The member of Saudi royal family prince Al-Waleed announced to donate all his fortune of $32 billion to the charity.
Every now and then we happen to hear some news that restores our faith in humanity. The same happened recently in a great news when the member of Saudi royal family Prince Al-waleed bin Talal has announced to give away all of his fortune of around $32 billion to the charity. Talking to reporter here in Riyadh he said that his commitment s beyond any boundaries and that he has committed to serve the whole mankind.
Prince Waleed who recently starred in the time magazine’s 100 most influential people in 2008 is a nephew to the late Saudi king Abdullah, grandson son of Ibn e Saud who was the first Saudi king. He is also the grandson of Riad Al Solh who was the Lebanon’s first prime minister.
Prince Al Waleed is founder of the Kingdom Holding Company, and a Chief Executive officer and the major share holder in the company. He owns 95% shares in the company.
Al Waleed said that the donation will be distributed according to a well devised plan over the upcoming years.
“It will be based on a strategy that is supervised and managed by a board of trustees headed by me to ensure that it will be used after my death for humanitarian projects and initiatives.” He said while talking to the reporters in Riyadh.
He however didn’t provided a time limit and said for now only the bulk of income will be directed towards the charity but in the future all of the wealth will be donated for the humanitarian projects.
He also announced that a welfare foundation named after him, Al Waleed foundation will receive all of this donation and will be responsible for its allocation and distribution.
Shares immediately falls 1% in his company the kingdom holdings in thin trade after the announcement of this decision by prince.
Two children of Al Waleed, Prince Khalid and Princess Reem were also present on the occasion of this announcement and according to the prince both of them are agreed with the prince Al Waleed on this decision.
He further said “What I am doing today is institutionalizing the process. After my death my son will become the president of the board of trustees and my daughter Vice President. This will make it very clear how this is operated.”