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where villas were so infrequently available for sale. Even though we have this property on an unfurnished lease under which rent cannot be raised, there has br,.en discussion on changing the lease laws in Egypt and it is likely that foreign lease holders would lose their protection should the laws be changed. The Board approved the appropriation but asked that a study of AUC's real estate policy be conducted which would include a list of the properties owned by AUC, a list of properties oc­cupied under unfurnished leases, a description of the University's housing needs, and a state­ment of future policy in this area 9. Report of the LE Investment Committee Mr. Hyde reported that there were many new investment opportunities being investigated as the UEEF starts to diversify away from its historically narrow investment base. New investments have been made in pharmaceuticals (an affiliate of Pfizer) and the food in­dustry (an affiliate of International Flavors & Fragrances). There are ongoing investigations into the tourism industry - especially hotels on the Red Sea - which would be managed by in­ternational companies with strong European bases. Current investments in industrial companies are performing satisfactorily. The return on our investment in Arab Aluminum is somewhat reduced but still quite respectable. Chloride Egypt continues to grow slowly. Colgate Palmolive is showing very poor performance and we are attempting to close out our investment. Mr. Hyde recommended the 1989/90 and the revised 1990/91 budgets for approval. Both were approved. 10. Report of the Development Committee Mr. Hedlund asked Mr. David Merchant to report on development activities. Mr. Merchant reported that in 1989/90 $1,856,163 in new gifts and pledges were raised and $1,563,803 actually received (gifts, pledge payments, and gifts in kind). Among the major gifts and pledges received were $500,000 from Amoco for a chair, $75,000 from Citibank for an Environment Studies Workbench, and Schlumberger's final payment of $100,000 for its chair in engineering. Mr. Merchant said he felt that it was necessary to review our policy on chairs. . The estimates on the cost of the Dormitory have been revised upwards to $9.5 million, of which $6.2 million has been raised, primarily from AID/asha The raising of additional mon­ies for the dormitory has been put on hold because of efforts to raise funds for the Gulf Scholarship Fund. A goal of $1 million for the Emergency Gulf Scholarship Fund, designed to raise funds to cover tuition costs of 260 students and others who would have had to postpone admission until spring, was set up in September. Mr. Merchant reported that $103,000, including a lead