The Red Sea Development Company Announces Exceptional Results in ESG Assessment

Other, Tourism

June 1, 2021, 11:23 am

The Red Sea Development Company (TRSDC), the developer behind the world’s most ambitious regenerative tourism project, has achieved an overall score of 84 out of 100 in its first-ever ESG-assessment and benchmark exercise by Global Real Estate Sustainability Benchmark (GRESB).

GRESB assessed The Red Sea Project against standardized targets for Environmental, Social and Governance. It awarded a high score in recognition of TRSDC’s strong environmental governance structure and measures introduced to integrate environmental protection and enhancement.

As part of the overall score, GRESB awarded TRSDC an outstanding 49 out of 51 in the Environmental category. This greatly exceeds GRESB’s average score of 34 out of 51 and recognizes the robust measures in place to improve the integration of environmental considerations at TRSDC. The developer was also awarded a Green Star for achieving a score higher than 50% in both the Management and Development components of the evaluation.

“Since the project’s conception, sustainability has been our guiding principle for design and development, informing every single decision that is made. This award is a real testament to all our hard work and unwavering commitment to become the world’s first truly regenerative tourism project”, said John Pagano, CEO of TRSDC.

GRESB Assessments are guided by the material issues in the sustainability performance of real asset investments and are aligned with international reporting frameworks, such as The Paris Climate Agreement. Its mission is to assess and benchmark the Environmental, Social and Governance (ESG) and other related performance of real assets, providing standardised and validated data to the capital markets.

These scores recognise some of the pioneering techniques TRSDC has adopted to offset the environmental impact of the destination. Within specific sub-categories, the Project scored top marks (100 out of 100) for areas including Materials, Water Use and Waste Management as a result of the innovative solutions TRSDC has put in place to minimise the potential environmental impacts.

Raed Albasseet, Head of Corporate Environment and Sustainability at TRSDC, said: “We strive to be completely transparent about the measures we are taking to really integrate environmental protection and enhancement measures, and therefore we welcome multi-level assessments from third-parties like GRESB. Critical evaluation of the construction and delivery of the project holds us to account at every step and ensures we are going above and beyond to not only protect the environment but enhance it for generations to come.”

“This achievement is particularly important to us because it underpins our steadfast commitment to the environment and recognises the enormous steps we have already taken in our quest to set new standards in sustainability,” added Pagano.

The Red Sea Project will welcome its first guests by the end of 2022. The first phase of the development will include 16 luxury hotels offering 3,000 keys across five islands and two inland locations. It will also include entertainment facilities, an airport, and the necessary supporting logistics and utility infrastructure.

Upon completion in 2030, The Red Sea Project will comprise 50 hotels, offering up to 8,000 hotel rooms and around 1,300 residential properties across 22 islands and six inland sites.