DJ Alwaleed's Rotana Wins License To Operate Saudi Radio Station

DUBAI (Zawya Dow Jones)--Arab entertainment firm Rotana Audio Visual Co., owned by Saudi billionaire Prince Alwaleed bin Talal, won a license to operate a private FM radio station in the kingdom for 67.4 million Saudi riyals ($17.9 million), state-run Saudi Press Agency, or SPA, reports Saturday

Rotana Audio Visual Co. is the third company to win a private FM radio license after the Arab world's largest economy shortlisted 15 firms in December to bid for 5 licenses, SPA says, citing Minister of Culture and Information Abdul Aziz Khoja.

The first license was awarded to Alf Alf alliance for SAR75 million, while the second was bagged by Ghaya Innovation Holding Co. for SAR66 million.

The Saudi government decided in September to allow private companies to operate radio stations. Dubai-based MBC Group is the only non-state firm with an FM license.

The group, which was set up in 1991 and has six entertainment television channels, two radio channels as well as news channel al Arabiya, is owned by Sheikh Walid Al Ibrahim, brother-in-law of the late Saudi king Fahd.

-By Summer Said, Dow Jones Newswires; +97150 2951855; summer.said@dowjones.com

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February 27, 2010 07:30 ET (12:30 GMT)

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