Dubai: One of the most eminent business persons in the UAE, Abdullah Ahmad Al Ghurair pledged one-third of his assets to an education foundation he launched yesterday to improve the quality of education and help thousands of promising Arab youth from underprivileged backgrounds have access to a bright future.

With an initial budget of Dh4.2 billion over the next ten years, the philanthropic education initiative named after Abdullah Ahmad Al Ghurair will be devoted to equipping Arab youth with the knowledge and skills they need to fulfil their promise as the future leaders of the region.

Al Ghurair is the father of billionaire Abdul Aziz Al Ghurair, Chief Executive of Dubai-based Mashreq, one of the emirate’s biggest lenders.

The launch of the foundation coincides with UAE Humanitarian Work Day, which is marked on Ramadan 19 and held to honour the legacy of Shaikh Zayed Bin Sultan Al Nahyan.

The foundation will invest in innovative high-impact programmes that improve the quality of education at the primary and secondary levels while also helping a minimum of 15,000 university students from less privileged backgrounds pursue quality higher education.

“Education is the cornerstone of prosperous, progressive and inclusive societies, and essential for the sustainable development of our nation and the empowerment of our future leaders,” said Al Ghurair.

The UAE has always been known for its philanthropic activities and for helping the less fortunate worldwide, he said.

“The launch of the foundation, therefore, is an extension of what our leadership is already committed to doing. Improving the quality of education and equipping our youth with the skills to succeed in the 21st century is key to reducing unemployment — among the Arab world’s most pressing challenges — and to building peace and prosperity in our region.”

He deeply believes that it is through education “that we will effectively tackle inequality, enabling youth from low-income families to fulfil their individual potential and to help their communities thrive”.

Access and the quality of education at all education levels in the Arab world lags behind the most developed regions and, according to Unesco, less than a third of high school graduates in the Arab states are enrolled in tertiary education, below the world average. That compares with 70 per cent in Western Europe and North America.

It has been announced that the foundation, which will target UAE nationals and Arab citizens living in the UAE before expanding to include Arab youth across the Arab World, will award grants based on a highly competitive process. It will work in partnership with the best education institutions in the region and the world.

It will also promote academic subjects that address the needs of the local and global economy and the priorities of nation building. Grants for higher education will be made through a clear and transparent process and awarded based on merit to Emirati and Arab youth in need of financial assistance.

As one of the largest privately funded philanthropic initiatives devoted to education in the Arab World, the Foundation hopes to inspire a stronger culture of private philanthropy in the field of education. The Foundation will also work with the regional and international education community to raise awareness of the need to increase private philanthropic investment in education.

“The leadership of the UAE has always prioritised the welfare of its people and has been a champion for the wider Arab community,” said Al Ghurair. “In recognition of their vision and as a continuation of their legacy, my family and I have accepted a greater responsibility to open the doors of opportunity to the next generation.”

His son, Abdul Aziz Al Ghurair, said, “The Foundation will forge a path for greater collaboration between philanthropic organisations, the private sector and education institutions. The bold ambitions of the UAE and our neighbouring Arab countries can only be realised if our region’s future leaders are given the necessary tools,” said Abdul Aziz Al Ghurair.

The legally registered foundation owns one-third of the assets of the Abdullah Ahmad Al Ghurair group of companies, including all revenues and profits. The foundation’s board of trustees is chaired by Abdul Aziz Al Ghurair and Abdullah Ahmad Al Ghurair’s son.