Kenyan businessman Suleiman Shahbal has secured a Ksh12 billion ($93 million) investment agreement with global logistics leader DP World to develop a Special Economic Zone (SEZ) in Mombasa, marking one of Kenya’s biggest private-sector industrial projects in recent years.

The project is expected to generate 7,972 direct jobs, while 67 companies have already confirmed plans to establish operations within the zone.

The investment is designed to attract manufacturers, exporters, logistics providers, technology firms and industrial businesses, strengthening Mombasa’s position as one of East Africa’s leading trade and investment gateways.

The formal signing ceremony is scheduled for Sept. 8 at State House in Nairobi, where DP World Chairman and Suleiman Shahbal are expected to sign the agreement in the presence of President William Ruto, according to a source familiar with the plans.

Two decades of planning become reality

The agreement represents the realization of a vision Shahbal has championed for more than 20 years. He first made the Special Economic Zone a central pillar of his development agenda in 2010 and has since engaged investors, government agencies and private-sector partners to advance the initiative.

The SEZ will occupy 535 acres in Jomvu Sub-County, providing dedicated infrastructure for manufacturing, logistics, warehousing and export-oriented industries. The development is expected to accelerate industrial production, expand Kenya’s export capacity and attract new foreign direct investment.

Business leaders see economic transformation

According to Aboud Jamal, chairman of the Kenya National Chamber of Commerce and Industry (KNCCI) Mombasa Chapter, the investment could reshape the Coast region’s economy.

“We fully support investments of this magnitude because they have the potential to transform our local economy. The SEZ will not only attract more investors but also create thousands of jobs, stimulate trade and position Mombasa as a leading regional logistics and manufacturing hub,” Jamal said.

The project also supports Kenya’s industrialization strategy by promoting manufacturing, exports, employment and foreign investment through Special Economic Zones.

Suleiman Shahbal is a Kenyan businessman and politician who serves as chairman of GulfCap Group of Companies, whose portfolio includes Gulf Bank and Gulf Real Estate. In 2018, former President Uhuru Kenyatta appointed him chairman of the Kenya Trade Network Agency (KenTrade), a role he held for three years.

Shahbal has consistently advocated for establishing a Special Economic Zone in Mombasa, describing it as a critical catalyst for unlocking the county’s industrial, logistics and commercial potential.

DP World expands its African footprint

Headquartered in Dubai, DP World is one of the world’s largest logistics and supply chain operators. The company manages approximately 10 percent of global container traffic through an international network spanning six continents.

Its operations include more than 60 marine and inland terminals, led by the flagship Jebel Ali Port in Dubai. DP World also develops integrated industrial parks and free trade zones, including Jafza, supporting global manufacturing, trade and supply chain connectivity.

The Mombasa investment further strengthens DP World’s African expansion while positioning Kenya as a more competitive logistics, manufacturing and export hub for regional and international markets.