Devki tycoon Raval reportedly puts over Sh200bn into cement and steel plants

Business Daily reports that Devki tycoon Raval has spent heavily on cement and steel, but the sources do not explain why searches for his group are rising.

What happened

A Business Daily headline reports that Devki tycoon Raval has spent over Sh200bn on cement and steel plants [1]. According to the same source, his investments across the cement and steel value chains have strengthened his position in both sectors, which it describes as critical to the construction industry in Kenya and the region [1]. The extract provided does not give a breakdown of the Sh200bn figure, so the detail behind it cannot be confirmed from these sources.

Why Kenyans are searching for it

The sources do not say why this is trending. None of the extracts reports a new development involving the Devki Group or Raval, and none links him to the other industrial projects described below.

Key facts

• Business Daily reports that Raval has spent over Sh200bn on cement and steel plants [1].
• Cement and steel are described as critical to construction in Kenya and the region [1].
• On Tuesday, October 27, President William Ruto said a plant producing iron from local ore would open in Taita Taveta County within two to three weeks, backed by a local investor [2]. The source does not name the investor or say whether it is linked to Raval.
• Ruto said the government would re-advertise the Magadi mining contract so more investors can compete for it [2].
• A Billionaires.Africa page lists a cement plant in Kitui, a sugar factory in Nandi and the sale of a quarter of Kenya Pipeline to Dangote [3]. It does not mention Raval. It is a subscription sales page, so its claims are not verified here.

What to watch

Key questions are whether the Taita Taveta investor is named and whether that project is connected to Raval, which the sources do not establish. Readers should also watch for a fuller breakdown of the Sh200bn investment, and for the outcome of the Magadi contract re-advertisement [2]. Ruto has also said he would protect investors from political interference [2], which may matter for projects facing disputes.

Sources

1. [1] Devki tycoon Raval splashes over Sh200bn on cement, steel plants - Business Daily
2. [2] Ruto Announces Construction of Major Mining Plant in Taita Taveta - Kenyans.co.ke
3. [3] Deep-Dive Report: Kenya's Industrial Moment — Cement in Kitui, Sugar in Nandi, Pipelines and Fuel, and the Tycoons Building East Africa's Biggest Economy - Billionaires.Africa

Compiled by the NairobiCity trend desk from the sources above.