The Kingdom Holding company headed by the Saudi billionaire Prince Alwaleed bin Talal which says it plans to launch a new Arabic television news channel in partnership with the Fox network.

In a statement Tuesday, Prince Alwaleed says the 24-hour broadcast channel “will be an addition and alternative” for millions of Arab viewers, competing with the existing channels, Al-Arabiya and Al-Jazeera.

He named veteran Saudi journalist Jamal Khashoggi chief of the new network. He did not say when the network would begin broadcasting.

Alwaleed was ranked last year by Forbes as the world’s 19th wealthiest person. He also owns the Arabic media giant Rotana Group.

In February, Fox said it was becoming a partner with Rotana by taking over 9.1 percent of its shares.