Journal of Engineering Research 12 (2024) 192–203

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Journal of Engineering Research

journal homepage: www.journals.elsevier.com/journal-of-engineering-research

Modification of strategic planning tools for planning financial sustainability

in ↱higher education institutions
Isam Y. Al-Filali a, 1, Reda M.S. Abdulaal a, b, 2, Suha M. Alawi a, c, *, 3, Anas A. Makki a, d, 4
a
Financial Sustainability Office, King Abdulaziz University, Jeddah 21589, Saudi Arabia
b
Department of Industrial Engineering, College of Applied Sciences, AlMaarefa University, Ad Diriyah 13713, Saudi Arabia
c
Department of Finance, Faculty of Economics and Administration, King Abdulaziz University, Jeddah 21589, Saudi Arabia
d
Department of Industrial Engineering, Faculty of Engineering—Rabigh, King Abdulaziz University, Jeddah 21589, Saudi Arabia

A R T I C L E I N F O A B S T R A C T

Keywords: Achieving financial sustainability is a critical challenge for Public higher education institutions ↱worldwide. This
Strategic management study aims to provide modified strategic planning tools for planning financial ↱sustainability in higher education
Strategic plan institutions. The paper employs modified forms of three ↱strategic planning tools: a strategy map (SM), the
Financial sustainability
balanced scorecard (BSC), and business-↱model-canvas (BMC), which were applied to support the analysis of
Income prediction
Higher Education Institutions
planning financial ↱sustainability at King Abdulaziz University (KAU). These tools enhance the planning process
↱and contribute to the outcomes. The paper also draws a roadmap of key milestones for ↱financial sustainability
at the university by identifying sources and indicators of the university’s ↱financial capacity. This paper con­
tributes to the literature on financial sustainability in higher ↱education institutions and offers novel insights for
other universities that seek to adopt similar ↱plans. Furthermore, four recommendations are suggested to boost
business development and ↱connect with the university investment network. These recommendations involve
investing in ↱competent human resources, increasing financial assets, and utilizing technical capabilities.
↱Further research includes examining the applicability of this novel approach in other contexts ↱and identifying
potential challenges and limitations of implementing and achieving financial ↱sustainability.

Introduction education. Challenges arise from reliance on tuition fees, inflation, ris­
ing prices, inadequate facilities, and a misaligned curriculum [16,17,22,
Sustainability, sustainable development, and financial sustainability 65]. Global events like the COVID-19 Pandemic in 2020 and political
are vital for Higher Education Institutions (HEIs) as they provide high- conflict affected higher education globally, leading to decreased gov­
quality education and research and promote societal well-being. Sus­ ernment funding and changes in educational laws [1,20,72]. These is­
tainability refers to a system’s ability to maintain its existence over time. sues impact HEIs’ ability to advance sustainability. Therefore, HEIs must
Sustainable development means meeting present needs without diversify revenue streams, reduce costs, improve performance, and
compromising future generations’ ability to meet their own. Financial employ data-driven decision-making.
sustainability is an institution’s ability to maintain its financial viability. Saudi Arabia’s university education faces a challenge: achieving
HEIs support sustainability by incorporating it into their curriculum, financial sustainability without solely relying on government support.
operations, and community engagement [27,70,91]. They foster it by This aligns with KSA’s Vision 2030 goals of diversifying funding and
diversifying revenue, cutting costs, and making long-term investments managing resources efficiently (Mansoor [58,59,85,88–90]). To address
[56,66,77,84]. this, the Saudi Ministry of Education enacted the New Universities Law
Long-term financial difficulties negatively impact research and to organize and guide policies while reducing operational costs and

* Correspondence to: P.O. Box 80204, Jeddah 21589, Saudi Arabia.

