Red Sea Global continues to achieve milestones in transparency, accountability

The multi-project developer behind two of the world’s most ambitious regenerative tourism destinations, The Red Sea and Amaala, continues to be internationally lauded for its leadership in the field of sustainable development. Supplied
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Updated 25 December 2022
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Red Sea Global continues to achieve milestones in transparency, accountability

  • The report details the company’s pioneering approach to sustainable development

RIYADH: Red Sea Global continued its march in 2022 toward becoming a global leader in the field of sustainable development, according to its second annual sustainability report issued on Sunday.

The report gave details of the company’s key achievements and its commitment to transparency and accountability.

The multi-project developer behind two of the world’s most ambitious regenerative tourism destinations, The Red Sea and Amaala, continues to be internationally lauded for its leadership in the field of sustainable development, as it works toward the completion of critical milestones in the construction of its two existing giga-projects.

Both are projected to contribute some SR33 billion ($8.8 billion) annually to the Kingdom’s economy upon completion.

“As one of the world’s most visionary multi-project developers and a leader in sustainable development, we know how important transparency is to our business. Fundamentally, we believe that accountability is the essential currency of sustainable business in today’s world,” said John Pagano, Group CEO of RSG.

“We hope our pioneering approach to development, which sees us act first and foremost as global corporate citizens, can provide a clear blueprint for like-minded organizations to follow. The report this year demonstrates that we are committed to more than pledges and our progress is rooted in tangible actions.”

External appraisals of ESG performance have led to the company becoming the first development in the Middle East to secure platinum certification under the globally-recognized standard for green construction, LEED for Cities; and recognition as the Kingdom’s winner in the World Finance Corporate Governance Awards.

“Our approach to development prioritizes people and the planet, and as an organization, we are not only committed to delivering a positive impact on the environment and for our local communities but to actively reporting on our successes and challenges, demonstrating good governance to bolster our ESG credentials,” added Dr. Maryam Ficociello, Group Chief Governance Officer at RSG.

Furthermore, this year, RSG was awarded a 5-star rating across areas such as policies, materials, water use, and waste management for ESG criteria under the Global Real Estate Sustainability Benchmark. This included decoration as a Regional Sector Leader — one of the highest-scoring entities in the Middle East — in recognition of RSG’s strong governance structure and commitment to transparency.

More recently, Red Sea Global become the first Saudi company to achieve the ISO 37000 certification for good governance, being recognized for operating ethically and effectively at an enterprise-wide level to fulfill its purpose as a business.

“These achievements are the result of the shared ambition, drive, and passion of employees across our business. Sustainability and the desire to set new global standards in the industries in which we operate sits at the heart of each and every one of us at Red Sea Global, and ripples across our many partners who collectively contributed to our success,” said Raed Albasseet, Group Chief Environment and Sustainability Officer, RSG.

RSG’s flagship project, The Red Sea, is on track to welcome its first guests in 2023 when the international airport and the first hotels will open. Amaala will be opened to visitors soon after in 2024.


As world fractures, experts weigh in on the politics of AI at WGS

Updated 26 sec ago
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As world fractures, experts weigh in on the politics of AI at WGS

  • e& group CEO Hatem Dowidar said there was increasing pressure to choose between the Chinese and US ecosystems

DUBAI: Across three days of rigorous debate at the World Government Summit in Dubai, experts from some of the world’s largest tech and telecommunication companies debated what the future political landscape of artificial intelligence development would be.

Speaking at the summit on Thursday, e& group CEO Hatem Dowidar said there was increasing pressure to choose between the Chinese and US ecosystems, which could have impacts on the sovereign capabilities of countries, like Gulf Cooperation Council member states, which thus far have stayed in the middle.

“I think the fracture and the pressure today is if you use this technology, you cannot use the other. You must separate them completely and this is something that never happened before,” Dowidar said.

He warned that whilst people around the world currently have access to both the leading large language models in the US and China, ChatGPT and Deepseek, this would not always be the case, and middle powers would need to develop their own capability to maintain their sovereignty.

“Europe is trying to find its own way as well, because Europe — having been caught now in the middle — they don’t have platforms, they don’t have the data center capability,” he said.

“So now, Europe is focusing a lot on building sovereign capability, sovereign data centers to run AI applications within Europe.”

Dowidar said the GCC had been ahead of the curve in this regard, having worked out early on that sovereign capability would be necessary in the new multipolar world and subsequently investing heavily in local infrastructure and capability.

“We were lucky here in the region that already — I would say a couple of years ago —we have kind of ironed out how this works,” he said.

“I think that everyone will try to see how they can either utilize the global platforms in a sovereign manner, or they end up trying to push to develop their own platforms.” 

This sentiment was echoed by Chamath Palihapitiya, the founder and managing partner of Social Capital, who said that China’s dedication to open-source models — whose code is released under a license granting users rights to view, study, modify, and redistribute it freely — could make Chinese AI more popular in the long run for nations looking to keep some level of sovereignty.

“I do think that there are a handful of American open-source models that are quite good. I think Nvidia’s models are excellent. But in fairness, the Chinese open-source models are just superb,” he told the summit on Wednesday.

“It’s going to be important for every country to make their own decisions about their own sovereignty, and in that realm, I think the open-source models provide the clearest path, because it just gives you total transparency to what’s happening underneath the hood.”

This was reiterated by Joseph Tsai, the chairman and co-founder of Alibaba Group, who said Chinese open-source systems would be favored by middle powers — but warned they had yet to find a way to be economically self-sufficient. 

“Because countries care about the sovereignty aspect and care about their data privacy, you can take an open-source model and deploy it on your own infrastructure … giving you ownership and control” he said.

“But it remains to be seen how economically all the model companies are going to make it sort of sustainable with an open-source approach … This is the biggest challenge for the Chinese firms.”