Al Akaria signs MOBCO for Package One of Porta Jeddah mixed-use project
Saudi Real Estate Company (Al Akaria) signed a SAR 463,132,910 contract, excluding VAT, with MOBCO on 15 September 2026 for Package One of the Porta Jeddah mixed-use project in Jeddah, running 820 calendar days.
Event / data period: 2026-09-15
Published: · Updated:
Saudi Real Estate Company (Al Akaria) announced on 15 September 2026 that it signed the contract for Package One of the Porta Jeddah mixed-use project with Mounes Mohamed Alshayeb for Civil Construction (MOBCO). The value is SAR 463,132,910, excluding VAT, the same figure at which the company had announced the award on 12 May 2026.
Package One covers structural works for all project components, including the hotel, external façades, electromechanical works for all components except the hotel, and public areas with landscaped areas. The contract lasts 820 calendar days. Porta Jeddah is in Al Nahdah District on King Abdulaziz Road, on 47,971 square metres of land, with a total gross floor area of approximately 133,000 square metres. It comprises a hotel, hotel suites, offices, a retail promenade with shops, restaurants and cafés, and leisure facilities and public spaces.
Al Akaria said the financial impact is expected to appear in its financial statements from the fourth quarter of 2026 and that no related parties are involved. It described Porta Jeddah as its first distinctive development in Jeddah.
Data
Contract and site figures
Contract value, duration and site figures stated in Al Akaria’s Saudi Exchange announcement of 15 September 2026.
- Package One contract value, excluding VAT
- 463,132,910 SAR
- 2026-09-15 · Observed
- Contract duration
- 820 calendar days
- 2026-09-15 · Observed
- Project land area
- 47,971 square metres
- 2026-09-15 · Observed
- Total gross floor area
- ≈133,000 square metres
- 2026-09-15 · Target
Methodology
The value is the amount the company stated for Package One only, excluding VAT; the same value was announced at award on 12 May 2026. Duration is in calendar days. Land area and gross floor area describe the whole Porta Jeddah project, not Package One alone, and the floor area is approximate.
Updated:
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