E-mail address: [email protected] (S.M. Alawi).
1
https://orcid.org/0000-0003-3870-3580
2
https://orcid.org/0000-0001-8806-2115
3
https://orcid.org/0000-0002-2723-3774
4
https://orcid.org/0000-0002-2366-1480

https://doi.org/10.1016/j.jer.2023.11.015
Received 3 October 2023; Received in revised form 7 November 2023; Accepted 8 November 2023
Available online 17 November 2023
2307-1877/© 2023 The Authors. Published by Elsevier B.V. on behalf of Kuwait University. This is an open access article under the CC BY-NC-ND license
(http://creativecommons.org/licenses/by-nc-nd/4.0/).
I.Y. Al-Filali et al. Journal of Engineering Research 12 (2024) 192–203

Fig. 1. Graphical visualization of financial sustainability strategic plan at KAU.

generating new income streams [10,85]. The law applies to 30 public investment initiatives using MEREC-G and RATMI methods based on
universities in Saudi Arabia and is implemented by three large both quantitative and qualitative criteria with different weights. This
universities. paper aims to answer two questions concerning King Abdulaziz Uni­
Al-Filali et al. [13] proposed a Green Ocean Strategy for Financial versity’s (KAU’s) financial sustainability plan: 1. What strategic tools
Sustainability (GOSFS) in higher education, providing an 18-step road­ will KAU employ? 2. How does KAU ensure the plan’s initiatives are
map. Furthermore, in a recent study by Abdulaal et al. [2], a novel in­ achievable? This paper modified strategic planning tools for KAU’s
tegrated approach was used to prioritize the financial sustainability plan financial sustainability plan, identifying sources and indicators of

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Table 1 Development in September 2015, outlining 17 Sustainable Development

The analogy between the classical and modified BSC perspectives. Goals (SDGs) to be implemented by member states [32,82]. HEIs,
Classical BSC Modified BSC perspectives Description of the Innovative including public institutions, play a significant role in achieving sus­
perspectives Perspectives tainable development and are responsible for advising stakeholders on
Learning and Key resources that are vital Essential elements for project this matter. HEIs’ core activities, such as education, research, outreach,
growth for success. success include people, and administration, profoundly impact the economy, environment, and
materials, equipment, time, and community, as recognized by the 2030 Agenda.
financial resources. Financial sustainability is critical for HEIs, particularly amidst un­
Internal Key activities crucial for Essential tasks to achieve project
process project success. objectives: planning, executing,
certainty and change [51,74]. It involves the university’s ability to
monitoring, controlling, and maintain a positive financial status while ensuring its capacity for
closing. continued sustainability. Financial sustainability in HEIs is vital in
Target customers for our The specific group of people or supporting research and innovation efforts that contribute to sustainable
services. organizations to whom KAU
development. This literature review will first explore the sustainable
aims to provide its products or
services. development aspect of HEIs, followed by a discussion on the financial
Partners entities that KAU collaborates with partners, sustainability of higher education.
collaborate to provide the including suppliers, distributors,
service to the target and retailers, to provide
Sustainable Development in Higher Education Institutions (HEIs)
customers products and services to the
target group.
Customers Value proposition (Return of The project’s value to society as Omazic and Zunk [70] conducted a comprehensive literature review
the service to the a whole or the benefits that to examine sustainability and sustainable development in HEIs, high­
community) society receives as a result. lighting key concepts, research themes, and potential gaps in the field.
Financial Revenue returns for KAU The revenue from conducting
the project for the KAU.
Similarly, Trevisan et al. [83] systematically evaluated the literature on
how digital transformation can support sustainability in HEIs and the
United Nations SDGs. Digital transformation in HEIs refers to leveraging
financial capacity. technology to enhance teaching, learning experiences, and core business
The paper’s structure: Section 2 covers sustainable development and operations, making it a crucial focus for institutions in the 21st century.
financial sustainability studies. Section 3 describes the strategic models Consequently, the impact of digital transformation on HEIs’ re­
used in the GOSFS plan. Section 4 presents the application in the KAU sponsibilities for sustainability and sustainable development has
case with the results. Section 5 discusses the results, and Section 6 garnered significant attention from researchers [61,80,83].
concludes with recommendations. Various researchers have presented strategies and tools to support
sustainable development in HEIs. For example, Kapitulčinová et al. [49]
Literature Review introduced the "Accelerator" as an integrated approach used by 17 HEIs
from 13 countries to enhance teaching, research, campus operations,
Sustainable development is a crucial challenge in the 21st century and outreach. Casarejos et al. [31] proposed a comprehensive strategy,
[73]. The United Nations adopted the 2030 Agenda for Sustainable including a framework, sustainability actions, and an assessment

