Zimbabwe launches $500 million mega project developed by UAE investor

Staff Reporter, Gulf Today

President of Zimbabwe Emmerson Mnangagwa recently broke ground to launch the $500 million (Dhs1.83 billion) Zim Cyber City – a state-of-the-art mixed-use hi-tech park in the outskirts of Zimbabwe’s capital city Harare – that is being developed by UAE-based diversified industrial conglomerate Mulk International.

Sprawled across 2.5 million square feet, Zim Cyber City is currently under construction in Mount Hampden, New Harare. Mount Hampden’s master plan includes the newly completed parliament building and all the ministry buildings as well as high-end residential and commercial buildings. Many compare this to the Downtown and Sheikh Zayed Road developments in Dubai, UAE.

“Zim Cyber City stands to become Zimbabwe’s landmark project, offering a world-class high-end lifestyle to all the residents. Our government fully supports this exciting development, and I congratulate the Chairman,  Shaji Ul Mulk, and his company Mulk International, for bringing Zim Cyber City to Zimbabwe,” Emmerson Mnangagwa, President of Zimbabwe, said.

 Zim Cyber City was proposed to Emmerson Mnangagwa, President of Zimbabwe, by Mulk International during his visit to the UAE at the Dubai World Expo 2020. The project is under the patronage of The President of Zimbabwe  Emmerson Mnangagwa who has granted Mulk International an exclusive licence to establish a blockchain and digital assets special economic zone.

This is the first such large-scale investment by a UAE-based business house into Zimbabwean economy that will strengthen the bilateral relationship between the UAE and Zimbabwe. Mulk Holdings, the parent company of Mulk International, owns Alubond USA, the world’s largest aluminium composite panel (ACP) and has investment in Africa, Asia and Europe.

Thanking the President and the Government of Zimbabwe, Nawab Shaji Ul Mulk, Chairman of Mulk International, says, “President Emmerson Mnangagwa, has whole-heartedly supported Mulk International’s first Zimbabwean endeavour. Zim Cyber City is the first of many investments that our group,

Mulk International, has committed to delivering through the special economic status channel of Zimbabwe Global Investments.

“Zim Cyber City will be a unique, iconic development, offering multi-fold economic benefits to commercial enterprises combined with lavish, uptown living.”  Zim Cyber City is the first real estate investment in Zimbabwe channelled through the Zimbabwe Global Investments (ZGI) Special Economic Zone (SEZ) programme, approved by HE Emmerson Mnangagwa, President of Zimbabwe, and awarded through the Ministry of Finance and Economic Development.

The master-plan of the project includes 250 townhouses, more than 80 luxury villas, a number of apartment blocks, hi-tech office facilities, high-end retail arcade, a 15-storeyed commercial tower, landscaped gardens – all within a high-security gated community with health club, community centre and other facilities.

Zim Cyber City will facilitate special window clearance of blockchain and digital assets licenses and bank accounts, cutting-edge office spaces and high-end residential living for all individuals and entities operating and living in the community. It will include 24/7 advanced, built-in surveillance technology that is directly connected to local law enforcement authorities for maximum security of the residents.

Adnan Ul Mulk, Vice-Chairman of Mulk International, says, “Mulk International has worked diligently to

understand the market and gain greater insight into Zimbabwe’s culture and its bountiful opportunities. The depth of resources and advanced digital capabilities across industries gives Zim Cyber City concrete, long-term growth prospects.

 “We are keen to witness Zim Cyber City’s role in the successful integration of blockchain and crypto technology and premium, residential living. I am thankful to The President, Emmerson Mnangagwa, for his staunch support in making Zim Cyber City a project of national importance.”

 Corporate license holders within the Zim Cyber City will enjoy a bouquet of incentives including free repatriation of capital and profits without any limit caps; ease of fund transfers in and out of the country through local or foreign bank accounts without any caps; exemption from paying all taxes for a period of 5 years; freehold resale of the real estate and permission to employ foreign staff at a flat rate of 15 percent tax.

Mount Hampden, in Mashonaland West Province, Zimbabwe is about 11 miles North West from the capital, Harare. Along the Old Mazowe Road, this area of 11.43 square kilometres has been allocated towards building a new city that represents a new era for Zimbabwe, as well as a special economic zone exclusively for investors.