KSA Business Magnate HRH Prince Alwaleed bin Talal Pledges Wealth to Charity
At a press conference at Kingdom Holding Company (KHC), Saudi Arabian business magnate HRH Prince Alwaleed bin Talal made headlines worldwide after pledging his entire US$32 billion wealth to charity. While stating that much of the wealth will go to causes of the Kingdom’s neighbors in the Arab and Muslim world, he stated that the amount is so large that it’s important to allocate it to causes worldwide, stating, “Humanity has no religion, no race, and has no sex.” HRH Prince Alwaleed bin Talal is no stranger to charity; he stated in the press conference that $3.5 billion has been donated to charitable causes over the past 35 years, averaging at around $100 million a year. His philanthropic foundation, Alwaleed Philanthropies has partnered up with other organizations across the globe, notably the Bill and Melinda Gates Foundation for several causes.
Most members of the press present at the announcement were curious about where the money will be spent, and when the cash allocations would commence. HRH Prince bin Talal said that because this is not an endowment, the money would be spent overtime. To be specific, there is no allocated amount to be donated over an annual basis or even an expected end date that marks the last of the sizeable fund. HRH explicitly states that there are no plans to monetize any of his shares at KHC, stating that there is enough cash flow to sustain Alwaleed Philanthropies for the long-term. KHC’s projects are still ongoing as well. However, even though this isn’t some riches to rags story like most would assume, it’s still an impressive action to take. The initiative will be headed by the Prince’s children, HRH Prince Khaled bin Alwaleed bin Talal, and HRH Princess Reem bin Alwaleed bin Talal.