“I consider private initiative as the main source for growth and development,” said Adnan Kassar, chairman and major shareholder of Fransabank. “Perhaps this explains my deep involvement in chambers of commerce and industry, which I consider as organizers for private initiative and for bringing about socio-economic growth and development.”
Kassar’s remarks came during a signing ceremony held at LAU’s Beirut campus on the occasion of his $10 million donation to LAU School of Business. Earmarked for the purpose of naming the school the “Adnan Kassar School of Business,” Kassar’s donation is one of the biggest philanthropic investments in the university’s history.
LAU President Joseph G. Jabbra thanked Kassar for his generous gift. “From today forward, every day will be Adnan Kassar’s day at LAU,” he declared. “LAU is indeed honored to be the recipient of this $10 million gift. His name on the School of Business will soar into the sky in the heart of Ras Beirut,” Jabbra added.
Following the signing ceremony and reception, Kassar and Jabbra unveiled a plaque inscribed with the school’s new name.
Kassar’s investment in education-related philanthropic activities stems from his belief that such deeds contribute to helping youths improve society. “Education and specialization are essential for men and women to acquire knowledge that will help them contribute positively to society,” said Kassar. “This has been the main reason behind my keenness to offer scholarships to young bright students,” he added.
Jabbra praised Kassar for his significant role in both regional and national development. “President Kassar is an extraordinary human being. Alongside being a great defender of the private sector, he is an active participant in the advancement of society in Lebanon and in the entire region,” Jabbra said, adding, “he was always keen in talking to responsible people about the necessity of reducing the government’s interference in the private sector, in a bid to ensure its proper growth in addition to introducing structural reforms to encourage its success.”
His comments were echoed by Kassar, who said that he is dedicated to keeping Lebanon’s private sector united and distant from politics, to rising above challenges, and to safeguarding Lebanon from a political vacuum, wars and crises.
The LAU School of Business is one of the oldest such schools in the Middle East and is an associate member of the Association to Advance Collegiate Schools of Business, along with the European Foundation for Management Development. It offers classes on both the Beirut and Byblos campuses and the university’s Executive Center at Solidere, in addition to the university’s academic center in Manhattan.