AMMAN (News Agencies) - Saudi billionaire Sheikh Saleh Kamel signed a deal with the Jordanian government Sunday to set up a production and broadcast television company, a Jordanian minister said.
"The City Media Company will have capital of 10 million Jordanian dinars ($14 million), rising over two years to 100 million dinars," Information Minister Taleb Rifai, who signed the deal on behalf of the government, told journalists.
He said the company will be operational in three months and "will be able to set up studios for audio-visual production, transmission and relay stations, and satellite reception capacity."
Rifai added that the company, which also plans to set up Arabic cable television channels in Jordan, "will not have a right of monopoly" in that sector in Jordan.
Sheikh Saleh Kamel already owns the Arabic cable channel A.R.T., which is based in Rome and can be received throughout the Arab world.
Jordan said last year it was prepared to give the go-ahead to private audio-visual media projects in the country, where so far radio and television are state-run.
Also, the kingdom is encouraging foreign media to set up there with free trade conditions, covering customs and tax exemptions.
