Abdullah Al Ghurair gives third of assets to charity

Dubai:  Leading United Arab Emirates businessman Abdullah Ahmad Al Ghurair has donated a third of his assets to an educational foundation as part of a charity drive, he said on Tuesday.

Ghurair is the father of billionaire Abdulaziz al-Ghurair, chief executive of Dubai-based Mashreq bank, one of the emirate's biggest lenders.

The foundation will initially aim to spend Dh 4.2 billion ($1.1 billion) over the next 10 years on educating underprivileged UAE and Arab youths, Ghurair told a news conference.

Saudi Prince Bin Talal bin Abdulaziz Alsaud had earlier pledged to give away his entire fortune to charity.