Saudi Prince Gradually Donates $32 Billion to Charity

Prince Alwaleed bin Talal bin Abdulaziz Al Saud, one of the wealthiest individuals in the world, has announced that he will gradually donate $32 billion of his wealth to charitable activities, including health and women's rights. He did not specify a timeline for this charitable donation. According to Reuters, this announcement came in the middle of Ramadan, a time for charitable acts and helping the needy among Muslim communities. This is not the first time a wealthy individual has dedicated a significant portion of their assets to charitable and humanitarian activities. In recent years, figures like Bill Gates and George Soros have donated billions of dollars from their vast fortunes. The report states that the $32 billion from Prince Alwaleed's wealth will be distributed through the Alwaleed Philanthropies Foundation to charities focused on health and wellness, disease eradication, disaster relief, and organizations active in women's rights. On July 1, during a press conference in Riyadh, the Saudi prince stated, 'I commit to gradually transferring part of this money to the Alwaleed Philanthropies Foundation in the coming years.' Prince Alwaleed did not specify when he would make the $32 billion donation but explained that part of these assets is located in Saudi Arabia and part outside the country. A significant portion of this wealth is from the financial and investment company Kingdom Holding, which he manages and owns 95% of, having invested in major global financial companies such as Citigroup, Twitter, and Euro Disney. The prince announced that the shares of this company would not be sold, and his personal share auction in this institution would not affect the status or overall operations of Kingdom Holding. He added, 'We do not intend to sell my shares in this company because the necessary cash to advance the charitable activities of the Alwaleed Foundation will be available for a long time.' Prince Alwaleed bin Talal, the nephew of King Salman, the current king of Saudi Arabia, stated that the commitments he announced would mean that the financial volume of his charitable activities would increase 'significantly' compared to today. According to Reuters, the financial volume of this Saudi prince's charitable activities has averaged $100 million annually over the past 35 years.