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A special Ramadan announcement: Saudi's Prince Alwaleed to give entire fortune to charity

A special Ramadan announcement: Saudi's Prince Alwaleed to give entire fortune to charity

The world's richest Arab makes historic announcement

Editor: Buro 24/7

Saudi Arabia's Prince Alwaleed has just revealed that he will give his $32 billion fortune to charity. The historic announcement has been shared today, with the Prince declaring: "It is a commitment without boundaries. A commitment to all mankind," get the scoop here...

The Kingdom of Saudi Arabia's Prince Alwaleed Bin Talal bin Abdulaziz al Saud has made a historic announcement today during the Holy Month of Ramadan, declaring that he will give his entire fortune away to charity and philanthropic causes. 

The world's richest Arab, Prince Alwaleed will donate his $32 billion fortune, explaining that: "The donation will be allocated according to a well devised plan throughout the coming years."

"it is a commitment without boundaries. a commitment to all mankind." – prince alwaleed

Alwaleed said: "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."

The Saudi businessman went on to share that there is no time limit, saying: "This is an open situation. In time all my wealth will go to good causes. Right now the bulk of the income – not the assets – will go to good causes." 

The Alwaleed Foundation will receive the funds, and the Prince noted that it was "a big incentive for me to make more profits." 

The 60-year-old was joined by his two children Prince Khaled and Princess Reem when he made the announcement, and shared that both were very supportive of his decision. 

"What I am doing today is institutionalising 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." 

The Prince also stressed that he was not making this donation because of any personal health reasons: "I am doing this now because I feel great and am in good shape. This is, you could say, a living will that I am making today."