The Red Sea Development Company becomes first Saudi developer to be awarded highest level of certification for risk management
The company has been awarded ISO31000:2018, the
highest level certification in risk management
Riyadh, (18 Feb 2021): The Red Sea Development Company (TRSDC), the developer behind the world’s most ambitious regenerative tourism project, has been awarded ISO31000:2018 certification, the International Organization for Standardization’s highest available standard in risk management.
TRSDC becomes the first Saudi developer to achieve the certification, following its assessment by the British Standards Institution (BSI), the business standards company that enables organizations to turn standards of best practice into habits of excellence. The audit was conducted at both the corporate and project level and recognizes TRSDC’s approach to risk management, with the company successfully passing with zero non-conformities.
We continually strive to set new standards as we develop our flagship project and this certification recognizes our professional, organized and process-driven approach to risk management. Beyond the prestige of achieving this, it confirms to our investors and partners that they can have full confidence in our company and in the exciting project we’re building along the Red Sea coast,
said John Pagano, CEO of TRSDC.
TRSDC’s approach to risk identification, analysis, evaluation and treatment was praised within BSI’s assessment. It also highlighted strong involvement from the top in managing risk and compliance at TRSDC.
Theuns Kotzé, Managing Director BSI IMETA Assurance, said: “BSI has played a leading role in developing a new generation of standards to help organizations become more agile, sustainable and resilient. The adoption and compliance against ISO 31001 standard, demonstrate TRSDC’s ongoing commitment in managing risk across the organization. During our audit, we found that TRSDC was well prepared with robust and agile plans.
On behalf of BSI, I would like to congratulate the entire TRSDC team for this fantastic achievement.”
In pursuit of its business objectives, TRSDC has adopted leading risk management practices to ensure confident risk reporting and enable effective decision making and accountability across the business at all levels.
The Red Sea Project has already passed significant milestones and work is on track to welcome the first guests by the end of 2022, when the international airport and the first four hotels will open.
Upon completion in 2030, The Red Sea Project will comprise 50 resorts, offering up to 8,000 hotel rooms and around 1,300 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 tourism destination that will set new standards in sustainable development and position Saudi Arabia on the global tourism map.
The project will be 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 islands. The destination also features mountain canyons, dormant volcanoes, and ancient cultural and heritage sites. The destination will include hotels, residential properties, leisure, commercial and entertainment amenities, as well as supporting infrastructure that emphasizes renewable energy and water conservation and re-use.
Activity for the first phase of development, which focuses on enabling the infrastructure to support future work, is well underway. A marine infrastructure contract awarded in July 2019 includes the construction of a 3.3 km crossing to Shurayrah (the main hub) and development has begun at the Coastal Village, which will be home to around 14,000 people who will work at the destination.
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