His Highness Sheikh Dr. Sultan Bin Mohammad Al Qassimi, Supreme Council Member, Ruler of Sharjah and President of American University of Sharjah (AUS), expressed his satisfaction at the progress witnessed by AUS and approved a number of initiatives that will further enhance the university's development and growth. The Sharjah Ruler, who is the Chairman of the AUS Board of Trustees, delivered these remarks during the Board of Trustees' quarterly meeting held today, December 6, at the university campus. Sheikh Dr. Sultan also thanked the members of the board for their efforts.

The board discussed the formation plan of AUS Enterprises, established earlier by a decree issued by His Highness Sheikh Dr. Sultan. It approved the organizational structure of AUS Enterprises as a holding company mandated to develop commercial activities to generate revenue for AUS through special purpose vehicles, including the initial development of the AUS Research, Technology, and Innovation (RTI) Park, an AUS high-rise tower on the Sharjah Corniche, and other commercial activities. The board also approved the establishment of a governance structure for AUS Enterprises.

The board thanked His Highness the Ruler of Sharjah for his generous contribution and approval to construct 68 new villas and apartments and the total renovation of 56 more faculty and staff housing units.

The board approved a number of other initiatives, including the change of indirect cost recovery rate from 27 to 42 percent and also agreed to invest the university endowments into The Common Fund to support the institutional advancement of the university.

The Board thanked Trustee Baroness Onora O'Neill of Bengarve, Member of the British House of Lords, who has decided to step down as a member of the AUS Board of Trustees for her dedication and efforts. Trustee Dale Knobel was appointed by the board as the new Chair of the Trusteeship Committee replacing Trustee O'Neill. The board also approved the term extension of two current board members, Trustees Charles Cotton, Director of Cambridge Enterprises, UK, and Dr. Georgia Nugent, interim president of the College of Wooster in Wooster, Ohio, USA.

The board also reviewed the external auditor's unqualified financial opinion for the FY 2015 financial statement and sanctioned the audited financial statements for the fiscal year 2014-2015.

Speaking on the occasion, Dr. Björn Kjerfve, Chancellor of AUS, expressed his gratitude to His Highness Sheikh Dr. Sultan for his continued support to AUS. "We are indebted to His Highness for his guidance and leadership. His continued support has enabled us to achieve a stellar reputation in the Gulf region. The board also discussed various initiatives to further the university's strategic plans, emphasizing research and PhD programs. I would like to thank the board members for their time and continuous support," said Dr. Kjerfve.

After the meeting, His Highness Sheikh Dr. Sultan congratulated Dr. Fadi Ahmad Aloul, Professor of Computer Engineering, for winning the 2015 Global Engineering Deans Council (GEDC) Airbus Diversity Award. This is the first time someone from the Middle East has won this prestigious award.