The NileView

Onsi Sawiris School of Business

Endowments and gifts play a vital role in the growth and sustainability of educational institutions. They provide the financial foundation necessary to support various academic programs and initiatives, including scholarships, research projects, infrastructure improvements, and the recruitment and development of faculty, staff, and students. These resources help create an environment of academic excellence and innovation, ensuring financial stability that allows long-term planning and investments in quality education. Additionally, endowments promote intergenerational equity by preserving value over time, enabling institutions to balance current needs with future growth.

The history of higher education endowments dates back to 859, with the oldest university endowment associated with the University of Al-Qarawiyyin in Fez, Morocco, founded by Fatima al-Fihri, the daughter of a wealthy merchant. The university is considered the oldest existing, continuously operating higher educational institution in the world. One of the earliest examples in Medieval Europe is the University of Bologna, founded in 1088, which benefited from such endowments. Over the years, universities in Europe and later in the United States have accumulated significant endowments. Notably, Harvard University, established in 1636, possesses one of the largest endowments, which has grown substantially over the centuries. Today, endowments are a common feature of American higher education, with many universities increasingly relying on them to fund scholarships, faculty positions, and infrastructure projects.

In the context of Egypt, Al-Azhar University, one of the oldest universities in the world, established in 970, has historically relied on endowments (waqf) to support its operations. These endowments typically consist of land or other assets donated by wealthy individuals. However, the system has faced challenges over the years, which have affected the management and sustainability of these endowments. Egypt’s modern higher education began to develop in the early 19^th century, during Mohamed Ali Pasha’s reign from 1805 to 1848. He founded several institutions aimed at modernizing the country. In recent decades, efforts have been made to reform and improve Egypt’s higher education, including establishing public, private, and non-profit institutions that depend on private funding and endowments.

Serendipity, 116 years in the making…

In the early years of the 20^th century, Princess Fatma Ismail (1853-1920), the daughter of Khedive Ismail, the ruler of Egypt from 1863 to 1879, made a significant contribution to education by donating the largest single gift in the country’s history to establish the Egyptian University. The institution became known as King Fouad I University in 1940 and was renamed Cairo University in 1954. Princess Fatma was widely recognized for her philanthropic efforts and commitment to enhancing Egypt’s higher education. When a fundraising campaign failed to secure the necessary funds to build a national university that would provide modern education, Princess Fatma stepped in with a generous donation of approximately 667 feddans (about 692 acres) of land and 18,000 Egyptian pounds (around $89,000 at that time).

During the 1870s, Khedive Ismail Pasha built a palace using neo-Mamluk architecture as a private residence for Ahmed Khairy Pasha, the minister of education. The palace was located in Ismailia Square, known as Tahrir (liberation) Square, starting in 1953. It was later sold to a Greek businessman, Naestor Gianaclis, and was briefly used as a cigarette factory. The palace returned to its educational roots in 1908 when the Egyptian University was inaugurated becoming its first premises during the presidency of Prince Ahmed Fouad and then later it moved to its location in Giza. In 1919, Charles Watson, the founding president of The American University in Cairo (AUC) purchased the Khairy Pasha palace. Today, it is the centerpiece of AUC downtown campus.

AUC emerged as a significant educational institution in Egypt and the Middle East. Throughout its history, the university has remained committed to providing high-quality education and nurturing a vibrant intellectual community. AUC has played a crucial role in Egypt’s educational, cultural, and social development and the region. In 1920, AUC welcomed its first class of 142 students, offering programs equivalent to the final two years of high school. By 1924, the university began to provide community development programs, and in 1928, it awarded its first bachelor’s degree. In 1947, AUC offered the first economics course in Egypt, marking the roots of the School of Business. For nearly eight decades, the school has shaped generations of business leaders, entrepreneurs, policymakers, and agents of change. It continues to raise its standards and expand its influence as a leading destination for business education in the Middle East and Africa.

Some 116 years after Princess Fatma Ismail made her gift, earlier this month, AUC School of Business celebrated a significant milestone as it entered a new chapter in its history. On Monday, December 2, 2024, AUC announced an exciting collaboration with the Sawiris family, which includes a remarkable gift of over $30 million to the School of Business. This contribution marks the largest single philanthropic gift in the university’s 106-year history and will be used to enhance excellence in business education. The funding will provide scholarships, facilitate interdisciplinary research, establish a professorship in artificial intelligence and data science, and support visiting faculty and student exchange programs with several leading U.S. universities, including the University of Chicago. In recognition of this generous gift, the university has renamed its School of Business to the Onsi Sawiris School of Business. Interestingly, from Egypt’s largest single educational philanthropic gift in 1908 to AUC’s largest single philanthropic gift in 2024, one way or another, AUC has been somehow associated with a transformative educational gift.

The School of Business is the first school at AUC to be named. The naming pays tribute to the remarkable personal and professional legacy of the late Onsi Sawiris, a notable businessman in Egypt and the Middle East, as well as the founder of the Orascom Group, established in 1950, a conglomerate focused on construction, telecommunications, tourism, and technology. The Sawiris name has long been associated with success and excellence in business in Egypt and internationally. It also represents a strong commitment to education and social development. Associating this legacy with AUC School of Business is a great honor, as it embodies the values and aspirations of the school community and will inspire future generations of business leaders.

This exciting development has been made possible by the generous contributions of the NNS Foundation, the Naguib Sawiris Charitable Fund, Naguib Samih Sawiris, the Sawiris Foundation for Social Development, and Orascom Construction. The Sawiris family has been a long-time friend and supporter of AUC. Their previous gifts include scholarships for students from Upper Egypt and those with disabilities, promoting diversity, inclusion, and equity. Additionally, they have funded research on women’s empowerment, provided training, and supported the renovation and restoration of the university’s Tahrir Square campus.

