Saudi Arabia’s Prince Alwaleed bin Talal provided 617 residential units for Saudi citizens in need, bringing the total number of citizens who have benefited from homes provided by his Alwaleed Bin Talal Foundation to 7,782.
The initiative was in response to the call of the Custodian of the Two Holy Mosques, King Abdullah Bin Abdulaziz Alsaud and the Crown Prince HRH Prince Salman Bin Abdulaziz Alsaud, to provide adequate housing for citizens in need.
The Alwaleed Bin Talal Foundations is involved in a wide range of humanitarian and philanthropic activities in more than 84 countries and earlier this month, as part of the prince's Ramadan initiatives, the foundation secured the release of 1,059 Saudi and Egyptian prisoners by paying off their debts.
Prince Alwaleed, who topped the Arabian Business Rich List last year with a net worth of $31.2 billion, owns 95 percent of his Kingdom Holding Company, which has diverse investment interests, including stakes in hotel management companies including Four Seasons Hotels & Resorts, Movenpick Hotels & Resorts and Fairmont Raffles Holding, as well as shares in Citigroup and News Corp.
Kingdom Holding this week reported a 16.8 percent increase in second-quarter net profit, citing higher income from investments.
Net earnings in the three months to June 30 were SAR211.6 million ($56.4 million), compared to SAR181.2 million in the same period a year earlier, it said in a bourse statement.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.