Al Arab TV - the new Arabic news network from Saudi billionaire Prince Al Waleed Bin Talal's Kingdom Holdings in partnership with Bloomberg - is to be based in Bahrain.
In addition, the Gulf island state will host the relocation of the 100-strong management team for the Prince's Rotana Media Group, which operates 12 entertainment channels including LBC, Fox Movies and Fox Series.
"The Information Affairs Authority [IAA] is signing an MoU [memorandum of understanding] with Al Arab news channel, the newest in Prince Al Waleed Bin Talal's successful media empire," said Shaikh Fawaz Bin Mohammad Al Khalifa, president, IAA, Bahrain is quoted as saying in Gulf News.
The news channel, which is slated to go on air across the Arab world in December 2012, is expected to employ around 300 staff. Bloomberg will reportedly provide five hours of business news each day for the channel, which will be funded by Prince Al Waleed for ten years.
"The IAA is constantly looking to improve its performance in the field of media. Despite all the circumstances Bahrain went through over the past year, we were able to successfully compete with other media centres in the Gulf to be selected to host Al Arab TV and the Rotana Network," Shaikh Fawaz added.
"This is big news for Bahrain and our dedicated team at the IAA will make every effort to contribute to the success of this new venture."
Al Arab TV will be headed by Jamal Khashoggi, the former editor of Saudi Arabia's Al Watan newspaper. The channel's editorial will focus on political, economic and social issues pertaining to Saudi Arabia and the larger Arab world.
The news channel and the new Rotana Media headquarters are to inhabit the proposed Manama-based media city and the IAA hopes they will now attract other media groups to Bahrain.