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Houston Business Leaders Make Transformative Gift to Rice University

HOUSTON, Oct. 29, 2024 /PRNewswire/ — In a landmark philanthropic effort that promises to reshape the educational landscape for aspiring business leaders, Houston business and community stalwarts, Farid and Asha Virani, have made a profound financial contribution to Rice University‘s renowned business program. This generous donation will result in the establishment of the Virani Undergraduate School of Business, marking a significant new chapter in the university’s commitment to fostering talent and leadership in business education.

Faraz, Zoya, Asha and Farid Virani

Farid Virani: A Legacy of Philanthropic Commitment

Farid Virani, the visionary founder and CEO of Prime Communications, the largest AT&T-authorized retailer in North America, exemplifies a commitment to giving back to the community through active participation in various charitable organizations such as Teach for America, SEARCH Homeless Services, and Texas Children’s Hospital. As a longstanding member of the Young Presidents’ Organization, Farid’s influence extends far beyond his business endeavors.

Having immigrated to the United States from Pakistan at the age of 19, Farid embarked on a journey of entrepreneurial exploration before founding Prime Communications in 1999 with a single store at Houston’s Baybrook Mall. Reflecting on his remarkable journey, he attributes his success to three foundational principles that govern both his personal and professional life: “stay humble, stay hungry, and stay scrappy.” These values, he believes, will resonate deeply with Rice’s undergraduate business students as they navigate their futures and tackle the challenges that lie ahead, particularly as they pursue academic paths in a school that now proudly bears his family’s name.

Asha Virani: Empowering Future Generations

Dr. Asha Virani ’89, an esteemed alumna of Rice University and a dedicated medical doctor, serves on the board of The Kinkaid School as well as the Asia Society Texas. Along with Farid, she co-founded The Faris Foundation, a nonprofit organization aimed at enhancing the lives of children battling cancer, created in loving memory of their son, Faris D.

Their family legacy continues, with their son, Faraz Virani ’21, graduating from Rice with a degree in sport management and minors in business and entrepreneurship—the very same year Rice Business launched its undergraduate program. Their daughter, Zoya, pursued her higher education at Emory University, graduating in 2022 with a degree in political science and sociology, and is now making strides in the tech industry.

Impact of the Generous Gift

This extraordinary contribution will play a crucial role in several aspects of the undergraduate business program, including the development and delivery of curriculum, creating co-curricular opportunities, and establishing a new associate dean position dedicated to the newly formed school. These enhancements aim to bolster undergraduate career readiness and academic success considerably.

"We are incredibly excited to support Rice Business, as we believe in the transformative power of education," Farid Virani remarked. "This contribution will be pivotal in equipping the next generation of business leaders and entrepreneurs to confront challenges and seize future opportunities—not just for our city, but for our state and our country."

Vision for the Future at Rice Business

The aspirations of the Virani family extend beyond traditional business metrics. "Our vision is to cultivate a culture of curious and compassionate lifelong learners who will lead with strong ethical foundations and intellectual humility," stated Asha Virani.

The Virani Undergraduate School of Business aims to provide students with a robust understanding of leadership and essential business principles, covering areas like accounting, finance, marketing, organizational behavior, strategy, and communications. To guide this new school, an associate dean position will be filled following a national search for the ideal candidate.

"Farid and Asha Virani’s transformative gift will revolutionize our undergraduate business education," expressed Rice President Reginald DesRoches. "Their commitment to excellence inspires our students, and this generous act will serve as a lasting reminder of the power of vision and determination in achieving success."

Supporting a Growing Demand for Business Education

The magnitude of this gift cannot be understated, as it addresses the increasing demand for an undergraduate business major while providing unparalleled opportunities for student development. "Rice is committed to preparing graduates who are thoughtful and effective leaders in both business and broader societal contexts," highlighted Amy Dittmar, the Howard R. Hughes Provost and Executive Vice President for Academic Affairs.

As noted by Rice Business Dean Peter Rodriguez, the impact of the gift will significantly influence the current cohort of nearly 300 declared business majors, catalyzing a new generation of leaders equipped to tackle urgent global issues. This includes promoting growth in business major enrollment at Rice, with particular emphasis on evolving fields such as energy transition, artificial intelligence, nonprofit initiatives benefiting society, healthcare reform, and urban redevelopment.

Enhance Your Understanding with AI legalese decoder

In navigating the complexities of educational philanthropy, understanding legal documents and commitments can be overwhelming. AI legalese decoder simplifies this process, helping stakeholders decode complex legal language to better understand the implications of donations and contracts. By utilizing AI legalese decoder, donors, educators, and administrators can ensure clarity in agreements, paving the way for future collaborations and initiatives like the one established by the Virani family.

"We express our deepest gratitude to the Virani family for this remarkable gift, which will have a lasting impact on Rice Business students for years to come," Rodriguez stated. "This generosity enables our undergraduate students not just to learn from world-renowned faculty but to excel in co-curricular pursuits and prepare robustly for their future careers."

About Rice University

Situated on a lush, 300-acre campus in Houston, Rice University is consistently ranked among the top 20 universities nationwide by U.S. News & World Report. Rice houses comprehensive schools in architecture, business, continuing studies, engineering, humanities, music, natural sciences, and social sciences, with the esteemed Baker Institute for Public Policy as part of its offerings. Home to 4,574 undergraduates and 3,982 graduate students, Rice boasts a low undergraduate student-to-faculty ratio of just under 6-to-1. Its unique residential college system fosters closely-knit communities and lifelong friendships—contributing to its accolades, including ranking No. 1 in diversity interaction and second place for best-run colleges from The Princeton Review.

(PRNewsfoto/Rice University)

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