Dec 20 2011 |
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Prince Alwaleed, KHC invest $300m in Twitter
RIYADH: Prince Alwaleed bin Talal, and Kingdom Holding Company ( KHC ), announced Monday a combined investment of $300 million in Twitter. This investment was the result of several months of negotiations and comprehensive due diligence and represent a strategic stake in Twitter, according to a KHC statement.Prince Alwaleed commented: "Our investment in Twitter reaffirms our ability in identifying suitable opportunities to invest in promising, high-growth businesses with a global impact."
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 monetize this positive trend."
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 percent stake. The publications that fall under SRMG include Asharq Al-Awsat, Al-Eqtisadiah, Arab News, Hia magazine, Al-Majalla magazine, Arrajol magazine and Sayidaty magazine. Furthermore, other entities that fall under SRMG are Al-Khaleejiah Advertising and Public Relations and Al-Madina Printing and Publishing Company. Furthermore, KHC is owner of approximately 7 percent of News Corporation's Class B common stock.
In addition, Prince Alwaleed recently announced his plans to launch his privately owned Alarab news channel, the news channel will be managed by Jamal Khashoggi.
© Arab News 2011
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