Kenya’s property sector has received another boost after Saudi Arabia’s Mabani Aljazeera Holding Group announced a major investment in the Jabali Towers development at Tatu City, underlining the country’s growing appeal to international investors looking for opportunities in East Africa.
The Saudi construction and investment company will invest in its subsidiary, Swan Properties, which will acquire a 50 per cent minus one share stake in the company developing Jabali Towers.
The remaining majority stake will continue to be held by Rendeavour, the developer behind Tatu City. The deal brings together one of Saudi Arabia’s established construction firms with one of Africa’s largest new city developers, creating a partnership expected to accelerate the ambitious mixed-use project.
The agreement was signed in the presence of 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. Kenyan officials described the investment as another sign that the country continues to attract global investors despite increasing competition from other African markets.
Speaking during the signing ceremony, Kinyanjui said the investment demonstrates growing confidence in Kenya’s economy and investment climate. He noted that partnerships such as this strengthen economic ties between Kenya and Saudi Arabia while creating opportunities for jobs, infrastructure development and long-term capital inflows. His remarks come as Kenya continues to position itself as a regional business hub through Special Economic Zones designed to attract manufacturers, technology firms and property investors.
Jabali Towers
At the heart of the investment is Jabali Towers, one of the largest mixed-use developments currently under construction in the country. The project features two towers rising 25 and 36 floors respectively and combines residential apartments, office space, restaurants, shops and other lifestyle facilities within Tatu City Special Economic Zone. According to the developer, the first tower has already sold more than 80 per cent of its units even before construction is completed, an indication of strong demand from both homeowners and investors.
The investment also comes only days after China Road and Bridge Corporation was appointed as the main contractor for the 88,000 square metre project. The appointment of one of the world’s largest engineering firms is expected to speed up construction and add further confidence among buyers who have already committed to purchasing apartments.
Mabani Group Chairman Abdullah AlMalki said the company was pleased to become part of what it considers one of Africa’s landmark real estate developments. He said Mabani will contribute not only capital but also its experience in construction and building materials, adding that the partnership is intended to help make Jabali Towers one of the continent’s leading real estate projects.
Rendeavour Founder and Chief Executive Stephen Jennings said the investment reflects confidence built through the company’s two decades of developing large-scale urban projects across Africa. He added that Tatu City continues to attract substantial foreign direct investment every year and revealed that discussions are ongoing with other Saudi investors interested in opportunities in Kenya.
Apartments at Jabali Towers range from studio units to three-bedroom homes, with prices starting from Sh10.2 million. The development is targeting professionals, families and investors looking for modern homes within a master planned community that offers workplaces, schools, retail centres and recreational facilities within walking distance. Residents will also have access to more than 35 shops and restaurants, extensive green spaces, walking and cycling trails, and reliable infrastructure, including round-the-clock water supply, stable electricity and high-speed fibre internet.
Tatu City has grown rapidly over the past decade into Kenya’s first fully operational mixed-use Special Economic Zone. The development now hosts more than 110 businesses, thousands of residents and several schools, while ongoing investments across the city are valued at more than $3.5 billion. As international investors continue to inject capital into projects such as Jabali Towers, Kenya’s real estate sector is increasingly positioning itself as one of the region’s most attractive destinations for long-term investment.
Leave a comment