Image caption Prince Alwaleed sees Twitter as a high-growth business with a global impact

Saudi billionaire Prince Alwaleed bin Talal's Kingdom Holding Company has announced a $300m (£194m) investment in social media site Twitter.

The investment follows "several months of negotiations", a company statement to the Saudi stock exchange said.

The prince, who is one of the world's richest men, owns stakes in many well-known companies, including News Corporation.

He also has investments in a number of media groups in the Arab world.

"Our investment in Twitter reaffirms our ability in identifying suitable opportunities to invest in promising, high-growth businesses with a global impact," Prince Alwaleed said.