BRUSSELS: Social media companies Facebook Inc., Alphabet Inc. and Twitter Inc. will have to amend their terms of service for European users within a month or face the risk of fines, a European Commission (EC) official said on Friday.
US technology companies have faced tight scrutiny in Europe for the way they do business, from privacy to how quickly they remove illegal or threatening content.
The EC and European consumer protection authorities will “take action to make sure social media companies comply with EU consumer rules,” the official said.
The comments confirmed a Reuters report from Thursday.
Germany, the most populous EU state, said this week it planned a new law calling for social networks such as Facebook to remove slanderous or threatening online postings quickly or face fines of up to €50 million ($53 million).
The authorities and the EC sent letters to the companies in December saying that some of their service terms broke EU consumer protection law and that they needed to do more to tackle fraud and scams on their websites.
The companies proposed some ways to resolve the issues and discussed them with the authorities and the EC on Thursday, a source familiar with the matter said, adding that the meeting was constructive.
According to the letters seen by Reuters, some of those contested terms include requiring users to seek redress in court in California, where the companies are based, instead of their country of residence.
Other issues include not identifying sponsored content clearly, requiring consumers to waive mandatory rights such as the right to cancel a contract, and an excessive power for the companies to determine the suitability of content generated by users, according to the letters.
In the case of Alphabet’s Google unit, the concerns were about its social network Google+.
Google and Facebook were not immediately available for comment. A spokesman for Twitter declined to comment.
EU demands changes from social media companies
EU demands changes from social media companies
Global investors commit more than $3bn to King Salman Park as Saudi giga-project secures new deals
RIYADH: The King Salman Park Foundation has secured more than $3.8 billion in new private-sector commitments at the MIPIM 2026 real estate conference, including a landmark $3 billion fund backed by international investors to develop a major mixed-use district in the heart of Riyadh.
According to a press release, the announcements bring total committed investment in the 17.2 sq. kilometers urban regeneration project to over $5.3 billion across five major packages.
Launched in 2019 under Saudi Vision 2030, the development is designed to be the world’s largest city park and aims to boost green space, improve quality of life, and feature over 1 million trees and extensive leisure facilities.
A $3 billion metro-connected district
The largest of the two packages, designated Package 5, will see a consortium led by Kolaghassi Development Co. deliver a residential-led district with a total built-up area exceeding 1 million sq. meters.
It will provide approximately 3,700 residential units, a K–12 school, around 300 hospitality keys and more than 100,000 sq m of Grade A office space alongside a wide variety of retail and dining offerings.
The development is supported by a Saudi-domiciled, Capital Market Authority-regulated fund managed by Mulkia Investment Co. that has attracted leading investors from the Kingdom and across the world.
Kolaghassi Development Co. will lead the project alongside Al Othaim Investment, one of the Kingdom’s real estate players, and RXR, a New York-headquartered real estate investor and operator.
“Securing investment of this scale, supported by international capital and expertise, is an important milestone for King Salman Park,” said George Tanasijevich, CEO of King Salman Park Foundation.
$850 million cultural district package
In a separate announcement, the Foundation confirmed the award of Package 4 to a consortium led by Retal Urban Development Co., with support from a fund managed by SAB Invest.
The project has a total value exceeding $850 million and will host more than 600 residential units, over 140 hotel keys, and almost 50,000 sq m of Grade A office space, alongside curated retail and food and beverage experiences.
“This opportunity reflects the maturity of Saudi Arabia’s real estate investment landscape and our confidence in culture-led, mixed-use urban destinations as a driver of sustainable returns,” said Abdullah Al-Braikan, CEO and founder of Retal Urban Development Co.
Ali Al-Mansour, CEO of SAB Invest, said the fund structure brings together “long-term capital, experienced development partners, and a shared commitment to place-making excellence” while contributing to Riyadh’s cultural vibrancy and the Kingdom’s quality-of-life ambitions under Vision 2030.
