Saudi Arabia’s TRSDC teams up with Austrian biotech for sustainable food production

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Updated 04 October 2021
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Saudi Arabia’s TRSDC teams up with Austrian biotech for sustainable food production

DUBAI: The Red Sea Development Company (TRSDC) is partnering with a biotechnology firm for sustainable food production, as the developer continues to promote “regenerative tourism” through the new Saudi giga project. 

Austrian company Blue Planet Ecosystems (BPE) will provide TRSDC with a solution to produce seafood sustainably, and to conduct algae production in a desert environment.

The move is in response to “growing consumer demand for sustainable protein,” the Red Sea company chief John Pagano said.

“Our partnership with Blue Planet Ecosystems means working together to set a new global standard in sustainable, multitrophic desert aquaculture where we can literally turn sunlight into seafood,” he added. 

BPE will specifically provide the Land-based Automated Recirculating Aquaculture (LARA) system, which mimics a natural aquatic ecosystem.

“The LARA system has a minimal environmental footprint and will not only help feed our guests and residents sustainably but will aid in carbon sequestration for our flagship destination as well as future projects on the Red Sea coast,” Pagano said. 

The first phase of the project will be implemented as a pilot to assess whether conditions at the Red Rea project are suitable for the solution to work effectively. 


Closing Bell: Saudi main index closes in red at 10,847

Updated 13 sec ago
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Closing Bell: Saudi main index closes in red at 10,847

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 58.51 points, or 0.54 percent, to close at 10,847.93.

The total trading turnover of the benchmark index was SR3.78 billion ($1 billion), as 73 of the listed stocks advanced, while 187 retreated.

The MSCI Tadawul Index decreased, down 7.09 points or 0.48 percent, to close at 1,472.98.

The Kingdom’s parallel market Nomu lost 178.75 points, or 0.77 percent, to close at 22,916.83. This comes as 30 of the listed stocks advanced, while 37 retreated.

The best-performing stock was the Power and Water Utility Co. for Jubail and Yanbu, with its share price surging by 8.47 percent to SR31.24.

Other top performers included Saudi Paper Manufacturing Co., which saw its share price rise by 6.13 percent to SR53.70, and Jamjoom Pharmaceuticals Factory Co., which saw a 4.58 percent increase to SR137.

On the downside, the worst performer of the day was CHUBB Arabia Cooperative Insurance Co., whose share price fell by 5.14 percent to SR17.53.

Saudi Kayan Petrochemical Co. and Arabian Internet and Communications Services Co. also saw declines, with their shares dropping by 4.87 percent and 4.43 percent to SR4.88 and SR181.40, respectively.

On the announcement front, Saudi Kayan Petrochemical Co. announced its annual financial results for 2025, with sales dropping 3.06 percent year-on-year to SR8.45 billion. The company also recorded a net loss of SR893.86 million.

In a Tadawul statement, the company said the net loss and decline in annual sales were driven by a drop in average selling prices, despite higher sales volumes.