DP World and Kenya-based GulfCap Africa have signed a Shareholders Agreement formalising the joint venture behind the planned 222-hectare Mombasa Industrial Park Special Economic Zone, advancing the development from announcement to formal structure.
The agreement was signed in Nairobi in the presence of Kenyan President William Samoei Ruto, building on the partnership announced in early August.
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 within the zone, and the development is expected to support more than 20,000 direct and indirect jobs upon completion.
The park will also create opportunities for Kenyan SMEs and support their integration into regional and global supply chains, with businesses positioned to benefit from Kenya’s market access through the African Continental Free Trade Area, the EU Economic Partnership Agreement and the UAE Comprehensive Economic Partnership Agreement.
President Ruto described the agreement as an important step toward Kenya’s future economy, committing government support through the infrastructure required to lower the cost of production and enhance the competitiveness of goods made in Kenya in regional and global markets.
Essa Kazim, DP World Group Chairman, framed the investment as creating infrastructure that enables trade, attracts new industries and connects Kenyan businesses more efficiently with markets across Africa and the world, describing the opportunity as building a platform for investment, manufacturing and trade that generates lasting economic value.
Mohammed Akoojee, DP World CEO and Managing Director for Africa, emphasised the focus on moving the development forward and building an ecosystem that strengthens Mombasa’s role as a trade gateway.
Suleiman Shahbal, Founder of GulfCap Africa, described the partnership as opening a new chapter for industrial development in Mombasa.
