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Saturday, Feb 04, 2023

Saudi Arabia’s Red Sea Global takes the lead in delivering Vision 2030 goals: Report

Saudi Arabia’s Red Sea Global takes the lead in delivering Vision 2030 goals: Report

Saudi Arabia’s Red Sea Global (RSG) is taking a leading role in supporting the delivery of the Kingdom’s Vision 2030 strategy by developing a world-class tourism industry, the company’s annual sustainability report revealed on Sunday.

RSG is the multi-project developer behind two of the world’s most ambitious regenerative tourism destinations – The Red Sea and Amaala.

The Red Sea – the RSG’s first flag-ship project – is on track to welcome its first guests in 2023, when the international airport and the first hotels are set to open. Amaala is expected to open to visitors after 2024.

Both are projected to contribute around $8.78 billion annually to the Kingdom’s economy on completion.

RSG’s projects also place enhancing the wellbeing of communities – including comprehensive training programs for the next generations of Saudi talent – at the forefront of its mission.

The report details the company’s key achievements over the past year and its commitment to transparency and accountability.

According to RSG, the company is continuing to develop innovative policies and strategies to facilitate its sustainability and regeneration commitments. These include the regulation of fisheries, removal of invasive species in the area, conservation zones, and the expansion of green and blue habitats to encourage regeneration and carbon sequestration.

The report said that RSG has invested heavily in innovative construction methods, such as off-site manufacturing, as well as in the use of sustainable products and materials, like green concrete.

Key achievements

RSG also continues to be internationally lauded for its leadership in sustainable development, as it works toward achieving 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,” Group CEO of RSG John Pagano said in a statement.

The company is the first development in the Middle East to receive platinum certification under the globally recognized standard for green construction, LEED for cities, as well as recognition for Saudi Arabia in the World Finance Corporate Governance Awards.

“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,” Pagano said.

“The report this year demonstrates that we are committed to more than pledges and our progress is rooted in tangible actions.”

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).

It included being named 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.

RSG has also 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.

Other positive outcomes

The Sustainability Report outlines other positive outcomes RSG has secured in four key areas over the last year, which are: excellence in governance, commitment to protecting and enhancing the environment, positive social impact, and contribution to economic diversification and growth.

“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.

The latest report comes following the company’s recent transformation from The Red Sea Development Company (TRSDC) to Red Sea Global (RSG).


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