Al Waleed gives $15.7m to Cambridge and Edinburgh varsities

London: Saudi billionaire Prince Al Waleed Bin Talal, the biggest shareholder in Citigroup Inc., gave 8 million pounds ($15.7 million) each to the UK universities of Cambridge and Edinburgh to start Islamic studies research centers.

Alwaleed signed an agreement on Wednesday at London's Buckingham Palace in the company of Prince Philip, Duke of Edinburgh and Chancellor of both universities, the Arab investor's Riyadh-based Kingdom Foundation said in an e-mailed statement on Thursday.

"It is paramount for both Islam and the West to reach mutual ground for proactive dialogue, respect, acceptance and tolerance," Al Waleed said in the statement.