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Prince Al Waleed, Bloomberg plan news channel in 2012

Saudi tycoon Prince Alwaleed bin Talal is to team up with the US financial data company Bloomberg to launch a pan-Arab news channel in 2012, AFP has reported. The 24-hour station, Alarab, will focus editorially on the important shifts taking place across the Arab world with an emphasis on freedom of speech and freedom of press, according to a statement.