The dollar sign (R) is seen alongside the signs for other currencies above a currency exchange shop in Mongkok shopping district in Hong Kong, China, October 30, 2014. (REUTERS Photo)

DUBAI, Oct. 24 (Xinhua) -- A seven-year old boy from Algeria on Monday won the Arab Reading Challenge launched by the United Arab Emirates (UAE) and received 150,000 U.S. dollars, the official Dubai Media Office tweeted.

Sheikh Mohammed Bin Rashid Al-Maktoum handed over the award to the school boy in a ceremony in the Dubai Opera. The boy will get 100,000 dollars as a scholarship for his university studies later, while 50,000 dollars will be paid out in cash to his parents in Algeria.

Talal Al-Amal, a boy from Palestine, won for his school one million dollars, for launching the "best reading initiative in the Middle East," Dubai daily Gulf News reported.

A total of 30,000 schools participated in the challenge.

Also honored were 18 minor winners, out of 5 million participants, in different reading categories. Sheikh Mohammed said the winners represent "persistence, determination and vigour" and encourage the entire Arab youth.

Sheikh Mohammed praised the participants as representing "an Arab generation of proud readers."

The Arab Reading Challenge is part of the UAE's "Year of Reading" scheme aimed to improve literacy and reading skills in the UAE and across the Arab world.