Ambition is all the wealth you need
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Mind the Gap
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Deepening inequality and the global financial crisis
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The concentration of wealth in the hands of the few has only continued to accelerate in the wake of the recent economic meltdown. Emily Morris provides a status report.
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The Arab spring and the Wall Street fall
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Even as Europe and the United States cheer the Arab spring, the winged seeds of rebellion reach their own shores. Marc Abizeid reports on the West’s season of economic discontent.
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Success and Succession A huge number of Lebanese businesses — large and small — are family-owned, but blood ties present unique challenges in the world of commerce. Jessica Hollows brings a spotlight to the work of LAU’s Institute for Family Business and Entrepreneurship.
Teaching Men to Fish The shifting sands of philanthropy’s bottom line
What happens to charitable giving in a severe economic downturn? Olga Habre sheds light on the survival strategies seeing NGOs through a long winter.
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Vgdqdudq Xnt Fn ,!5 -AGAZINE IS YOUR PLATFORM TO SHARE PHOTOS AND NEWS ABOUT YOURSELF YOUR FAMILY AND YOUR FRIENDS 7E ENCOURAGE YOU TO UPDATE US ON YOUR PROFESSIONAL AND PERSONAL ACTIVITIES AND ACHIEVEMENTS°FROM WHEREVER YOU ARE
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7E WELCOME NEWS FROM ALUMNI FRIENDS SUPPORTERS AND CURRENT AND FORMER FACULTY AND STAFF REPRESENTING ALL THE UNIVERSITY´S CURRENT AND FORMER SCHOOLS AND COLLEGES 3UBMIT YOUR STORIES AND PHOTOS FOR INCLUSION IN ,!5´S ONLINE AND PRINT PUBLICATIONS 3UBMIT TO
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<hec j^[ Fh[i_Z[djÊi :[ia Dear Friends, Our world is more connected than ever before, a fact we feel most acutely in times of crisis. These are the most economically uncertain times in recent memory, and no one reading the latest headlines — whether about a new round of stock market turmoil, or the sovereign debt crisis in Europe, or the first class-based mass protest movement in the United States in many decades — has the luxury of detachment or indifference. Nor should they. Interconnectedness works both ways: if financial markets know no national borders, neither do the webs of social and ethical responsibility. The multifaceted economic crises of recent years have unfolded against the backdrop of a diminishing middle class and a widening gap between the rich and the poor, in the first world no less than in developing countries. If nothing else, this has served to focus the mind on the relationship between wealth and commonwealth, between private capital and the public good. Universities have a fundamental role to play — culturally, economically, and ethically — in times like these. As sustainable institutions of knowledge production, they nourish class mobility and foster ideals of social justice and civic engagement. We at LAU are offering more full scholarships than ever before to brilliant but economically disadvantaged students from Lebanon’s rural regions, from Palestinian refugee camps and from developing countries in the region at large. Our School of Business is one of the largest and best-known in the country, with four active affiliated institutes, and its scholars are producing cutting-edge research on the most pressing global and regional economic issues. The dynamics of philanthropy change in times of economic duress, as do the challenges of fundraising. LAU has navigated these straits with intelligence and resolve, and we’re very proud to announce successful completion of the university’s five-year comprehensive Campaign for Excellence — the Legacy and the Promise. Indeed, the campaign was completed a full year ahead of schedule, and exceeded its original goal of $45 million to reach over $65 million.
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This issue of LAU Magazine thus marks a moment of both sobriety and celebration. LAU’s star is rising, and its financial position is stronger than ever. And so — in challenging times regionally and internationally — is our sense of social mission.
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“In the States, for example, the income level of the rich has increased a hundredfold over the past decade, while those of the middle and working classes have increased by just 20 or 30 percent”
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Victory Lap Legacy and the Promise fulfilled LAU recently celebrated the successful completion of its first five-year fundraising campaign, “The Legacy and the Promise—LAU Campaign for Excellence.” When the university embarked on this campaign in October 2006, its goal was to invest in its top priorities: student support, academic support, and expansion of facilities. Thanks to prominent philanthropists, active alumni chapters worldwide, and loyal friends in Lebanon, the Arab world and beyond, it was largely able to fulfill this goal. These individuals, companies, foundations, and government agencies believe in LAU and want it to flourish, and with their generous support the campaign has surpassed its fundraising target of $65 million a full year earlier than expected. The LAU community offers a heartfelt THANK YOU to all our benefactors and supporters who strongly believe in our university’s mission. The campaign’s successful completion marks a milestone in LAU’s history, and will have positive reverberations for generations to come.