Fig. 2. Mapping Specific Objectives in the Modified Balanced Scorecard: A Strategic Approach to Financial Sustainability.

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Fig. 3. SWOT analysis for the first specific objective in the "Education & Learning" pillar.

Fig. 4. The link between the specific objectives and the eight pillars’ projects.

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Table 2 Table 4
Specific objectives and initiatives for KPA2 (Good Governance). The link between the "Education & Learning" pillar and its financial capacity.
Strategic enablers Specific objectives Executive initiatives Pillar Initiative Target income by The parameters of
(Project) the end of 2025 estimating the desired
E1: Administrative Placing the financial Establishing or developing
(Annual, SAR)* income
restructuring sustainability plan organizational units to
initiatives in the achieve financial Education Distance 1200,000,000 Distance education
university’s organizational sustainability and placing & Education programs: The number
structure. them into KAU’s Learning Programs of students is 60,000,
organizational structure. and tuition fees are
E2: Financial Placing the initiatives of Updating the financial 20,000 SAR.
restructuring the financial sustainability structure of KAU to align Parallel 500,000,000 Parallel education
plan in the university’s with the upcoming stage Education programs: The number
financial structure and agreed-upon Programs of students is 10,000,
objectives. and tuition fees are
E3: Defining tasks, Defining tasks and Drafting tasks and 50,000 SAR
authorities, and job authorities for authorities document for 100,000,000 International
description administrative units and financial sustainability partnership: Number
ensuring commitment. plan commitment. provided by relevant
E4: Monitoring and Achieving the legal -Establishing monitoring authorities
control integrity of procedures and and control guidelines for Quality Graduate 80,000,000 Graduate programs:
skills administrative units under and Postgraduate The number of students
the financial sustainability Programs is 20,000, and tuition
plan. fees are 40,000 SAR.
-Enhancing alignment 80,000,000 International
between the initiatives of partnership: The
the financial sustainability number of students is
plan and KAU’s 2000, and tuition fees
administrative structures are 40,000.
E5: Structuring job Adopting an integrated Creating a unified job grade Expected total 1960,000,000
grades financial system for all structure for all KAU income =
associates of the university associates *
E6: Modernizing Verifying governance Issuing a regulation to 1 SAR = 3.76 USD
governance systems quality and sector govern the performance of
and quality commitment. all university sectors Several studies investigated the implementation of sustainability
standards regarding financial
practices in HEIs. Farinha et al. [41], Alexio et al. [11], and Farinha et al.
sustainability
[40] focused on the sustainability of Portuguese HEIs during the United
Nations Decade of Education for Sustainable Development (UN DESD)
from 2005 to 2014. Research by Bieler and McKenzie [26], Goni et al.
Table 3
[42], Jorge et al. [48], and Moura et al. [64] examined how Canadian,
Specific objectives and initiatives for KPA3 (Regulations & Legislation).
Malaysian, Spanish, and Brazilian HEIs, respectively, can integrate
Strategic enablers Specific objectives Executive initiatives sustainability into their strategic planning and practices.
E7: Developing Creating an attractive Creating external systems, Researchers highlighted challenges in implementing sustainable
systems to stimulate investment environment enablers, and executive development in HEIs. Alexio et al. [12], Veiga Ávila et al. [87], Evan­
the external for financial sustainability rules to stimulate the gelinos et al. [39], Akins et al. [8], Scott and Guan [78], and Vargas et al.
environment initiatives. investment environment.
E8: Developing Aligning all university Formulating systems,
[86] studied elements influencing sustainable development perfor­
systems to stimulate sectors and associates with enablers, and executive mance in universities across various countries. Awuzie and Abuzeinab
the internal the objectives and rules that stimulate the [21] investigated the case of a South African University of Technology.
environment initiatives of financial investment environment Specific challenges included unsupportive leadership [29], lack of sus­
sustainability. internally
tainable knowledge and awareness among senior management [52], and
E9: Developing Ensuring all financial Implementing procedural
systems that boost sustainability initiatives guidelines for concerns related to culture, infrastructure, and connections with in­
environmental comply with the "Green environmental dustrial partners [28]. Leal Filho et al. [53] and Lozano et al. [55]
sustainability Middle East Initiative" sustainability in all offered insights into overcoming obstacles to sustainability in HEIs.
indicators for financial sustainability Additionally, Berchin et al. [24] and Berchin et al. [25] analyzed a
environmental initiatives based on the
sustainability. indicators of the "Green
Brazilian federal institute that successfully implemented strategies for
Middle East Initiative." promoting sustainability in institutional policies and practices, high­
E10: Developing Applying the specifications Putting in place rules and lighting the significance of international conferences for HEIs’ promo­
systems to stimulate of financial sustainability regulations that help raise tion of sustainability. Djordjevic and Cotton [36] explored a case study
change management to all sectors and associates employees’ awareness of
in a UK university to promote sustainability by identifying different
of the university and financial sustainability
adhering to them objectives and linking aspects of communication strategy with staff across the institution.
material and moral
incentives to achieving
them Financial Sustainability in Higher Education Institutions (HEIs)

