Indian billionaire targets Zimbabwe investment

INDIAN billionaire Mr Nawab Shaji Ul Mulk has set his sights on investing in a number of sectors in Zimbabwe after his recent meeting with President Mnangagwa and top Government officials in Dubai, the United Arab Emirates.

Mr Mulk was one of several investors, who met top Zimbabwean Government officials last week on the sidelines of the ongoing Expo 2020 Dubai.

The meeting was organised by Dubai-based Zimbabwean businessman Mr Tempter Paul Tungwarara, who said the billionaire had expressed willingness to invest in mining and education.

Also present at the meeting was Finance and Economic Development Minister Prof Mthuli Ncube and Youth, Sport, Arts and Recreation Minister Kirsty Coventry, both of whom underlined the potential in Zimbabwe's most promising markets and leading industries.

Minister Ncube highlighted incentives put in place to encourage investment, including a five to 10-year tax rebate, no import duties levied on goods required as raw materials and duty-free import of equipment for business projects.

Mr Mulk owns the largest cladding company in the world and also committed to building a modern cricket ground and hotels around this cricket stadium, a deal which will boost the tourism sector.

Best known for its flagship brand, Alubond USA — the world's largest metal composite brand and first aluminium composite panel in the UAE market — Mulk Holdings is continuing to expand.

Mr Mulk is not just known as a consummate businessman, he is also championing the transformation of cricket into a 90-minute sport.

Mulk Holdings' strength lies in its diversity across a wide range of sectors, such as construction, commodities, renewable energy, plastics and healthcare.

A keen cricket promoter and the only Indian member on the Emirates Cricket Board, Mr Mulk is the owner and chairman of the T10 League, with players and ambassadors that have included current England captain Eoin Morgan, former Pakistan captain Wasim Akram, and former India captain Mohammed Azharuddin.

President Mnangagwa was in the UAE last week for the Zimbabwe National Day at the ongoing Expo 2020 Dubai.

In meetings with investors, he emphasised the scope of opportunities in many sectors of the country's business world, including mining, education, healthcare and agriculture.

"Zimbabwe is rich in resources and awaiting lucrative and promising investors to partake in the country's advancement," said President Mnangagwa in his address to top UAE business leaders.

Speaking on the sidelines of the meeting, Mr Tungwarara said the billionaires expressed their willingness to invest in several economic sectors. "Some of them want to venture into the construction of hotels and they have already written to the President this year," he said. "One of the billionaires is Mr Mulk who is coming to launch T10 cricket."

Mr Tungwarara said some of the billionaires had provided funds for the presidential borehole drilling scheme which started in Chitungwiza.

The billionaires were set to visit Zimbabwe next month.

"I am pleased to liaise with like-minded businesses that help promote joint trade cooperation and projects that advance our country's economy," said Mr Tungwarara.

"Zimbabwe's doors are open for trade for entrepreneurs in the UAE who will be welcomed as State guests and I will personally ensure the provision of all the facilities required by businesses to carry out their investment activities."

Despite the economic challenges faced across the globe, Zimbabwe has continuously proven its economic resilience and commitment to improving its economic stability, managing after the required reforms by the Second Republic to grow the economy during the Covid-19 pandemic and to now becoming one of the faster growing economies in the world.

President Mnangagwa highlighted the country's substantial mineral reserves, which made Zimbabwe one of the leading countries with a bountiful supply of natural resources.

Zimbabwe is also home to major tourism assets, from the Victoria Falls to exotic wildlife.

These attractions draw in tourists from across the globe, promoting the country's industries waiting to be tapped since tourism expansion also means openings for construction.

"There is an immense opportunity for real estate developments and tourism in Zimbabwe. We currently require 12 500 rooms for accommodation, of which we only have 8 000," said the President.