News Highlights
Author:
Maha Al-Azar,
Media Relations Officer,
Office of Information and Public Relations,
ma110@aub.edu.lb
|
OSB joins ranks of 5 percent of business schools in the world with AACSB accreditation
 | [L-R] Najjar, holding the AACSB accreditation certificate, Hutham and Khaled Olayan
|
The Suliman S. Olayan School of Business (OSB) at the American University of Beirut celebrated its newly-acquired AACSB accreditation at a dinner held in Phoenicia InterContinental on May 5, thus making it the first business school in Lebanon to receive such accreditation.
Founded in 1916, AACSB International, or the Association to Advance Collegiate Schools of Business International, is the longest serving global accrediting body for business schools that offer undergraduate, master's, and doctoral degrees in business and accounting.
Attended by a host of officials and AUB academics, the evening was dominated by a sense of pride for this new milestone for OSB.
"Some occasions are well worth waiting for. And this is one of them," said Business Dean George Najjar. "We have worked for this accreditation for the past three years... It was an intensely personal project for each and every one of the 60 faculty and staff members at the Olayan School. This was our way of paying homage to a great past by ensuring a greater future." |
 | [L-R] President Dorman, PM Siniora, and Fernandes
|
President Peter F. Dorman also applauded OSB for its accomplishment, calling it "an important milestone not just in the history of the Olayan School, but also of the University."
"All of us at AUB are enormously proud that the Olayan School has joined the ranks of the less than 5 percent of business schools worldwide that have earned AACSB international accreditation," he said.
Dorman also announced the establishment of a $7-million fundraising campaign to endow the Olayan School of Business Global Fund, the proceeds of which will support OSB global activities, as well as expand its existing relationships with partners MIT's Sloan School of Management and Stanford University to launch research collaboration and student and faculty exchange. "We must acknowledge that this may not be the best time for announcing fundraising campaigns," said Dorman, in reference to the current world economic crisis. "But regardless of the challenges ... we owe it to our students to pass up no opportunity to strengthen our educational offerings." |
 |
|
Dorman profusely thanked the Olayan family for their "vision and strong support," expressing pride in the partnership between AUB and this "esteemed" family.
AACSB International CEO and president John J. Fernandes congratulated AUB for its achievement and lauded its team's "dedication, leadership, and enthusiasm." He noted that when he first arrived in AUB in 2003, there was still "a long way to go," but the dedication of the AUB team led to it becoming one of only 567 universities in 33 countries to receive AACSB accreditation. "AACSB accreditation represents the highest achievement for an educational institution that awards business degrees. Dean Najjar and the faculty, directors, and administrative staff of AUB are to be commended for their role in earning initial accreditation," said Fernandes.
Prime Minister Fuad Siniora gave the keynote address at the dinner, praising AUB, its faculty, and staff for this major milestone. "What they have achieved through this recognition is a source of great honor to all of us, as well as to many Lebanese and Arab students who are forever grateful to this business school and to AUB, the leading academic institution in the Middle East, and the one that has been widely considered to be a beacon of excellence in liberal education and liberal thinking in the region," said Siniora. |
"Just as Lebanon is more than a country, [but a message], AUB is also more than an institution for higher education; it is a way of life... an oasis that promotes democracy of ideas and allows a space for openness, tolerance, and mutual understanding. AUB has always had a mission as an intellectual lighthouse that radiates not just in Lebanon, but throughout the Arab world and the Near East," he added.
Siniora offered inspirational words to those gathered, calling them "our nation at its best," pursuing entrepreneurship and quality education with a "tireless unbendable spirit."
Moreover, Siniora promised that the Cabinet will start preparing a decree to make require accreditation for all Lebanese universities and hospitals.
"What the Olayan School of Business has attained through this accreditation, should provide a path for us to follow, not only at AUB but also at the national level. We have thus to work hard to ensure that what we are celebrating here tonight becomes the norm, not the exception," he said. "Bravo, and good luck for more future achievements."
|
AUB Board of Trustees member Hutham Olayan likened the Olayan School of Business to a young child that is growing up fast. "There comes a time in the life of every parent when we forget about all the effort and worry, the sweat and tears, the bumps and bruises. There comes a time when our children become young adults, we step back in amazement and say: 'Masha'Allah, how did they grow up so fast?'" she said. "That's how it is with the Olayan School of Business."
Olayan recalled how skeptics at every phase of the school's young nine years would question its ability to achieve its goals. "The skeptics have been converted at every turn," she said. Tonight we celebrate a very important milestone...[that] we should not underestimate," she added. "Earning accreditation is the difference between competing in a national championship and playing in the World Cup." |
|
