President William Ruto addresses guests during the signing of the agreement between GulfCap Group and DP World for the development of the Mombasa Special Economic Zone (SEZ) in Jomvu, Mombasa, during a ceremony at State House, Nairobi, on September 8 / PCS

President William Ruto on Tuesday witnessed the signing of a Sh12 billion agreement between GulfCap Group and global logistics company DP World for the development of a Special Economic Zone in Jomvu, Mombasa.

The agreement, signed at State House, Nairobi, represents an investment of more than US$100 million and is expected to create 7,972 direct jobs.

The proposed SEZ will occupy about 535 acres and is expected to attract companies involved in manufacturing, logistics, exports and other sectors. Sixty-seven companies have reportedly expressed interest in the development.

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The development is expected to create additional opportunities for traders, transport operators, food vendors and other businesses in Jomvu.

GulfCap Group chairman Suleiman Shahbal and a DP World Africa representative display the signed Sh12 billion Special Economic Zone agreement during the signing ceremony at State House, Nairobi, on September 8 / PCS
President William Ruto, Mining and Blue Economy CS Hassan Joho, Mombasa Governor Abdulswamad Shariff Nassir among other leaders follows proceedings during the signing of the agreement between GulfCap Group and DP World for the development of the Mombasa Special Economic Zone (SEZ) in Jomvu, Mombasa, at State House, Nairobi, on September 8 / PCS
President William Ruto witnesses the signing of the Sh12 billion Special Economic Zone agreement between GulfCap Group chairman Suleiman Shahbal and a DP World Africa representative at State House, Nairobi, on September 8 / PCS
President William Ruto, Mining and Blue Economy CS Hassan Joho, GulfCap Group chairman Suleiman Shahbal and a DP World Africa representative among other leaders follows proceedings during the signing of the agreement between GulfCap Group and DP World for the development of the Mombasa Special Economic Zone (SEZ) in Jomvu, Mombasa, at State House, Nairobi, on September 8 / PCS
GulfCap Group chairman Suleiman Shahbal and a DP World Africa representative sign the Sh12 billion Special Economic Zone agreement at State House, Nairobi, on September 8 / PCS