A novel lab-scale tubular closed photobioreactor was developed and used for the assessment of the photosynthetic activity of an alkaliphilic microalgae mixed consortium under non-substrate limitation (i.e., bicarbonate excess), controlled irradiance, and mixing conditions. Two prominent haloalkaliphilic strains were identified as members of the consortium: Halospirulina sp. and Picochlorum sp. The photobioreactor (vol = 0.5 L) consists of two interconnected U-shaped borosilicate glass tubes (internal diameter 2 cm) reaching a surface/volume ratio of 200 m2 m−3. This configuration specifically addressed the issue of the homogeneous light distribution among the microalgae suspended cells cultured by using fixed equidistant cool white light LEDs nearby the surface of the glass tubes. A soft homogeneous pneumatic mixing (i.e., airlift) was implemented in the culture fostering Reynolds numbers around 3000. The photosynthetic activity of the microalgae consortium was evaluated during different short-term kinetic assays by fitting the dynamics of the dissolved oxygen concentration to an oxygenic kinetic model. The photobioreactor operated in a closed loop allowed to control the produced oxygen by the extraction of the cumulated gas in the headspace. The use of this novel photobioreactor allowed the photosynthetic activity of microalgae suspended cells to be assessed, where the dissolved oxygen concentration and irradiance were the main parameters affecting the oxygenic rates under alkaline pH.