The Saudi founder of Al Rajhi Bank has since transferred his bank shares, recently valued at $3.7 billion, along with his poultry farm, one of the largest in the Gulf, and other assets into a charitable endowment that bears his name. The foundation focuses on combating hunger and supporting education initiatives across Saudi Arabia.
While no other Arab billionaire has matched Al Rajhi’s level of giving to date, Prince Alwaleed bin Talal has pledged to donate $32 billion to charitable causes. Last year, he became the first Arab billionaire to sign the Giving Pledge, an initiative founded by Warren Buffett and Bill Gates that encourages the world’s wealthiest individuals to commit more than half of their fortunes to philanthropy during their lifetimes or through their wills.
Other prominent Arab philanthropists have also made significant commitments. Mashreq Bank founder Abdulla bin Ahmad Al Ghurair pledged $1.1 billion over 10 years to fund scholarships and educational programs. In 2016 alone, 400 underprivileged young people from the UAE and across the Arab world received scholarships through the Al Ghurair Foundation for Education, which also aims to support young refugees.
In Morocco, Othman Benjelloun, founder of Casablanca-based BMCE Bank, donates 4 percent of the bank’s gross operating income each year to the BMCE Bank Foundation. In 2015, these contributions totaled nearly $20 million and were used to build schools and develop early education programs for low-income students in rural communities.
Benjelloun and his wife, Leila, who chairs the foundation, were recognized for their efforts with the David Rockefeller Bridging Leadership Award for their contributions to education and social development.
