A wealthy Emirati businessman says he is giving away a third of his assets, or more than a billion dollars, to educate Arab youth.

Abdullah al-Ghurair's donation aims to provide 4.2 billion dirhams ($1.14 billion) over 10 years to an eponymous foundation to educate underprivileged youth. It was announced Tuesday by his son, Abdulaziz al-Ghurair.

The foundation will initially focus on Emirati and Arab expatriate youth living in the seven-state federation, with the eventual aim of expanding to include students in other Arab countries.

Al-Ghurair hails from a prominent mercantile family with interests in several industries, and is chairman of Dubai-based Mashreq Bank.

Saudi billionaire Prince Alwaleed bin Talal last week announced a Ramadan pledge of his own, vowing to donate all of his wealth, or $32 billion, to charity.