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IN PHOTO: Owner of Saudi Arabia's Kingdom Holding, billionaire Prince Alwaleed bin Talal attends the traditional Saudi dance known as 'Arda', which was performed during Janadriya culture festival at Der'iya in Riyadh February 18, 2014. Picture taken February 18, 2014. REUTERS/Fayez Nureldine/Pool - RTX194XE

His Royal Highness Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud of Saudi Arabia pledged to donate the entirety of his fortune — amounting to US$32 billion­ [$41 billion] — to charity in the succeeding years. The prince hoped that his philanthropic pledge 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.”

According to the press release, the donation will be handled by Alwaleed Philanthropies and distributed based on a plan through-out the coming years. Prince Alwaleed has been a philanthropist for 35 years and is the Chairman of the Board of Trustees of Alwaleed Philanthropies. The board of trustees formed by the prince himself will supervise the funds in order to ensure that humanitarian efforts and initiatives will continue even after his death. Upon his demise, his son Prince Khaled would assume his position, while his daughter Princess Reem would serve as Vice Chairwoman.

The prince's philanthropic foundation spends an average of $132 million to serve millions of people in need all around the globe. The donation was made to alleviate pressing humanitarian issues regardless of one’s gender, race or religious association.

Alwaleed Philanthropies had partnered with other international institutions including The Bill and Melinda Gates Foundation, The Carter Centre, and Weill Cornell Medical College to improve global health care conditions. The foundation’s works in Saudi Arabia include housing and lighting up villages initiatives. At the same time, the charity encouraged women and youth empowerment by giving courses to women who want to run for Municipal Council offices. Alwaleed Philanthropies also advocated literacy to Afghani women through the Turquoise Mountain Organisation.

On a press conference on Wednesday, the prince was asked why the bulk or the entire donation did not go to "Islamic causes in Saudi Arabia." The prince answered, “Although the priority will be for causes in Saudi Arabia and its immediate regions,” the money was set to help humanity and "humanity has no religion, no race, and no sex.”

The Prince clarified he did not make his decision due to health reasons. Instead, he claimed that such drastic pronouncements should be made during one’s peak.

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