Argentine-Israeli conductor and pianist Daniel Barenboim has been awarded this year's Ernst von Siemens Music Prize.

Barenboim, 63, will receive the 150,000 euros ($182,500/GBP101,000) prize at a ceremony in Vienna, Austria on 12 May (06).

A statement from the Siemens foundation reads, "Daniel Barenboim is a universal musician, who has given us outstanding interpretations of the entire classical and romantic repertoire and who is also firmly committed to the cause of contemporary music."

The composer has promised two thirds of the prize money, 100,000 euros ($122,500/GBP69,000) to the renovation of Berlin, Germany opera house, the Staatsoper Unter den Linden, of which he is artistic director.

The remaining money will go towards a new foundation he has created to help talented young musicians.