Riyadh – Mubasher: Saudi Arabia's billionaire Prince Alwaleed bin Talal announced Wednesday pledging his entire SAR 120 billion ($32 billion) fortune to charitable projects over the coming years.

Alwaleed will head a board of trustees that will oversee the spending of the pledged money.

“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,” Alwaleed said in a statement.

He added the donation will be allocated according to a well-devised plan over the coming years.