Mabani Aljazeera Holding Group, a leading private Saudi Arabian construction and investment company, has announced plans to invest in Jabali Towers located at the heart of Tatu City Special Economic Zone (SEZ) in Kenya.
A premier mixed-use project, Jabali Towers boast two towers (a 25- and a 36-storey tower) offering a mix off studios, one- to three-bedroom apartments starting from KES10.2 million ($78,200), providing homeowners and investors with an opportunity to own a residence in Kenya's leading mixed-use SEZ.
Mabani Aljazeera said the project is receiving an overwhelming response from investors with the first tower already more than 80% sold.
Earlier this week, Tatu City appointed China Road and Bridge Corporation as the main contractor for the 88,000/sq m development.
The Saudi group said the equity investment is being made through its subsidiary, Swan Properties, thus marking a major milestone for East Africa, representing a significant vote of confidence by a major Saudi investor and highlighting Tatu City SEZ's record attraction of foreign direct investment to Kenya.
Jabali Towers is supported by more than 15 years of infrastructure investment in Tatu City, including 24-hour potable water, 99.7% power uptime, high-speed fibre internet connectivity and more than 70km of international-standard roads, providing the infrastructure expected of a modern global city, it stated.
The premium skyscraper includes exclusive amenities for residents and 35 restaurants and shops open to the public.
"Mabani Aljazeera Holding Group and Swan Properties are delighted to invest in the landmark Jabali Towers development at Tatu City," remarked Abdullah AlMalki, Chairman of Mabani Group. "A combination of our skills, construction materials and capital will make Jabali Towers the preeminent real estate development in Africa."
Swan Properties will receive 50% minus one share for its investment in the Jabali Towers development company, with Rendeavour, Tatu City's owner and developer, as the majority shareholder, it added.
