The multi-billion dollar Red Sea Project that Saudi Arabia has been developing over the past several years and which is set to open its doors next year, has released its annual sustainability report. Sprawling over 28,000 sqkm area, with 90 islands and an array of top-notch luxury hotels as well as tourist attractions, shopping districts and restaurants, the project involves two of the world’s most ambitious regenerative tourism destinations, The Red Sea and Amaala.
In the second annual sustainability report, Red Sea Global (RSG), the multi-project developer behind both Amaala and The Red Sea, has highlighted its key achievements over the past year and its commitment to transparency and accountability.
According to a press statement, the sustainability 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, says the statement.
“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,” says 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,” Pagano adds.
The press statement adds that 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-recognised 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,” says Maryam Ficociello, Group Chief Governance Officer at RSG.
The statement adds that in 2022, RSG was also 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, says the statement.
More recently, Red Sea Global become the first Saudi Arabian company to achieve the ISO 37000 certification for good governance, being recognised for operating ethically and effectively at an enterprise-wide level to fulfil its purpose as a business.
The statement adds that the Sustainability Report outlines other positive outcomes RSG has secured in four key areas over the last year. The company achieved a near-perfect ESG score of 91 pc, according to the Global Real Estate Sustainability Benchmark (GRESB) and it also became the first Middle Eastern developer to be awarded LEED platinum certification.
In other steps, RSG signed an MoU with Ethmar and Ghoroos to support local communities, such as through agricultural development opportunities and it also has a Vocational Training agreement with HRDF to support local talent.
“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,” says Raed Albasseet, Group Chief Environment and Sustainability Officer, RSG.
The statement adds that 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 about SAR 33 billion 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.