RIYADH, Saudi Arabia — The Kingdom Holding company, headed by Saudi billionaire Prince Alwaleed bin Talal, 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" to Al-Arabiya and Al-Jazeera.

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 per cent of its shares.