President William Ruto will on Tuesday officiate the signing of a Sh12 billion agreement between GulfCap Group and global logistics giant DP World, paving the way for a major Special Economic Zone in Jomvu, Mombasa.
GulfCap Group is chaired by businessman Suleiman Shahbal, who is also an MP at the East African Legislative Assembly (EALA).
The agreement, which represents an investment of more than US$100 million, will be signed at State House, Nairobi, today, marking a major milestone in efforts to establish a large-scale industrial hub at the Coast.
The project is expected to create 7,972 direct jobs, with additional employment and business opportunities expected to emerge around the development.
For Shahbal, the signing marks the latest step in a vision he has pursued for more than two decades to establish a major industrial and investment hub in Mombasa.
“This is a first-of-its-kind project. It’s something that I have chased over the past 15 years, and finally, today, we have achieved it. I am delighted because of the impact this project will have on Mombasa’s economy,” said Shahbal in an interview.
The proposed SEZ, which will occupy about 535 acres in Jomvu, is expected to attract companies involved in manufacturing, logistics, exports and other sectors.
The project has already attracted significant interest, with 67 companies reported to have confirmed their participation.
But beyond the size of the investment, it is the prospect of jobs that has caught the attention of residents in Jomvu, where the development will be located.
Residents interviewed ahead of Tuesday’s signing welcomed the project, saying the expected employment opportunities could provide a much-needed boost to the local community, particularly young people.
“We welcome this project because jobs are one of the biggest challenges facing young people here. We hope local residents will be given a fair opportunity to benefit when the companies start operating,” Juma Nyagwa, a Jomvu resident, said.
Another resident, Abubakar Mambo, said the benefits could extend beyond those directly employed by companies operating within the SEZ, with increased economic activity expected to create opportunities for local businesses and service providers.
“When such a big investment comes to an area, it should benefit more than just the companies involved. Traders, transport operators, food vendors and other small businesses should also get opportunities,” Mambo said.
The projected employment opportunities come at a time when job creation remains one of the key concerns among young people in the Coast region.
Anita Mwananja, another Jomvu resident, said residents would be keen to see the project deliver tangible benefits to the community.
“We have heard about the jobs and investment that this project will bring. What residents want now is to see those promises become reality. Young people from Jomvu should not be left behind when the project starts,” Mwananja said.
For Jomvu residents, the significance of Tuesday’s signing will therefore extend beyond the State House ceremony and the value of the agreement.
They will be watching to see how quickly the investment translates into jobs, businesses and opportunities for the community hosting the project.
For Shahbal, the signing will represent the formalisation of a long-standing ambition, while for Mombasa, it could signal a significant step towards strengthening the Coast’s role as an industrial and logistics hub.
With the President presiding over the signing, Tuesday’s event is expected to mark the beginning of a new phase for the project and the wider industrialisation agenda at the Coast.
