Farid Virani makes a “historic” donation to Rice University

After a “generous philanthropic donation” from Farid and Asha Virani, Rice University’s undergraduate business program will be named after the family. The building that houses the business program, McNair Hall, will remain unchanged.

“We are deeply grateful to Farid and Asha Virani for their extraordinary gift that will transform our undergraduate business education,” Rice President Reginald DesRoches said in a statement. “Their success and commitment to excellence inspire our students, and their generosity will serve as a lasting testament to what can be achieved through vision and determination.”

Rice University declined to disclose the amount of the donation that led to the creation of the Virani Undergraduate School of Business, at the request of the Virani family to protect privacy. She simply stated that the amount was historical. The business school currently serves around 300 students.

Dr. Asha Virani is a proud Rice alumna, graduating in 1989. Her husband Farid is the founder and CEO of Prime Communications, a wildly successful AT&T retailer that started with a single store at Baybrook Mall and has grown into the largest retailer of its kind in the country. Their son Faraz graduated from Rice University with a degree in sports management in 2021.

“We are thrilled to support Rice Business as we believe in the transformative power of education. This contribution will play a critical role in preparing the next generation of business leaders and entrepreneurs to address the challenges and seize the opportunities of the future – not just for our city, but for our state and our country,” said Farid Virani.

“Our vision is to foster a culture of curious and compassionate lifelong learners who lead with a strong ethical orientation and intellectual humility,” said Asha Virani.

A new associate dean position will be created to oversee the new business school, and a nationwide talent search is underway to fill the position. The gift will help expand current offerings for business students, including new concentrations in areas such as healthcare and artificial intelligence.