CAIRO: Red Sea Global, one of the leading tourism development companies in the Kingdom, aims to increase the net conservation value of its local destination by 30 percent by 2030, according to CEO John Pagano.
Speaking during the global entrepreneurship event Biban 2023, Pagano said the company has its values aligned with Vision 2030 to support the Kingdom’s environment.
“RedSea is going to protect and preserve but also enhance. We seek to increase the net conservation value of our destinations by 30 percent over the coming decade,” he explained.
High conservation values refer to the diversity of species, landscape-level ecosystems and mosaics, ecosystems and habitats, critical ecosystem services, community needs, and cultural values.
Pagano described Red Sea’s position in the Kingdom’s tourism sector as a preserver of natural assets with the environment on top of the company’s agenda.
“With the support of leadership in the Kingdom, we are leading the global transition towards regenerative development. We are putting nature and the environment at the top of our agenda; it is one of our most valuable assets that sit on our balance sheet,” he added.
He further added that “sustainability” is no longer sufficient in protecting the environment, but rather, companies should take the approach of regenerative development to enhance rather than preserve.
“We are building the largest tourism destination in the world powered by renewable energy 24-hours a day. We are investing heavily in protecting our coral reefs. We have the most thriving coral reef systems in the world and probably the last in the world today,” Pagano stated.
“In the very first meeting I had with His Highness the Crown Prince, he said to me, whatever you do you need to protect the environment so our future generations can enjoy the splendor of the Saudi Arabian Red Sea,” Pagano said.
The company is not only aiming to protect the environment but also to incubate small and medium enterprises into the rather strict tourism and construction sectors.
Pagano stated that Red Sea Global is working with Small and Medium Enterprises to help build its destinations to help cultivate the next generation of contractors.
“We are launching an incubator this year to train and teach 35 new businesses to grow and move the best out of these 35 to go to an accelerator program that will be employed within the Red Sea ecosystem,” He added.
“We like to think of ourselves as an incubator of ideas where we can trial different technologies to commercialize them not only in the Kingdom but around the world,” he said.
He added that the company is aiming to create a sandbox to cultivate mobility and autonomous vehicle technologies as well as utilize ideas on how to incorporate hydrogen in the transport sector.
The company is planning to open three of its tourist destinations to visitors this year – St. Regis Red Sea Resort, Nujuma Ritz Carlton Reserve, and Six Senses Southern Dunes.