Zimbabwe President Emmerson Mnangagwa launches US$500million Zim Cyber City by UAE investor Mulk Int’l
UAE’s Mulk International breaks ground to develop the 2.5 million square feet Zimbabwe Cyber City that will be a game-changer for the African country as it seeks to develop its economy with foreign investment
Date: Harare, Zimbabwe and Dubai, UAE; July 2022
President of Zimbabwe, HE Emmerson Mnangagwa today broke ground to launch the US$500 million (Dh1.83 billion) Zim Cyber City – a state-of-the-artmixed-use hi-tech park at 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, Mr. Shaji Ul Mulk,and his company Mulk International, for bringing Zim Cyber City to Zimbabwe,” HEEmmerson Mnangagwa, President of Zimbabwe, said.
Zim Cyber City was proposed to HE 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 H.E. 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 H.E. 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 thespecial economic status channel of Zimbabwe Global Investments.
“Zim Cyber Citywill be a unique, iconic development, offeringmulti-fold economic benefits to commercial enterprises combinedwith 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 cultureand its bountiful opportunities. The depth of resources and advanceddigital 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 integrationof blockchain and crypto technology and premium, residential living. I amthankful to The President, H.E Emmerson Mnangagwa, for his staunchsupport 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 orforeign 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.
A special economic zone for free trade and export, offering potential investors the ability to enter local and regional markets and access to infrastructure, facilities and ancillary services.
About Mulk International
Mulk International is a multinational conglomerate with diversifiedbusiness interests spanning primarily four sectors – BuildingMaterials, Plastics, Healthcare and Cricket Assets.For more than two decades, Mulk International has been owningand managing a group of 18 companies under the leadership ofChairman Nawab Shaji Ul Mulk.
The company has achieved globalrecognition with its flagship brand Alubond emerging as the world’slargest exterior facade panel, and its T10 Cricket league growing2000% in the last 5 years to become the second-largest cricketleague in the world with a viewership of over 500 million.ZIM CYBER CITY is the latest initiative of Mulk International and isdestined to become another global landmark.
The company follows a philosophy of strategic partnership, placinggreat value on building relationships with like-minded entities. MulkInternational has successfully entered into many promising jointventures with industry giants across the globe, making it the award-winningindustrial powerhouse it is today.
Its vision is to recognize pioneering locations with potential forgrowth and technological innovation and build smart communitiesof the future where businesses and lifestyles flourish.
About Zimbabwe Global Investments (ZGI)
Zim Cyber City is the first real estate investment in Zimbabwe channelled through the Zimbabwe Global Investments (ZGI) SpecialEconomic Zone (SEZ) programme, approved by HE Emmerson Mnangagwa, President of Zimbabwe, and awarded through the Ministry of Finance and Economic Development.
This incentive programme will strengthen the business ecosystem by leveraging sustainable growth and mobilising investments in the country. All projects under ZGI will obtain the SEZ status. ZGI has the responsibility to create a special window for clearing all foreign direct investments into Zimbabwe and obtaining fast-track clearances.
Some of the benefits available to investors coming through the ZGI channel include exemption from Corporate Income Tax for the first 5 years of operation. Special Initial Allowance on Capital equipment to be allowed at the rate of 50 percent of the cost from year one and 25 percent in the subsequent two years.
Incentives include specialised expatriate staff to be taxed at a flat rate of 15 percent and exemption from non-residents tax on fees, on services that are not locally available; exemption from non-residents tax on royalties as well as exemption from non-residents tax on dividends.
Perks also include duty-free import of capital equipment for the SEZ and duty-free import of raw materials and intermediate products imported for use by companies set up in the SEZ.Any imported equipment and raw materials will enjoy import duty rebates (Duty-Free). These include duty-free import of capital equipment for the SEZ; and duty-free importation of raw materials and intermediate products imported for use by companies set up in the SEZ.
The investors will be able to freely repatriate their profits and capital.Zimbabwe currently permits the sale of goods in both USD and localcurrency, allowing investors to enjoy the currencies of their choice.
Prevail Group of Companies is the facilitator of the Zim Cyber City project.