Investment in Rendeavour by Mabani Aljazeera Group

Tapir Holdings Ltd.

July 3, 2026

Tapir announces major investment by Saudi Arabia's Mabani Aljazeera Group in Rendeavour Holding Limited's Jabali Towers development in Tatu City, Kenya.

Tapir Holdings Ltd. (AIM: TAPH; BSX: TAPH), a strategic investment holding company focused on African urban development, whose sole investment is currently it's 10 percent equity stake in Rendeavour Holding Limited ("Rendeavour"), Africa's largest new city developer, announces a major investment by Saudi Arabia's Mabani Aljazeera Group in Rendeavour's Jabali Towers development in Tatu City, Kenya.

Mabani Aljazeera Holding Group, a leading private Saudi Arabian construction and investment company, will invest in Jabali Towers, the premier mixed-use development located at the heart of Tatu City Special Economic Zone ("SEZ"). The equity investment by Mabani - through its subsidiary, Swan Properties - marks a major milestone for East Africa, representing a significant vote of confidence by a major Saudi investor and highlighting Tatu City SEZ's record attraction of foreign direct investment to Kenya.

Jabali Towers, whose 25- and 36-storey towers soar over Tatu City, includes exclusive amenities for residents and 35 restaurants and shops open to the public. The first tower is more than 80% sold. Earlier this week, Tatu City appointed China Road and Bridge Corporation as the main contractor for the 88,000/m2 development.

"Mabani Aljazeera Holding Group and Swan Properties are delighted to invest in the landmark Jabali Towers development at Tatu City," said Abdullah AlMalki, Chairman of Mabani Group. "A combination of our skills, construction materials and capital will make Jabali Towers the preeminent real estate development in Africa."

Swan Properties will receive 50% minus one share for its investment in the Jabali Towers development company, with Rendeavour, Tatu City's owner and developer, as the majority shareholder.

The joint venture was lauded by the Saudi Export Import Bank, which aims to promote the development and diversification of Saudi exports and increase their ability to compete in global markets.

Stephen Jennings, Founder and CEO of Rendeavour, said: "Mabani Aljazeera Holding Group and Swan Properties' investment in Tatu City and Kenya is underpinned by Rendeavour's 20-year track record of delivering on its promises in Africa. Every year, Tatu City attracts more than half of all foreign direct investment in Kenya. We are engaging with numerous Saudi investors ready to invest in Kenya and are delighted that Swan Properties is the pioneer."

Jabali Towers offers studio, one-, two- and three-bedroom apartments starting from KES 10.2 million (USD 78,200), providing homeowners and investors with an opportunity to own a residence in Kenya's leading mixed-use SEZ. Jabali Towers is supported by more than 15 years of infrastructure investment in Tatu City, including 24-hour potable water, 99.7% power uptime, high-speed fibre internet connectivity and more than 70 kilometres of international-standard roads, providing the infrastructure expected of a modern global city.

The long-term appeal of Jabali Towers is reinforced by Tatu City's unique live-work-play ecosystem. Wellington College International Kenya, scheduled to open in 2028, will further enhance the city's appeal among Kenyan families, expatriates and professionals seeking world-class education within a secure, master-planned environment.

Residents also enjoy more than 100 kilometres of walking and cycling trails, parks, lakes and expansive green spaces, while the Tatu Wildlife Sanctuary, the world's only urban wildlife sanctuary, opens at the end of 2026, delivering Tatu City's vision of integrating nature with modern urban living.

Developed by Rendeavour, Africa's new city builder, Tatu City is the continent's fastest-growing urban destination. Home to more than 7,000 residents with a population growing by over 40% annually, the city welcomes more than 35,000 people every day who live, work, learn and recreate within its integrated ecosystem. With development valued at more than USD 3.5 billion, Tatu City hosts over 110 businesses, schools educating more than 6,000 students, and 3,500 mixed-income homes that are either occupied or under development.

Enquiries:

About Mabani Aljazeera Holding Group

Established in 1996 and headquartered in Jeddah, Saudi Arabia, Mabani Aljazeera Holding Group is a leading player in the Kingdom's housing, industrial, and construction sectors. The company specialises in trading, wholesale, and retail of building materials (reinforcing steel, wood, insulation) and providing large-scale project management.

About Jabali Towers

Jabali Towers is the newest mixed-use development at Tatu City, offering modern residences, commercial space and retail within Kenya's first operational mixed-use Special Economic Zone. Located in Tatu Central, the business and lifestyle heart of Tatu City, the development combines contemporary design with world-class infrastructure to deliver an exceptional urban lifestyle. Designed for homeowners and investors alike, Jabali Towers offers security, convenience and lifestyle within one integrated address.

About Rendeavour

Rendeavour is Africa's new city builder. Backed by American, Norwegian, New Zealand and British investors, Rendeavour's cities are among the largest construction projects in Africa and hubs for businesses, homes, education and recreation within infrastructure-ready economic zones. Current developments are valued at more than US$5 billion, with over 200 businesses, schools educating more than 6,000 students, and 10,000 mixed-income homes occupied or under development.

Tatu City is a 5,000-acre new city on Nairobi's doorstep, featuring homes, schools, businesses, a shopping district, healthcare facilities, green spaces and recreation for more than 250,000 residents and tens of thousands of daily visitors. It is Kenya's first operational mixed-use Special Economic Zone, designed to support businesses and create a world-class live-work-play environment just 30 minutes from Nairobi.

For more information about Tatu City, visit www.tatucity.com.

For more information about Rendeavour, visit www.rendeavour.com

About Tapir Holdings Ltd.

Tapir Holdings Ltd. is a strategic investment holding company incorporated in the British Virgin Islands. The Company is focused on long-term capital appreciation through investments in African infrastructure and urban development projects, currently anchored by a significant stake in Rendeavour Holding Limited.