Financial sustainability enables HEIs to provide high-quality edu­

scheme for HEIs. Dyer and Dyer [38] suggested a strategic leadership
cation, research, and innovation. Many studies explore how HEIs
initiative for American HEIs. Bauer et al. [23] explored sustainable
generate income from various sources. For instance, Oliver et al. [69]
development through governance approaches, introducing a "gover­
discussed the University of Technology in Jamaica, which diversified
nance equalizer" tool. Hayter and Cahoy [44] presented a strategic social
revenue sources, including research consultancy and industry training,
responsibility framework for American HEIs. Alghamdi et al. [15]
to overcome declining governmental financing. Mohamed and Muturi
assessed HEI sustainability, and Alshuwaikhat et al. [18] conducted the
[62] investigate variables affecting income-generating units’ (IGUs)
assessment using a questionnaire for Saudi universities.
financial performance in universities in Puntland State, Somalia,

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Table 5 investment portfolios, and leadership.

The expected financial capacity from the KPA1’s eight pillars. In their research, Liu and Gao [54] delve into the financial aspects of
KPA1’s Pillar Specific objective Target income by the sustainability initiatives in Chinese public universities, where green
end of 2025 (Annual, technologies are employed to enhance the campus environment and
SAR)* reduce carbon footprints. Adu-Sarkodee et al. [4] underscores the sig­
Learning & Accreditation of 70 paid 1960,000,000 nificance of innovative and strategic funding approaches to ensure the
Education educational programs (Distance, sustainability of academic libraries in Ghana. Sampaio [76] examines
Executive, Graduate, etc.), with at the impact of private universities on Brazil’s higher education land­
least 20 programs in partnership
with international universities.
scape, affecting accessibility and educational standards. Meanwhile,
Research & Investing in at least 20 knowledge 40,000,000 Didenko [35] delves into the institutional financing mechanisms and
Development outputs historical patterns of human capital development in Russia, observing
Investing in or allocating ten 600,000,000 an increased involvement of private sources in the post-Soviet era.
laboratories or research centers as
Additionally, other researchers explore financial plans for public uni­
well as four research groups
Community To become the leading provider of 83,968,000 versities in Malaysia [68], both public and private higher education in
Development online education and training Oman [9], and colleges in Kenya [67].
among Saudi Arabia’s higher Literature shows various strategies for sustainable development and
education institutions income generation in HEIs. Balancing funding from stakeholders like
Digital Facilities & Investing in at least ten university 138,316,293
Infrastructure sites
government, student fees, research grants, donations, commercial ven­
Allocating 5 of the university’s 5000,000 tures, and alliances is essential [9,67,68].
auxiliary facilities to external
parties (the Scientific Publishing Materials and methods
Center, King Faisal Hall, Huda Al-
Sham Research Station)
Healthcare Allocating 3 facilities to offer 377,164,157 Research design
Services community healthcare services
regionally The framework of King Abdulaziz University’s (KAU) strategic
Investing in a facility to offer the 1000,000,000 financial sustainability from 2022 through the end of 2025 is shown in
community new, developed
healthcare services regionally
Fig. 1. This framework consists of the following three main parts:
Establishing ten strategic, 50,000,000
cooperative, and developmental 1. The first part of KAU’s financial sustainability plan is focused on two
partnerships with external parties goals: the long-term goal of 2045 and the overall goal of 2025. These
in the medical field
goals are based on the main components of KAU’s fourth strategic
