Saudi-based investment and construction firm Mabani Aljazeera Holding Group, has entered the Kenyan real estate market through a deal to acquire a 50%-less-one-share stake in Jabali Towers, a mixed-use development within the Tatu City special economic zone outside Nairobi.

The investment, executed through Mabani’s subsidiary Swan Properties, marks the company’s first property deal in Kenya and expands its footprint in Africa’s growing real estate sector.

Jabali Towers sits in Kiambu County and forms part of Tatu City’s broader master-planned development. The project spans about 88,000 square meters and includes two residential towers of 25 and 36 floors. Units range from studios to three-bedroom apartments, with starting prices of about Ksh 10.2 million ($78,900). According to a statement from Tatu City on Friday, the first tower is more than 80% sold.

Construction Push and Infrastructure Backbone

Earlier this week, Tatu City named China Road and Bridge Corp., the Chinese state-owned contractor behind Nairobi’s expressway, as the main builder for Jabali Towers.

The development is supported by Tatu City’s existing infrastructure network, which includes round-the-clock water supply, near-continuous electricity availability, more than 70 kilometers of paved roads, and over 100 kilometers of pedestrian and cycling paths.

“Jabali Towers will become the flagship real estate project in Africa,” said Abdullah AlMalki, chairman of Mabani Aljazeera Holding Group, in a statement announcing the deal.

The Saudi Export-Import Bank welcomed the investment, describing it as part of broader efforts to expand Saudi corporate activity abroad.

Expanding Gulf interest in Kenyan property

The deal adds momentum to Tatu City’s expansion, which is being developed by Rendeavour. The developer says the zone now hosts more than 110 companies, schools serving over 6,000 students, and about 3,500 mixed-income homes that are either complete or under construction.

Tatu City also attracts an estimated 35,000 visitors daily, with its residential population growing at more than 40% annually, according to the company.

Independent valuers estimated Rendeavour’s African property portfolio at roughly $3 billion at the end of 2024.

The Jabali Towers investment is the first Kenyan project backed by Mabani, and Rendeavour has indicated it sees the partnership as a potential entry point for additional Gulf capital into future phases of development.

Government presence and project timelines

Rendeavour retains majority control of the Jabali Towers project, as Swan Properties’ stake remains just under 50%.

The agreement reflects more than a decade of infrastructure investment in Tatu City, where several planned facilities are still under development. The Tatu Nature Reserve is expected to open in late 2026, while Wellington College International Kenya is scheduled to begin admitting students in 2028.

The signing ceremony was attended by senior Kenyan and Saudi officials, including John Mwendwa, chief executive of the Kenya Investment Authority; Lee Kinyanjui, Cabinet Secretary for Investments, Trade and Industry; Abdullah AlMalki; and Stephen Jennings, founder and chief executive of Rendeavour.

Jennings sees Saudi participation growth

Stephen Jennings, Founder and CEO of Rendeavour, who has spent two decades building Rendeavour into a five-country African portfolio, said the transaction builds on the company’s track record of delivering large-scale projects and signaled potential for further Saudi participation in its pipeline.

Rendeavour also recently became the African Continental Free Trade Area Secretariat’s first private-sector partner, according to the organization.

Separately, Tapir Holdings Ltd disclosed its exposure to Rendeavour via a 10.04% stake in its holding structure, offering indirect investor access through London’s AIM market. The value of Mabani’s stake was not disclosed.

Mabani Aljazeera Holding Group expands diversified portfolio

Mabani Aljazeera Holding Group, headquartered in Taif, Saudi Arabia, began in 1997 as a building materials distributor. It has since expanded into a diversified investment company with interests in housing, renewable energy, manufacturing, agriculture and technology-related ventures.