Emirati Mogul Launches Foundation With $1 Billion Pledge

One of the most prominent businessmen in the United Arab Emirates has committed $1.1 billion to a new education-focused charity, Emirates-based daily The National and the Associated Press write.

The donation by Abdullah al-Ghurair, announced Tuesday by his son, will be paid out over 10 years to an eponymous foundation to help underprivileged youths from across the Arab world go to college.

Mr. al-Ghurair is the chairman of Dubai-based Mashreq Bank and heads a family-owned conglomerate with interests in several industries. The donation amounts to about a third of the family’s wealth. It follows last week’s pledge by Saudi Prince al-Waleed bin Talal to give his $32 billion fortune to charity.