RIYADH: Red Sea Global, 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 key achievements over the past year and its commitment to transparency and accountability.
The report comes following the company’s recent evolution from The Red Sea Development Company to Red Sea Global, and is a reflection of its growing remit and ambitions, and successes to date.
The company continues to be internationally lauded for its leadership in the field of sustainable development, as it works toward completing critical milestones in constructing its two existing giga-projects, the report noted.
“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 like-minded 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 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,” said Maryam Ficociello, group chief governance officer at RSG.
This year, RSG was awarded a 5-star rating across a number of areas, including policies, materials, water use, and waste management for ESG criteria under the Global Real Estate Sustainability Benchmark.
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, the report said RSG has 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 fulfill its purpose as a business.
The sustainability report outlines other positive outcomes RSG has secured in four key areas over the last year.
With regards to excellence in governance, the company achieved a near-perfect ESG score of 91 percent according to GRESB, and in its commitment to protecting and enhancing the environment, RSG became the first Middle Eastern developer to be awarded LEED platinum certification.
Regarding positive social impact, RSG signed a memorandum of understanding with construction company Ethmar and charitable donor organization Ghoroos to support local communities through agricultural development opportunities, and the group has a Vocational Training Agreement with Saudi Human Resources Development Fund to support local talent.
The report said that the company has also contributed to economic diversification and growth by awarding 770 contracts worth SR18.4 billion ($4.89 billion) to world-class companies from 29 countries.
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 up the Kingdom to global visitors, the report stated.
“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 at 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 around SR33 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 well-being of communities, including comprehensive training programs for the next generation of Saudi talent.
