addition, Prince Alwaleed recently announced his plans to launch his privately owned Alarab news channel. The news channel will be managed by Mr. Jamal Khashoggi.