Red Sea Development Set Record Marks of 91 out of 100

Red Sea Development Company, the developer of one of the world’s most ambitious renewable tourism projects, scored an overall average of 91 out of 100, in 2021 edition, on the Global Real Estate Sustainability Index (GRESB), a global ranking indicator for assessment for Environmental, Social and Corporate Governance (ESG), exceeding the average 84 points recorded, last year2020.

As a result, the Red Sea Company was awarded the Leading Company for the Sector, at the Regional Level award, given to companies that have scored the highest levels of performance in their business sector, as the assessment of the global real estate sustainability index is based on the sustainable development goals of the United Nations, and are in line with the international reporting framework, relating to the Paris Climate Agreement..

The Red Sea Development Company was able to set such marks, on the global real estate sustainability index and the benchmark average within all three sub-categories of the evaluation process: Environmental Standards (49/51), Social Standards (22/26) and Governance (21/24).

But, in almost unprecedented feat, the project received a full mark score (100/100) in water use, waste management, reporting and environmental, social and governance requirements..

The CEO of the Red Sea Development Company, John Pagano, stated that the company’s obtaining of such prestigious classification and award, is an incentive, confirming its commitment to setting the highest standards, in its all works, as that, on other hand, is an affirmation of unlimited ambition and a firm commitment to sustainable development, noting that the award enhances the confidence of investors and partners and the ability to shape the future of real estate development, with a responsible approach..

This year’s edition of the evaluation witnessed the company obtaining a five-star rating, after it obtained an additional star compared to four stars in 2020, to join the ranks of the most prominent 20% of the institutions included in the evaluation.

The index gave the company the highest rating in appreciation of its strong environmental governance structure and its continuous commitment to include the concepts of environmental protection and renewal throughout the development stages of the destination, in addition to obtaining the prestigious “Green Star” criterion for achieving an average score of more than 50%, in management and development aspects of the evaluation or the assessment.