Saudi Real Estate Company (Al-Akaria), backed by Saudi Arabia’s Public Investment Fund (PIF), has appointed its subsidiary firm, Tamear, as the main contractor for its Porta Jeddah project. 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 other associated infrastructure. It is located within the Al-Nahda district of Jeddah. London-headquartered architectural firm Chapman Taylor is the project architect. Jeddah-based Burouj Engineering Consultant is the project consultant.  Al-Akaria was preparing to award the contract to build its Porta Jeddah project. In its 2024 financial statement released on 19 March, Al-Akaria said it was preparing to award contracts for projects including the Porta Jeddah mixed-use development in Jeddah and the Al-Narjis office project in Riyadh. In March last year,  Al-Akaria had issued the main contract tender inviting firms to bid. Prior to that, in June 2023, Al-Akaria signed an agreement with US-based hotel operator Hilton to operate and manage the Canopy by Hilton hotel within the Porta Jeddah development. The property will have 183 keys and will include 55 serviced apartments, several retail outlets, meeting spaces and leisure and sports facilities. GlobalData expects the Saudi construction industry to record an annual average growth rate of 5.2% in 2025-28, supported by investments in transport, electricity, housing and tourism infrastructure projects, as well as the $850bn-plus gigaprojects programme. The commercial construction sector is estimated to grow by 3.9% in real terms in 2024 and register an annual average growth of 3.6% in 2025-28, supported by the government’s plan to boost tourism, coupled with the construction of hotels, stadiums and data centres. (ICE RIYADH)

Fonte notizia: Meed