Suleiman Shahbal is a well-known name in Kenyan business circles, but the full extent of his holdings is often a topic of curiosity.
From real estate developments reshaping city skylines to ventures in the energy sector, Shahbal’s investments span a diverse range of industries.
In this article, WoK provides a detailed look at the businesses and properties owned by Shahbal, offering insights into his portfolio.
1. Gulf Power Limited
Shahbal is involved with Gulf Power Limited, an Independent Power Producer (IPP) in Kenya. He serves as a director and beneficial owner in both Noora Power Limited and Gulf Power Limited.
Shahbal co-directs Gulf Power Limited with Francis Koome Njogu. He owns 50% of Noora Power Limited, which holds a 10% stake in Gulf Power Limited.
Francis Koome Njogu owns the remaining 50% of Noora Power Limited.
Additionally, Shahbal and Njogu are likely owners of further shareholding in Gulf Power through Gallant Power Limited, a company registered in Mauritius that controls 80% of Gulf Power Limited.
Gulf Power Limited has a contract to supply Kenya Power with electricity until 2034.
In 2022, the company received Ksh 3.569 billion for providing 81 million units of power at an average rate of Ksh 44.07 per unit.
This rate was 4.5 times higher than the average rate of electricity from all suppliers in 2022.
2. GulfCap Group
The GulfCap Group (GCG) is a group of associated companies with locations in London, Lisbon, Dubai, and Lahore, offering management consultancy, business, and transaction advisory services.
It was founded in 2006 by Jamil Qureshi and Shahbal with the objective to provide investment banking, corporate finance, financial advisory, and proprietary investments services.
In 2007, several high-net-worth shareholders joined, including Overseas Investment SPC, Skyline Investment SPC, Sheikh Abdullah Mohammed Al-Romaizan, and Sheikh Abdul Malik Al-Khalili.
In 2011, the brand was relaunched as GulfCap Investments LLC, focusing on the same objectives but excluding investment banking activities.
GulfCap Group Limited was registered in London, UK, in 2017, and Almost Miraculous LDA was registered in Lisbon, Portugal, in 2020.
Jamil Qureshi is the Founder and Managing Director of the UAE-based GulfCap Group, while Suleiman Shahbal is the Owner of Gulfcap Africa.
3. Gulf Energy
In 2019, Rubis Energie, a subsidiary of the Rubis Group listed on the Paris Stock Exchange in France, acquired a controlling stake in Gulf Energy in a deal valued at Ksh 16.4 billion.
Before the acquisition by Rubis, Shahbal, held a 25% stake in Gulf Energy through his company, Monte Carlo Investments Limited.
Additionally, Auron Energy, which is listed in Mauritius, is a shareholder of the oil company.
In 2020, the Competition Authority of Kenya (CAK) approved the proposed acquisition of 80% of the issued share capital of Gulf Energy Limited by Auron Energy Limited.
4. GulfCap Real Estate
GulfCap Real Estate is a property development company headquartered in Nairobi, developing various properties, including the award-winning Buxton Point project in Mombasa and the Starehe Point project in Nairobi.
Additionally, the company is developing the Ksh 120 billion real estate project in Kisumu in partnership with former Prime Minister Raila Odinga.
The project, known as the LV Marina, is situated on 285 acres of land owned by Raila and is expected to generate thousands of jobs for Kisumu residents and neighboring counties.
GulfCap provides property development, property management, facility management, and investment opportunities.
GulfCap’s projects include Buxton Point, Starehe Point, Kilua Resort and InCity Suites. GulfCap Real Estate received the Gold Star Award for the Buxton affordable housing project in Mombasa.
