A Saudi Prince has pledged his entire $32 billion (R389 billion) fortune to charity in the hopes of developing communities and empowering women and youth.
At a press conference Prince Al-Waleed bin Talal said the donation would be allocated according to a well-devised plan over the next couple of years. He stressed there was no time limit on when the donation would be spent.
He added 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.”
“It is a commitment without boundaries. A commitment to all mankind.”
Al-Waleed, who belongs to the royal family and is the late King Abdullah’s nephew, said his donation was modelled on the Bill Gates Foundation.
He told reporters the Al-Waleed Foundation would be the recipient of the funds, and no shares in Kingdom Holding would be sold in the process. He said this was a big incentive for him to increase his profits.
The Kingdom Holding Company is an investment holding company based in Riyadh, Saudi Arabia.
The Prince also added no health reasons were behind the making of the decision.
“I am doing this now because I feel great and am in good shape. This is, you could say, a living will that I am making today.”
At a press conference Prince Al-Waleed bin Talal said the donation would be allocated according to a well-devised plan over the next couple of years. He stressed there was no time limit on when the donation would be spent.
He added 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.”
“It is a commitment without boundaries. A commitment to all mankind.”
Al-Waleed, who belongs to the royal family and is the late King Abdullah’s nephew, said his donation was modelled on the Bill Gates Foundation.
He told reporters the Al-Waleed Foundation would be the recipient of the funds, and no shares in Kingdom Holding would be sold in the process. He said this was a big incentive for him to increase his profits.
The Kingdom Holding Company is an investment holding company based in Riyadh, Saudi Arabia.
The Prince also added no health reasons were behind the making of the decision.
“I am doing this now because I feel great and am in good shape. This is, you could say, a living will that I am making today.”
