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UAE tycoon to invest US$1billion in Zim

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By Alois Vinga


PRESIDENT Emmerson Mnangagwa’s administration has approved the setup of US$1 billion worth projects by the United Arab Emirates (UAE) headquartered conglomerate, MULK Holdings F.Z.C in a development signifying a huge score following years of consistent reengagement efforts.

Details of the lucrative deals are contained in a letter addressed to Mnangagwa dated April 19, 2022 written by the company’s chairperson, Shaji  Mulk.

Mulk was brought into the country by Dubai-based Zimbabwean businessman Tempter Tungwarara.

“We sincerely thank you for the wonderful support accorded by you during my current visit to Zimbabwe and all the projects awarded by you to Mulk Holdings international FZC,” the letter reads.

“We list below the brief project details for your perusal and would be grateful if you can issue a formal letter of confirmation so that we can move forward towards execution,” the letter said.

The company intends to launch a project which will run T10 and T20 Cricket Leagues under which the company will enjoy rights to own and execute various formats of cricket leagues in Zimbabwe.

The project will be closely implemented in partnership with the Sports Ministry and is expected to kick off in October 2022.

The second  project dubbed  MULK E HEALTH – E HOSPITAL SERVICES  will provide  world class health services from the comfort of citizens homes and reach every corner of Zimbabwe with the  launch expected for September 2022.

Project three  will see the establishment of Harare’s  first BlockChain City which will attract thousands of companies in the space of Block Chain in the land allotted next to the Parliament.

“As this can be a fast track project which can start within three to four months and building the city would take time, we request your excellency to allot any unused existing Government building which can be used temporarily until the new city is built,” said Mulk.

The fourth project tabled for Victoria Falls proposes to set up a dedicated company named ZIM MULK SPORTS & ENTERTAINMENT COMPANY in Victoria Falls will build on the land allotted by Mnangagwa where a state of the art cricket stadium with focus on high end real estate and on ground casino and sports betting.

Mulk said the company will also invest in other areas close to the Victoria Falls and focus on increasing tourism in Victoria Falls by upgrading and turning the existing government land and buildings using Alubond technologies to re-build as the nightlife destination for tourists.

Some ideas all within  Victoria Falls five kilometres radius will include  Victoria Falls Viewing Gallery Platforms  for tourists to experience the thrill of the falls much closer with restaurants, night clubs, casino, world class spas, health retreats, new attractions like Dubai’s Global Village, Exhibition Centers, Water Park, Kids Play Zones, World attractions and Online sports betting.

Under the fifth project the Home Affairs Ministry has designed and approved digital integration of various services like the traffic control Systems, Smart Gates at Airports and various other services in Zimbabwe.

Mulk Holdings and its associates expressed willingness to invest on a BOT basis for these projects if the rights are granted for 25 years.

“The company has appointed  Paul Tempter Tungwarara of Prevail International (Prevail Group) as the representative of Mulk Holdings in Zimbabwe.

“The total investments into Zimbabwe for the above-mentioned projects spearheaded by Mulk Holdings International along with the other investors would be over one Billion US Dollars.

“We look forward to receiving the confirmation on above projects and an exciting start to a new business relation,” said Mulk in the letter.

The deal comes shortly after Mnangagwa’s visit to the UAE in March this year and comes in the midst of broad economic reforms which have seen the decline of both monthly and yearly inflationary levels.