Kingdom 5KR, the 85.7-metre superyacht was launched by Benetti in 1980. The striking superyacht was designed by the legendary Jon Bannennerg, and has interiors by Luigi Sturchio. Originally built as Nabila for fellow Saudi Adnan Khashoggi, she was one of the largest yachts in the world. She had a staring role as Flying Saucer in the James Bond film Never Say Never Again.

Prince Alwaleed bought Kingdom 5KR off Donald Trump in 1991, who had named her Trump Princess, and who had himself bought her from the Sultan of Brunei.

Speaking to reporters in Riyadh, the 60-year-old nephew of King Salman said he was inspired by the Gates Foundation, set up by Bill and Melinda Gates in 1997. He said the money would be used to “foster cultural understanding”, “empower women”, and “provide vital disaster relief” among other things.  The charitable focus would be on his home kingdom of Saudi Arabia, he added.

Bill Gates called the decision an “inspiration to all of us working in philanthropy around the world”. Prince Alwaleed is at number 34 on the Forbes list of the world’s richest people, and is rumoured to be worth $32 billion.