UAE's Richest Man Donates Third Of Assets To Charity

Emirati businessman Abdallah Ahmad al-Ghurair pledged 4.2 billion dirhams to fund the education of underprivileged UAE and Arab youths in the next 10 years.

2015-07-07 13:38

Following in Saudi Prince Alwaleed bin Talal's footsteps, leading Emirati businessman Abdallah Ahmed al-Ghurair announced Tuesday that he would make a substantial contribution to an educational foundation, according to Reuters .

In a press conference, Ghurair, chairman and founder of Mashreq Bank, one of Dubai's biggest lenders, said that a third of his wealth, 4.2 billion dirhams ($1.1 billion), would be invested to educate underprivileged UAE and Arab youths for the next 10 years.

The wealthy businessman follows a long line of billionaires such as Bill Gates and Warren Buffet who have pledged to dedicate the majority of their wealth to philanthropy. According to Forbes, Ghurair and his family are the richest in the UAE, with an estimate $6 billion in assets.