This generous gift has the potential to profoundly transform the school by providing new scholarships and enhancing investments in faculty research. It will allow the school to continue building on a legacy of excellence in business education that has been developing for over 77 years, becoming a leading business school in the Middle East and Africa. These contributions have made the school a cornerstone of teaching, learning, research, and community development. The school is known for its rigorous academic standards, distinguished faculty, world-class facilities, strong business and industry connections, and a vibrant community of students from diverse backgrounds. Looking to the future, the gift will ensure that the Onsi Sawiris School of Business remains at the forefront of global business education.

With a focus on entrepreneurship and innovation, including family business, responsible business, and economic development, the school is renowned for offering a wide range of undergraduate and graduate academic degrees and executive programs that extend beyond the classroom to provide a holistic, engaging, student-centered learning experience. It blends a liberal arts foundation with specialized business knowledge while integrating co-op programs, internships, case studies, and experiential learning. These programs are designed to equip students with the skills needed to excel in the global marketplace and help develop entrepreneurial and innovative leaders capable of addressing global perspectives while keeping an eye on the local context. A diverse faculty of international and regional experts supports this glocal approach.

The school is renowned for its Triple Crown accreditation, which ensures adherence to the highest global standards in business education and ranks it among the top 1% of business schools worldwide. It consistently receives high classifications from acclaimed international-ranking institutions and is active in leading business school networks and associations worldwide. The school hosts seven research centers and labs, a top-ranked startup incubator, and a business-focused digital publication that supports research, co-curricular activities, and capacity building with a commitment to realizing societal impact.

The school’s 1,500 undergraduate and graduate students, 4,000 learners in executive education, faculty, staff, and more than 12,000 alumni in 82 countries will proudly carry the name of the Onsi Sawiris School of Business. Furthermore, locally and internationally, our academic and research partners, the employers of our graduates, and the business community will recognize our new name as representing the highest standards of business education, research, practice, and community service.

The school journey is demonstrated by developing entrepreneurial visionaries, business innovators, and responsible global leaders. It has always aspired to foster an environment where ideas flourish and leaders are nurtured. Many proud alumni hold prominent leadership positions in business, government, the public sector, and civil society; they make a difference in their respective fields and society. Following is a timeline of the major highlights and milestones in the school’s journey:

1919
- The American University in Cairo was established.

1947
- The university introduced the first course in economics in Egypt.

1962
- Mohamed Shafik Gabr Department of Economics.

1964
- First Master of Arts in Economics.

1966
- First Executive Education Program.

1972
- Heikal Department of Management.

1977
- Abdul Latif Jameel Center for Middle East Management Studies.

1983
- First Master of Business Administration in Egypt.

1990
- BP Egypt Oil Endowed Professorship in Management Studies.

1993
- School of Business, Economics, and Communication.
- Abdul Latif Jameel Endowed Professorship in Entrepreneurship.

2001
- Willard W Brown Endowed Professorship in International Business Leadership.

2004
- Master of Economics in International Development.

2006
- AACSB Accreditation.
- John D Gerhart Center for Philanthropy, Civic Engagement and Responsible Business.
- Qalaa Financial Service Lab.

2007
- El-Khazindar Business Research and Case Center.

2008
- International Executive Education Institute.

2009
- Youssef Nabih Department of Accounting.

2010
- School of Business (formerly School of Business, Economics and Communication).
- Access to Knowledge for Development Center.
- Entrepreneurship and Innovation Program.

2012
- Master of Science in Finance.
- Executive Master of Business Administration.
- Executive Education Open Enrolment Ranked by the Financial Times.

2013
- AUC Venture Lab.
- CIB Endowed Professorship in Banking.
- Consortium for University Executive Education.

2014
- EQUIS and AMBA Accreditation (Triple Crown Stature).

2015
- Center for Entrepreneurship and Innovation.

2017
- Business Forward.
- Women on Boards Observatory.
- ACCA Accreditation, Bachelor’s Degree in Accounting.
- Global Alliance in Management Education.

2019
- CEMS Master in International Management.

2020
- Abdul Latif Jameel Poverty Action Lab Middle East and North Africa (J-PAL MENA).
- AUC Business Forum.
- Business Schools Impact System label.

2021
- Co-Op Program.
- Egypt Impact Lab.

2024
- Global Network for Advanced Management.
- Onsi Sawiris School of Business announced.

The Onsi Sawiris School of Business is another legacy of the Sawiris family’s philanthropy, which has long promoted education and development in Egypt. I would like to express my sincere gratitude and appreciation to the Sawiris family for their generous support, making this landmark development in the school’s history possible. Such a transformative gift will empower the school as a leader in business education, offering world-class education and research opportunities. It will build on the school’s legacy and foster a more dynamic learning environment that prepares future business leaders and drives positive change in Egypt, the region, and beyond.

Reflecting on our school’s journey thus far, I am profoundly grateful for the tireless efforts, hard work, unwavering dedication, and passion for learning, development, and improvement shown by generations of faculty, staff, students, and alumni. Their commitment to excellence has been and continues to be the cornerstone of the school’s success.

As we unveil our new name, we are excited about the future of the Onsi Sawiris School of Business. Our commitment to innovation, excellence, and leadership will continue to drive us forward. We are dedicated to equipping our students with the skills, knowledge, and experiences they need to thrive in an ever-changing global landscape. We will continue exploring new horizons, embracing emerging opportunities, shaping a future full of possibilities, and creating a legacy of success that will positively impact the global business landscape.

About the author: Sherif Kamel is a Professor of Management and Dean of the Onsi Sawiris School of Business at The American University in Cairo.

22 December 2024
Issue #46