LAU’s economic contribution to Lebanon equals almost $900,000,000 per year
Ministers, economists and bankers gathered at LAU to discuss the university’s economic impact on Lebanon.
LAU’s contribution to the Lebanese economy exceeds 1.3 trillion Lebanese Liras per year, highlights a study undertaken by the university’s Department of Institutional Research (DIRA). The amount, equivalent to almost $900,000,000, is based on a quantitative study of the economic contributions of LAU’s Beirut and Byblos campuses in the fiscal year 2015–2016.
Details of the methodology and findings of the study were presented this afternoon at LAU’s Beirut campus by Diane Nauffal, Executive Director of DIRA, in the presence of former minister of education Hasan Mneimneh, representing Prime Minister Saad Hariri, and LAU President Joseph G. Jabbra, who instigated the study. “LAU has lived through and witnessed the various economic phases Lebanon has been through, including the tough years of the civil war,” said the president, emphasizing the long-standing relationship between the university and the country’s economy.
Also in attendance were economics, banking professionals, journalists and LAU students and alumni, all keen to learn more about the strong contribution the university makes in various sectors of the Lebanese economy, including education, real estate and communications.
“The figures are conservative because in some instances there is missing data,” said Nauffal during her presentation of the main findings. “They do not reflect the total contribution of the university as they do not include the spending of the LAU Medical Center-Rizk Hospital nor that of LAU’s Continuing Education Program,” added the Assistant Professor in Education.
The data primarily reflects salaries and operational and capital expenditure of the university’s two campuses which directly contributed $209 million to the economy through [1] salaries and education and health benefits to 1,582 full and part time faculty and staff members; [2] operational costs; [3] construction and renovation projects. The study also includes the expenditure of students enrolled at LAU who completed high school abroad and equate to 11 per cent of the university’s student population. Based on a student survey conducted in the year 2015-16, their spending was equal to $31 million.
These direct contributions are multiplied through additional direct, indirect and induced economic impacts resulting in increased economic output, labor income and employment. Direct, indirect and induced contributions therefore resulted in a total economic output of $897 million, a total labor income/salaries output of $209 million and the creation of 9,570 jobs.
The full report “LAU’s Economic Impact on Lebanon” is available online.
For additional details and/or interviews with the author of the report, please send an email to relations@lau.edu.lb or call 01 786 456 ext 1703.
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