Strategic Mega Achieving one mega project with 1301,000,000
Projects local and regional impact plan (2022–2025), which are informed by Articles 49 and 50 of the
involving technology transfer, New Universities Law, providing information on university revenues
nationalization, and developing and fees.
ten technologies 2. The second part focuses on the first key performance area (KPA1) -
Human Becoming the reference point and 72,000,000
Resource Development. It consists of eight pillars representing
Capital leading expertise for vision
realization programs different financial resources. Each pillar has specific objectives, ini­
Endowments & Finding at least 20 endowment 50,000,000 tiatives, and performance indicators. The SWOT analysis is used
Donations investment products to achieve an along with the modified versions of the balanced scorecard (BSC),
annual revenue of at least 50
business model canvas (BMC), and strategy map (SM) to ensure the
million Saudi Riyals (~ 13.3
million USD) achievement of performance indicators.
Expected total income = 5672,448,450 3. The third section focuses on enablers, which are essential compo­
* nents developed within KPA2 ("good governance") and KPA3 ("reg­
1 SAR = 3.76 USD
ulations and legislation"). These enablers play a critical role in
successfully implementing the financial sustainability plan and
recommending market research, management, and financial planning achieving its goals. Each KPA has specific strategic enablers, objec­
improvements. Mahmud et al. [57] provide a case study of an Indone­
tives, and executive initiatives that contribute significantly to the
sian public university that boosted revenue through building rent, lab­ overall target revenue of the financial sustainability plan.
oratory services, and scientific consultancy. Chirica and Puscas [33]
discussed the challenges of diversifying financing sources for public
Data source
HEIs reliant on government subsidies. The authors review revenues from
tuition fees, research grants, rents, donations, endowments, and ac­
The KAU administration decided to implement the GOSFS plan’s
commodation fees.
implementation roadmap [13] to strengthen the ambitious KAU plan,
Sakhiyya and Rata [75] highlight the importance of marketing
realize the Kingdom’s Vision for 2030 [90] with the help of the "Fiscal
human capital from research and innovations to increase revenue in
Sustainability Program" [88] and the "Privatization Program" [89], and
HEIs. Alstete [19] offers a comprehensive overview of revenue genera­
make the most of KAU’s financial resources while abiding by the New
tion in higher education, examining key components like government
Universities Law requirements [85]. KAU’s administration aims to
funds, tuition, fees, endowments, grants, contracts, auxiliary services,
develop resources and enhance expenditure efficiency. Through meet­
and philanthropy. Miranda et al. [60] conducted a study on
ings, workshops, and brainstorming sessions, the university established
income-generating projects (IGPs) at the University of Eastern
its long-term objective until 2045 and formulated the strategic financial
Philippines (UEP), finding high implementation and improved income
sustainability plan for 2022–2025. Three events were organized with
capacity. Panigrahi [71] reviews and analyzes cutting-edge funding
varying participants and topics. The first event (60 participants) focused
methods, including income-contingent loans, social impact bonds,
on investment opportunities, cost rationalization, and challenges. The
endowment funds, securitization, and alumni contributions. Afriyie [5]
second event (33 participants) analyzed financial capacity and income
investigates the link between sustainable growth rate and financial
projection using the BMC framework. The third event (71 participants)
viability, considering public relations, organizational culture,
involved setting goals for financial sustainability and conducting a

