BEIJING // An American tycoon pledged yesterday to donate US$300 million (Dh1.1 billion) to an elite Chinese university to fund a scholarship programme that will recruit students from countries around the world to study in China.
Stephen Schwarzman, founder of the investment company Blackstone, pledged the money to Beijing's Tsinghua University in one of the largest donations ever given to an academic institution in China.
Mr Schwarzman said he would provide $100m of the fund, with the rest raised from private donors to set up a programme enrolling 200 scholars each year.
He said he based the fund on the Rhodes Scholarship, which brings foreign students to study at Britain's University of Oxford, and hoped it would help ease tensions caused by China's meteoric economic rise.
"I'm concerned with China growing at double or triple the rate of the West, that there will be tensions ... one needs to do something to start addressing misunderstandings and frustration," he said.
Blackstone, one of the world's largest private equity firms, has made significant investments in China in sectors as diverse as luxury real estate and a chemical firm.
Chinese universities are administered by committees staffed by members of China's ruling Communist party, and academics have complained about restrictions when publishing on political issues.
Mr Schwarzman, who has a net worth of $6.5bn according to Forbes magazine, said there was no indication that China's government would interfere with the courses offered to the scholars.
Tsinghua is one of China's most prestigious universities, and counts China's president resident Xi Jinping and previous president Hu Jintao among its graduates.
The newly announced fund lists the former US secretary of states Henry Kissinger and Condoleezza Rice, former British prime minister Tony Blair and former French president Nicolas Sarkozy on its advisory board.
The first students admitted to the year-long programme - 45 per cent of whom will come from the United States - are set to begin studies in 2016.
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Results
2pm: Serve U – Maiden (TB) Dh60,000 (Dirt) 1,400m; Winner: Violent Justice, Pat Dobbs (jockey), Doug Watson (trainer)
2.30pm: Al Shafar Investment – Conditions (TB) Dh100,000 (D) 1,400m; Winner: Desert Wisdom, Bernardo Pinheiro, Ahmed Al Shemaili
3pm: Commercial Bank of Dubai – Handicap (TB) Dh68,000 (D) 1,200m; Winner: Fawaareq, Sam Hitchcott, Doug Watson
3.30pm: Shadwell – Rated Conditions (TB) Dh100,000 (D) 1,600m; Winner: Down On Da Bayou, Xavier Ziani, Salem bin Ghadayer
4pm: Dubai Real Estate Centre – Maiden (TB) Dh60,000 (D) 1,600m; Winner: Rakeez, Patrick Cosgrave, Bhupat Seemar
4.30pm: Al Redha Insurance Brokers – Handicap (TB) Dh78,000 (D) 1,800m; Winner: Capla Crusader, Bernardo Pinheiro, Rashed Bouresly
The lowdown
Badla
Rating: 2.5/5
Produced by: Red Chillies, Azure Entertainment
Director: Sujoy Ghosh
Cast: Amitabh Bachchan, Taapsee Pannu, Amrita Singh, Tony Luke
Three ways to limit your social media use
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information.
3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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