{"id":72769,"date":"2016-10-16T00:15:21","date_gmt":"2016-10-15T22:15:21","guid":{"rendered":"http:\/\/www.arabtelegraph.com\/?p=72769"},"modified":"2016-10-16T00:15:21","modified_gmt":"2016-10-15T22:15:21","slug":"72769","status":"publish","type":"post","link":"https:\/\/www.arabtelegraph.com\/?p=72769","title":{"rendered":""},"content":{"rendered":"<h1 class=\"story-body__h1\" dir=\"ltr\" style=\"text-align: center;\">Saudi prince to donate $32bn fortune to charity<\/h1>\n<div class=\"story-body\" dir=\"ltr\">\n<div class=\"story-body__inner\">\n<p class=\"story-body__introduction\"><strong>Saudi Arabian billionaire Prince Alwaleed bin Talal has said he will donate his $32bn (\u00a320bn; \u20ac29bn) personal fortune to charity.<\/strong><\/p>\n<p>The 60-year-old nephew of King Salman is one of the world&#8217;s richest people.<\/p>\n<p>He said he had been inspired by the Gates Foundation, set up by Bill and Melinda Gates in 1997.<\/p>\n<p>The money would be used to &#8220;foster cultural understanding&#8221;, &#8220;empower women&#8221;, and &#8220;provide vital disaster relief&#8221;, among other things, he said.<\/p>\n<p>Mr Gates praised the decision, calling it an &#8220;inspiration to all of us working in philanthropy around the world&#8221;.<\/p>\n<p>Prince Alwaleed is at number 34 on the Forbes list of the world&#8217;s richest people.<\/p>\n<p>The money will go to the prince&#8217;s charitable organisation, Alwaleed Philanthropies, to which he has already donated $3.5bn.<\/p>\n<p>The prince, who does not hold an official government position, is chairman of investment firm Kingdom Holding Company.<\/p>\n<hr class=\"story-body__line\" \/>\n<h2 class=\"story-body__crosshead\">Prince Alwaleed bin Talal Al Saud<\/h2>\n<ul class=\"story-body__unordered-list\">\n<li class=\"story-body__list-item\">Self-proclaimed &#8220;Warren Buffett of Arabia&#8221; was born in 1955. He is the nephew of King Salman<\/li>\n<li class=\"story-body__list-item\">Studied at Menlo College and Syracuse University in the US<\/li>\n<li class=\"story-body__list-item\">Founder of Kingdom Holding Company, a Riyadh-based publicly traded conglomerate<\/li>\n<li class=\"story-body__list-item\">First contract was to advise a Korean company building an officers&#8217; club at a Riyadh military academy. Later chose to invest the profits in local real estate<\/li>\n<li class=\"story-body__list-item\">Invested $590m in struggling Citibank (now Citigroup) in 1991; stake is now worth billions<\/li>\n<li class=\"story-body__list-item\">Has stakes in Disney, 21st Century Fox, News Corp, Apple, GM, Twitter, and a string of hotel chains and luxury hotels, including New York&#8217;s Plaza Hotel and the George V in Paris<\/li>\n<li class=\"story-body__list-item\">Considered Westernized and progressive on most issues. Champions women&#8217;s rights &#8211; most of his staff are women<\/li>\n<li class=\"story-body__list-item\">Owns a 371-room, 42,700 sq m (460,000 sq ft) palace in Riyadh, a Boeing 747-400 and an A380, and an 85m super yacht<\/li>\n<li class=\"story-body__list-item\">Established Alwaleed Bin Talal Foundations across world to offer valuable humanitarian, educational and social assistance<\/li>\n<\/ul>\n<p><a class=\"story-body__link\" href=\"http:\/\/www.bbc.com\/news\/world-middle-east-33370118\">Profile: Prince Alwaleed bin Talal<\/a><\/p>\n<hr class=\"story-body__line\" \/>\n<p>The company owns stakes in hotels The Four Seasons, Fairmont and Raffles, as well as News Corp, Citigroup, Twitter and Apple.<\/p>\n<p>The prince will be donating his personal wealth. &#8220;This is very much separate from my ownership in Kingdom Holding,&#8221; he said at the announcement.<\/p>\n<p>&#8220;Philanthropy is a personal responsibility, which I embarked upon more than three decades ago and is an intrinsic part of my Islamic faith,&#8221; he added in a statement.<\/p>\n<p>He said he hoped the gift would &#8220;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&#8221;.<\/p>\n<p>Prince Alwaleed&#8217;s announcement comes during the holy month of Ramadan, when Muslims are encouraged to give charity and help the needy.<\/p>\n<p>He said the donation would take place over several years and would be overseen by a board of trustees, which he will head.<\/p>\n<\/div>\n<\/div>\n<div class=\"share share--lightweight  show ghost-column\" dir=\"ltr\">\n<div id=\"share-tools\"><\/div>\n<h2 class=\"share__title share__title--lightweight\"><\/h2>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Saudi prince to donate $32bn fortune to charity Saudi Arabian billionaire Prince Alwaleed bin Talal has said he will donate his $32bn (\u00a320bn; \u20ac29bn) personal fortune to charity. The 60-year-old nephew of King Salman is one of the world&#8217;s richest people. He said he had been inspired by the Gates Foundation, set up by Bill &hellip;<\/p>\n","protected":false},"author":3,"featured_media":72775,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[36],"tags":[],"class_list":["post-72769","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-te-public"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>- Arab Telegraph<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.arabtelegraph.com\/?p=72769\" \/>\n<meta property=\"og:locale\" content=\"ar_AR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"- Arab Telegraph\" \/>\n<meta property=\"og:description\" content=\"Saudi prince to donate $32bn fortune to charity Saudi Arabian billionaire Prince Alwaleed bin Talal has said he will donate his $32bn (\u00a320bn; \u20ac29bn) personal fortune to charity. The 60-year-old nephew of King Salman is one of the world&#8217;s richest people. 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