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Saudi Real Estate Company (Al-Akaria), backed by Saudi Arabia’s Public Investment Fund (PIF), has appointed Riyadh-based Mobco Civil Construction as the main contractor for its Porta Jeddah project.

According to a notice published on the Saudi Stock Exchange (Tadawul), the contract is valued at SR463m ($123m).

The mixed-use development will have a built-up area of about 123,000 square metres. The project includes the construction of a four-star hotel, an office building, two retail and food-and-beverage buildings, a leisure and cinema building, open areas and associated infrastructure.

The development is located in Jeddah’s Al-Nahda district.

London-headquartered Chapman Taylor is the project architect, and Jeddah-based Burouj Engineering Consultant is the project consultant.

In March 2024, MEED exclusively reported that Al-Akaria had issued the main contract tender, inviting firms to bid.

Earlier, in June 2023, Al-Akaria signed an agreement with US-based Hilton to operate and manage the Canopy by Hilton hotel within the Porta Jeddah development. The property will have 183 keys, including 55 serviced apartments, as well as retail outlets, meeting spaces, and leisure and sports facilities.

GlobalData expects the Saudi construction industry to record an average annual growth rate of 5.2% in 2025-28, supported by investments in transport, electricity, housing and tourism infrastructure, as well as the $850bn-plus gigaprojects programme.

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