Saudi Arabia’s Mabani Aljazeera Holding Group has acquired a 50 percent minus one share stake in Tatu City’s flagship Jabali Towers development. The investment is being made through the group’s subsidiary, Swan Properties.
The equity investment marks a major milestone for East Africa and represents a significant vote of confidence by a major Saudi investor in Kenya’s real estate sector. Jabali Towers is an 88,000-square-metre mixed-use development located within the Tatu City Special Economic Zone in Kiambu County.
The project comprises two residential towers rising 25 and 36 storeys, alongside retail, dining and lifestyle amenities. The first tower is already more than 80 percent 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. Swan Properties will own the 50 percent minus one share stake.
Tatu City has appointed China Road and Bridge Corporation as the main contractor for the development. The joint venture has also received backing from the Saudi Export-Import Bank.
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 a destination of choice for investment on the African continent.
Mabani Aljazeera Holding Group Chairman Abdullah AlMalki said the partnership combines the strengths of both companies to deliver a landmark development in Africa.
Rendeavour Founder and Chief Executive Officer Stephen Jennings described the investment as another vote of confidence in Kenya’s investment climate.
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