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