The Red Sea Development Company Signs MoU with Ethmar and Ghoroos to Deliver Social Transformation
The partnership will consolidate social development objectives already underway at The Red Sea Project destination
Riyadh, (16 November 2021): The Red Sea Development Company (TRSDC), the developer behind the world’s most ambitious regenerative tourism project, has signed a memorandum of Understanding (MoU) with social investment company Ethmar and private foundation Ghoroos.
The MoU was signed by TRSDC and AMAALA’s CEO John Pagano, Ethmar’s Vice-Chairman Faris Ahmed Hamdan Al Balwi, and Mr. Ibrahim Mohamed Alsubeaei, Chairman of the Board of Trustees at Ghoroos. The MoU sets out the intention to develop a blueprint to advance agriculture in The Red Sea Project (TRSP) area, underpinning TRSDC’s commitment to developing socioeconomic opportunities in the local community.
Through this collaboration, we will be able to reinforce our support to the local communities whilst retaining our focus on three main aspects: Building partnerships, building capabilities, and enhancing livelihoods,
said John Pagano, CEO of TRSDC.
Ethmar and Ghoroos will support TRSP’s social development objectives in numerous ways, including studying and implementing agricultural development opportunities in the project area, and helping to strengthen community service and volunteer work initiatives. By enhancing its social development and investment efforts, TRSDC will be in a stronger position to revitalize the local area and support the local community.
“At Ethmar, we pride ourselves on empowering partners with social leadership solutions that address societal issues. This collaboration with TRSDC enables us to establish innovative ways to support the local farmers,” said Mr Al Balwi.
Raed Albasseet, Head of Corporate Environment and Sustainability at TRSDC said: “At The Red Sea Development Company, we are committed to finding solutions and enabling social investment initiatives to achieve a meaningful social impact. Through this MoU, all parties are combining their efforts to optimize entrepreneurial and social development strategies and enhance the livelihood of local communities.”
“We’re looking forward to the collaboration between Ghoroos and TRSDC and are looking forward to seeing the benefit this will have on the communities in the area particularly when it comes to upskilling their agricultural knowledge and practices. Our long history in supporting social efforts in the region has enabled us to create a large network of experts, investors, and sponsors who we will utilise,” said Mr. Ibrahim Mohamed Alsubeaei.
In return, TRSDC will provide environmental and marketing expertise to support the delivery of new development solutions, align social development projects to ensure mutual benefits, and work in collaboration with new partners secured by Ethmar and Ghoroos.
The Red Sea Project has already passed significant milestones and work is on track to welcome the first guests by the end of 2022. Phase one, which includes 16 hotels in total, will complete in 2023.
Upon completion in 2030, The Red Sea Project will comprise 50 resorts, offering up to 8,000 hotel rooms and more than 1,000 residential properties across 22 islands and six inland sites. The destination will also include luxury marinas, golf courses, entertainment, and leisure facilities.
About The Red Sea Development Company
The Red Sea Development Company (TRSDC - www.theredsea.sa) is a closed joint-stock company wholly owned by the Public Investment Fund (PIF) of Saudi Arabia. TRSDC was established to drive the development of The Red Sea Project, a luxury, regenerative tourism destination that will set new standards in sustainable development and position Saudi Arabia on the global tourism map.
The project is being developed over 28,000 km2 of pristine lands and waters along Saudi Arabia’s west coast and includes a vast archipelago of more than 90 pristine islands. The destination also features sweeping desert dunes, mountain canyons, dormant volcanoes, and ancient cultural and heritage sites. It is designed to include hotels, residential properties, leisure, commercial and entertainment amenities, as well as supporting infrastructure that emphasizes renewable energy and water conservation and re-use, as well as a circular waste management system to achieve zero waste to landfill.
Activity for the first phase of development is well underway and is on track to be completed by the end of 2023. The project has surpassed significant milestones, with over 700 contracts signed to date, worth over SAR 18bn ($4.7bn).
The 100-hectare Landscape Nursery, which will provide approximately 25 million plants for The Red Sea Project and AMAALA, is now fully operational. There are more than 10,000 workers currently on-site and 80km of new roads are now complete, including the new airport road, to better connect the destination. The Construction Village is now open and development is progressing well at the Coastal Village, which will be home to around 14,000 people who will eventually work at the destination.
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