SAUDI billionaire Prince Alwaleed bin Talal has promised his entire fortune to charitable projects in coming years, in one of the biggest ever philanthropic pledges.
His $US32 billion ($41.6 billion) pledge is “maybe ... the first such big announcement” of its kind in the region, and is modelled on a charity established by Microsoft founder Bill Gates in the United States, the prince told reporters.
Alwaleed said his charity “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.”
Alwaleed said he would head a board of trustees tasked with spending the funds, which would still be used after his death “for humanitarian projects and initiatives”.
The 60-year-old magnate belongs to the Saudi royal family and is a nephew of King Abdullah, who died on January 23.
In the conservative Muslim kingdom, Alwaleed, who holds no government rank, is unusual for his high profile and periodic comments about economic issues.
“This is very much separate from my ownership in Kingdom Holding,” and there should be no impact on the publicly listed company’s share price, Alwaleed told reporters on the 66th-floor headquarters of the firm which he chairs.
As well as media stakes, Kingdom Holding has interests ranging from the Euro Disney theme park to Four Seasons hotels and Citigroup.
Alwaleed said he announced his pledge now, after years of preparation, to institutionalise the process “so they can continue after my lifetime”.
“I believe that a person should take dramatic and drastic decisions at his peak,” Alwaleed said, proclaiming himself to be in good shape.
“I’m very healthy, enough to bike every day three hours,” he said. “I assure you my health is good.”
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