President William Ruto has signed a Ksh12 billion agreement between GulfCap Group and global logistics giant DP World, paving the way for the establishment of a major Special Economic Zone in Jomvu, Mombasa.
The agreement represents an investment of more than US$100 million and marks a major milestone in plans to establish a large-scale industrial hub on the Coast.
GulfCap Group is chaired by businessman Suleiman Shahbal, who also serves as a Member of the East African Legislative Assembly (EALA).
The agreement was signed at State House, Nairobi, on September 8, with the project expected to support industrial development and investment in the Coast region.
“This project will help transform Kenya from an agricultural economy into a production and export-oriented economy. We must move away from exporting raw and minimally processed commodities,” Ruto said.
The planned 535-acre development in Jomvu will accommodate businesses in manufacturing, logistics, exports and other industries.
Around 67 companies are expected to establish operations at the SEZ, positioning it as a major industrial and commercial hub on the Coast.
But what is the history of the company? Below are the details.
History Behind DP World
DP World is a Dubai-headquartered global logistics and supply chain company with operations spanning 84 countries and every continent.
Its business includes ports and terminals, logistics facilities, free zones and economic zones, supported by sea, road, air and digital connectivity.
The company traces its origins to 1972, when it began as a local port operator in Dubai before expanding into an international logistics business.
Today, its network includes more than 60 ports and terminals, connecting major trade routes and markets around the world.
DP World also has extensive experience in developing special economic zones. A notable example is the Jebel Ali Free Zone (Jafza) in Dubai, which was established in 1979 alongside Jebel Ali Port.
Jafza began with 19 companies and was created to attract investment, promote non-oil economic activity and strengthen Dubai’s position as a global trading centre.
Leadership
DP World is led by Essa Kazim, who serves as Chairman of the Board of Directors, while Yuvraj Narayan is the Group Chief Executive Officer.
The company’s board also includes senior figures serving as independent non-executive directors, including Deepak Parekh, Sultan bin Saeed Al Mansoori, Mohamed Saif Al Suwaidi, Robert Woods, Phumzile Langeni, Sir Tim Clark and Vijay Malhotra.
Narayan oversees the company’s global operations as Group CEO, while Kazim leads the Board of Directors.
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Where It Operates
In Africa, its operations extend across Angola, Algeria, Egypt, Mozambique, Rwanda, Senegal, Somaliland, Tanzania and South Africa, alongside its base in the United Arab Emirates and operations in India and Pakistan.
The company also operates across Australia, China, Indonesia, Malaysia, New Zealand, the Philippines, Singapore, South Korea, Thailand and Vietnam in the Asia Pacific region.
Its European footprint includes Austria, Belgium, Cyprus, Czechia, France, Germany, Hungary, Italy, the Netherlands, Poland, Portugal, Romania, Serbia, Sweden, Türkiye, Ukraine and the United Kingdom.
In Latin America, DP World operates in Argentina, Brazil, Chile, Colombia, the Dominican Republic, Mexico, Panama, Peru, and Suriname.
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Financial Performance
DP World reported revenue of $12.7 billion in the first half of 2026, a 13.1 per cent increase from the same period in 2025.
The growth was supported by its Logistics and Marine Services businesses as well as international ports and terminals. These gains helped offset lower activity at Jebel Ali in the UAE, where vessel traffic was affected by disruption to trade flows in the Middle East.
Outside Jebel Ali, container volumes grew 6.5 per cent on a like for like basis, with the company recording growth across Africa, Asia Pacific, Europe and the Americas. Adjusted EBITDA also increased by 9.7 per cent.
DP World invested $1.5 billion across its global operations during the first half of 2026 and expects to invest about $3 billion throughout the year. The planned investment will support new capacity and trade infrastructure in markets including the UAE, United Kingdom, India, Saudi Arabia and the Democratic Republic of Congo.
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President William Ruto and DP World officials after signing the agreement between GulfCap Group and global logistics giant DP World in State House on September 8, 2026 PHOTO/PCS
