Saudi Arabian Prince Alwaleed Bin Talal Bin Abdulaziz
Alsaud -- who made billions investing in American, European and Middle Eastern
companies -- is donating his $32 billion fortune to philanthropy, according to
a statement released Wednesday.
Alwaleed
said he wants his money to go to humanitarian causes after his death. The
release did not identify specific efforts, but said the board of trustees at
Alaweed Philanthropies -- which he currently heads -- will craft a plan to
spend the money on initiatives related to healthcare, education and poverty.
"Philanthropy
[...] is an intrinsic part of my Islamic faith," Alwaleed said in the
press release. "With this pledge, I am honoring my life-long commitment to
what matters most -- helping to build a more peaceful, equitable and
sustainable world for generations to come."
Forbes ranks Alwaleed at the 34th
richest person in the world. His major investments have included Twitter and
Citigroup, as well as media companies like Time Warner (CNN's parent company)
and Disney.
The
business magnate said he has already funneled $3.5 billion to his charity for
initiatives such as housing, gender equality and disaster relief. Alwaleed
Philanthropies has also established centers and programs at several prestigious universities -- including
Harvard and Cambridge -- and partnered with charities like the Bill and Melinda
Gates Foundation.
Alwaleed's
press release from Wednesday quotes Gates saying, "Prince Alwaleed's
generous commitment promises to significantly extend the great work that his
foundation is already doing."
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