AUB shifts approach, will bring $100 mln from funds abroad as Lebanon crisis deepens

AUB shifts approach, will bring $100 mln from funds abroad as Lebanon crisis deepens

The American University of Beirut is shifting its approach and pursuing projects and partnerships abroad for the first time in its history as Lebanon faces an unprecedented economic and financial collapse.

Part of the new approach will include partnerships with abroad in the Arab world and beyond, "to the East and the West,“ AUB President Fadlo Khuri said Wednesday.

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But the reasons for this are not only to bring in fresh US dollars to the cash-strapped country and university, Khuri told reporters during an online webinar.

"AUB is absolutely committed to Lebanon, but we need to diversify our approaches. Lebanon's greatest wealth has been its people, and they are leaving Lebanon. This is the time to invest in its people; otherwise, Lebanon will lose its best and brightest,“ he said.

And as the university struggles to keep a hold of its faculty and staff, most of which continue to be paid in local currency, Khuri revealed that AUB intended to transfer around $100 million of its resources abroad back to Beirut.

AUB also plans to pay its local staff at least 35 percent of their salary in US dollars for the next