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Saudi prince to donate his entire $32bn fortune to charity

01:39 AM | 2 Jul, 2015
Saudi prince to donate his entire $32bn fortune to charity
LONDON (Web Desk) - Saudi Arabian billionaire Prince Alwaleed bin Talal speaks to reporters during a press conference in the Saudi capital, Riyadh, on July 1, 2015.

Saudi Arabian billionaire Prince Alwaleed bin Talal has said he will donate his entire $32bn (£20bn; €29bn) fortune to charity.

Prince Alwaleed, 60, is one of the world's richest people.

He said he had been inspired by the Gates Foundation, set up by Bill and Melinda Gates in 1997.

The money would be used to "foster cultural understanding", "empower women", and "provide vital disaster relief", among other things, he said, BBC reported.

Mr Gates praised the decision, calling it an "inspiration to all of us working in philanthropy around the world".

Prince Alwaleed is listed by Forbes at number 34 on the list of the world's richest people.

The money will go to the prince's charitable organisation, Alwaleed Philanthropies, to which he has already donated $3.5bn.

'Intrinsic part of my faith'

The prince, who does not hold an official government position, is chairman of investment firm Kingdom Holding Company.

The company owns stakes in hotels The Four Seasons, Fairmont and Raffles, as well as News Corp, Citigroup, Twitter and Apple.

The prince will be donating his personal wealth. "This is very much separate from my ownership in Kingdom Holding," he said at the announcement.

"Philanthropy is a personal responsibility, which I embarked upon more than three decades ago and is an intrinsic part of my Islamic faith," he added in a statement.

He said he hoped the gift would "help build bridges to foster cultural understanding, develop communities, empower women, enable youth, provide vital disaster relief and create a more tolerant and accepting world".

Prince Alwaleed's announcement comes during the holy month of Ramadan, when Muslims are encouraged to give charity and help the needy.

He said the donation would take place over several years and would be overseen by a board of trustees, which he will head.

The author is working as Editor Digital Media for Daily Pakistan and can be reached @ItsSarfrazAli.

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PKR rate against US Dollar, Euro, Pound, Riyal - Check 16 April forex rates

Pakistani currency gains momentum against all currencies on April 16, 2024 Tuesday. US dollar was being quoted at 277.9 for buying and 280.85 for selling.

Euro was quoted at 295 for buying and 298 for selling while British Pound stands at 345 for buying, and 349 for selling.

UAE Dirham AED was at 75.4 and Saudi Riyal's new rates was at 73.30. 

Today’s currency exchange rates in Pakistan - 15 April 2024

Currency Symbol Buying Selling
US Dollar USD 277.9 280.85
Euro EUR 295 298
UK Pound Sterling GBP 345 349
U.A.E Dirham AED 75.45 76.2
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 182.7 184.5
Bahrain Dinar BHD 739.38 747.38
Canadian Dollar CAD 204 206.2
China Yuan CNY 38.45 38.85
Danish Krone DKK 40.45 40.85
Hong Kong Dollar HKD 35.57 35.92
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 903.91 912.91
Malaysian Ringgit MYR 58.92 59.52
New Zealand Dollar NZD 167.63 169.63
Norwegians Krone NOK 25.38 25.68
Omani Riyal OMR 722.1 730.1
Qatari Riyal QAR 76.35 77.05
Singapore Dollar SGD 206 208
Swedish Korona SEK 25.72 26.02
Swiss Franc CHF 307.11 309.61
Thai Bhat THB 7.61 7.76

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