Saudi prince to donate $32bn fortune to charity

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Riyadh: Saudi Arabian billionaire Prince Alwaleed bin Talal said that he would donate his entire $32bn (£20bn; €29bn) fortune to charity. Prince Alwaleed, who is 60 now, is one among the world’s richest people. He said that he had been inspired by the Gates Foundation, set up by Bill and Melinda Gates in 1997. At a press conference, he said his pledge was sculptured on the Bill and Melinda Gates Foundation and other philanthropic funds in the United States. He has clarified that the money would be used to adopt cultural understanding, empower women, and provide vital disaster relief, among other things. Alwaleed has also added that the present venture is very much different from his ownership in Kingdom Holding. He was speaking to reporters on the 66th-floor headquarters of the publicly listed company which he chairs. According to him, Kingdom Holding has interests ranging from the Euro Disney theme park to Four Seasons hotels and Citigroup.11640 Meanwhile, Mr Gates has praised the decision of the prince and referred it as an inspiration to all working in philanthropy around the world. Prince Alwaleed is currently at number 34 on the Forbes list of the richest people in the world. Alwaleed Philanthropies, the charitable organization of the prince to which he had already

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contributed $ 3.5 bn will also be benefited by the present donation. The prince is the chairman of investment firm Kingdom Holding Company. Currently, he is not holding any official position in the Saudi Arabian Government. Alwaleed said that the donation would be allocated according to a well defined plan throughout the coming years. According to him, there was no time limit on when the donation would be spent. He has also categorically stated that he would head a board of trustees regarding the spending of the money by the organization. Moreover, he wanted his pledge should be used for humanitarian projects and initiatives, even after his death. The kind hearted prince who belongs to the Saudi royal family is a nephew of king Abdullah, who died earlier this year.   Video on Saudi prince who decided to donate $32bn fortune to charity

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