Saudi construction and investment firm Mabani Aljazeera Holding Group has made its first investment in Kenya after agreeing to acquire a 50%-less-one-share stake in Jabali Towers, a landmark mixed-use development within Tatu City’s Special Economic Zone, underscoring Saudi Arabia’s growing appetite for African real estate as Gulf investors expand beyond energy and infrastructure.
The investment will be made through Mabani’s subsidiary, Swan Properties, while Africa-focused new city developer Rendeavour will retain majority ownership of the project. Financial details of the transaction were not disclosed.
The agreement comes as Saudi Arabia accelerates overseas investments under its Vision 2030 economic diversification strategy, with African markets increasingly attracting Gulf capital seeking long-term opportunities in urban development, logistics, mining, renewable energy and industrial infrastructure.
Located in Kiambu County, about 20 kilometres north of Nairobi, Jabali Towers will consist of two residential towers rising 25 and 36 storeys, spanning approximately 88,000 square metres.
The development will feature studio, one-bedroom, two-bedroom and three-bedroom apartments priced from 10.2 million Kenyan shillings ($78,200).
