There are many fellowship opportunities available for students of Arabic.
The Benjamin A. Gilman International Scholarships provide awards for U.S. undergraduate students who are receiving federal Pell Grant funding at a 2-year or 4-year college or university to participate in study abroad programs worldwide.
http://www.iie.org/programs/gilman/index.html
The National Security Education Program (NSEP) David L. Boren Undergraduate Scholarships offer a unique opportunity for U.S. undergraduates to study abroad. NSEP awards scholarships to American students for study of world regions critical to U.S. interests.
http://www.iie.org/programs/nsep/default.htm
The Fulbright Program aims to increase mutual understanding between the peoples of the United States and other countries, through the exchange of persons, knowledge, and skills.
http://www.iie.org//Content/NavigationMenu/Fulbright1/Fulbright_Program.htm
The Monterey Institute for International Studies has established the gSummer Scholarships for Peaceh, full Scholarships for intensive language study at the Middlebury Summer Language Schools.
http://www.miis.edu/finaid/scholarships.html