IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v15y2023i9p7246-d1133902.html
   My bibliography  Save this article

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

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/15/9/7246/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/15/9/7246/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Kashif Abbass & Halima Begum & A. S. A. Ferdous Alam & Abd Hair Awang & Mohammed Khalifa Abdelsalam & Ibrahim Mohammed Massoud Egdair & Ratnaria Wahid, 2022. "Fresh Insight through a Keynesian Theory Approach to Investigate the Economic Impact of the COVID-19 Pandemic in Pakistan," Sustainability, MDPI, vol. 14(3), pages 1-20, January.
    2. Zanna Cernostana, 2017. "Financial sustainability for private higher education institutions," Working Papers 17/2017, Institute of Economic Research, revised May 2017.
    3. Baoshan Ge & Fan Sheng & Yang Gao & Sang-Bing Tsai & Xiaomin Du, 2018. "“Green Ocean Treasure Hunting” Guided by Policy Support in a Transitional Economy," Sustainability, MDPI, vol. 10(2), pages 1-17, February.
    4. Mohammad Nurunnabi, 2017. "Transformation from an Oil-based Economy to a Knowledge-based Economy in Saudi Arabia: the Direction of Saudi Vision 2030," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 8(2), pages 536-564, June.
    5. 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.
    6. Andrew Bieler & Marcia McKenzie, 2017. "Strategic Planning for Sustainability in Canadian Higher Education," Sustainability, MDPI, vol. 9(2), pages 1-22, January.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    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.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Shi Yin & Yuanyuan Yu & Nan Zhang, 2024. "The Effect of Digital Green Strategic Orientation On Digital Green Innovation Performance: From the Perspective of Digital Green Business Model Innovation," SAGE Open, , vol. 14(2), pages 21582440241, June.
    2. Simon Stork & Rolf Morgenstern & Bernd Pölling & Jan-Henning Feil, 2023. "Holistic Business Model Conceptualisation—Capturing Sustainability Contributions Illustrated by Nature-Based Solutions," Sustainability, MDPI, vol. 15(19), pages 1-20, September.
    3. 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.
    4. Faudot, Adrien, 2019. "Saudi Arabia and the rentier regime trap: A critical assessment of the plan Vision 2030," Resources Policy, Elsevier, vol. 62(C), pages 94-101.
    5. Ismaila Rimi Abubakar & Yusuf A. Aina & Habib M. Alshuwaikhat, 2020. "Sustainable Development at Saudi Arabian Universities: An Overview of Institutional Frameworks," Sustainability, MDPI, vol. 12(19), pages 1-15, September.
    6. Crippa, Paola & Alifa, Mariana & Bolster, Diogo & Genton, Marc G. & Castruccio, Stefano, 2021. "A temporal model for vertical extrapolation of wind speed and wind energy assessment," Applied Energy, Elsevier, vol. 301(C).
    7. Asma Fahim & Qingmei Tan & Bushra Naz & Qurat ul Ain & Sibghat Ullah Bazai, 2021. "Sustainable Higher Education Reform Quality Assessment Using SWOT Analysis with Integration of AHP and Entropy Models: A Case Study of Morocco," Sustainability, MDPI, vol. 13(8), pages 1-19, April.
    8. Giani, Paolo & Tagle, Felipe & Genton, Marc G. & Castruccio, Stefano & Crippa, Paola, 2020. "Closing the gap between wind energy targets and implementation for emerging countries," Applied Energy, Elsevier, vol. 269(C).
    9. Rosa María Brito & Columba Rodríguez & José Luis Aparicio, 2018. "Sustainability in Teaching: An Evaluation of University Teachers and Students," Sustainability, MDPI, vol. 10(2), pages 1-16, February.
    10. Xuelian Zuo & Shiwen Luo & David Yoon Kin Tong, 2025. "Executive Compensation Structure, Economic Cycle, and R&D Investment," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 16(2), pages 8394-8419, June.
    11. Bojan Obrenovic & Danijela Godinic & Mato Njavro, 2024. "Sustaining company performance during the war-induced crisis using sourcing capability and substitute input," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 26(12), pages 30001-30026, December.
    12. Budiarso & Utomo Sarjono Putro & Yos Sunitiyoso & Rachma Fitriati, 2022. "Constructing the collaborative Working Relationships in one of the Big Four Firms," Systemic Practice and Action Research, Springer, vol. 35(5), pages 679-709, October.
    13. Yuan Ma & Jingzhi Men & Wei Cui, 2020. "Does Environmental Education Matter? Evidence from Provincial Higher Education Institutions in China," Sustainability, MDPI, vol. 12(16), pages 1-13, August.
    14. Vasiliki Kioupi & Acquilina Wafula Nawire & Sally Musungu & Felister Nzuve & George Giannopoulos, 2023. "Policy and Practice on Inclusive Higher Education in the UK and Kenya: A Theoretical Framework and Recommendations," Sustainability, MDPI, vol. 15(18), pages 1-22, September.
    15. Liu, Ailan & Dai, Sijia & Wang, Zhixuan, 2023. "Environmental protection tax on enterprise environmental, social and governance performance: A multi-perspective analysis based on financing constraints," Journal of Asian Economics, Elsevier, vol. 89(C).
    16. Abbass, Kashif & Sharif, Arshian & Song, Huaming & Ali, Malik Tayyab & Khan, Farina & Amin, Nabila, 2022. "Do geopolitical oil price risk, global macroeconomic fundamentals relate Islamic and conventional stock market? Empirical evidence from QARDL approach," Resources Policy, Elsevier, vol. 77(C).
    17. Biman Darshana Hettiarachchi & Stefan Seuring & Marcus Brandenburg, 2022. "Industry 4.0-driven operations and supply chains for the circular economy: a bibliometric analysis," Operations Management Research, Springer, vol. 15(3), pages 858-878, December.
    18. Vincent Canwat, 2023. "Political economy of COVID-19: windows of opportunities and contestations in East Africa," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 10(1), pages 1-16, December.
    19. Gaydaa Al-Zohbi & Maura A. E. Pilotti, 2023. "Contradictions about Sustainability: A Case Study of College Students from Saudi Arabia," Sustainability, MDPI, vol. 15(4), pages 1-15, February.
    20. Amina Amirat & Makram Zaidi, 2020. "Estimating GDP Growth in Saudi Arabia Under the Government’s Vision 2030: a Knowledge-based Economy Approach," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 11(3), pages 1145-1170, September.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:15:y:2023:i:9:p:7246-:d:1133902. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.