Tatu City has secured a major equity investment from Saudi Arabia’s Mabani Aljazeera Holding Group for Jabali Towers, its premier mixed-use development located within the Tatu City Special Economic Zone.
The investment, made through Mabani’s subsidiary Swan Properties, marks a significant milestone for Tatu City and reinforces its position as one of Kenya’s leading destinations for foreign direct investment.
Speaking during the signing ceremony, Investment, Trade and Industry Cabinet Secretary Lee Kinyanjui said the investment sends a strong signal that Kenya remains a destination of choice for investors seeking opportunities on the African continent.
He at the same time noted that the Government is encouraging investment in High-rise buildings in counties like Kiambu where real estate is rapidly replacing agricultural land.
Kinyanjui noted that this is the only way to save land meant for agriculture in Kiambu and other regions.
“Agricultural land is being consumed rapidly by residential constructions particularly in Kiambu. So the more we go vertical, the more we shall have land available for agriculture. This development will help us address long-term food security challenges,” the CS stated.
Kinyanjui also commended Tatu City management for creating an enabling environment for investors and residents, and assured them of government support in security matters.
At the same time, the CS challenged Kenyans in the Diaspora to take advantage of the prevailing investment opportunities and plough their earnings back home to help develop the country.
He pointed out that about 800,000 Kenyans work abroad and continue to wire money back home and urged then to expand their contribution by investing in productive sectors such as housing, manufacturing and agribusiness.
Observing that Kenya’s I proving investment climate presents and ideal opportunity for wealth creation, the CS said that the government has aligned laws and policies to support investment through Special Economic Zones and introduced incentives aimed at attracting both local and international investors.
“Kenyans living and working abroad now have a chance to channel their incomes back home and the government continues to create favourable environment for both local and foreign investors,” Kinyanjui emphasized.
The CS also noted that the removal of Visa requirements for travellers from across Africa has further enhanced the country’s position as a regional investment destination.
“The stability of the Kenyan shilling over the past two years, even during periods of global economic uncertainty, coupled with visa free travel from across Africa demonstrates the country’s resilience and makes it one of the most attractive destinations for investment in the region,” he added.
The CS further noted that demand for housing continues to put space supply, with the construction sector contributing about 10 percent of the country’s Gross Domestic Product.
Additionally, Kinyanjui noted that almost half of home purchases in Nairobi are made by foreigners, reflecting growing investor confidence in the country’s real estate market.
Kenya Investment Authority Chief Executive Officer John Mwendwa said that the government will continue working with relevant agencies to facilitate approvals for strategic investments.
Mwendwa added that Kenya remains committed to providing a predictable and investor-friendly business environment.
The project, comprising two 27 and 33-twin storey apartment towers at Tatu City, is expected to create about 700 jobs during construction.
According to the developers, nearly 80 percent of the units have already been sold even though the construction is yet to begin, underscoring the strong demand for quality housing and growing confidence among investors from Kenya and Abroad.
