Harare snaps up much of Mutapa development stake

The City of Harare remains the focal point of the Mutapa Investment Fund's (MIF) infrastructural initiatives aimed at improving citizen livelihoods and propelling Zimbabwe towards an upper-middle-income economy by 2030, a top MIF official has revealed.

Forbes Kanogwere, MIF's head of economic research, delivered the remarks during the Harare Metropolitan Province Investment and Business Conference, presenting on behalf of MIF CEO John Mangudya. His presentation, titled Mobilising Investment Fund to Unlock Value in Housing, Infrastructure and Services Delivery for a Prosperous Harare Province Aligning with Vision 2030, highlighted the strategic benefits of investment across the province.

"HomeLink (Private) Ltd is rolling out flagship housing projects in Harare, expected to significantly contribute to the province's GDP upon completion," Kanogwere said. "In 2024, 31% of disbursed agricultural loans by AFC Holdings were accessed within Harare Metropolitan Province, topping the national list."

He further noted that key infrastructure investments are concentrated in Harare. "Powertel deployed optic fibre cable in the province, primarily to connect NetOne base stations, enhancing connectivity for numerous clients," he said. "Fifty-five percent of TelOne's investments in 2024 were in Harare, a year which also saw increased Air Zimbabwe flights, driving demand for facilities, services, and products."

Kanogwere emphasized that these initiatives are not only economic but also social in impact. "NetOne's expansion, real estate development, and construction projects are unlocking land value, creating jobs, stimulating demand for services and materials such as cement, and improving citizens' livelihoods and wellbeing," he said.

He added that infrastructural development will boost the province's economic output. "The province's GDP can increase, transforming communities and contributing to overall economic growth," Kanogwere said.

MIF, Zimbabwe's sovereign wealth fund, manages strategic investments across 30 state-owned portfolio companies to ensure value creation and national economic growth. Its projects have positively impacted Harare, Chitungwiza, and Ruwa, promoting sustainable urban development and enhanced service delivery.

Precious Shumba, director of the Harare Residents Trust (HRT), stressed the importance of linking infrastructure with basic needs. "People want food, jobs, water, schools, medication, and health facilities. Infrastructure and service delivery are critical for economic development because they create employment," he said. Shumba also called for greater transparency and accountability in awarding contracts for public projects.

Harare Provincial Affairs and Devolution Minister Charles Tawengwa encouraged collaboration with local and international partners. "We are positioning Harare as a model for sustainable urbanisation in Africa and propelling Zimbabwe closer to the aspirations of Vision 2030. Together, we can transform Harare into a vibrant, competitive metropolis and a gateway to national development," he said.

Kanogwere highlighted international examples of success, citing Ethiopia, the United Arab Emirates, Dubai, and Singapore as models that have demonstrated the impact of strategic investment funds like MIF.