GulfBase Live Support
20/12/2011 00:00 AST
Prince Alwaleed bin Talal has invested US$300 million (Dh1.1bn) in Twitter, the microblogging site that rose to prominence in the region during the Arab Spring.
Twitter, which allows people to send 140-character messages, has more than 100 million users - but is yet to build a revenue stream on a par with that of Facebook or Google.
The site has been valued at about $8bn, which would give the prince, who ranked 26th on this year's Forbes list of the world's richest people, a stake of about 3.75 per cent in the company.
The Saudi Arabian billionaire made the investment jointly with his Kingdom Holding Company, according to a notice issued by the company.
"HRH Prince Alwaleed bin Talal bin Abdulaziz Al Saud, and Kingdom Holding Company, announced … a combined investment of $300m in Twitter," said a statement posted to the Saudi Arabian stock exchange. "This investment was the result of several months of negotiations."
Prince Alwaleed has boosted his share in media investments over the years. He controls Rotana, one of the biggest broadcasters in the region, which runs Rotana Cinema, the second most lucrative channel by advertising revenues.
The prince also has a 7 per cent stake in Rupert Murdoch's troubled News Corp empire, which has been rocked by allegations of illegal phone hacking perpetrated by some of its journalists.
Prince Alwaleed also plans to launch Alarab, an Arabic-language news station. The channel, due to go on the air next year, will be based in either Bahrain or Dubai.
Karim Sabbagh, a senior partner at the consultancy Booz & Company, said that the investment in Twitter marked a "good complement" to Prince Alwaleed's portfolio.
"They had already made a significant push over the last three years to digital media. His investment in Twitter is a step in this direction," Mr Sabbagh said. "This is another way to reach out to his audience across multiple channels. It puts him in a very nice position."
It has also emerged that Twitter plans an initial public offering in the next two years.
Ahmed Halawani, the executive director of private equity at Kingdom Holding, told the television channel Al Arabiya that it could plan a share sale in two years. Kingdom Holding will not have voting rights or be represented on the Twitter board, the executive reportedly told Al Arabiya.
Despite that, Mr Sabbagh said that Prince Alwaleed's stake in Twitter was significant.
The National
21/03/2018
Prince Al Waleed Bin Talal, just weeks after his release from detention in Riyadh’s Ritz-Carlton, is hunting for deals again and planning to reshape his investment empire.
The prince, in hi
Gulf News
18/03/2018
Kingdom Holding Co is reviving talks to raise about $1bn in loans, weeks after its chairman Prince Alwaleed bin Talal was released from detention, people familiar with the matter said.
The
Gulf Times
09/03/2018
Kingdom Holding Company (KHC) has signed a smart city consulting agreement to design ICT infrastructure and smart services for Jeddah Tower and Jeddah Economic City Project on behalf of the Jeddah Ec
Arab News
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
05/04/2018
SABIC announced the successful completion of the pilot operation of the Methyl Methacrylate Monomer (MMA) and Poly Methyl Methacrylate (PMMA) plants and the commencement of commercial operations.
Saudi Gazette
05/04/2018
Standard & Poor’s (S&P) has affirmed QIB’s Issuer Credit Rating at A-, Qatar’s leading Islamic bank has said in a release. According to S&P, the major contributing factors strengthening QIB’s rating
Gulf Times
05/04/2018
Qatar National Bank (QNB) aims to increase its profit by 5-8 percent this year and loans and investments by 10-12 percent, helped by expansion into faster-growing Southeast Asia markets, its CEO told
The Peninsula
04/04/2018
Doha Bank has announced the official inauguration of its Chennai Branch, in the southern Indian state, will be held today. This is Doha Bank’s third city in India after its successful establishment o
The Peninsula
04/04/2018
Bank of Sharjah said it has engaged SHUAA Capital International as liquidity providers for its shares and will commence the activity from April 4. SHUAA Capital International shall not hold more than
Gulf News