Philanthropy is a personal responsibility, says Alwaleed

Updated 02 July 2015

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.”


EU announces strict 5G rules, but no Huawei ban

Updated 10 min 46 sec ago

EU announces strict 5G rules, but no Huawei ban

  • Any bans on Huawei will now ultimately be up to individual member states
  • Huawei is widely viewed as providing the most advanced alternative for super-fast data transfers

BRUSSELS: EU countries could ban telecoms operators deemed a security risk from critical parts of 5G infrastructure under bloc guidelines issued Wednesday, amid US pressure to shut out Chinese giant Huawei.
The plan, which closely mirrors rules set out by Britain allowing a limited role for Huawei, stops short of barring the company from building the next-generation communications network that provides near-instantaneous data transfers.
It leaves member states with the responsibility to ensure the safe rollout of 5G and warns them to screen operators carefully, saying security of the network will be critically important for the entire EU.
The so-called “toolbox” outlined by the European Commission avoids naming Huawei and does not call for an outright ban on any supplier.
But it urges countries to “assess the risk profile of suppliers” and “apply relevant restrictions for suppliers considered to be high risk” accordingly, including shutting them out of “key assets defined as critical and sensitive.”
It also recommends EU states avoid “major dependency on a single supplier” and “dependency on suppliers considered to be high risk.”
The guidelines are the fruit of months of agonizing within the EU, which has struggled to find a middle way to balance Huawei’s huge dominance in the 5G sector with security concerns pressed by Washington.
Any bans on Huawei will now ultimately be up to individual member states, but the commission’s middle road recommendations give cover to European capitals to resist pleas from Washington.
London’s announcement on Tuesday of a limited role for Huawei infuriated Washington, which says it cannot be trusted with such important infrastructure because it is too close to the Beijing government.
The US has banned Huawei from its own 5G roll-out because of security concerns and threatened to limit intelligence-sharing with London in the event of the firm winning a major role in Britain.
Britain, like the EU, plans to exclude risky operators from “sensitive” locations such as nuclear sites and military bases, but a US official insisted there was “no safe option for untrusted vendors to control any part of a 5G network.”
Huawei is widely viewed as providing the most advanced alternative for super-fast data transfers behind technologies such as self-driving cars and remotely operated factory robots.
Along with European telecom companies Nokia and Ericsson, it is one of the few suppliers capable of building 5G networks.
The commission warned that 5G will offer “more potential entry points” for cyberattacks — a growing threat as more and more critical services such as hospitals and power grids depend on data networks.
“5G will be a ground-breaking technology but it cannot come at the expense of the security of our internal market,” commission vice president Margaritis Schinas said in a statement.
“The toolbox is an important step in what must be a continuous effort in the EU’s collective work to better protect our critical infrastructures.”