His said in a press release “It is a commitment without boundaries, a commitment to all humankind.”
Alwaleed is the 34th richest person in the world and CEO of the Saudi investment conglomerate Kingdom Holding Company and has huge stakes in Citigroup, Apple, Twitter, General Motors, 21st Century Fox, Euro Disney and other companies.
He has already donated $ 3.5 billion to charity through his philanthropy company.
He said in a statement “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.”
He noted that philanthropy is an intrinsic part of his Islamic faith.
The money will be distributed to a variety of causes like disease and poverty eradication, rural electrification, empowering women and disaster relief.
Sources Cited: HuffPost
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