05/10/2018 | Press release | Distributed by Public on 05/10/2018 04:41
Petrofac Limited has today announced the establishment of a US$5 million fund at the American University of Beirut (AUB) to honour the legacy of its co-founder and AUB alumnus Maroun Semaan, who died in 2017.
Since 2009, Petrofac has provided scholarship support totalling US$1 million to AUB engineering students. Today's additional US$4 million donation, which brings its total support to US$5 million, will establish the Petrofac Fund for Engineers endowment fund, which will provide scholarships and internships for up to 14 engineering students each year at the Maroun Semaan Faculty of Engineering and Architecture (MSFEA). Petrofac Scholars will receive a scholarship of 50% of their tuition fees in Years 3 and 4 of their studies.
Maroun, who co-founded Petrofac International with Group Chief Executive Ayman Asfari in 1991, was a member of the AUB Board of Trustees. In 2017 he spearheaded the largest single financial donation in AUB's history, which was given to the Faculty of Engineering and Architecture. The Maroun Semaan Faculty of Engineering and Architecture (MSFEA) was named in honour of his vision and support.
A scholarship made it possible for Maroun to attend AUB, where he graduated in 1977 with a bachelor's degree in Mechanical Engineering. This fuelled his desire to bestow the same generosity on the younger generation.
AUB President Fadlo R. Khuri said: 'I can think of no better way to celebrate the legacy of Maroun Semaan, an extraordinary man who was himself a scholarship student at AUB. We are fortunate to be the recipients of such a generous gift from Petrofac. I believe that it is critically important to the future of Lebanon and the region that we provide qualified students with scholarships so they can pursue their educations at the finest university in the region.'
MSFEA Dean Alan Shihadeh said: 'At a time when the cost of higher education is rocketing beyond the reach of many bright students, Petrofac has stepped up to provide this scholarship opportunity. We hope that others will follow its example.'
Petrofac Group Chief Executive Ayman Asfari, said: 'Maroun had an incredible sense of empathy and generosity for the younger generation. The Petrofac Fund for Engineers will continue his work and inspire future generations of students, providing a fitting legacy that honours the valuable contribution he made, not only to Petrofac but also to AUB.'