Philanthropy is a personal responsibility, says Alwaleed

Updated 02 July 2015
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Philanthropy is a personal responsibility, says Alwaleed

RIYADH: “Philanthropy is a personal responsibility, which I embarked upon more than three decades ago and is an intrinsic part of my Islamic faith,” says Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC).
Prince Alwaleed made these remarks on Wednesday when he pledged his entire fortune to the tune of $32 billion to charitable projects.
While many of his philanthropic projects are already under way, the prince has confirmed the funds will be made available even after his death.
The prince said he will donate his fortune to his organization called Alwaleed Philanthropies to work in the fields of “intercultural understanding” and supporting communities in need.
Programs will include promoting health, eradicating disease, bringing electricity to remote villages, building orphanages and schools, as well as empowering women.
His pledge came during the holy month of Ramadan when Muslims are encouraged to give charity and help the needy.
Prince Alwaleed has supported philanthropy for more than 35 years, donating $3.5 billion thus far through the Alwaleed Philanthropies.
Prince Alwaleed joins other billionaires who have made similar pledges in recent years, such as Warren Buffett, Bill Gates, Mark Zuckerberg and Michael Bloomberg.
Prince Alwaleed has always had a good foresight, and the prince has routinely invested in promising companies such as Twitter.
At Wednesday’s press conference, he praised The Bill and Melinda Gates Foundation in the US and shared that his intentions and visions were “modeled” on the philanthropic organization spearheaded by Bill Gates and his wife, Melinda Gates.
“Since most of my wealth was achieved from this blessed country, I have made giving back to Saudi Arabia my number one priority, after which our philanthropic efforts will extend to countries around the world in accordance with the regulations governing charitable activities,” said the prince.
He said: “You may rightly wonder, why am I doing this? My response is that everyone goes through certain life-changing situations that have a great effect on his or her crucial future decisions. I have had the opportunity to witness, first hand, the challenging conditions of many communities across the globe, first hand, and have stood among those who were suffering and in great need. I have also learned of overwhelming obstacles through meetings with the leaders of countries and communities around the world.:
Prince Alwaleed said his foundations have been collaborating with other philanthropic organizations, NGOs, governments and non-profits for decades. Our work is far-reaching, providing humanitarian assistance to ease poverty and famine, supporting development, health and education, and encouraging long-term, sustainable change for the better.
He said: “Given the world’s current economic and social conditions, and the devastating effects of war and natural disasters around the world, more collaborative efforts are required from all capable individuals to unify their stand in the effort to alleviate poverty in the most deprived communities and to advance and build their societies.”
The prince said he was making the announcement as an illustration of God Almighty’s blessings, following His words in the Holy Qur’an: “But tell of the favors of your Lord,” (AlDhoha).
The prince added: “As I see it, the time has come for me to share all that I have to support communities through my foundation, Alwaleed Philanthropies, which aims to initiate and support projects worldwide regardless of religion, race or gender.”
He said: “For 35 years, Alwaleed Philanthropies have developed and sustained projects in more than 92 countries. We collaborate with a wide range of philanthropic, governmental and educational organizations to combat poverty, empower women and youth, to develop communities, provide disaster relief and to nurture cultural understanding through education. Together, we can build bridges for a more compassionate, tolerant and accepting world. Ours is a belief in humanity without boundaries and a commitment toward all.”


Airbus says it will obey WTO ruling on aircraft subsidies

Updated 16 min 19 sec ago
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Airbus says it will obey WTO ruling on aircraft subsidies

PARIS: Airbus plans to set out measures that will bring it into line with a World Trade Organization ruling on subsidies for its A350 and A380 jets, a senior lawyer said on Tuesday.
The move comes after the US won the right to seek sanctions against EU goods following a partial victory in its 14-year legal battle against European government support for Airbus at the World Trade Organization.
The EU says it expects to strike a similar legal blow in a parallel case on US support for Boeing later this year.
“We will be announcing this morning a complete package of measures to fully comply with last week’s ruling, putting us basically at a point where we have nothing left to answer and no sanctions possible,” Karl Hennessee, senior vice president and head of litigation at Airbus, told BBC radio’s Today program.
The subsidies row coincides with transatlantic tensions over US aluminum and steel tariffs, and the impact on European firms from Washington’s decision to exit an Iran nuclear pact.
It is also part of a two-way battle between the EU and the US over aircraft subsidies that could spark tit-for-tat reprisals between the two trade superpowers.
In a rare public face-off between senior strategists in the dispute, Boeing’s chief external lawyer in the case told the same BBC program that the US would be free to target any European products, not just aerospace.
“The WTO will decide what the proper number is and ... give the US that authority,” Robert Novick, co-managing partner at US law firm WilmerHale, told the BBC Today program.
“In parallel, the US will develop a list of products on which it might consider imposing countermeasures,” he added.
The transatlantic dispute stems from mutual claims that the world’s two largest planemakers benefited from illegal subsidies in the form of subsidized government loans to Airbus and research grants or tax breaks to Boeing.
Underscoring the cost and complexity of the case, the two sides have been arguing since 2011 about whether they complied with earlier rulings.
Airbus did not say how it would comply with the final ruling on European aid but a European Commission document said it would repay an A350 loan to the UK government this year and reduce the drawdown of other loans.
It also said the bankruptcy of Russian carrier Transaero, resulting in fewer A380 deliveries, had helped it to comply, while other aid been blunted by the passage of time — an argument that has previously been rejected by the US.
Hennessee also called for a settlement similar to one between Canada and Brazil that set the tone for global plane financing.