Riyadh: Saudi Prince Alwaleed bin Talal Pledges His $32 Billion to Charity

Riyadh (AFP): Saudi Arabia’s billionaire Prince Alwaleed bin Talal on Wednesday pledged his entire $32-billion (28.8-billion-euro) fortune to charitable projects over the coming years.

saudi-prince

The prince said in a statement that the “philanthropic pledge will help build bridges to foster cultural understanding, develop communities, empower women, enable youth, provide vital disaster relief and create a more tolerant and accepting world.”

He said the donation “will be allocated according to a well-devised plan throughout the coming years” but stressed there was no time limit on when the donation would be spent.

Alwaleed said he would head a board of trustees tasked with spending the money, adding that his pledge would still be used after his death “for humanitarian projects and initiatives”.

The magnate belongs to the Saudi royal family and is a nephew of king Abdullah, who died on January 23.

In the conservative Islamic kingdom, Alwaleed, who holds no government rank, is unusual for his high profile and periodic comments about economic issues.

At a press conference, he said his pledge was modelled on the Bill and Melinda Gates Foundation and other philanthropic funds in the United States.

“This is very much separate from my ownership in Kingdom Holding,” Alwaleed told reporters on the 66th-floor headquarters of the publicly listed company which he chairs.

As well as media investments, Kingdom Holding has interests ranging from the Euro Disney theme park to Four Seasons hotels and Citigroup.

2 Comments

  1. I have read about his car collection, luxurious yacht, custom-made Boeing 747 and Airbus 380, diamond studded Benz car etc. Like many other rich people of the world, he was playing the billionaire game in hoarding the material things of the world. Now, some radical transformation of his heart took place; so he would be giving away $ 32 billion for charity, thus riding the boat with Bill Gates, Warren Buffet etc. I hope and pray that the rich people of the world will have changed heart to see the suffering world and to help them some way to make a better world of less hunger- illiteracy and nakedness. 85 richest people in the world own more wealth than the 3.6 billion half world population at the lower level.

    How much money these rich people need to live a comfortable lifestyle? Can they see the suffering of the world? Do they have any empathy? Even animals show a sharing spirit with their own, but the humanity lost the empathy which is very shocking now.

  2. This guy is very progressive and liberal by tribal standards of Saudi Arabia. If I am right, he has been lobbying heavily to empower women in Saudi Arabia. As one can understand, change is not at all easy in Saudi Arabia. He will have a serious challenge in reforming this stubborn, backward tribal system. I trust this man and hopefully he finds ways to channel his resources to promote science, education, critical thinking and freedom in one of the most culturally backward places on the earth!!

Leave a Reply