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A Novel Green Ocean Strategy for Financial Sustainability (GOSFS) in Higher Education Institutions: King Abdulaziz University as a Case Study

Author

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  • Isam Y. Al-Filali

    (Financial Sustainability Office, King Abdulaziz University, Jeddah 21589, Saudi Arabia)

  • Reda M. S. Abdulaal

    (Financial Sustainability Office, King Abdulaziz University, Jeddah 21589, Saudi Arabia
    Industrial Engineering Department, Faculty of Engineering, King Abdulaziz University, Jeddah 21589, Saudi Arabia)

  • Ammar A. Melaibari

    (Financial Sustainability Office, King Abdulaziz University, Jeddah 21589, Saudi Arabia
    Mechanical Engineering Department, Faculty of Engineering, King Abdulaziz University, Jeddah 21589, Saudi Arabia)

Abstract

Financing education has recently been a big concern since educational expenditure continues to rise. As a result, there will be a gradual shift away from the “unilateral approach” to funding and toward the “diversification of financing resources”. The aim of this paper is to propose an innovative strategy plan to optimize universities’ investment sources and maintain their financial sustainability. This approach was known as the Green Ocean Strategy for Financial Sustainability (GOSFS). To effectively implement GOSFS in higher education institutions, a roadmap of 18 steps is constructed around three primary key performance areas (resource development, good governance, and regulations and legislation). The GOSFS was applied within four successive stages at King Abdulaziz University as a case study. With 18 pillars found under these three key performance areas, a long-term target for 2045 and an overall goal for 2025 were defined. In addition, the paper created novel versions of the Business Model Canvas to meet the GOSFS plan concept. To effectively employ GOSFS, four recommendations are offered to accelerate business growth and engage the university investment ecosystem, including whether to invest in highly qualified human capital, expand financial resources, or leverage technical resources. Future directions are also provided.

Suggested Citation

  • Isam Y. Al-Filali & Reda M. S. Abdulaal & Ammar A. Melaibari, 2023. "A Novel Green Ocean Strategy for Financial Sustainability (GOSFS) in Higher Education Institutions: King Abdulaziz University as a Case Study," Sustainability, MDPI, vol. 15(9), pages 1-17, April.
    • Handle: RePEc:gam:jsusta:v:15:y:2023:i:9:p:7246-:d:1133902
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    References listed on IDEAS

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    3. Gonçalo Cardeal & Kristina Höse & Inês Ribeiro & Uwe Götze, 2020. "Sustainable Business Models–Canvas for Sustainability, Evaluation Method, and Their Application to Additive Manufacturing in Aircraft Maintenance," Sustainability, MDPI, vol. 12(21), pages 1-22, November.
    4. Zanna Cernostana, 2017. "Financial sustainability for private higher education institutions," Working Papers 17/2017, Institute of Economic Research, revised May 2017.
    5. Andrew Bieler & Marcia McKenzie, 2017. "Strategic Planning for Sustainability in Canadian Higher Education," Sustainability, MDPI, vol. 9(2), pages 1-22, January.
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    Cited by:

    1. Reda M. S. Abdulaal & Anas A. Makki & Isam Y. Al-Filali, 2023. "A Novel Hybrid Approach for Prioritizing Investment Initiatives to Achieve Financial Sustainability in Higher Education Institutions Using MEREC-G and RATMI," Sustainability, MDPI, vol. 15(16), pages 1-18, August.
    2. Anas A. Makki & Isam Y. Al-Filali, 2024. "Modeling the Strategic Enablers of Financial Sustainability in Saudi Higher Education Institutions Using an Integrated Decision-Making Trial and Evaluation Laboratory–Interpretive Structural Modeling ," Sustainability, MDPI, vol. 16(2), pages 1-23, January.

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