The pledge appears to be the first such big announcement” of its kind in the region, and is modelled on a charity established by Microsoft founder Bill Gates in the United States, the prince told reporters.
Alwaleed said his charity “will 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.
”The money “will be allocated according to a well-devised plan throughout the coming years”, he said, but stressed there was no time limit for the donation to be spent.Alwaleed said he would head a board of trustees tasked with spending the funds, which would still be used after his death “for humanitarian projects and initiatives”.
The 60-year-old magnate belongs to the Saudi royal family and is a nephew of king Abdullah, who died on January 2 and he holds no government rank.