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Fig. 5. The initiative/project "Paid distance education programs" is demonstrated by (a) a Balanced Scorecard (BSC), (b) a Business Model Canvas (BMC), and (c) a
Strategy Map (SM).

SWOT analysis of the plan’s pillars [13]. KAU’s financial sustainability generate income. Three strategic modified models (BSC, BMC, and SM)
plan consists of three main performance areas: KPA1, KPA2, and KPA3, were employed to assess the viability and achievability of each initia­
comprising 18 pillars (Fig. 1). Workshops with executive sectors were tive. For KAU’s financial sustainability goal, a modified BSC was
held to assess current income sources, determine 2019 base year income, developed (Fig. 1), adapting it to the university’s unique requirements
and set target income for 2025. New income sources were considered, [30,34,79]. Table 1 presents a comparison between the classic and
and the plan’s key elements received the president’s approval. modified BSC perspectives.
The BMC is a strategic tool to understand how a company generates
Data processing income, covering nine elements: customers, value offered, income
sources, customer acquisition and retention, main activities and re­
KAU holds workshops and panel discussions involving representa­ sources, main partners, and main costs. HEIs can use the BMC for
tives from the administration, Financial Sustainability Office (FSO), and educational innovation, identifying target markets, and aligning with
a scientific team to (1) review workshop outcomes, (2) validate data their mission and vision [6,81]. The FSO amended the conventional
accuracy and sharing, (3) assess revenue gaps and feasibility of proposed BMC for each executive initiative in KAU’s financial sustainability plan.
income resources, (4) prepare for the next workshop, and (5) finalize the The modified BMC has six elements: customer segments, partner seg­
financial sustainability plan for the president’s approval. The FSO, under ments, key initiatives for project success, key resources for project
the Vice President for Business and Knowledge Creativity, aims to ach­ completion, revenue returns for KAU, and value proposition [6,81]. This
ieve KAU’s financial sustainability through efficient resource utilization modification aligns with the BSC elements and allows for quick project
aligned with international standards. sharing and evaluation of project viability and competitiveness [6,81].
The SM, part of the BSC, displays the cause-and-effect relationship in
organizational strategy [63]. HEIs use it as a visual diagram to imple­
Data analysis
ment their strategy, linking objectives across financial, customer, in­
ternal process, and learning and growth perspectives. The BSC is a
The FSO and scientific team followed Al-Filali’s [14] strategic
management tool to measure and monitor performance [37,43]. Each
planning approach, identifying specific objectives and conducting
executive initiative applies the SM to describe the successful imple­
SWOT analyses for each of KPA1’s eight pillars. Executive initiatives
mentation. The learning and growth perspective addresses
were then created for these objectives, treating them as projects to

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Fig. 6. The initiative/project "Paid parallel higher education programs" is demonstrated by (a) a Balanced Scorecard (BSC), (b) a Business Model Canvas (BMC), and
(c) a Strategy Map (SM).

