The 60-year-old nephew of King Salman is one of the world’s richest people, and stated that his inspiation for making the pledge was Bill Gates. The Gates Foundation, set up by Bill and Melinda Gates in 1997.
His donation “will be allocated according to a well-devised plan throughout the coming years”, he said, but stressed there was no time constraint for the donation. Alwaleed said he would head a board of trustees tasked with spending the funds, adding the pledge would still be used after his death “for humanitarian projects and initiatives”.
Prince Alwaleed, who does not hold an official government position in Saudi Arabia, is chairman of investment firm Kingdom Holding Company, and listed by Forbes as the 32nd richest person in the world.
