President William Ruto has successfully negotiated significant agreements with globally recognized billionaires and multinational corporations to establish operations in Kenya since assuming office on September 13, 2022.
From billionaires and philanthropists such as Microsoft Founder Bill Gates to TikTok CEO Shou Zi Chew, the Head of State has brought in multi-million investments to create employment and opportunities for Kenyans.
Here is a list of billionaires and companies that have chosen Kenya after brokering a deal with Ruto.
Bill Gates
During a meeting with Ruto at State House on November 16, 2022, the American Billionaire announced that the Bill & Melinda Gates Foundation will set up its headquarters in Nairobi.
As per the philanthropist, the organisation - which is yet to set up a base in Nairobi - will use Kenya to coordinate its regional activities with key interests in healthcare, agriculture and ICT.
Notably, the billionaire also held a virtual meeting with Ruto on August 22 to strategise and analyse their November 2022 meeting after the Cabinet authorised the Bill & Melinda Gates Foundation to operate in Kenya.
Forbes estimates Bill Gates' net worth at Ksh16.8 trillion (USD 116.5 billion). The billionaire co-chairs the foundation with his ex-wife Melinda, whose net worth is Ksh1.4 trillion (USD 10.3 billion).
Shou Zi Chew
The Singaporean businessman is the CEO of the popular social media platform TikTok.
During a meeting with Ruto on August 24, the entrepreneur agreed to set up an office in Kenya as the platform seeks to expand its operations in the continent.
The deal was arrived at after Ruto convened a meeting with the CEO to discuss moderation of explicit content produced by Kenyan content creators.
Chew's net worth is estimated at Ksh405 billion (USD 2.8 billion).
While Chew is the CEO, the platform is owned by ByteDance, a company founded by billionaire Zhang Yiming. Forbes estimates Yiming's net worth at Ksh65 trillion (USD 45 billion)
Companies
Apart from billionaires, various multinational companies have also expressed interest in relocating to Kenya after striking a deal with Ruto.
J.P. Morgan
In February this year, JP Morgan, a leading global financial institution and America's largest bank relocated to Kenya after its officials met Ruto at the State House.
The financial institution offers various services, including investment banking, commercial banking, asset management and financial transaction processing.
JP Morgan operates in 100 countries, among them Nigeria, Egypt, and South Africa, with over 250,000 employees across the globe with assets worth over 200 trillion worldwide.
The US-based company is currently run by James Dimon, estimated to be worth Ksh246 billion (USD 1.7 billion) by Forbes.
Plan International
After Cabinet's approval in February this year, humanitarian-based and non-profit organisation Plan International will relocate its headquarters from the United Kingdom to Kenya.
"Plan International is an internationally acclaimed not-for-profit humanitarian and development organization that advances children’s rights and equality for girls," the Cabinet dispatch read in part.
"Established in 1937, Plan International has an active presence in 75 countries across the world," the dispatch adds.
Per their institution's financial records, the organisation had an income of Ksh172 billion in 2022 (EURO 1.7 billion) in child sponsorship income, grants and gifts.
American companies Symbion Power and Del Monte are developing a geothermal plant in the Rift Valley and investing Ksh773 million ($5.5 million) in a new state-of-the-art fresh fruit packing facility respectively.
Govt also allowed Kentegra to oversee the production of organic pyrethrum insecticide and build a new pyrethrum plant in Nakuru. Sanergy, an investment and innovative company was authorised to expand the collection of farm and organic waste.
US Ambassador Meg Whitman is among the notable leaders who have praised the government for creating a conducive environment for foreign companies to thrive. Whitman stated that she believes Ruto's policies are capable of rebooting Kenya's economy.
In March 2023, the government reversed the equity participation clause in the National Information, Communications, and Technology (ICT) Policy that mandated companies with at least 30 per cent substantive Kenyan ownership to be licensed to provide ICT services in the nation.
