Prince Alwaleed to donate revenues from $32 bln fortune

Prince Alwaleed bin Talal said he will donate the revenues generated from his $32 billion fortune to charity, adding that he will not sell his shares in Kingdom Holding Company (KHC).

The Alwaleed Foundation would be the recipient of the funds and will manage charity endowments. 

He added that there is no time frame to implement this decision.

The Saudi billionaire is considered to be the 34th richest person in the world, according to Forbes. He added that his gift would go towards aiding Muslim and non-Muslim nations to empower women, provide disaster relief, and build bridges to foster cultural understanding.

While stressing that his wealth is still under his full control, Alwaleed said the move was not related to health issues and that he is in “good shape.”

After his death, his son, Khaled, would become the president of KHC’s board of trustees; and his daughter, Reem, will be the vice president.

Alwaleed’s investments through KHC cover a multitude of sectors around the world.