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IHC H1 net profit $2.94 billion

The company posted 31% increase in revenue.

ADNOC Gas signs LNG deal

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The H1 revenue stood at $2.72 billion.

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TRSDC of Saudi Arabia partners with an Austrian biotech firm to produce seafood

  • "The initiative is in response to “growing consumer demand for sustainable protein”
  • BPE will specifically provide the Land-based Automated Recirculating Aquaculture (LARA) system, which mimics a natural aquatic ecosystem

The Red Sea Development Company (TRSDC) of Saudi Arabia has partnered with an Austrian biotechnology firm, Blue Planet Ecosystems (BPE), to produce seafood, and to conduct algae production in a desert environment.

The initiative 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.