Red Sea Development Company Produces Sustainable Seafood from Sunlight

The signing ceremony of MoU between the Red Sea Development Company and Blue Planet Ecosystems (TRSDC)
The signing ceremony of MoU between the Red Sea Development Company and Blue Planet Ecosystems (TRSDC)
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Red Sea Development Company Produces Sustainable Seafood from Sunlight

The signing ceremony of MoU between the Red Sea Development Company and Blue Planet Ecosystems (TRSDC)
The signing ceremony of MoU between the Red Sea Development Company and Blue Planet Ecosystems (TRSDC)

The Red Sea Development Company (TRSDC) announced a solution proposed to produce sustainable seafood and algae in a desert environment.

TRSDC strives to explore innovative technology solutions in response to growing consumer demand for sustainable protein during their travel experiences and support regenerative ambitions.

CEO Joe Pagano indicated that this project would set a new global standard in sustainable, multitrophic desert aquaculture where the company can turn sunlight into seafood.

“The [LARA] system has a minimal environmental footprint and will aid in carbon sequestration for our flagship destination as well as future projects on the Red Sea coast in alignment with the company’s aspiration to achieve 100 percent carbon neutrality,” added Pagano.

The project is done in collaboration with Blue Planet Ecosystems (BPE).

The Land-based Automated Recirculating Aquaculture (LARA) system works by replicating natural aquatic ecosystems in a modular and automated system.

LARA converts CO2 directly into chemical-free seafood using phyto and zooplankton as transitional stages. It is constructed of a tower of three horizontal units.

Pagano explained that the top unit uses the sun’s energy to grow microalgae which powers the entire system. The microalgae are then moved to the subsequent division down, where it nourishes zooplankton. The zooplankton is then transported to the bottom unit, where fish eat it.



SAMA Licenses 'Nama United Financing' Company to Provide Finance Activity

SAMA Licenses 'Nama United Financing' Company to Provide Finance Activity
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SAMA Licenses 'Nama United Financing' Company to Provide Finance Activity

SAMA Licenses 'Nama United Financing' Company to Provide Finance Activity

The Saudi Central Bank (SAMA) licensed "Nama United Financing" company to provide real-estate finance, production assets finance, small and medium enterprise finance, finance lease, and consumer finance.

According to SPA, this addition brings the number of finance companies licensed and permitted by SAMA to 64 companies.
This decision reflects SAMA's endeavour to support the Finance sector, increase the efficiency of financial transactions, and promote innovative financial solutions for financial inclusion in Saudi Arabia.
SAMA emphasizes the importance of dealing exclusively with authorized financial institutions. To view licensed and permitted financial institutions, visit SAMA's official website.