Meet Bilionaires Behind Top Nairobi Malls and Plazas

Eastleigh is home to more than 20 shopping malls and commercial plazas, making it one of Nairobi’s busiest business districts, with billions of shillings invested in property.

Despite the scale of development, however, publicly available information about the individuals and companies behind some of the area’s largest buildings remains limited.

One of the most prominent developments is BBS Mall, also known as Business Bay Square. The complex covers approximately 130,000 square metres, reportedly cost KSh 25 billion to develop and opened in 2023.

Reports have linked the project to Ten Commodities Wholesalers Ltd, with Abdiwali Mohamed Hassan and Maalim Weli identified as its founder or chairman. However, the company’s ownership structure and ultimate beneficial owners have not been independently verified.

Another major development is Comesa Mall, which houses approximately 300 stores. The property has been associated with businessman Ibrahim Noor Hillowly through Darasa Investments Ltd and has featured in a dispute involving the Kenya Revenue Authority (KRA).

Other prominent names in Eastleigh’s commercial property sector include Ahmed Abdullahi Yare, who has been linked to Yare Plaza, Yare Towers and Yare Business Park.

Business Daily has also reported links between Eastleigh Mall, Ambassador Mohamed Mohamud and his business partners. The property featured in a case in which the Assets Recovery Agency and KRA froze accounts and assets over allegations of tax evasion.

Meanwhile, court records have identified Abdi Mohamed Ali as the owner of Mega Shopping Mall in proceedings involving approximately KSh 296 million.

Joint ownership is another feature of the district’s property market. Hong Kong Shopping Mall and Bangkok Shopping Mall have reportedly been jointly owned, with disputes over management previously referred to mediation or taken to court.

Other developments include Madina Mall, developed through Al-Bushra Properties Ltd, and Amal Plaza, which is associated with the Amal Group of Companies.

The use of private companies and family-held investments has helped facilitate Eastleigh’s rapid commercial expansion.

However, complex ownership arrangements can make it difficult for lenders, insurers and investors to establish who ultimately owns or controls a property.

For anyone planning to purchase, lease or use a building as loan security, conducting due diligence is essential.

Searches at the relevant land registry and company registry can help establish registered ownership, identify corporate interests and uncover potential disputes before a transaction is completed.

Source; https://www.facebook.com/share/p/1ZmYhN4uCJ/