Red Sea Global Signs MoU with Ethmar and Ghoroos to Deliver Social Transformation
The partnership will consolidate social development objectives already underway at The Red Sea destination
Red Sea Global (formerly known as TRSDC), the developer behind the world’s most ambitious regenerative tourism projects, The Red Sea and Amaala, has signed a memorandum of Understanding (MoU) with social investment company Ethmar and private foundation Ghoroos.
The MoU was signed by RSg and Amaala’s CEO John Pagano, Ethmar’s Vice-Chairman Faris Ahmed Hamdan Al Balwi, and Mr. Ibrahim Mohamed Alsubeaei, Chairman of the Board of Trustees at Ghoroos. The MoU sets out the intention to develop a blueprint to advance agriculture in The Red Sea destination area, underpinning RSG’s commitment to developing socioeconomic opportunities in the local community.
Ethmar and Ghoroos will support The Red Sea destination's social development objectives in numerous ways, including studying and implementing agricultural development opportunities in the project area, and helping to strengthen community service and volunteer work initiatives. By enhancing its social development and investment efforts, RSG will be in a stronger position to revitalize the local area and support the local community.
“At Ethmar, we pride ourselves on empowering partners with social leadership solutions that address societal issues. This collaboration with RSG enables us to establish innovative ways to support the local farmers,”
said Mr Al Balwi.
“At Red Sea Global, we are committed to finding solutions and enabling social investment initiatives to achieve a meaningful social impact. Through this MoU, all parties are combining their efforts to optimize entrepreneurial and social development strategies and enhance the livelihood of local communities.”
Raed Albasseet, Head of Corporate Environment and Sustainability at RSG.
“We’re looking forward to the collaboration between Ghoroos and RSG and are looking forward to seeing the benefit this will have on the communities in the area particularly when it comes to upskilling their agricultural knowledge and practices. Our long history in supporting social efforts in the region has enabled us to create a large network of experts, investors, and sponsors who we will utilise,”
said Mr. Ibrahim Mohamed Alsubeaei.
In return, RSG will provide environmental and marketing expertise to support the delivery of new development solutions, align social development projects to ensure mutual benefits, and work in collaboration with new partners secured by Ethmar and Ghoroos.
The Red Sea has already passed significant milestones and work is on track to welcome the first guests by the end of 2022. Phase one, which includes 16 hotels in total, will complete in 2023.
Upon completion in 2030, The Red Sea will comprise 50 resorts, offering up to 8,000 hotel rooms and more than 1,000 residential properties across 22 islands and six inland sites. The destination will also include an international airport, luxury marinas, golf courses, entertainment, and leisure facilities.
About Red Sea Global
Red Sea Global (RSG - www.redseaglobal.com) is a closed joint-stock company wholly owned by the Public Investment Fund (PIF) ofSaudi Arabia.
RSG is a global multi-project developer, seeking to lead the world towards a more sustainable future, showing how responsible and regenerative development can uplift communities, drive economies, and enhance the environment. The protection of natural capital is central to all development decisions, as the organization seeks to create abetter future for all.
A cornerstone of Saudi Arabia’s Vision 2030 ambition to diversify its economy, RSG is playing a key role in transforming the nation, by creating exciting opportunities for young Saudi talent and the private sector, as it develops built assets and destinations across multiple sectors that make a positive impact for people and planet.
RSG is the visionary company behind some of the world’s most ambitious development ventures, including luxury regenerative tourism destinations such as The Red Sea and AMAALA.
Across its portfolio, RSG leverages the most innovative concepts, strategies, and technologies to deliver projects that actively enhance the wellbeing of customers, communities, and environments.