Global Performance Audit Unit (GPA Unit), the strategy and performance audit division of The KPI Institute, is proud to announce that the Public Investment Fund (PIF) has successfully achieved the highest level of accreditation: Level 5: Optimized. This follows a comprehensive assessment of PIF’s strategy and performance management system.

“This prestigious recognition highlights PIF’s commitment to excellence in the field of strategy, performance measurement, and performance improvement, complementing and reinforcing PIF mission to support investment opportunities and drive economic transformation in Saudi Arabia. GPA Unit and The KPI Institute remain committed to unlocking organizational potential and empowering entities through rigorous research, expert insights, and innovative capabilities,” said Adrian Brudan, GM of GPA Unit and VP of The KPI Institute.

The accreditation acknowledges PIF’s exceptional performance in:

• Strategy Planning: Demonstrating a robust and coherent strategic framework that aligns organizational goals with operational execution.
• Performance Measurement: Implementing precise and comprehensive Key Performance Indicators that drive informed decision-making and accountability.
• Performance Improvement: Continuously enhancing processes and practices to achieve superior outcomes and foster a culture of excellence.

GPA Unit conducted the assessments using a comprehensive methodology based on its PMS Maturity Model framework. It involved detailed analysis on over 300 items that reflect industry best practices, designed to gauge the complexity of organizational capabilities in the strategy and performance management field.

PIF is a global investment powerhouse and the world’s most impactful investor, enabling the creation of new sectors and opportunities that will drive the economic development, diversification and transformation of Saudi Arabia and shape the future for the global economy. Actively investing over the long term to maximize sustainable returns, PIF has been the investment partner of choice for global opportunities. PIF’s stability has been recognized by international credit ratings agencies: PIF is rated A1 by Moody’s with a positive outlook and A+ by Fitch with a stable outlook.

PIF’s partnership with GPA Unit is part of PIF’s work in exploring new ways and new perspectives to allow it to carry out its mandate better. GPA Unit’s work assists PIF to allow analysis of where PIF can grow in its performance management practices.

The accomplishment is a testament to PIF’s promising strategy and robust performance management system, as well as the well-established practices that drive PIF’s success and its position as one of the largest and most impactful sovereign wealth funds. The acknowledgment complements and reinforces the recent recognition of PIF as the single most valuable brand among the world’s sovereign wealth funds.

The achievement was formally recognized during an award ceremony that took place in Riyadh on June 6, 2024. The event was hosted by Saad Alkroud, PIF Chief of Staff and General Secretary of the Board of Directors.

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About PIF

PIF is the investment engine driving economic transformation for Saudi Arabia and the world. With an ambitious program to deliver Vision 2030, PIF invests in projects, companies and partners to diversify the Saudi economy, stimulate growth in every major sector, and create new opportunities for investment and employment.

And as a global investor and catalyst of change, PIF actively partners with the most pioneering organizations across the world to accelerate their growth, and transfer the technology and knowledge needed to build industry ecosystems of the future.

Since 2017, PIF has established 94 companies and injects at least SAR 150 billion into the local economy each year. Through strategic investments and partnerships across the Saudi public and private sector, PIF is driving the transition to a more sustainable economy, and laying the foundations for local and international partners to invest in the economic and societal transformation of Saudi Arabia. 

For more information, visit the website at www.pif.gov.sa

About The KPI Institute and the GPA Unit

The KPI Institute (TKI) is a worldwide leader in performance management and KPIs training and certification. It operates research programs in 12 practice domains, disseminates industry insights through publications and knowledge platforms, and provides support in deploying those insights through training and advisory services.

The Global Performance Audit Unit (GPA Unit) is the strategy and performance audit division of The KPI Institute. Its purpose is to provide integrated strategy and performance assessment solutions through rigorous research, education and analysis.

Based on over 20 years of experience and a combination of academic and practitioner research in the field of strategy and performance, GPA Unit has developed a unique set of frameworks for assessing the maturity level of organizational performance management systems.

The concept and services of the GPA Unit are available worldwide, as it is supported by a dedicated online platform and a global network of collaborators, www.gpaunit.org

Contact details

For more information, please contact:

Adrian Brudan: General Manager EMEA, TKI

[email protected] | Contact Number: +40 721 233 084

Riyadh, 28 Nov, 2023: Red Sea Global (RSG), the multi-project developer behind the world’s most ambitious regenerative tourism destinations, The Red Sea and Amaala, has become the first company worldwide to receive the highest level (Optimized) of recognition for their Integrated Performance Excellence practices from the prestigious The KPI Institute

The certification assesses the company’s Strategy & Performance Management Architecture design and implementation. RSG was awarded the maximum accreditation, Level 5, While the average maturity level in the GCC region is a commendable three out of five. The KPI Institute’s report noted RSG’s innovation of the Balanced Scorecard methodology. The developer added sustainability as a fifth perspective, underpinning the importance of ESG and regenerative tourism for the company.

“From day one, our goal was to set new standards in everything that we do. We are proud to have achieved the highest possible level in this certification, reflecting our comprehensive approach to planning and performance, which is not merely about adhering to established norms but about redefining and innovating them,” said John Pagano, Group CEO at Red Sea Global.

The KPI Institute, through its strategy & performance audit division, the Global Performance Audit Unit (GPA Unit), provides a holistic assessment covering five critical dimensions: Strategic Planning, Performance Measurement, Performance Management, Performance Culture, and Employee Performance Management.

Adrian Brudan, General Manager EMEA of The KPI Institute and GPA unit said: “Red Sea Global has dedicated itself to the development and enhancement of its strategy and performance management practices, aligning them with its strategic intent and industry best practices while adding sustainability as a key and core capability in order to achieve performance excellence. This commitment reflects the company’s visionary leadership, dedicated workforce, and state-of-the-art performance management architecture. With this achievement, Red Sea Global sets a new benchmark for excellence within its industry and beyond.”

Last month, The Red Sea welcomed its first guests. Two of its hotels are open for bookings and the Red Sea International Airport has been receiving a regular schedule of flights since September. Upon full completion in 2030, the destination 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 luxury marinas, golf courses, entertainment, F&B, and leisure facilities.

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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) of Saudi Arabia.

RSG is a global multi-project developer, seeking to lead the world towards a more sustainable future, showing how responsible and 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 a better 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, Amaala and Thuwal Private Retreat. It has also been entrusted with refurbishment works at Al Wajh Airport, focused on upgrading the existing terminal and infrastructure, and building a new international terminal.

Across its portfolio, RSG leverages the most innovative concepts, strategies, and technologies to deliver projects.

Contact details

For more information, please contact:

Jack Williams: Associate Public Relations Director

[email protected]

About The KPI Institute & GPA Unit

The KPI Institute (TKI) is a worldwide leader in performance management and KPIs training and certification. It operates research programs in 12 practice domains, disseminates industry insights through publications and knowledge platforms, and provides support in deploying those insights through training and advisory services.

The Global Performance Audit Unit (GPA Unit) is the strategy and performance audit division of The KPI Institute. Its purpose is to provide integrated strategy and performance assessment solutions through rigorous research, education and analysis.

Based on over 15 years of experience and a combination of academic and practitioner research in the field of strategy and performance, we have developed a unique set of frameworks for assessing the maturity level of organizational performance management systems.

The concept and services of the GPA Unit are available worldwide, as it is supported by a dedicated online platform and a global network of collaborators, www.gpaunit.org.

Contact details

For more information, please contact:

Adrian Brudan: General Manager EMEA, TKI

[email protected] | Contact Number: +40 721 233 084