The Red Sea Development Company Launches Good Governance Toolkit
Best practice governance approach made publicly available for Saudi organizations in corporate social responsibility effort
Riyadh, (06 Oct. 2021): The Red Sea Development Company (TRSDC), the developer behind the world’s most ambitious regenerative tourism project, has released its Internal Control Toolkit, a guide to best practice in governance, for other organizations in Saudi Arabia to implement and benefit from, as part of its Corporate Social Responsibility (CSR) effort.
The toolkit offers step-by-step guidance through the governance procedures that can be rolled out from day one of any project or business set up and is now available for download on The Red Sea Development Company website.
This is the same framework that TRSDC has used and will continue to follow for the management of both The Red Sea Project and AMAALA.
Regenerative tourism is at the heart of everything we do, and our strong governance principles underpin our entire operations. We are committed to setting a new standard as we deliver world-leading destinations which is why we have developed this toolkit to guide our planning and implementation
said John Pagano, CEO of TRSDC.
“I am especially proud that we are sharing our knowledge and experience with other organizations to encourage the adoption of high governance standards across the Kingdom,” he added.
The company’s approach to governance focuses on four key principles: transparency, fairness, accountability and responsibility. The Internal Control Toolkit has already been shared with a number of organizations who have all welcomed the guidance and implemented positive changes to their businesses as a result.
“Our approach to good governance is so much more than simply complying with a set of rules and regulations. It ensures that all functions of an organization live and breathe the same set of ethical standards and promotes transparency and accountability, so that business goals are monitored and met,” said Dr Maryam Ficociello, Chief Governance Officer at TRSDC.
“We hope that by making our Internal Control Toolkit publicly available through this CSR initiative, we help and support other entities on their governance journey thereby improving governance in the Kingdom and achieving one of the cornerstones of Vision 2030,” she added.
TRSDC is committed to international frameworks and reporting structures that go beyond national legal requirements. This includes developing the toolkit following guidelines provided by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) which sets out a comprehensive methodology for setting up and continuously monitoring internal controls to allow organizations to continuously assess and improve their internal controls environment.
TRSDC is also aligned with the Global Reporting Initiative (GRI) sustainability reporting - the world’s most widely used standard for sustainability reporting, which responds to TRSDC’s commitment to transparency and accountability.
TRSDC recently won the Special Recognition Award – Real Estate Developer - Middle East at the Ethical Boardroom Corporate Governance Awards 2021 in acknowledgment of its outstanding efforts and achievements to date. TRSDC also became the first Saudi developer to be awarded ISO31000:2018 certification earlier this year, the International Organization for Standardization’s highest available standard in risk management.
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 first hotels will open. Phase one, which includes 16 hotels in total and an international airport, 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 600 contracts signed to date, worth over SAR 17 bn ($4.5bn).
The 100-hectare Landscape Nursery, which will provide more than 15 million plants for the destination, is fully operational. There are more than 9,000 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, capable of housing 10,000 workers, 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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