By Eddah Waithaka
Kenyan officials hail the equity injection as a major vote of confidence in the country’s investment climate and economic prospects.
Saudi Arabia’s Mabani Aljazeera Holding Group has acquired a significant stake in Jabali Towers, the flagship mixed-use development at Tatu City Special Economic Zone (SEZ), marking the construction giant’s first investment in Kenya.
The equity investment, channeled through Mabani’s subsidiary Swan Properties, secures the firm a 50% minus one share stake in the development company. Rendeavour, Tatu City’s owner and developer, retains majority control of the project .
Major Endorsement for Kenya’s Investment Climate
Government officials and business leaders framed the deal as a transformative moment for East African real estate and a powerful signal to international investors.
” This investment sends a strong signal to investors in Saudi Arabia and beyond that Kenya is indeed a destination of choice for investment on the African continent,” said Hon. Lee Kinyanjui, Cabinet Secretary for Investment, Trade and Industry, speaking at the signing ceremony. “It demonstrates that solutions to our housing challenges can be developed locally through strategic partnerships and innovation” .
A Vertical Solution for Urban Growth
The investment comes as Kenya pushes for high-density housing to preserve agricultural land from urban sprawl. Cabinet Secretary Kinyanjui specifically lauded the project’s vertical design: “Agricultural land is being consumed rapidly by residential constructions, particularly in Kiambu. The more we go vertical, the more we shall have land available for agriculture” .
Jabali Towers features 25- and 36-storey residential towers rising over the SEZ. The first tower reports over 80% sold, offering studio to three-bedroom apartments starting from KES 10.2 million (USD 78,200) . The development includes 35 restaurants and shops open to the public alongside exclusive resident amenities.
Earlier this week, Tatu City appointed China Road and Bridge Corporation as the main contractor for the 88,000-square-metre development .
Strategic Partnership Unlocks New Capital
” A combination of our skills, construction materials and capital will make Jabali Towers the preeminent real estate development in Africa,” said Abdullah AlMalki, Chairman of Mabani Group . Saudi Export Import Bank officials lauded the joint venture as supporting Saudi efforts to expand exports and corporate competitiveness in global markets .
Stephen Jennings, Founder and CEO of Rendeavour, said the investment reflects over two decades of delivering on promises in Africa. “Every year, Tatu City attracts more than half of all foreign direct investment in Kenya. We are engaging with numerous Saudi investors ready to invest in Kenya and are delighted that Swan Properties is the pioneer” .
Jabali Towers integrates with over 15 years of infrastructure investment at Tatu City, including 24-hour potable water, 99.7% power uptime, fibre internet, and over 70 kilometres of international-standard roads .
