Background: King Saud University (KSU) strives to become a university of first choice among top students, a 'university of tomorrow', globally competitive, and stands among the top in the region. KSU recognizes the challenges ahead, and implemented strategies to push the university forward. Objectives: To identify the readiness of faculty members of medical and health colleges of KSU in realizing the inspirations of the university. Methods: Respondents had either face-to-face interviews or answered an online questionnaire. Ninety-eight (98) or 7% faculty members responded to the survey. The questionnaire focused on 12 areas of faculty academic development, including teaching, learning and assessment, graduate education, research and development, computer applications in education, health communication skills and e-learning. Results: Teaching, learning and assessment skills were top priorities (30%), followed by graduate education (29%), research and development (28%), computer applications in education (28%), health communication skills (26%) and e-learning (25%). Priorities were emphasized in the following order of concern: teaching, learning and assessment (60%), computer application in education (59%), research and development (54%), student support (54%), graduate education (53%) and quality improvement in health care (53%). Conclusions: Greater emphasis was on teaching, learning and assessment, research and development, and graduate education. These were believed to be areas needed to become a globally competitive 'university of tomorrow'. Interestingly, academic writing, paper publications, application of simulation in health science, leadership and administration, and mentoring were of least concern.