President William Ruto on Saturday, June 3, received a major boost after Qatari investors earmarked three multi-billion projects for funding.
In a statement following a State House meeting, Trade Cabinet Secretary Moses Kuria revealed that the Arkan Investment Group pledged investments into proposed projects including Kileleshwa City and the Nairobi Pesa City Financial District.
The CS also indicated that the investors agreed to pump money into the development of Downtown Nairobi, a project under the Ksh30 billion Railway City project.
The delegation from Qatar was led by their group chairman Mohamed Bin Tawar whose net worth is estimated to surpass Ksh100 billion.
Also present at the meeting was the Ambassador of the State of Qatar to Kenya Jaber Bin Ali Al Dosari.
The investors also recognised Ruto's efforts in addressing the challenge of affordable housing, further pledging investment in that sector but failed to disclose the exact amount they will pump in.
Ruto's government eyes building 200,000 housing units per year.
"Pleased to have joined Ruto in a meeting with the Arkan Investment Group from Qatar led by their chairman Mohamed Bin Tawar at State House Kenya.
"The Arkan Investment Group has committed to invest in the proposed Kileleshwa City, the Nairobi Pesa City Financial District, the affordable housing, as well as the Downtown Nairobi at the Railway City," read the statement in part.
Notably, the deal came after several engagements between Kuria and Bin Tawar - who is also behind the Bin Twar & Partners Group. The company has investments in real estate, engineering and energy.
The duo met on March 5 and held talks on a potential economic partnership between Kenya and Qatar.
Bin Twar also doubles up as the Vice Chairman of the Qatar Chamber of Commerce.