Feb 09 2012 |
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Prince Alwaleed, Twitter CEO discuss tie-up
RIYADH: Prince Alwaleed bin Talal, chairman of Kingdom Holding Company ( KHC ), met with Dick Costolo, CEO of Twitter, Ali Rowghani, CFO of Twitter and Suhail Rizvi from Twitter at The Plaza Hotel in New York earlier this week during Prince Alwaleed's trip to the US.Prince Alwaleed was accompanied by Jamal Khashoggi, general manager of Alarab news channel that is privately owned by Prince Alwaleed and Ms. Heba Fatani, senior executive manager, Corporate Communications Department, KHC .
During the meeting, Costolo thanked the Prince for giving him the opportunity to meet with him. Moreover, the two discussed the collaboration between Prince Alwaleed and Kingdom Holding 's combined investment of $300 million in Twitter that was announced in December 2011. KHC 's investment in Twitter was the result of several months of negotiations and a comprehensive due diligence represent a strategic stake in Twitter.
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 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. 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 Khashoggi.
© Arab News 2012
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