| Element List | Explanation |
|---|---|
| Introduction | Referring to the announcement made by Saudi Real Estate Company (“Al Akaria” or “the Company”) regarding the award of the contract for the implementation of Porta Jeddah mixed-use project in Jeddah (Package One) with Mounes Mohamed Alshayeb for Civil Construction (“MOBCO”) at a value of SAR 463,132,910, excluding VAT, on 12 May 2026. The Company would like to announce that it has signed, on 15 September 2026, a contract for the implementation of Porta Jeddah mixed-use project in Jeddah (Package One) with Mounes Mohamed Alshayeb for Civil Construction (“MOBCO”) at a value of SAR 463,132,910, excluding VAT. |
| Date of Announcement of the Award | 2026-05-12 Corresponding to 1447-11-25 |
| Contract Subject Matter | Execution of Package One works, which include: - Structural works for all project components, including the hotel - External façades - Electromechanical works for all project components, excluding the hotel - Public areas with landscaped areas The value of Package One works amounts to SAR 463,132,910, excluding VAT |
| The Entity with Which the Contract was Signed | Mounes Mohamed Alshayeb for Civil Construction (“MOBCO”) |
| Date of Signing the Contract | 2026-09-15 Corresponding to 1448-04-04 |
| Contract Value | SAR 463,132,910, excluding VAT |
| Contract Details | Execution of Package One works, which include: - Structural works for all project components, including the hotel - External façades - Electromechanical works for all project components, excluding the hotel - Public areas with landscaped areas The value of Package One works amounts to SAR 463,132,910, excluding VAT |
| Contract Duration | 820 calendar days |
| Financial Impact and the Relevant Period | The financial impact is expected to be reflected in the financial statements starting from the fourth quarter of 2026. |
| Related Parties | No related parties |
| Additional Information | Porta Jeddah is located in Al Nahdah District on King Abdulaziz Road in Jeddah, on a land area of 47,971 square metres, with a total gross floor area of approximately 133,000 square metres. The project comprises a hotel, hotel suites, office space, a retail promenade featuring shops, restaurants and cafés, as well as leisure facilities and public spaces. The project is the Company’s first distinctive development in Jeddah, forming part of its plans for geographic expansion and strengthening its presence across the Kingdom through the development of distinctive projects. |
