Saudi Arabia’s Mabani Aljazeera Holding Group has taken its first equity position in Kenyan real estate, acquiring a 50% minus one share stake in Jabali Towers, the flagship mixed-use development at Tatu City Special Economic Zone north of Nairobi. The deal, announced by Tatu City developer Rendeavour on 3 July 2026, was executed through Mabani’s Kenyan subsidiary, Swan Properties, and comes days after Tatu City appointed China Road and Bridge Corporation as main contractor for the 88,000 square-metre twin-tower project.
A First Gulf Bet on Kenyan Real Estate
Mabani Aljazeera describes itself as a leading private Saudi construction and investment company. Its entry into Jabali Towers via Swan Properties leaves Rendeavour, Tatu City’s owner and developer, as majority shareholder in the project company, with the Saudi group holding just under half the equity. Kenyan outlets have reported the stake at approximately 49%, consistent with the “50% minus one share” language used in the official announcement.
Rendeavour founder and CEO Stephen Jennings framed the investment as validation of the company’s track record in African urban development, while Trade Cabinet Secretary Lee Kinyanjui said the transaction signals to Gulf investors that Kenya remains a preferred destination for capital on the continent. The signing was also attended by InvestKenya CEO John Mwendwa and Mabani Group chairman Abdullah AlMalki.
Inside Jabali Towers
Jabali Towers comprises twin residential towers of 25 and 36 storeys at the centre of Tatu City SEZ in Kiambu County, roughly 30 kilometres north of Nairobi. The development includes 35 restaurants and retail outlets open to the public, alongside studio, one-, two- and three-bedroom apartments. Rendeavour says the first tower is already more than 80% sold, with entry prices from KES 10.2 million (about USD 78,200). Construction is now in the hands of China Road and Bridge Corporation, appointed as main contractor in the days before the Saudi investment was announced.
| Detail | Figure |
|---|---|
| Saudi investor | Mabani Aljazeera Holding Group (via Swan Properties) |
| Stake acquired | 50% minus one share (~49%) of Jabali Towers project company |
| Majority shareholder | Rendeavour (Tatu City developer) |
| Project footprint | 88,000 m², twin towers (25 & 36 storeys) |
| Entry price | From KES 10.2 million (≈USD 78,200) — developer pricing |
| Main contractor | China Road and Bridge Corporation |
| Location | Tatu City SEZ, Kiambu County (~30km from Nairobi) |
| Kenya construction sector growth (2025) | 6.8% (rebound from -0.7% in 2024) — KNBS |
Part of a Wider Construction Rebound
The deal lands against a backdrop of recovering construction activity in Kenya. The Kenya National Bureau of Statistics’ 2026 Economic Survey confirmed the construction sector expanded by 6.8% in 2025, rebounding from a 0.7% contraction the previous year, with cement consumption also climbing. Overall GDP growth eased slightly to 4.6% in 2025 from 4.7% in 2024, meaning construction was one of the few standout performers in an otherwise mixed macro picture.
Rendeavour has previously stated that Tatu City attracts more than half of all foreign direct investment into Kenya in a given year — a company claim rather than an independently audited figure, but one consistent with the scale of capital the SEZ has drawn to date. Tatu City says it has attracted development valued at more than USD 3.5 billion since its 2010 founding, hosts over 110 businesses and schools serving more than 6,000 students, and has more than 3,500 homes completed or under construction.
A Saudi construction and investment group taking a near-half stake in one of East Africa’s largest SEZ developments is a meaningful signal for Gulf-Africa capital flows, and it reinforces Tatu City’s positioning as Kenya’s leading private mixed-use zone. But investors should read the structure carefully: Rendeavour retains majority control, so this is a capital and construction-expertise partnership rather than a change of ownership. Off-plan pricing (from KES 10.2 million) and “80% sold” claims are developer estimates — not guaranteed — and should be verified against payment plan structures, escrow protections and delivery timelines before committing. China Road and Bridge Corporation’s appointment as contractor only days before the equity deal also means construction execution risk on Jabali Towers is still largely untested at this stage.
- Tatu City / Rendeavour, official announcement via PR Newswire/CNW, 3 July 2026
- The Kenya Times, “Saudi Arabia Firm Acquires Major Stake in Tatu City’s Jabali Towers”
- Kenyans.co.ke, “Saudi Investors Buy 49% Stake in Tatu City’s Jabali Towers”
- Kenya National Bureau of Statistics, 2026 Economic Survey
Research assisted by AI. All sources verified by the editorial team. © 2026 propertynews.africa
