and diversification ; by developing the broader cultural sector we will create new employment and training opportunities , as well as enriching the Kingdom ’ s entertainment options .” The first cinemas are likely to open in March 2018 .
PARTNER . A well-regarded business partner of the prince is Sheikh Salah Kamal , who was the 50 % co-founder in 1987 of Rotana , and sold his stake to Prince Alwaleed . Sheikh Salah was also detained in the anti-corruption drive , but later released . Sheikh Saleh has , according to Forbes , a net wealth of some $ 2.1 billion . He founded the Arab Radio & Television ( ART ) cluster of pay-TV channels , and was a key player in the early days of Middle East Broadcasting ( MBC ).
Also included in the round-up was superwealthy businessman Alwaleed Al Ibrahim ( not to be confused with Prince Alwaleed ) who is chairman at Middle East Broadcasting ( MBC ). Al Ibrahim has a net worth ( according to Forbes ) of some $ 10.9 billion . He funded the launch of all-news channel Al Arabiya in 2003 , which is a sister station to the highly successful MBC portfolio of channels .
While the ending of the unprecedented purge will be welcomed by the individuals concerned , the fact is that media-related business life might take time to recover , and there are plenty of observers stating bluntly that caution is now the new mantra . It is also far from clear what ‘ penalties ’ have been imposed or agreed by the former detainees . Some local reports suggest that Al Ibrahim might have to divest himself of his stake in MBC . The broadcaster itself – and its Al
Arabsat 6a being built by Lockheed Martin
Holdings saw its share price crash 8 % in trading on Sunday November 5th 2017 with further falls during the three months that the prince was detained . Kingdom Holdings , on November 5 th put out a ‘ business as usual ’ statement , and the price speedily recovered once Alwaleed was freed in January .
Ironically , Alwaleed is closely identified with two important restructurings now taking place throughout the kingdom : the first was the relaxation of rules on women driving . The second was his enthusiastic support for the 35-year prohibition on cinemas to be reversed . Both are now formally government policy .
Minister of Culture and Information Awwad bin Saleh Alawwad , speaking in December 2017 , said : “ Opening cinemas will act as a catalyst for economic growth
“ Opening cinemas will act as a catalyst for economic growth and diversification .” – Awwad bin Saleh Alawwad , Saudi Ministry of Culture and Information
18 EUROMEDIA