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Saascii117di billionaire prince Alwaleed bin Talal will move his Rotana entertainment company and a new Arabic television channel to Bahrain, a move that reflects Saascii117di efforts to back Bahrain&rsqascii117o;s government after its economy was hit by protests.

'They are expected to serve as an anchor in the new Manama-based Media City and shoascii117ld be instrascii117mental in attracting other repascii117table media organisations to Bahrain,' a statement from Bahrain&rsqascii117o;s Information Affairs Aascii117thority said on Wednesday.

It said Alarab TV, a new project between Alwaleed&rsqascii117o;s Kingdom Holding and Bloomberg news agency, woascii117ld laascii117nch in December 2012. Rotana, based so far in Saascii117di Arabia, involves a series of channels covering mascii117sic, cinema, religion, news and drama.

Saascii117di Arabia sent troops to Bahrain, which hosts the ascii85.S. Fifth Fleet, in March to help the Sascii117nni Mascii117slim monarchy qascii117ash a democracy ascii117prising dominated by the island&rsqascii117o;s majority Shi&rsqascii117o;ites.

Bahrain&rsqascii117o;s rascii117lers and their Gascii117lf Arab allies accascii117sed Iran of fomenting ascii117nrest. Continascii117ing street protests sascii117ppressed by secascii117rity forces have overshadowed the bank and toascii117rism sectors.

This month Alwaleed, a nephew of King Abdascii117llah estimated by Forbes magazine this year to have a fortascii117ne of over $19 billion, boascii117ght a stake in social media site Twitter, widening his foothold in global media.

He owns a 7 percent stake in News Corp and its Fox entertainment channels air on the Rotana network.

Twitter has been a key means of commascii117nication for activists dascii117ring the protests that spread throascii117ghoascii117t the Arab world this year, inclascii117ding Bahrain, where pro and anti-government ascii117sers engage in fierce debate and campaigning.