Zim Cyber City will be a unique and iconic development, providing multiple economic benefits.
Staff Reporter, Gulf Today
Zimbabwe’s President Emmerson Mnangagwa recently inaugurated the launch of the $500 million (Dhs 1.83 billion) Zim Cyber City, a state-of-the-art mixed-use high-tech park of technology located on the outskirts of Zimbabwe’s capital, Harare. developed by UAE-based diversified industrial conglomerate Mulk International.
Spanning 2.5 million square feet, Zim Cyber City is currently under construction in Mount Hampden, New Harare. The Mount Hampden master plan includes the newly completed parliament building and all ministry buildings as well as high end residential and commercial buildings. Many compare this to the downtown and Sheikh Zayed Road developments in Dubai, United Arab Emirates.
“Zim Cyber City is set to become Zimbabwe’s flagship project, offering a world-class upscale lifestyle to all residents. Our government fully supports this exciting development, and I commend President Shaji Ul Mulk and his company Mulk International for bringing Zim Cyber City to Zimbabwe,” said Emmerson Mnangagwa, President of Zimbabwe.
Zim Cyber City was proposed to Emmerson Mnangagwa, President of Zimbabwe, by Mulk International during his visit to the United Arab Emirates at the Dubai World Expo 2020. The project is under the patronage of President of Zimbabwe Emmerson Mnangagwa who has granted Mulk International an exclusive license to establish a blockchain and digital assets special economic zone.
This is the first large-scale investment by a UAE-based business house in the Zimbabwean economy that will strengthen bilateral relations between the UAE and Zimbabwe. Mulk Holdings, the parent company of Mulk International, owns Alubond USA, the world’s largest aluminum composite panel (ACP) and has investments in Africa, Asia and Europe.
Thanking the President and Government of Zimbabwe, Nawab Shaji Ul Mulk, Chairman of Mulk International, said, “President Emmerson Mnangagwa has wholeheartedly supported Mulk International’s first Zimbabwean venture. Zim Cyber City is the first of many investments that our group,
Mulk International has committed to deliver through the special economic status channel of Zimbabwe Global Investments.
“Zim Cyber City will be a unique and iconic development, offering multiple economic benefits for commercial enterprises, combined with lavish uptown living.” Zim Cyber City is the first real estate investment in Zimbabwe channeled through the Zimbabwe Global Investments (ZGI) Special Economic Zone (SEZ) scheme, endorsed by HE Emmerson Mnangagwa, President of Zimbabwe, and awarded by 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 buildings, high-tech offices, a high-end shopping mall, a 15-story retail tower, gardens landscaped – all within a high-security gated community with health club, community center and other facilities.
Zim Cyber City will facilitate special clearance of digital asset and blockchain license and bank account windows, state-of-the-art office space, and high-end residential housing for all individuals and entities operating and living in the community . It will include advanced integrated 24/7 surveillance technology directly connected to local law enforcement authorities for maximum resident safety.
Adnan Ul Mulk, Vice President of Mulk International, said: “Mulk International has worked diligently to
understand the market and better understand the culture of Zimbabwe and its many opportunities. The depth of resources and advanced digital capabilities across all sectors provide Zim Cyber City with concrete long-term growth prospects.
“We look forward to witnessing Zim Cyber City’s role in the successful integration of blockchain and crypto technology and high-end residential living. I am grateful to Chairman, Emmerson Mnangagwa, for his unwavering support in making of Zim Cyber City a project of national importance.
Business licensees within the Zim Cyber City will benefit from a bouquet of incentives, including free repatriation of capital and profits without any caps; the ease of funds transfers inside and outside the country via local or foreign bank accounts without any ceiling; exemption from payment of all taxes for a period of 5 years; full ownership resale of real estate and authorization to employ foreign personnel at a flat rate of 15% tax.
Mount Hampden in Zimbabwe’s Mashonaland West Province lies about 11 miles northwest of the capital, Harare. Along the Old Mazowe Road, this 11.43 square kilometer area has been allocated for the construction of a new town which represents a new era for Zimbabwe, as well as a special economic zone exclusively for investors.