NAIROBI, Kenya, July 7 – Saudi Arabia’s Mabani Aljazeera Holding Group has acquired a minority stake in the Jabali Towers mixed-use development at Tatu City, marking one of the latest foreign investments in Kenya’s real estate sector.
The investment will be made through Mabani’s subsidiary, Swan Properties, which will acquire a 50 percent minus one share stake in the project, while Tatu City’s developer, Rendeavour, will retain majority ownership.
The transaction was announced during a signing ceremony attended by Investments, Trade and Industry Cabinet Secretary Lee Kinyanjui, InvestKenya Chief Executive John Mwendwa, Mabani Group Chairman Abdullah AlMalki and Rendeavour Founder and Chief Executive Stephen Jennings.
Kinyanjui said the investment signals growing confidence in Kenya as an investment destination and is expected to strengthen ties with investors from Saudi Arabia.
Jabali Towers comprises two 25- and 36-storey mixed-use towers within Tatu City Special Economic Zone, incorporating residential apartments, retail outlets and commercial space.
The developer said the first tower is more than 80 percent sold.
The announcement comes days after Tatu City appointed China Road and Bridge Corporation as the main contractor for the 88,000-square-metre development.
Mabani Group said the investment combines its construction expertise, building materials business and capital to support the development of the project.
Rendeavour said the partnership reflects increasing interest from Saudi investors in Kenya, adding that Tatu City continues to attract significant foreign direct investment.
Apartments at Jabali Towers range from studio to three-bedroom units, with prices starting from Sh10.2 million.
Tatu City, Kenya’s first operational mixed-use Special Economic Zone, hosts more than 110 businesses, thousands of residents and schools, with ongoing developments valued at over $3.5 billion.
