ART, based in Italy, covers more entertainment and sports. Other Arabic satellite channels have been launched and are attracting numerous advertisers. Orbit, a Saudi-owned satellite service based in Cyprus, has a number of different channels that present American movies and various programming. Print advertising is also important. In recent years, many new magazines have appeared on the Saudi market.
Newspaper advertising is carried out in local English and Arabic papers.
Advertising rates vary greatly, but the rates are considerably lower than in the U.S., largely because of a much smaller readership. Um Al Qura is the official government newspaper. Al Bilad, Al Madina, Al Nadwa, and Al Youm. Another publication, the Al Iqtisadiah economic daily, focuses on business issues. The exchange rate of the dollar has been fixed at 3.75 riyals to the dollar since 1986, a strong dollar value compared to the yen and European currencies.