A Saudi prince on Wednesday pledged to give away his entire US$32 billion fortune to charitable causes in Saudi Arabia and elsewhere in the world.
Prince Alwaleed bin Talal said the funds would go to his charity, Alwaleed Philanthropies, for causes like disease eradication, intercultural understanding, women’s empowerment, disaster relief and the electrification of isolated areas.
The new pledge by one of the world’s richest men follows moves by other hugely wealthy individuals to shift their fortunes into philanthropy. In a statement released online, Prince Alwaleed said his group had worked with the foundation established by Bill and Melinda Gates that had channeled billions of US dollars into similar causes.
The prince, a nephew of Saudi King Salman, holds no official position in government and is often seen as an outsider. He is known for giving relatively frank interviews on financial and political issues that sometimes rankle officials in the normally tight-lipped kingdom. And in the only country in the world where women are barred from driving, Prince Alwaleed employs many women, who dress as they wish.
The prince’s pledge came during the Muslim holy month of Ramadan, and he described the move as guided by his Islamic faith.
“With this pledge, I am honoring my lifelong commitment to what matters most — helping to build a more peaceful, equitable and sustainable world for generations to come,” he said.
He did not give a time frame during which the funds would be disbursed, but said he had formed a board of trustees to choose projects and oversee them.
Most of the prince’s wealth is in the investment firm Kingdom Holding, of which he owns 95 percent of shares. His investments include stakes in Twitter, Apple, Citigroup, Euro Disney and the News Corp.
In the past 35 years, his charity has invested in US$3.5 billion worth of projects in more than 92 countries and has supported study centers at a number of top universities, the statement said.
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