A Saudi Arabian construction and investment company has acquired a significant stake in the Jabali Towers development at Tatu City Special Economic Zone (SEZ), in a move expected to boost foreign direct investment into Kenya’s real estate sector.
Mabani Aljazeera Holding Group, through its subsidiary Swan Properties, signed an agreement to invest in the mixed-use development, with the deal giving the Saudi firm a 50 per cent stake minus one share in the project company. Rendeavour, the developer of Tatu City, will retain majority ownership.
The investment was announced during a signing ceremony attended by Investment, Trade and Industry Cabinet Secretary Lee Kinyanjui, who described the deal as a vote of confidence in Kenya’s investment climate.
“This investment sends a strong signal to investors in Saudi Arabia and beyond that Kenya is a destination of choice for investment on the African continent,” Mr Kinyanjui said. He added that strategic partnerships would play a key role in addressing the country’s housing needs while creating jobs and supporting economic growth.
The investment comes days after Tatu City appointed China Road and Bridge Corporation as the main contractor for the Jabali Towers project, an 88,000-square-metre development comprising two residential towers rising 25 and 36 storeys.
According to the developers, the first tower is more than 80 per cent sold.
Mabani Group Chairman Abdullah AlMalki said the partnership would combine the firm’s construction expertise, capital and building materials to deliver what he described as a landmark development.
The joint venture also received backing from the Saudi Export-Import Bank, which supports Saudi companies seeking opportunities in international markets.
Rendeavour founder and chief executive Stephen Jennings said the investment reflected growing interest from Saudi investors in Kenya, adding that the company was engaging other investors from the Gulf region.
Jabali Towers will offer studio, one-, two- and three-bedroom apartments, with prices starting at Sh10.2 million. The development will also include retail outlets, restaurants and shared amenities for residents.
The project is being built within Tatu City Special Economic Zone, which has attracted manufacturers, educational institutions and residential developments over the past decade. The mixed-use city currently hosts more than 110 businesses, over 7,000 residents and thousands of daily workers and students.
Developers say the city continues to expand, supported by investments in roads, water, electricity and fibre-optic infrastructure as it seeks to position itself as one of Kenya’s largest privately developed urban centres.
