Saudi Arabia’s billionaire Prince Alwaleed bin Talal today pledged his entire US$32-billion (RM120 billion) fortune to charitable projects over the coming years. He said the decision was modeled on the work of the Bill and Melinda Gates Foundation and other charities in the USA. While many of his philanthropic projects are already underway, the prince has confirmed the funds will be made available even after his death.
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Calling the bequest his “living will”, Prince Al-Waleed said: “It is a commitment without boundaries”. Although the money will go to global causes too, he said that Saudi Arabia and the Middle East was his priority. Bill Gates applauded the Prince’s decision by calling it “an inspiration to all of us to working in philanthropy around the world”. It was based in Seattle, Washington and donated nearly $4.0 billion in 2014. Bin Talal is one of the wealthiest people in the world and is known as the “Arabian Warren Buffett”.
Alwaleed said he announced his pledge now, after years of preparation, to institutionalise the process “so they can continue after my lifetime”. Among the charities funded by the foundation is the Solthis organisation that fights AIDS.
Alwaleed’s Kingdom Holding company (KHC) has enjoyed substantial success investing in hotel real estate and management firms serving the uppermost market tiers, particularly with the establishment of Kingdom Hotel Investments (KHI).
Though he didn’t give an exact timeframe, Alwaleed said his billions would be allocated through a “well-devised plan” throughout the coming years. However, he didn’t mention the time limit within which the donation would be spent.
Prince Alwaleed is donating the worth of his entire fortune.
In 2012, Buffet made a separate donation of $1.5 billion to the Gates Foundation.
Over the years, his philanthropy has spanned investments in community education, healthcare, emergency relief and basic infrastructure in 92 countries, as well as in female and youth empowerment.
Alwaleed is the main donor to the Islamic art wing at the Louvre museum in Paris.
Some have suggested that his emphasis on charity and women’s rights is a tactic to endear his ventures to Westerners.
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For those anxious how he will manage if he gives away all his money, the prince will be holding on to his publicly-listed investment business. It’s unclear whether he followed through, however.
