It provides guidance on the governance of organisations and highlights best practices for good governance that go beyond its application in individual departments
Red Sea Global, the developer behind the Red Sea Project and AMAALA tourism destinations in Saudi Arabia, has said that it has become the first Saudi company to be awarded ISO 37000 certification for good governance.
The certification was launched in September 2021 by the British Standards Institution (BSI) and is the first of its kind in the world. It provides guidance on the governance of organisations and highlights best practices for good governance that go beyond its application in individual departments, to adopt an effective governance approach at the level of the entire organisation to achieve its objectives optimally.
In late October 2022, Red Sea Global confirmed its new brand identity and mandate and, in early November 2022, it appointed Reem Emirates Saudi for façade works on the RSI Airport.
On the top honour, CEO John Pagano said: “We are proud that the company is one of the most responsible real estate development companies in the world, as environmental and societal commitments and considerations are at the heart of its objectives while maintaining an innovative approach at all levels and transparent and strong governance frameworks to provide potential lead to the best results for people and nature.”
“The fact that the company is the first Saudi company in the Kingdom to comply with the ISO 37000 certification is living proof of the excellence of its environmental, societal, and governance standards, as well as its innovative approach through which we seek to establish new standards for sustainability and renewable tourism,” he stated.
Head of Governance at Red Sea Global, Dr. Mariam Ali Vecchilo, reiterated that the company has invested from an early stage in establishing strong governance, recognising the crucial role it will play in establishing the highest standards with its suppliers and workforce.
Later in November 2022, Partanna and Red Sea Global signed a MoU to explore explore carbon-negative concrete developments.