infrastructure, technology, and skills. The internal process involves Shanghai International Classifications [50].
KAU’s sectors to serve clients and generate revenue. The customer
perspective signifies community benefits and the financial perspective KAU’s commitment to sustainable development
considers projected income [63]. Fig. 1 shows the SM format.
On the other hand, the FSO and a small group of administrative, KAU supports the SDGs set by the United Nations [82]. It established
financial, investment, and spending rationalization KAU personnel a sustainability and social responsibility center to promote awareness,
determined the specific objectives and executive initiatives of each research, and education on these issues [50]. The university participates
strategic enabler spanning KPA2 (good governance) and KPA3 (regula­ in international rankings like the UI GreenMetric World University
tions and legislation) as shown in Fig. 1. Rankings, assessing its sustainability performance. Sustainability as­
pects are integrated into the curriculum of disciplines such as automatic
Results control, engineering, and business administration, demonstrating how
these fields contribute to the SDGs (Vision2030a, 2023; Vision2030b,
About King Abdulaziz University (KAU) 2023; Vision2030c, 2023). KAU’s social media strategy during the
COVID-19 pandemic supports sustainability in various areas [7]. Addi­
Established in 1967 as a private university by businesspeople and tionally, the university evaluates its public open spaces to enhance
later transformed into a public university in 1974, King Abdulaziz quality and accessibility [3].
University (KAU) in Jeddah, Saudi Arabia, is the country’s largest uni­
versity, with 117,096 students in 2022. KAU offers diverse academic The components of KAU’s financial sustainability plan
programs, including rare subjects like astronomy, meteorology, and
marine science. Internationally recognized for research, innovation, and This section outlines the components of KAU’s financial sustain­
rankings, KAU remains dedicated to providing excellent education and ability plan reached through studying and analyzing the information
community service. Ranked as the top university in the Middle East and gleaned from several workshops and brainstorming sessions. Five steps
the Arab world by Times Higher Education and the British QS Classifi­ will be used to illustrate these components.
cation Index for three consecutive years, KAU holds the 106th position
in the QS rankings for 2023 and ranks between 101 and 150 in the

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Fig. 7. The initiative/project "Paid quality graduate and postgraduate programs" is demonstrated by (a) a Balanced Scorecard (BSC), (b) a Business Model Canvas
(BMC), and (c) a Strategy Map (SM).

Step 1: construct a long-term goal and general goal Step 3: apply the SWOT analysis
KAU’s president has approved the long-term goal for the financial Al-Filali’s [14] patented solution addresses the challenges of stra­
sustainability plan, which aims to rank among the top 200 international tegic planning and performance management systems. After establish­
universities in terms of financial sustainability standards by 2045. To ing overall strategies, the logic model is utilized to design program
adhere to these standards, KAU will follow the guidelines set by orga­ details, including performance indicators. At KAU, top management has
nizations such as the International Financing Reporting Standards adopted Al-Filali’s approach, setting objectives before conducting SWOT
(IFRS) Foundation and the ISO 32210:2022 international standard for analyses. For example, Fig. 3 illustrates the SWOT analysis for the first
sustainable finance practices. KAU will also evaluate its progress toward objective in KPA1’s Education & Learning pillar. Programs, executive
the United Nations’ SDGs. The general goal for 2025 is to fulfill the initiatives, and indicators were selected based on a comprehensive
enabling elements of financial sustainability and achieve at least one analysis of the 12 SWOTs, as shown in Fig. 4. This resulted in 16 pro­
successful case in each of the eight work pillars, including education, grams, 41 initiatives, and 43 indicators aligning with the 12 specific
research, community development, and infrastructure [45–47]. objectives of KPA1. The enablers of KPA2 and KPA3, outlined in Table 2
and Table 3, are vital for successful implementation and achievement.
Step 2: determine the specific objectives and their indicators
The financial sustainability plan comprises 22 specific objectives Step 4: calculate the target income
distributed among three key performance areas (KPA1, KPA2, and This study utilized eight pillars, 41 initiatives (projects), and 43 in­
KPA3). KPA1 includes eight pillars with 12 corresponding objectives, dicators to measure the total income derived from KAU’s financial sus­
KPA2 has six strategic enablers with six specific objectives, and KPA3 tainability plan. The first pillar, "Education & Learning", comprises three
includes four strategic enablers with four specific objectives. Fig. 2 initiatives and five indicators. Eq. 1 outlines the calculation of the first
showcases these objectives in conjunction with the BSC management indicator involving the direct distance learning revenue (DLt ), which can
tool, which traditionally evaluates company performance from four be estimated simply by multiplying the fee per student (Ft ) in a given
perspectives: learning and growth, internal processes, customers, and year (t) by the number of students in the same year (Nt ). Similarly, the
finance. The FOS has innovated a graphic visualization for the BSC tool, revenue of the next four indicators can be calculated with the results
considering perspectives of good governance, regulations and legisla­ given in Table 4. This table demonstrates that the expected total income
tion, resource development, and the outcome, as depicted in Fig. 2. from the "Education & Learning" pillar is approximately 2 billion Saudi

