Wednesday, July 8, 2015

Prince Waleed Bin Talal Decides to donate his Entire Wealth - $32 billion

Since the arrival of the internet and after that Social Media, we have come across numerous interesting and surprising stories from every corner of the world. Numerous times these stories have been relating to acts of kindness or generosity which really lifted the spirit of humanity in each and every reader or viewer of that story. Over the years, thanks to the internet and social media, we have seen numerous rich and famous people giving back to the society in which they live in. These acts of generosities could include monetary helping out of fans or anyone who would ask for help, and donations of part of their immense wealth.

However we have rarely seen anyone as generous and selfless as the person in question. The person we are talking about today is the Kingdom’s very own Prince Al Waleed Bin Talal who on Wednesday stated to the media in his talks that he would be donating the entirety of his personal wealth, which by the way amounts to $ 32 billion USD, to various and numerous charitable causes and organizations over the period of the next few years. Prince Al Waleed Bin Talal called a press conference in the city of Riyadh and stated to the media that he has made this incredible donation on the model and precedent set by the Bill and Melinda Gates Foundation, which is a Philanthropic Foundation, and other such foundations in the United States of America.

It is not surprising that the donation has been modeled on the Bill and Melinda Gates Foundation since Bill Gates recently himself donated a sum of $ 28 billion to Philanthropic efforts and causes.Prince Waleed added that he will be heading a board of trustees which will be held in charge of the proper allocation of the appropriate funds. He stated that this new philanthropic effort by him will help to bring different cultures together and create cultural understanding. He added that they also aim towards the development of communities, the empowerment of women, to provide vital assistance in the form of disaster relief, to enable the youth and to overall create a more accepting and tolerant world.

Prince Waleed assured the people that the resources would be appropriately allocated and a well devised plan has been set in to motion to ensure that over the next few years. He added though that there was no fix time limit for the allocation and using of resources and added that his donations would still be available after his death for humanitarian initiatives and projects.Prince Al Waleed Bin Talal clarified to the media that his donation or pledge was completely personal and had nothing to do with the ownership of Kingdom Holding. Prince Al Waleed held the meeting in the headquarters of Kingdom Holdings which is a publicly listed company. The headquarters is located on the 66th floor of the tower and the company is chaired by Prince Al Waleed Bin Talal.

Kingdom Holdings has investments and interests in everything from media houses to Euro Disney theme parks to the Four Seasons Hotels as well as the Citigroup.

Source: Arab News

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