Al Akaria signs SAR 463.1M contract with MOBCO for Porta Jeddah project

Saudi Real Estate Co. (Al Akaria) signed a SAR 463.13 million contract, excluding VAT, today, Sept. 15, with Mounes Mohamed Alshayeb Civil Construction Co. (MOBCO) to execute the first package of the Porta Jeddah project in Jeddah.

In a Tadawul statement, the company said the contract runs for 820 calendar days and covers the first package, consisting of structural works for all project components, including hotel, external façades, electromechanical works for all components except the hotel, and public plazas and landscaping.

Porta Jeddah is located in the Al-Nahdah district in Jeddah, on a 47,970-square-meter (sqm) plot with a total built-up area of about 133,000 sqm, including a hotel and hotel suites, office space, a retail promenade with shops, restaurants and cafes, as well as entertainment facilities and public spaces.

The company said the project is its first flagship development in Jeddah and part of its expansion strategy to strengthen its presence across the Kingdom through high-quality projects.

The financial impact will appear in the company’s financial statements starting from Q4 2026, the statement said.