Red Sea Project developer achieves high score on green investment benchmark

Red Sea Project developer achieves high score on green investment benchmark

RIYADH: The Red Sea Development Company (TRSDC), the tourism developer wholly owned by Saudi Arabia's Public Investment Fund, announced on Tuesday it had achieved an overall score of 84 out of 100 as part of an environmental assessment used as a benchmark by global investors. The Global Real Estate Sustainability Benchmark (GRESB) assessed the developer and the Red Sea Project “” its flagship development “” on a number of environmental governance measures. Within the environmental category, GRESB awarded TRSDC a score of 49 out of 51. The average score achieved is typically 34. The developer was also awarded a Green Star for achieving a score higher than 50 percent in the management and development components of the assessment. "Since the project's conception, sustainability has been our guiding principle for design and development, informing every single decision that is made. This award is a real testament to all our hard work and unwavering commitment to become the world's first truly regenerative tourism project,“ John Pagano, CEO of TRSDC, said in a press statement. Amsterdam-based GRESB is aligned with industry standards such as the Paris Climate Agreement and the UN Sustainable Development Goals. Last year, the benchmark assessed 1,200 real estate and