DP World and Kenya-based GulfCap Africa have taken the next step in the development of the Mombasa Industrial Park, signing a Shareholders Agreement that formalises the joint venture behind the planned 222-hectare Special Economic Zone (SEZ).
The agreement, signed in Nairobi in the presence of His Excellency Dr. William Samoei Ruto, President of the Republic of Kenya, builds on the partnership announced by DP World and GulfCap Africa in early August and advances plans for the development.
The first phase of the SEZ will cover 40 hectares, with the full development designed to attract foreign direct investment, expand local manufacturing capacity and strengthen connections between Kenyan businesses and regional and international markets.
More than 60 local and international companies have already expressed interest in taking up space in the SEZ, while the development is expected to support more than 20,000 direct and indirect jobs upon completion.
The development is also expected to create opportunities for Kenyan suppliers and service providers, including small and medium-sized enterprises (SMEs) and support their integration of Kenyan companies into regional and global supply chains. Businesses operating within the park will be positioned to benefit Kenya’s access to key markets through the African Continental Free Trade Area (AfCFTA), its Economic Partnership Agreement with the European Union, and the Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates.
Speaking at the signing ceremony, His Excellency William Samoei Ruto, President of the Republic of Kenya said: “The partnership we are witnessing today between DP World and GulfCap Africa cements Kenya as an important hub for Direct Foreign Investment (DFI) not only in East Africa but in the whole of Africa. The partnership is expected to unlock the huge potential of the Special Economic Zone for the benefit of both the investors and the end users of the project facilities. The Government of Kenya will continue to create an enabling economic and policy environment to attract both local and foreign investors to invest in ventures and partnerships meant to uplift the living standards of the population.”
His Excellency Essa Kazim, Chairman of DP World, said: “Kenya is a market of strategic importance to DP World and this agreement reflects our confidence in its long-term growth. Our investment in the Mombasa Industrial Park is about creating the infrastructure that enables trade, attracts new industries and connects Kenyan businesses more efficiently with markets across Africa and the world. Together with GulfCap Africa, we are moving from ambition to delivery. The opportunity is not simply to build an industrial park, but to create a platform for investment, manufacturing and trade that can generate lasting economic value for Kenya and the wider region.”
Mohammed Akoojee, CEO and Managing Director, Africa, DP World, said: “This agreement marks an important step in the development of the Mombasa Industrial Park and reinforces our long-term commitment to Kenya. By bringing industrial capacity and logistics infrastructure closer together, we can help businesses access markets more efficiently while creating a platform to attract new investment and manufacturing to the country. Our focus is on moving the development forward and building an ecosystem that supports businesses in Kenya while strengthening Mombasa’s role as a trade gateway.”
Suleiman Shahbal, Chairman Gulf Group, said: “Our partnership with DP World represents a new chapter for industrial development in Mombasa. The Mombasa Industrial Park is designed to create an environment where infrastructure, logistics and investment can come together to support business growth. Upon completion, the social- economic impact of the park will be huge. The multiplier effect of the project is expected to lead to the creation of over 20,000 jobs directly and indirectly, positively impacting on the livelihood of thousands of Kenyans. So far, over 60 local and international companies have expressed interest to take up space in the SEZ.”