Saudi Arabia’s Mabani Aljazeera Holding Group has acquired a 50 per cent minus one share stake in Tatu City’s flagship Jabali Towers development.
This marks one of the latest major foreign direct investments (FDI) into Kenya’s real estate sector.
In a statement issued on Saturday July 4, Tatu City stated that the investment will be made through Mabani Aljazeera’s subsidiary, Swan Properties, in a deal that brings the Saudi construction and investment giant into one of Kenya’s largest mixed-use property developments.
“Mabani Aljazeera Holding Group, a leading private Saudi Arabian construction and investment company, will invest in Jabali Towers, the premier mixed-use development located at the heart of Tatu City Special Economic Zone (SEZ),” Tatu City said.
“The equity investment by Mabani – through its subsidiary, Swan Properties – marks a major milestone for East Africa, representing a significant vote of confidence by a major Saudi investor and highlighting Tatu City SEZ’s record attraction of foreign direct investment to Kenya.”
Saudi Arabia’s Mabani Aljazeera Acquires 50% Minus One Stake in Tatu City Jabali Towers
Jabali Towers is an 88,000-square-metre development located within the Tatu City Special Economic Zone (SEZ), comprising two residential towers rising 25 and 36 storeys, alongside retail, dining and lifestyle amenities.
According to the developers, the first tower is already more than 80 per cent sold, with apartments starting from Ksh10.2 million.
The transaction leaves Tatu City developer Rendeavour as the majority shareholder in the Jabali Towers development company, while Swan Properties will own a 50 per cent minus one share stake.
Speaking during the signing ceremony, Cabinet Secretary for Investment, Trade and Industry Lee Kinyanjui said the 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.
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He added that it is a remarkable project that reflects growing investor confidence in Kenya and demonstrates that solutions to our housing challenges can be developed locally through strategic partnerships and innovation.
“With the right policies and an enabling investment environment, Kenya will continue to attract quality investments that drive economic growth, create jobs and improve livelihoods,” said Kinyanjui.
Backers Confident Jabali Towers Will Transform Kenya’s Real Estate Sector
On his part, Mabani Aljazeera Holding Group Chairman Abdullah AlMalki said the partnership combines the strengths of both companies to deliver what he described as a landmark development.
“Mabani Aljazeera Holding Group and Swan Properties are delighted to invest in the landmark Jabali Towers development at Tatu City. A combination of our skills, construction materials and capital will make Jabali Towers the preeminent real estate development in Africa,” he said.
The project offers residents access to a range of amenities, including 35 restaurants and retail outlets that will also be open to the public.
Earlier this week, Tatu City appointed China Road and Bridge Corporation as the main contractor for the development, paving the way for construction of the twin towers.
The joint venture has also received backing from the Saudi Export-Import Bank, which said it supports initiatives to expand Saudi exports and enhance the competitiveness of Saudi businesses in international markets.
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Rendeavour Founder and Chief Executive Officer Stephen Jennings described the investment as another vote of confidence in Kenya’s investment climate.
“Mabani Aljazeera Holding Group and Swan Properties’ investment in Tatu City and Kenya is underpinned by Rendeavour’s 20-year track record of delivering on its 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,” he said.
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