This morning, popular Prince Alwaleed, owner of the Kingdom Holding Company with interests spanning the globe including a large share in Citigroup, has pledged to donate the entirety of his assets to charitable causes over the coming years in what he calls a “living will”.
The funds will be managed and allocated by the newly formed Alwaleed Foundation where he personally will head up the board of trustees. His son Prince Khaled and daughter Princess Reem were present at the announcement, and in time once their father passes away they will become President and Vice President of the foundation. However, the Prince has underlined that he is in good health and that this is not a sign that he is stepping down, to the contrary his decision constitutes “a big incentive for me to make more profits”.
The foundation will focus on donating funds to multiple projects aimed at promoting health, disease prevention, women’s rights and humanitarian aid. Prince Alwaleed has stated that his inspiration for the initiative is the Bill and Melinda Gates Foundation; the world’s largest private charity established by the co-founder of Microsoft, and the world’s richest man, and his wife in the year 2000.
Source: Arabian Business