Prince Alwaleed acquires 2.3% stake in Snapchat

Prince Alwaleed bin Talal said he made the Snapchat investment in May. (AFP)
Updated 09 August 2018
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Prince Alwaleed acquires 2.3% stake in Snapchat

  • $250 million (SR950 million) investment was made in May at a cost of $11 a share
  • The prince met Evan Spiegel, CEO of Snapchat in 2015

JEDDAH: Prince Alwaleed bin Talal has acquired a 2.3 percent stake in Snapchat in a deal worth $250 million (SR950 million).

The investment was made in May at a cost of $11 a share, making Prince Alwaleed a significant individual shareholder in this social media company, a statement from the businessman said. 

“Snapchat is one of the most innovative social media platforms in the world and we believe it has only just begun to scratch the surface of its true potential and we are blessed to be part of it,” Prince Alwaleed said. 

He met with Evan Spiegel, CEO of Snapchat in 2015, when he visited Riyadh. 

The prince already has investments in leading global technology companies, including Twitter, JD.com and Lyft. 

On Thursday, the businessman announced a $267 million deal to buy newly issued shares in the Dutch music streaming service Deezer through his Kingdom Holding investment company and Rotana Group, the entertainment company he also owns.


Libya’s NOC confirms 290,000 bpd production at Sharara offline

Updated 20 July 2019
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Libya’s NOC confirms 290,000 bpd production at Sharara offline

  • NOC said it was conducting a full-scale investigation into suspected closed valves in the Hamada area
  • It also said in a statement that production from El Feel oilfield was unaffected by the incident

LONDON: Libya’s National Oil Corporation confirmed on Saturday that production at its 290,000 barrels per day El Sharara oilfield was currently offline.
NOC said it was conducting a full-scale investigation into suspected closed valves in the Hamada area.
It also said in a statement that production from El Feel oilfield was unaffected by the incident.
Sources earlier told Reuters that production at El Sharara had halted on Friday due to a valve closure on the pipeline linking the field to Zawiya.