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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)
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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.

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Mandatory Insurance for Board Members of Saudi Financial Institutions Against Failures

Employees at the Saudi Investment Bank. (Saudi Investment Bank)
Employees at the Saudi Investment Bank. (Saudi Investment Bank)
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Mandatory Insurance for Board Members of Saudi Financial Institutions Against Failures

Employees at the Saudi Investment Bank. (Saudi Investment Bank)
Employees at the Saudi Investment Bank. (Saudi Investment Bank)

Asharq Al-Awsat learned that the Saudi Central Bank (SAMA) is taking steps to require financial institutions that are listed on the Saudi stock markets—both the main market (TASI) and the parallel market (Nomu)—to provide insurance coverage for their board members against professional errors and failures.

The measure aims to protect board members from potential liabilities while also safeguarding shareholder interests. The move aligns with SAMA’s supervisory and regulatory role in maintaining the stability and growth of the financial sector.

According to information obtained by Asharq Al-Awsat, this insurance offers financial protection, but does not exempt board members from their legal responsibilities or any penalties resulting from regulatory violations.

Directors and Officers (D&O) liability insurance provides coverage for executives, board members, or the company itself against fines, lawsuits, or compensation claims that may arise from their decisions. This applies in cases such as regulatory non-compliance, the issuance of misleading statements, or the dissemination of incorrect information.

Under D&O liability insurance, professional failures include errors, negligence, and the dissemination of inaccurate information due to lapses in professional duties. Financial claims covered under this insurance may include legal costs, fines, and lawsuit settlements.

Last year, the Capital Market Authority (CMA) issued a final ruling against 14 individuals, including board members and employees of Raydan Food Company (formerly Raydan Kitchens & Restaurants), for violating Article 49(a) and Article 50(a) of the Capital Market Law, as well as Article 6(a) of the Market Conduct Regulations. They were ordered to pay over SAR 77 million ($20.56 million) in avoided losses and fined SAR 50.6 million ($13.4 million).

The ruling implicated the chairman, vice chairman, managing director, and six other board members—including the head of the audit committee and two committee members—under Article 49(a) of the Capital Market Law. Additionally, the chairman, vice chairman, managing director, two other board members, and others were found guilty under Article 50(a) of the law, along with Article 6(a) of the Market Conduct Regulations.