Prince Al Waleed bin Talal, the Saudi billionaire, has partnered with the US data company Bloomberg to produce Alarab. Fayez Nureldine / AFP
Prince Al Waleed bin Talal, the Saudi billionaire, has partnered with the US data company Bloomberg to produce Alarab. Fayez Nureldine / AFP

Prince Al Waleed and Bloomberg plan Arab news channel



Two giants of the financial world have joined forces to launch an Arabic news TV station with a focus on business.

The Saudi billionaire Prince Al Waleed bin Talal has partnered with the US financial data company Bloomberg to produce Alarab, a 24-hour station set for launch next year.

Bloomberg will provide five hours of business news per day for the new channel, which will have "an emphasis on freedom of speech", said Andrew Lack, the chief executive of Bloomberg's multimedia group.

Mr Lack said editorial independence was a prerequisite for Bloomberg to enter the deal.

"This channel is going to come with an independent spirit and an independent view that we at Bloomberg support very strongly," Mr Lack said. "We wouldn't have been engaged in this effort if in fact the effort wasn't driven by this fair, independent and balanced approach."

Prince Al Waleed announced the launch of the news channel last year. Jamal Khashoggi, a veteran Saudi Arabian journalist, will be its manager.

Alarab says it will focus on political, social and economic issues in Saudi Arabia and the Arab world.

Manama, Doha, Dubai, Abu Dhabi and Beirut are under consideration for a location for Alarab's headquarters and main broadcast centre.

The Alarab news channel is privately owned by Prince Al Waleed, and independent from the Prince's ventures Kingdom Holding and the Rotana Group.

Mr Lack said the format of the content provided by Bloomberg had yet to be decided. He declined to specify the value of the deal but said the channel would seek revenue from advertising and distribution.

"It's a serious commitment on both our part and Prince Al Waleed's part," he said.

Alarab will vie for audience share with the two mainstream Arabic news stations, Al Jazeera and Al Arabiya. It will also compete with the existing Arabic business station CNBC Arabia.

The TV news market is set to become even more crowded with the planned launch of Sky News Arabia, which is to be broadcast from Abu Dhabi early next year.

Commentators said that competing in the TV news environment would be a costly undertaking for the Al Waleed venture.

"Alarab will require substantial investment, and it will be going up against rivals such as Al Jazeera and Al Arabiya that are established and have deep pockets," said Matthew Reed, an analyst at Informa Telecoms & Media.

"The planned launch of Alarab is a bold move. It's timely in that there is clearly a great deal of interest right now in news about the Arab world, as a result of the Arab Spring and developments since," he added.

Elie Aoun, the managing director for the Middle East and North Africa region at Ipsos MediaCT, which tracks advertising spending in the region, said the market was already well served for business news.

"The market is already crowded, but TV is still the main source of information for business news," he said.

Sami Raffoul, the general manager of the Pan Arab Research Centre, agreed. "The demand already exists for business news, but it is already captured by the likes of Al Arabiya," he said.

Mr Lack said that Bloomberg was accustomed to operating in competitive markets.

"We're used to a crowd. You've always got four or five competitors. That comes with the territory," he said.

Bloomberg currently has about 100 staff in the Middle East. "As this story develops, we may be adding more people," Mr Lack said.

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The BIO:

He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal

He ascended Mount Everest the next year from the more treacherous north Tibetan side

By 2015, he had completed the Explorers Grand Slam

Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border

He carries dried camel meat, dried dates and a wheat mixture for the final summit push

His new goal is to climb 14 peaks that are more than 8,000 metres above sea level

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
 
 
 
 
 
 
 
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COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
COMPANY PROFILE
Name: Airev
Started: September 2023
Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
 
'Morbius'

Director: Daniel Espinosa 

Stars: Jared Leto, Matt Smith, Adria Arjona

Rating: 2/5

SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S24%20ULTRA
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Moon Music

Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

Super Bowl LIII schedule

What Super Bowl LIII

Who is playing New England Patriots v Los Angeles Rams

Where Mercedes-Benz Stadium in Atlanta, United States

When Sunday (start time is 3.30am on Monday UAE time)

 

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The%20specs
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EA Sports FC 25
Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Drishyam 2

Directed by: Jeethu Joseph

Starring: Mohanlal, Meena, Ansiba, Murali Gopy

Rating: 4 stars

TOURNAMENT INFO

Women’s World Twenty20 Qualifier

Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November

UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi

Indoor cricket World Cup:
Insportz, Dubai, September 16-23

UAE fixtures:
Men

Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final

Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

The specs

  Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now

UAE currency: the story behind the money in your pockets