Saudi Arabia’s Mabani Aljazeera Holding Group has acquired a minority stake in the Jabali Towers mixed-use development at Tatu City, in the latest foreign investment into 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 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 Officer John Mwendwa, Mabani Group Chairman Abdullah AlMalki and Rendeavour Founder and Chief Executive Officer Stephen Jennings.
Kinyanjui said the investment reflects growing international confidence in Kenya as an investment destination and is expected to strengthen economic ties between Kenya and Saudi Arabia.
“This project demonstrates growing investor confidence in Kenya. It also confirms that solutions to our housing needs can be developed locally through the right partnerships, policy support and an enabling investment environment,” Kinyanjui said.
He added that Kenyans living abroad are increasingly investing in local projects that offer secure investments, long-term value and attractive returns.
Jabali Towers comprises two mixed-use towers of 25 and 36 storeys within the Tatu City Special Economic Zone. The development will include residential apartments, retail outlets and commercial office space.
According to the developer, more than 80 percent of the units in the first tower have already been sold.
The investment 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 partnership brings together its construction expertise, building materials business and investment capital to support the delivery of the project.
Rendeavour said the agreement highlights growing interest from Saudi investors in Kenya and underscores Tatu City’s continued ability to attract 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, is home to more than 110 businesses, schools and thousands of residents, with ongoing developments valued at more than $3.5 billion.
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