Kenya’s ambitious affordable housing programme has received a significant boost from Saudi investment institutions, with two major development banks committing to support the government’s housing agenda through strategic financing partnerships.
The Saudi Export-Import Bank became the latest Saudi institution to join Kenya’s housing initiative when CEO Eng. Saad Al-Khalb signed a Memorandum of Understanding with Shelter Afrique Managing Director Thierno-Habib Hann in Nairobi this August.
The agreement aims to establish a comprehensive framework for the bank’s participation in Kenya’s Affordable Housing Finance scheme.
This partnership follows a similar commitment by the Arab Bank for Economic Development in Africa (BADEA), whose President Abdullah KH AlMusaibeeh had earlier signed an Affordable Housing Financing agreement to support the Government of Kenya’s housing objectives.
“These partnerships are critical towards opening up employment opportunities for Kenyans,” said Kenya’s outgoing Ambassador to Saudi Arabia Mohamed Ruwange, noting that the Saudi delegations “also committed to mobilize a larger delegation from the Saudi Export Development Authority to identify areas of cooperation and synergy on a Business-to-Business level”.
The convergence of Saudi investment support comes as Kenya seeks to deliver 250,000 affordable housing units annually, requiring substantial financial partnerships with international development institutions.
The Saudi institutions’ involvement provides both the necessary capital and expertise to accelerate programme implementation.
During the official visits to Kenya, the Saudi delegation engaged in broader discussions with government and private-sector institutions to explore enhanced financial cooperation and opportunities for Saudi non-oil exports in African markets, positioning Kenya as a strategic gateway.
