Saudi Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, known to the world as the nephew of Saudi Arabia King Abdullah bin Abdulaziz Alsaud, and one of the world’s richest people, has expanded his investments to include the microblogging network Twitter.
Over the years, Alwaleed has invested in slew of different markets and building up his huge business empire in the process. These markets include banking, real estate, hotel management and technology like Hewlett-Packard, Apple and Motorola. In the dot-com boom, he and his investment firm Kingdom Holding Co., focused their efforts on Web companies.
Samer Darwiche, an analyst at Gulfmena Investments in Dubai says, “Kingdom realizes the importance of social networks like Twitter and their future growth prospects, and decided to benefit from this trend.”
This investment step came after months of negotations and is said to be a “strategic stake” on Twitter. It also came amidst the microblogging site’s revamping of the website for easier navigation and to attract advertisers.
Twitter spokesman Matt Graves has confirmed the investment with the Arab billionaire but provided no further details.
Image Credit: Kingdom Holding Co.