RIYADH: The Red Sea Development Co. is now one of the top ranking sustainable tourism developers of the world as it scored high in the Global Real Estate Sustainability Benchmark.
The developer behind the world’s most ambitious regenerative tourism project achieved an overall score of 91 out of 100 in this year’s ESG-assessment and benchmark exercise by GRESB.
The Saudi company exceeded its last year’s score of 84, it said in a statement on Tuesday.
As a result of achieving high scores across the board, GRESB has awarded TRSDC with the prestigious Regional Sector Leader award — an achievement that honors companies that have out-performed their sector.
This year’s assessment sees TRSDC become a five-star rated entity. This places TRSDC in the top 20 percent of organizations taking part in this year’s assessment. GRESB awarded the enhanced rating in recognition of TRSDC’s strong environmental governance structure and continued commitment to integrating environmental protection and regeneration across the development.
The developer was also awarded a prestigious Green Star once again for achieving a score higher than 50 percent in both the Management and Development components of the evaluation.
GRESB assessments are guided by the UN’s Sustainable Development Goals, Paris Climate Agreement, and International Reporting Framework. Its mission is to assess and benchmark the environmental, social and governance performance of real assets, providing standardized and validated data to the capital markets.