A business tycoon has pledged to support charity with
his entire fortune, put at about N7.04trillion ($32bn) in the coming
years.
The Saudi tycoon, Prince Alwaleed bin Talal, who made this pledge on Wednesday, stated that the promise is “maybe… the first such big announcement” of its kind in the region, and is modeled on a charity established by Microsoft founder, Bill Gates.
The Saudi tycoon, Prince Alwaleed bin Talal, who made this pledge on Wednesday, stated that the promise is “maybe… the first such big announcement” of its kind in the region, and is modeled on a charity established by Microsoft founder, Bill Gates.
Alwaleed also noted that 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.
“The money will be allocated according to a well-devised plan throughout the coming years.”
The 60-year-old nephew of late king Abdullah of the Saudi Royal family, explained further that 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 money will be allocated according to a well-devised plan throughout the coming years.”
The 60-year-old nephew of late king Abdullah of the Saudi Royal family, explained further that 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.
“We are clearly in very close coordination with the Bill and Melinda Gates Foundation.
“This is very much separate from my ownership in Kingdom Holding,” Alwaleed told reporters on the 66th-floor headquarters of the firm which he chairs.
The philanthropist further stated that his son, prince Khaled and daughter, princess Reem,will be president and vice-president of the charity respectively after he dies.
“This is very much separate from my ownership in Kingdom Holding,” Alwaleed told reporters on the 66th-floor headquarters of the firm which he chairs.
The philanthropist further stated that his son, prince Khaled and daughter, princess Reem,will be president and vice-president of the charity respectively after he dies.
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