Multi-billionaire UAE businessman Abdul Aziz al-Ghurair launched the Arab world’s largest education fund on Wednesday, with $1.14 billion in grants for underserved youth from the region.
The Abdulla al-Ghurair Foundation for Education plans to provide scholarships for 15,000 Middle Eastern students over the next 10 years, a statement said.
The recipients will be students in need of financial assistance who also qualify for entrance to the region’s top universities.
Fund chairman Al-Ghurair said: “Today, we are telling every Arab youth ‘if you aspire to be a leader who wants to give back to your country and region, work hard and set your sight high. The Abdulla Al Ghurair Foundation for Education wants every bright young Arab who may have otherwise not been able to afford a high quality education be able to pursue it.”
Maysa Jalbout, CEO of the Abdulla Al Ghurair Foundation for Education added: “This is an incredibly exciting time for the Foundation and we are committed to improving the lives of Emirati and Arab youth by working in partnership with some of the world’s best education institutions.
“Our tailor-made programs offer more than just financial support; with academic counseling, skills development and mentoring, as well as access to internships, they are designed to prepare our students for their transition to university and the world of work. Ultimately we hope that the Foundation will empower young people to learn for life and to become leaders in their communities and ambassadors of education in the region.”
Last year Al-Ghurair called on wealthy Arab families and businesses to donate more money to charity to help diversify the region’s economy.
Al Ghurair said as long as the economy remained stable and the family’s group of businesses continued to perform well, it should be able to maintain its objective of donating one-third of its assets over decades to come.
His father Abdullah Al Ghurair started Mashreq with $1.6 million worth of investment capital 40 years ago. The bank is now the largest private lender and oldest commercial bank in the UAE.
He has long been committed to improving education in the UAE, having established the country’s first boarding school in Masafi in 1964. He founded a second school in Bur Dubai in 1990 that accommodates 1,000 students and is still regarded as one of the emirate’s best schools.
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