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December 30, 2015

Saudi Prince Gives $108 Million to House Egyptian Families

Saudi Prince al-Waleed bin Talal's charitable organization is contributing $108 million to an effort to build 10,000 homes for needy families across Egypt, the Saudi Gazette and ArabianBusiness.com report. The donation, announced last week, will cover more than 40 percent of the cost of the decade-long construction effort, to be carried out in partnership with the Egyptian government and the Cairo-based Misr El Kheir Foundation.

The prince, who earlier this year pledged to give away his $32 billion fortune, is also donating 10,000 acres of land in the Toshka area of southern Egypt, valued at $89 million, to the country's government to use as it sees fit to "improve the living conditions of many Egyptian citizens," according to a statement from Alwaleed Philanthropies.