According to a statement issued after the meeting, the board also approved the university’s budget for 2010-11 and reshuffled its various committees inducting new members.

The university’s new development committee, which is chaired by Prince Khaled, includes prominent businessman Saleh Kamil, chairman of the Jeddah Chamber of Commerce and Industry, and Yahya Binladin, chairman of the Saudi Binladin Group.

The new executive committee, which is chaired by Prince Bandar bin Saud bin Khaled, comprises Abdullah Al-Othman and Muhammad Al-Ouhali. Its academic program development committee is chaired by Prince Turki bin Muhammad.

Established in July 2004 as a private, nonprofit organization, Alfaisal has 567 students holding 18 nationalities on its rolls. It is named after King Faisal who believed that "the education of our youth should rest on three foundations — faith, knowledge, and performance."

Prince Khaled, one of the late king’s sons, said the three foundations are the university’s basis. He also underscored Alfaisal’s role in preserving Islamic culture and heritage.

“The university's educational strategy is based on programs that are geared to developing its students’ capabilities, competence, creativity, team work and business acumen,” he said.

Alfaisal offers a multicultural student environment. Currently, international students constitute over 40 percent of its student population. While most of these students reside in Saudi Arabia, the university also welcomes applications from outside the country.

The university offers merit-based and need-based scholarships to its undergraduate and postgraduate students. Every year the Ministry of Higher Education provides a number of scholarships, which is up to 50 percent of the university’s total number of students.

The university has an international English-speaking faculty with most members coming from the US, the UK and Canada. Alfaisal’s curriculum and classes have been prepared by experts from Harvard Medical International and the Massachusetts Institute of Technology.

At present, the university has four colleges for medicine, engineering, business, science and general studies. Its medical college offers an MBBS degree in medicine and surgery after six years of study.

Alfaisal’s College of Engineering offers undergraduate degrees in mechanical engineering, aerospace engineering, industrial engineering, electrical engineering, computer engineering, chemical engineering, materials engineering and civil engineering.

At Alfaisal College of Business, students hone necessary skills to confront the challenges of modern and international business. They are given courses in microeconomics, statistics, accounting, finance, mathematics, and operations management.

“It opened this year a master’s degree program in Business Administration under the supervision of professor Michael Porter of Harvard University. Fifty students including 30 girls have joined the program,” the statement said.

The College of Science and General Studies offers a four-year B.Sc. degree program in life sciences. The college also provides core courses in natural sciences, humanities, and social sciences for students majoring in the colleges of business, engineering, and medicine, the university website said.