Al Akaria and MOBCO Sign SAR 463 Million Contract for Porta Jeddah

Saudi Real Estate Company (Al Akaria) has signed a SAR 463.13 million (excluding VAT) construction contract with Mounes Mohamed Alshayeb for Civil Construction (MOBCO) for the execution of Package One of the Porta Jeddah mixed-use development in Jeddah. The contract was signed on September 15, 2026, following the award announced by Al Akaria on May 12, 2026. Under the contract, MOBCO will execute Package One works for the Porta Jeddah project, covering major structural, façade, electromechanical and external development works. The scope includes structural works for all project components, including the hotel, external façade works, and electromechanical works for all project components excluding the hotel. The package also includes the development of public areas and landscaped areas as part of the project’s overall mixed-use development. The contract has a total value of SAR 463,132,910, excluding VAT, with a duration of 820 calendar days. The financial impact of the contract is expected to be reflected in Al Akaria’s financial statements beginning in the fourth quarter of 2026. Located in Al Nahdah District on King Abdulaziz Road in Jeddah, Porta Jeddah is being developed on a land area of approximately 47,971 square metres, with a total gross floor area of around 133,000 square metres. The mixed-use development will comprise a hotel, hotel suites, office spaces, a retail promenade with shops, restaurants and cafés, leisure facilities, and public spaces. Porta Jeddah represents Al Akaria’s first distinctive development in Jeddah and forms part of the company’s strategy to expand its geographic presence across Saudi Arabia through the development of distinctive mixed-use projects. The project is expected to contribute to the continued development of Jeddah’s commercial, hospitality, retail and leisure sectors while supporting the city’s growing urban and real estate development activity.