Nairobi, July 23 -- Unpredictable government policies have overtaken tax incentives as the biggest concern among foreign investors eyeing Kenya, signaling the weak spot for the State as it seeks to woo fresh global capital.

The shift points to a fundamental change in what multinationals prioritise when choosing investment destinations across the world.

This comes after the 2026 World Investment Report by the United Nations Conference on Trade and Development (UNCTAD) estimated Kenya received a record $3.2 billion (Sh413.6 billion) in foreign direct investment last year, a 37.7 percent jump from revised $2.32 billion (Sh299.9 billion) in 2024.

Kenya Investment Authority (Invest Kenya) chief executive John Mwendwa says policy predictabil...