Even as LAU celebrates, it is laying the groundwork for the next comprehensive campaign. The coming campaign will combine cultivation of major donors with rekindling of alumni relationships, at once broadening LAU’s donor base and responding to the requirements of its new academically focused five-year strategic plan.
Scholars and Scholarships Welcoming aboard an increasingly diverse student body Thanks to continued and increasing support from our benefactors, LAU has significantly increased its financial aid budget in recent years. This year the figure reached $15 million, which has provided crucial support to our students through scholarships and other financial assistance. The university provides merit scholarships to academically distinguished students, and various forms of financial aid to all economically disadvantaged students. Donations toward annual scholarship grants and endowed scholarship funds give needy and deserving students the chance to pursue their studies at LAU, receive an education that is second-to-none, and lay the groundwork for distinguished future careers. Through international and regional grants, LAU provides full scholarships to talented but disadvantaged students from public schools in all parts of Lebanon, and from countries throughout the MENA region.
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Growing Laurels LAU redoubles its commitment to academics
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LAU’s fundraising campaign has helped build and improve the university’s academic programs, part of its steady drive to becoming a world-class research institution. Donations toward this end have supported the recruitment and retention of top-notch faculty, encouraged their professional development and research activities, and increased the number of named academic chairs. Graduate and research assistantships are high priorities, as are endowed chairs recognizing a faculty member’s contributions in his or her field. LAU has demonstrated its continued commitment to both student and faculty development, both by expanding the list of degree offerings and by creating endowed lectureship series addressing topics with particular relevance to their intellectual, professional and personal development.
Foundations New and Old LAU invests in visionary facilities and infrastructure As the universityâ&#x20AC;&#x2122;s first comprehensive campaign, the Legacy and the Promise set out to build and consolidate the financial foundation to improve infrastructure on both Beirut and Byblos campuses. This includes new constructions, renovation of existing buildings, creation of smart classrooms, and opening of new roads to facilitate both access to the Byblos campus as well as safe circulation within it. Donations towards naming opportunities â&#x20AC;&#x201D; ranging from buildings, conference rooms, classrooms and labs, to benches and seats â&#x20AC;&#x201D; are yet another source of funds for construction, renovation, and enhancement of LAU facilities to improve campus life for the entire university community.
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Faculty Profile
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“At some level I knew I needed to contribute to political stabilization in my home country.”
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—Makram Ouaiss, assistant professor political science and international affairs
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Take a Bench or a Seat, Leave a Legacy The “Take a Bench or a Seat, Leave a Legacy” campaign continues, with more and more alumni, faculty and staff of LAU showing interest and support. This campaign gives LAU alumni, faculty and staff the exclusive opportunity to leave a personal or family imprint at LAU, cherish the memory of a loved one, or honor a dear friend or family member. For a donation of $500, contributors can name a seat in Irwin Hall or Selina Korban auditoriums or, for a contribution of $5,000, a bench on the Beirut or Byblos campuses.
We count on your help in spreading the word among fellow alumni and LAU colleagues regarding this worthy initiative. To name a bench or seat, please visit our website link http://seat-bench.lau.edu.lb or call the Beirut Development Office on 01-786456/64 ext: 1323.
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Proudly created by MarCom The magazine you’re holding is one of many publications we regularly produce at the Marketing & Communications Department for LAU (MarCom). At MarCom, we work enthusiastically behind the scenes with faculty, staff, students and alumni to make LAU known for its best programs, people and ideas. To better serve our internal and external community of bright — and busy — people, we are proud and excited to announce the launch of MarCom’s new website. Check it out if you’d like to… > Quickly see what services we provide. > Help yourself to logos and templates to brand your own materials. > Publish like a pro by reading our authoring guidelines. > Learn what LAU’s branding strategy is all about. > Meet our staff and get in touch with us. Visit us: marcom.lau.edu.lb fW][ ).
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“There is so much opportunity to make a difference here, to create change.”
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Kuwait alumni have a rocking good Christmas J^[ AkmW_j 9^Wfj[h eh]Wd_p[Z W 9^h_ijcWi FWhjo \eh 9^_bZh[d ed :[Y[cX[h '& Wj j^[ >WhZ HeYa 9W\[$
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Kanan Hamzeh is known by the LAU community as both a successful entrepreneur and a committed philanthropist. His many contributions include, most recently, an endowed scholarship created during The Legacy and The Promise Campaign. Kanan and his wife, Hanan, give generously of their time and resources for the benefit of both LAU and Lebanon.
Kanan Hamzeh is the egacy and the P omise.
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