PRESIDENT Emmerson Mnangagwa last week broke ground to launch the $500 million Zim Cyber City, a hi-tech park near capital Harare, that is being developed by UAE-based diversified industrial conglomerate Mulk International.
The project is set for Mount Hampden in what is being dubbed as the New Harare which will be the new seat of government.
The master plan includes the newly completed parliament building, government ministry buildings as well as high-end residential and commercial buildings in a project that has drawn comparisons with the Downtown and Sheikh Zayed Road developments in Dubai.
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 stands to become Zimbabwe’s landmark project, offering a world-class high-end lifestyle to all the residents,” said Mnangagwa.
“Our government fully supports this exciting development, and I congratulate chairman, Shaji Ul Mulk, and his company Mulk International, for bringing Zim Cyber City to Zimbabwe.”
The project was proposed to Mnangagwa by Mulk International during the Zimbabwean leader’s visit to Dubai World Expo 2020.
“President Emmerson Mnangagwa, has whole-heartedly supported Mulk International’s first Zimbabwean endeavour,” said Mulk.
“Zim Cyber City is the first of many investments that our group 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.”
He added; “We are keen to witness Zim Cyber City’s role in the successful integration of blockchain and crypto technology and premium, residential living.”
The development is expected to strengthen the relationship between the UAE and Zimbabwe, and “stands to become Zimbabwe’s landmark project, offering a world-class, high-end lifestyle to all the residents”, Mr Mnangagwa said.
Zimbabwe is seeking to attract more foreign direct investment to boost its economy following the impact of the coronavirus-induced slowdown.
FDI inflows declined to $194 million in 2020, from $745m in 2018, before the onset of Covid-19, according to data from the UN Conference on Trade and Development.
The country’s gross domestic product is expected to grow by 3.7 per cent in 2022, down from 5.8 per cent in 2021, driven by the recovery of its agriculture and industry sectors and a stabilisation of prices and exchange rates, according to the World Bank.