Saudi Real Estate Company (Al Akaria), has signed contracts worth SAR479.1 million ($126 million) with Mounes Mohamed Alshayeb and Partners for Civil Construction (Mobco) and Saudi Arabian Parsons to carry out the structural and project management work for the first package of its Porta Jeddah mixed-use development.

Located in Jeddah’s Al Nahdah district on King Abdulaziz Road, the Porta Jeddah project covers a 47,971-sq-m area, with a gross floor area of 132,918 sq m.

On completion, it will boast an internationally-branded hotel and serviced apartments in addition to Grade A offices, retail space, restaurants and cafes, as well as leisure facilities and public areas.

Under the first contract worth SAR463.1 million, Mobco will carry out the first package of its Porta Jeddah mixed-use development, stated Al Akaria in its filing to Saudi bourse Tadawul.

The contract, which runs for two years and three months, will cover structural works across the project.

The other contract worth SAR16 million will see Parsons provide project and construction management services for the development.

Porta Jeddah is Al Akaria’s first development in Jeddah and forms part of its plans to expand geographically within Saudi Arabia, it added.