A new Israeli television channel called \"i24news\" that will go out in English, French and Arabic is to begin broadcasting by summer this year, it said on Tuesday. The channel, which is based in Jaffa Port just south of Tel Aviv, aims to rival global news outlets like Al-Jazeera and France 24, its executives say. i24news \"will broadcast news from the heart of Middle East,\" the channel said in a statement. \"The letter \'i\' was chosen as representing several of the topics and values that will guide the channel: international, information, independent, individual, innovation, interactive, etc. The number 24, of course, stands for a 24/7 broadcast,\" it said. An Internet site in the same languages will be launched at the same time at web address www.i24news.tv Content production will be headed by Israeli TV executives, notably Haim Slutzky, a producer for Channel 8 television. The channel will be partially funded by Franco-Israeli businessman and telecoms tycoon Patrick Drahi, and Frank Melloul, a former French government adviser on security and disarmament, will be its chief executive.