Riyadh - Mubasher: Saudi Real Estate Company (Al Akaria) inked a contract valued at SAR 463.13 million with Mounes Mohammed Al Shayeb Civil Works Company (MOBCO) to execute the first package of the Porta Jeddah project.

The signing follows the initial award of the contract previously announced on 12 May 2026.

The scope of work for this package includes the structural framework for all project components, including a hotel, as well as external facades and electromechanical works for all elements except the hotel.

The contract also covers the development of public squares and landscaped areas. The project is situated on a 47,971 square meter site in Jeddah’s Al Nahda district, with a total built-up area of approximately 133,000 square meters.

The agreement has a duration of 820 calendar days. Al Akaria stated that the financial impact of the contract is expected to appear on its financial statements starting from the fourth quarter (Q4) of 2026.

The Porta Jeddah development represents the company's first qualitative project in Jeddah, featuring hotel suites, office spaces, and a commercial walkway.

In the first half (H1) of 2026, Al Akaria logged net profit of SAR 579 million, an annual leap of 152.18% from SAR 229.60 million.