Riyadh, KSA, 15 September 2026
Saudi Real Estate Company (“Al Akaria”) announced the signing of a contract with Mounes Mohamed Alshayeb and Partners for Civil Construction (“MOBCO”) to deliver Package One of the mixed-use Porta Jeddah project in Jeddah, valued at SAR 463,132,910, excluding VAT. Al Akaria also signed a project management contract with Saudi Arabian Parsons Limited (“Parsons”), valued at SAR 15,883,000.
The project is strategically located in Al Nahdah District on King Abdulaziz Road in Jeddah, spanning a land area of 47,971 square meters and a total gross floor area of 132,918 square meters. It brings together an internationally branded hotel and serviced apartments, Grade A office space, and a retail promenade featuring shops, restaurants and cafés, alongside leisure facilities and public spaces.
The signing ceremony was held at Al Akaria’s headquarters in Riyadh. Mr. Abdulmuhsin Albakr, Chief Real Estate Development Officer at Al Akaria, signed the Package One contract with Dr. Mohammed Mounes El Shayeb, Deputy Managing Director at MOBCO. Albakr also signed the project management contract with Richard De La Mare, VP of growth and strategy at Parsons.
The MOBCO contract covers the structural works for all project components, including the hotel, the external façades, the electromechanical works for all project components excluding the hotel’s interior finishing works and electromechanical works, and the public and landscaped areas. The contract has a duration of two years and three months.
Under the contract, Parsons will provide project management and construction management (PMC) services for the entire project, in addition to reviewing the hotel design, supporting project oversight and coordination among the parties involved in its delivery.
Mr. Abdullah S. Abudawood, Chief Executive Officer of Saudi Real Estate Company, said: “Signing these contracts marks an important step in our efforts to restore momentum across the Company’s projects, accelerate their execution, and advance them towards completion in line with clear delivery schedules”.
He continued: “Porta Jeddah is among our priority projects and represents Al Akaria’s first development in Jeddah, as part of the Company’s plans for geographic expansion and the development of distinctive projects across the Kingdom”.
He added: “Through our collaboration with MOBCO and Parsons, we look forward to advancing the project and ensuring its efficient, high-quality delivery, thereby strengthening its value and role as an integrated destination in Jeddah”.
Dr. Mohammed Mounes El Shayeb, Deputy Managing Director at MOBCO, said: “We are proud to sign this contract with Al Akaria to deliver Package One of Porta Jeddah. We look forward to applying our experience and execution capabilities to complete the works in accordance with the technical requirements, quality and safety standards, and the agreed contractual duration”.
Pierre Santoni, President, Infrastructure EMEA at Parsons, said: “We value our collaboration with Al Akaria on Porta Jeddah and look forward to applying Parsons’ experience in project management, design review, and construction management to support the project’s progress and objectives”.
Porta Jeddah is a mixed-use project being developed by Al Akaria in Jeddah. It brings together hospitality, business, retail, dining, and entertainment offerings, to create an integrated destination for the city’s residents and visitors. Al Akaria previously announced the award of the Package One contract for Porta Jeddah to MOBCO on May 12, 2026.
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