- The report details the company’s pioneering approach to sustainable development and achievements to date, and demonstrates its commitment to strong governance
Riyadh: Red Sea Global (RSG), the multi-project developer behind two of the world’s most ambitious regenerative tourism destinations, The Red Sea and Amaala, has published its second annual sustainability report, detailing its key achievements over the past year at The Red Sea and its commitment to transparency and accountability.
The report comes following the company’s recent evolution from The Red Sea Development Company (TRSDC) to Red Sea Global (RSG), a reflection on its growing remit and ambitions, and successes to date. As the report details, the company continues to be internationally lauded for its leadership in the field of sustainable development, as it works toward completion of critical milestones in the construction of its two existing giga projects.
“As one of the world’s most visionary multi-project developers and a leader in sustainable development, we know how important transparency is to our business. Fundamentally, we believe that accountability is the essential currency of sustainable business in today’s world,” said John Pagano, Group CEO of RSG.
“We hope our pioneering approach to development, which sees us act first and foremost as global corporate citizens, can provide a clear blueprint for likeminded organizations to follow. The report this year demonstrates that we are committed to more than pledges and our progress is rooted in tangible actions.”
External appraisals of ESG performance have led to the company becoming the first development in the Middle East to secure platinum certification under the globally-recognized standard for green construction, LEED for Cities; and recognition as the Kingdom of Saudi Arabia’s winner in the World Finance Corporate Governance Awards.
“Our approach to development prioritizes people and planet, and as an organization, we are not only committed to delivering a positive impact on the environment and for our local communities, but to actively reporting on our successes and challenges, demonstrating good governance to bolster our ESG credentials,” added Dr Maryam Ficociello, Group Chief Governance Officer at RSG.
Furthermore, this year, RSG was awarded a 5 star rating across areas such as policies, materials, water use, and waste management for ESG criteria under the Global Real Estate Sustainability Benchmark (GRESB). This included decoration as a Regional Sector Leader – one of the highest scoring entities in the Middle East – in recognition of RSG’s strong governance structure and commitment to transparency.
More recently, Red Sea Global become the first Saudi Arabian company to achieve the ISO 37000 certification for good governance, being recognized for operating ethically and effectively at an enterprise-wide level to fulfil its purpose as a business.
The Sustainability Report outlines other positive outcomes RSG has secured in four key areas over the last year:
Excellence in governance:
- The company achieved a near-perfect ESG score of 91% according to the Global Real Estate Sustainability Benchmark (GRESB)
Commitment to protecting and enhancing the environment:
- RSG became the first Middle Eastern developer to be awarded LEED platinum certification
Positive social impact
- RSG signed an MoU with Ethmar and Ghoroos to support local communities, such as through agricultural development opportunities
- The group has a Vocational Training agreement with HRDF to support local talent
Contribution to economic diversification and growth:
- Awarded 770 contracts (at time of closing the report) to world-class companies from 29 countries. These are worth a total value of SAR 18.4b.
These achievements highlight the leading role RSG is taking in supporting the delivery of the Kingdom’s Vision 2030 transformation strategy, developing a world-class tourist industry and opening the Kingdom up to global visitors.
“These achievements are the result of the shared ambition, drive and passion of employees across our business. Sustainability and the desire to set new global standards in the industries in which we operate, sits at the heart of each and every one of us at Red Sea Global, and ripples across our many partners who collectively contributed to our success,” said Raed Albasseet, Group Chief Environment and Sustainability Officer, RSG.
RSG’s flagship project, The Red Sea, is on track to welcome its first guests in 2023, when the international airport and the first hotels will open. Amaala will be opened to visitors soon after in 2024.
Both are projected to contribute some 33 billion riyals annually to the Kingdom’s economy on completion, evidencing the economic boon that RSG can deliver as it expands. RSG’s projects also focus on enhancing the wellbeing of communities, including comprehensive training programs for the next generation of Saudi talent.
About Red Sea Global (RSG)
Red Sea Global (RSG – http://www.redseaglobal.com) is a closed joint-stock company wholly owned by the Public Investment Fund (PIF) of Saudi Arabia.
RSG is a global multi-project developer, seeking to lead the world towards a more sustainable future, showing how responsible and regenerative development can uplift communities, drive economies, and enhance the environment. The protection of natural capital is central to all development decisions, as the organization seeks to create a better future for all.
A cornerstone of Saudi Arabia’s Vision 2030 ambition to diversify its economy, RSG is playing a key role in transforming the nation, by creating exciting opportunities for young Saudi talent and the private sector, as it develops built assets and destinations across multiple sectors that make a positive impact for people and planet.
RSG is the visionary company behind some of the world’s most ambitious development ventures, including luxury regenerative tourism destinations such as The Red Sea and AMAALA.
Across its portfolio, RSG leverages the most innovative concepts, strategies, and technologies to deliver projects that actively enhance the wellbeing of customers, communities, and environments.