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FINANCIAL NEWS
Saudi KHC acquires stake in Twitter
19 Dec 2011
(MENAFN) Saudi Prince Alwaleed bin Talal bought a stake in popular social networking site Twitter for USD300 million, Arabian Business reported.
The prince, who is the chairman of Kingdom Holding Co. (KHC), was named recently the world’s richest Arab by Arabian Business, with a confirmed personal fortune of USD21.3 billion.
Users in Saudi Arabia rose by 240 percent last year, which is significantly considered above the global average, Twitter said earlier this year.
Prince Al Waleed signed a deal with Bloomberg in September to launch his own news channel.
It is worth mentioning that KHC is constructing what will be the world’s tallest tower in Jeddah at a cost of USD1.23 billion, a 1,000 meters superscraper is scheduled to begin in January.
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