By Ed Attwood
World's richest Arab expands $21.3bn portfolio with strategic stake in social networking site
Alwaleed bin Talal, the chairman of Saudi Arabia’s Kingdom Holding Company
(KHC) has invested $300m to buy a ‘strategic stake’ in popular social
networking site Twitter.
In an emailed statement on Monday KHC said that the Twitter
deal had been the result of “several months of negotiations and comprehensive
“Our investment in Twitter reaffirms our ability in
identifying suitable opportunities to invest in promising, high-growth
businesses with a global impact,” the statement said.
Prince Alwaleed, whose investments include stakes in General
Motors Co, News Corp and Apple Inc, was named the world’s richest
Arab by Arabian Business on Sunday with a confirmed personal fortune of
$21.3bn. The prince, who signed a deal with Bloomberg in September to launch
his own news channel, saw his wealth rise by 4.4 percent over the course of
Kingdom Holding, which is 95 percent owned by the prince, is
building the tallest tower in the world in Jeddah at a cost of SR4.6bn
($1.23bn). Work on the 1,000m superscraper is set to begin in January, the
architects behind the project said in November.
The number of Twitter users in Saudi Arabia rose by 240
percent in 2010, significantly above the global average, the microblogging site
said earlier this year.
In September, CEO Dick Costolo said that Twitter had
100m active users logging in at least once a month, and 50m active users
every day. The site hosts around 230m 'tweets' every day.