Saudi Prince Pledges Billions To Charity

A member of the Saudi royal family says he is going to give his £20bn ($31bn) fortune to charity.

Prince Alwaleed bin Talal announced the decision at a news conference at the headquarters of his investment business.

In a statement, the 60-year-old prince said the "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".

The prince, who said his plan was modelled on the Bill and Melinda Gates Foundation and other US philanthropic groups, is to set up a board of trustees to decide which projects deserve his money.

The decision "will be allocated according to a well-devised plan throughout the coming years", Prince Alwaleed said.

The nephew of the late King Abdullah has been so successful in business that he is sometimes referred to as the Arabian Warren Buffett, after the US billionaire who appears to have the Midas touch when it comes to making money.

For those worried how he will manage if he gives away all his money, the prince will be holding on to his publicly-listed investment business.

"This is very much separate from my ownership in Kingdom Holding," the prince said at the announcement.

Kingdom Holding, of which the prince is the majority shareholder, has holdings in a number of businesses, including banking and financial services, property businesses, media companies and internet and technology firms.

The four-times married prince is reported to be one of the richest men in the world.