The Red Sea Development Company becomes first Saudi developer to be awarded highest level of certification for risk management

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The company has been awarded ISO31000:2018, the highest level certification in risk management

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Riyadh: The Red Sea Development Company (TRSDC), the developer behind the world’s most ambitious regenerative tourism project, has been awarded ISO31000:2018 certification, the International Organization for Standardization’s highest available standard in risk management.

TRSDC becomes the first Saudi developer to achieve the certification, following its assessment by the British Standards Institution (BSI), the business standards company that enables organizations to turn standards of best practice into habits of excellence. The audit was conducted at both the corporate and project level and recognizes TRSDC’s approach to risk management, with the company successfully passing with zero non-conformities.

“We continually strive to set new standards as we develop our flagship project and this certification recognizes our professional, organized and process-driven approach to risk management. Beyond the prestige of achieving this, it confirms to our investors and partners that they can have full confidence in our company and in the exciting project we’re building along the Red Sea coast,” said John Pagano, CEO of TRSDC. 

TRSDC’s approach to risk identification, analysis, evaluation and treatment was praised within BSI’s assessment. It also highlighted strong involvement from the top in managing risk and compliance at TRSDC.

Theuns Kotzé, Managing Director BSI IMETA Assurance, said: “BSI has played a leading role in developing a new generation of standards to help organizations become more agile, sustainable and resilient. The adoption and compliance against ISO 31001 standard, demonstrate TRSDC’s ongoing commitment in managing risk across the organization. During our audit, we found that TRSDC was well prepared with robust and agile plans. 

On behalf of BSI, I would like to congratulate the entire TRSDC team for this fantastic achievement.”

In pursuit of its business objectives, TRSDC has adopted leading risk management practices to ensure confident risk reporting and enable effective decision making and accountability across the business at all levels.

The Red Sea Project has already passed significant milestones and work is on track to welcome the first guests by the end of 2022, when the international airport and the first four hotels will open. 

Upon completion in 2030, The Red Sea Project will comprise 50 resorts, offering up to 8,000 hotel rooms and around 1,300 residential properties across 22 islands and six inland sites. The destination will also include luxury marinas, golf courses, entertainment and leisure facilities.

The Red Sea Development Company (TRSDC):

The Red Sea Development Company (TRSDC) – is a closed joint-stock company wholly owned by the Public Investment Fund (PIF) of Saudi Arabia. TRSDC was established to drive the development of The Red Sea Project, a luxury, regenerative tourism destination that will set new standards in sustainable development and position Saudi Arabia on the global tourism map.

The project is being developed over a vast 28,000 km2 area on Saudi Arabia’s west coast and includes a spectacular archipelago of more than 90 pristine islands. The destination also features sweeping desert dunes, mountain canyons, dormant volcanoes, and ancient cultural and heritage sites. The destination is designed to include hotels, residential properties, leisure, commercial and entertainment amenities, as well as supporting infrastructure that emphasizes renewable energy and water conservation and re-use.

Activity for the first phase of the development is well underway and is on track to be completed by the end of 2023. The project has surpassed significant milestones, with over 500 contracts signed to date, worth some SAR 15 bn ($4bn).
The 100-hectare Landscape Nursery, which will provide more than 15 million plants for the destination, is now fully operational. There are more than 5,000 workers currently on-site and more than 70km of the planned 80km of new roads are now complete. The Construction Village which is set to house 10,000 workers will be fully open by the end of Q1 this year and development is progressing well at the Coastal Village, which will be home to around 14,000 people who will work at the destination.