Suleiman Shahbal, a Mombasa-based businessman overcame various hurdles including unemployment and being declared bankrupt to build his now thriving business empire.
After completing his law degree at the University of Nairobi, the East African Legislative Assembly (Eala) member, flew to the US where he majored in Business. Determined to use the knowledge to thrive, the politician returned to the country.
In Kenya, the reality of unemployment caught up with him. Despite having academic qualifications from the US, Shahbal tarmacked without finding any meaningful opportunity.
He was compelled to travel to Dubai. In the United Arab Emirates, Shahbal secured an employment opportunity. He was employed at the prestigious City Bank, where his career took a dramatic rise
“I spent a whole month looking for a job, went for a bunch of interviews, and on my last day, I got a job in a bank,” Shahbal stated in a past interview.
Working at a bank exposed him to fine things in life including flying in first class, hanging out in five-star hotels, and owning an expensive well-furnished house.
Being Declared Bankrupt
The Mombasa-based businessman was determined to venture into entrepreneurship resigned from his banking role and traveled back in the country.
In the mid-1990s, he started his oil company. However, within 4 fours, the company had gone. As a result, Shahbal was declared bankrupt.
“My wife thought I had gone crazy because you know we moved from an unbelievably luxurious life to going into a completely risky life,” he recalled.
Bouncing Back
Shahbal who had lost everything went back to the job hunting scene where he luckily secured another opportunity at a bank in Oman as head of international operations.
He then set up an investment company in Dubai which accumulated wealth estimated to be worth billions of shillings.
With his desire to leave a mark in the entrepreneurial field, he was able to bounce back and set up Gulf Energy, a successful company that he sold to Rubis in 2019.
Currently, he owns Gulf Power, a power plant based in Athi River and Gulf Africa Bank.
Shahbal who had expressed interest in the Mombasa Gubernatorial race in the August 2022 General Election owns a number of apartments in different parts of the country.
In March 2023, President William Ruto launched a Ksh20 billion housing project in Ziwani, Nairobi County.
The project was a partnership between the government and GulfCap Africa Limited, owned by Shahbal. The low-cost housing project will comprise one, two, and three-bedroom 6,704 units. The selling price for the units starts from Ksh1.155 million.
Political Ambitions
Besides making it big in the business world, the billionaire has struggled to make it into politics. In 2013, he unsuccessfully contested for Mombasa gubernatorial race where he lost to former governor Ali Hassan Joho.
In 2017, he also lost to Joho on a Jubilee ticket.
Shahbal, in 2022, shelved his gubernatorial ambition for Abdulswamad Shariff Nassir. He was however proposed for the EALA seat by Azimio.
