DP World formalises Mombasa industrial park joint venture

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 A