Prince Alwaleed announces SR1bn deal with music streaming service Deezer

Prince Alwaleed bin Talal described the Deezer share purchase as a 'premium investment'. (File photo Reuters)
Updated 02 August 2018

Prince Alwaleed announces SR1bn deal with music streaming service Deezer

  • Shares will be bought through Prince Alwaleed’s Kingdom Holding investment company and Rotana Group
  • Deezer is a Dutch music streaming service with 53 million available tracks

LONDON: Prince Alwaleed bin Talal announced on Thursday a SR1 billion ($267 million) deal to buy newly issued shares in the Dutch music streaming service Deezer.

The shares will be bought through Prince Alwaleed’s Kingdom Holding investment company and Rotana Group, the entertainment company owned by the businessman.

Rotana and Deezer also signed an exclusive long-term agreement to distribute Rotana’s popular audio and video content in the Middle East and North Africa, the Kingdom Holding statement said.

“The investment of Kingdom Holding and Rotana Group in Deezer represents one of the many premium investments that we have always sought for our shareholders and the signing of this distribution agreement will move Rotana to the international arena,”   Prince Alwaleed said.

Deezer says it provides one of the largest and most diverse music streaming services with 53 million tracks available to 14 million active users a month.

Prince Alwaleed has investments in a number of international companies including Citigroup Inc and Twitter.


Apple to launch first online store in India next week

Updated 18 September 2020

Apple to launch first online store in India next week

  • The company at present uses third-party online and offline retailers to sell its products in the country
  • India has become a key focus of tech giants over the last few years

NEW DELHI: Apple announced Friday that it will launch its first online store in India next week, as it seeks to increase sales in one of the world’s fastest-growing smartphone markets.
The company at present uses third-party online and offline retailers to sell its products in the country.
Apple CEO Tim Cook said in a tweet that the company “can’t wait to connect with our customers and expand support in India.”
The Sept. 23 launch comes ahead of India’s major Hindu festival season beginning next month.
With a nearly 1.4 billion people, including millions of new Internet users every month, India has become a key focus of tech giants over the last few years.
In August, three contract manufacturers for Apple iPhones and South Korea’s Samsung applied for large-scale electronics manufacturing rights in India under a $6.5 billion incentive scheme announced by the government.
Apple assembles some smartphones at Foxconn and Wistron’s plants in two southern Indian states.