Alwaleed070810.jpg Saudi Prince Al-Waleed bin Talal (pictured) and Fox News Channel parent company News Corp. are launching a 24-hour Arabic-language news channel.

The new channel, which will launch “in the near future,” is designed to compete with regional news leaders Al Jazeera and Al Arabiya.

Journalist Jamal Khashoggi has been tapped to lead the venture.

“We no longer have a void in the Arab world as it is now heavily occupied, therefore the new news channel is going to become an addition and an alternative for viewers. Our personal aim is to achieve this,” said Al-Waleed in a statement.

Al-Waleed, through his Kingdom Holding company, owns a 7% stake in News Corp.

(h/t Johnny $)