News

Trustee and Banque BEMO Chair Riad Obegi Gives Contribution to LAU

The full economic rights of part of the donor’s shares in a private company will go toward supporting the university, setting a precedent at LAU.

By Raissa Batakji

LAU President Chaouki T. Abdallah and Dr. Riad Obegi.
Among the attendees were Mrs. Marie Riad Obegi, Banque BEMO senior executives, Mr. Fadi Yarak, MEHE director general, Mr. Charles Arbid, president of the Lebanese Economic, Social and Environmental Council, Dr. Obegi’s friend and LAU alumnus, artist Hady Sy (BA ’84), and LAU’s senior leadership.

Chairperson and General Manager of Banque BEMO Riad B. Obegi, who is also a member of the LAU Board of Trustees, has signed a donation agreement with the university to contribute the full economic rights of part of his shares in a private company, a first-of-a-kind donation in terms of mechanism.

The signing ceremony, held on July 28, 2025, at the Beirut campus, was attended by LAU President Chaouki T. Abdallah, Dr. Obegi, Mrs. Marie Riad Obegi, senior executives from Banque BEMO, Mr. Fadi Yarak, director general of the Ministry of Education and Higher Education, Mr. Charles Arbid, president of the Lebanese Economic, Social and Environmental Council, Dr. Obegi’s friend and LAU alumnus, artist Hady Sy (BA ’84) and LAU’s senior leadership.

Dr. Abdallah underscored the timeliness of this donation, especially as “the demand for tuition support far exceeds the university’s scholarships and financial aid offerings.”

Welcoming this new form of gifts, Dr. Abdallah expressed his gratitude for the teams behind the diligent work done on both ends of the donation, for bringing it to fruition and taking a step in the right direction.

Quoting the famous saying, Dr. Obegi drew a parallel between “teaching people how to fish,” and supporting their higher education, as opposed to “feeding them for a day.”

For him, the university’s pioneering role and regional eminence have rendered it “one of the finest institutions that I have encountered, whether in governance or education, and I am very happy to be making this donation in favor of LAU.” He hoped that other individuals, companies and institutions will follow suit.

Mr. Charles Arbid expanded on how this donation gives the donor, especially in the context of a family business, a higher incentive to pursue further success in their enterprise, while also bringing them closer to the institution they are supporting.

Further underscoring his commitment to education, Dr. Obegi closed the event by reflecting on how teachers are ‘the ultimate donors,’ adding that it’s no coincidence a university is called an ‘alma mater’—”a nurturing mother that shapes and sustains us all.”