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- The report details the company’s pioneering approach to sustainable development
RIYADH: Red Sea Global continued its march in 2022 toward becoming a global leader in the field of sustainable development, according to its second annual sustainability report issued on Sunday.
The report gave details of the company’s key achievements and its commitment to transparency and accountability.
The multi-project developer behind two of the world’s most ambitious regenerative tourism destinations, The Red Sea and Amaala, continues to be internationally lauded for its leadership in the field of sustainable development, as it works toward the completion of critical milestones in the construction of its two existing giga-projects.
Both are projected to contribute some SR33 billion ($8.8 billion) annually to the Kingdom’s economy upon completion.
“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 the Kingdom’s winner in the World Finance Corporate Governance Awards.
“Our approach to development prioritizes people and the 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. 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 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.
“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.