Rice University announces historic gift to establish Virani Undergraduate School of Business

Houston business and community leaders Farid and Asha Virani have made a generous philanthropic gift to Rice University’s business program igniting a new era of opportunity for students. In recognition of this historic contribution, the current undergraduate business program will be named the Virani Undergraduate School of Business.

Farid Virani is the founder and CEO of Prime Communications, the largest AT&T-authorized retailer in North America. He is deeply committed to giving back to the community through his active involvement in organizations such as Teach for America, SEARCH Homeless Services and Texas Children’s Hospital and is a longstanding member of the Young Presidents’ Organization.

Farid immigrated to the United States from Pakistan at the age of 19. After exploring various entrepreneurial ventures, he ultimately founded Prime Communications in 1999, starting with just a single store in Houston’s Baybrook Mall. Looking back on his journey, Farid credits his success to three guiding principles that have shaped both his personal and professional life: “stay humble,” “stay hungry” and “stay scrappy.” He believes these values will deeply resonate with Rice’s undergraduate business students as they embark on their paths and confront the challenges ahead, especially at a school that now proudly bears his family’s name.

Dr. Asha Virani ’89 is a Rice alumna, medical doctor and board member of The Kinkaid School and Asia Society Texas. She and Farid are also founders of The Faris Foundation, a nonprofit focused on bringing brighter days and better treatments to children with cancer, created in honor of their beloved son, Faris D. 

The couple’s son, Faraz Virani ’21, graduated from Rice with a bachelor’s degree in sport management and minors in business and entrepreneurship — the same year Rice Business launched its undergraduate business program. Their daughter, Zoya, graduated from Emory University in 2022 with a bachelor’s degree in political science and sociology and currently works in the tech industry.

This extraordinary gift will support undergraduate curriculum development and delivery, co-curricular opportunities, a new associate dean position and other resources to support undergraduate career readiness and academic success.

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

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

The Virani Undergraduate School of Business aims to provide students with a robust foundation in leadership and business fundamentals, including accounting, finance, marketing, organizational behavior, strategy and communications. An associate dean position will be created to lead the new school, and a national search will be conducted to fill this role.

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

“This significant gift from the Virani family will advance undergraduate education, meeting a high demand for an undergraduate business major and providing unparalleled opportunities for student development. Rice is equipping graduates to become thoughtful and effective leaders in the business world and beyond,” said Amy Dittmar, the Howard R. Hughes Provost and executive vice president for academic affairs.

Rice Business Dean Peter Rodriguez emphasized that this gift will significantly impact the nearly 300 students currently declared as business majors, fostering a new generation of leaders equipped to tackle pressing global challenges. This includes supporting ongoing growth in the number of business majors at Rice and advancing opportunities in areas like energy transition, artificial intelligence, nonprofits benefiting society at large, health care reform and the revitalization of urban communities.

“We extend 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 said. “This gift allows our undergraduate students not only to study with world-renowned faculty but to thrive in co-curricular endeavors and in their future careers.”