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Riyals (about 521 million US dollars). Limitations and future directions

t
DL = F xN t t
(1)
Higher education funding faces shifts in a dynamic global economy,
Table 5 also displays the income for the remaining seven KPA1 pillars offering new research opportunities. The financial sustainability plan’s
based on the methodology employed to determine this income for each executive initiatives must adapt accordingly. The Saudi University
initiative (project). An estimated 5.7 billion Saudi Riyals (about 1.5 Regulations Articles 49 and 50 guide the way, while time constraints add
billion US dollars) are generated by the 8 KPA1 pillars. urgency to achieve goals and generate income. KAU’s plan success relies
on skilled investment teams steering high-return projects, like strategic
Step 5: Study how the executive initiatives (projects) will achieve their endeavors and healthcare ventures. A potential future study could
income combine objective weight models and multi-attribute decision-making
Three strategic tools, BSC, BMC, and SM, are used to manage each (MADM) models to rank strategy plan initiatives based on specific
executive initiative at KAU. BSC ensures objectives are met, benefiting criteria and quick-win scenarios. For instance, in a recent study by
the university and community. BMC showcases revenue generation, Abdulaal et al. [2], a novel integrated approach was used to prioritize
distribution, and collection to partners and investors. SM fosters the financial sustainability plan investment initiatives using MEREC-G
collaboration among executive units to achieve project income (Refer­ and RATMI methods based on both quantitative and qualitative
ence). Figs. 5, 6, and 7 depict these tools for the three initiatives of KPA1. criteria with different weights. However, other criteria weighting
models, such as AHP, SWARA, and BWM, and other prioritizing models,
Discussion such as TOPSIS, MOORA, and RATMI, could also be used. Depending on
data accuracy, a different study might explore the reliability of the ini­
The anticipated income from the executive initiatives of the financial tiative’s income.
sustainability plan was obtained through extensive data collection from
various university sectors, such as colleges, research centers, the Vice Institutional review board statement
Presidency for Projects, the Vice Presidency for Business and Knowledge
Creativity, the Deanship of Scientific Research, and investment admin­ The study was conducted in accordance with the Declaration of
istration, etc. The collected data underwent extensive analysis through Helsinki and approved by the Research Ethics Committee (REC) of KING
meetings with administrators, financial and legal experts, faculty ABDULAZIZ UNIVERSITY (NCBE registration no: HA-02-J-008, refer­
members (initiative owners), representatives of senior management, and ence number for exemption (37− 23), and date of approval: Sunday, May
industry experts. The predicted income in Table 4 was based on the total 21, 2023) for studies involving humans.
number of students from 2022 to 2025, with annual projections from
2025 onward. Executive initiatives that could not be expressed using Funding
creative BSC, BMC, or modified SM forms were not considered, ensuring
accuracy, reliability, achievability, and shareability. This research received no external funding.

Conclusions and recommendations Declaration of Competing Interest

The study focused on sustainable development and financial sus­ The authors declare no conflict of interest.
tainability at King Abdulaziz University (KAU), Saudi Arabia. It
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