UAE - The President of Zimbabwe, Emmerson Mnangagwa on Wednesday broke ground to launch the $500 million (Dh1.83 billion) Zim Cyber City, a hi-tech park near capital Harare, that is being developed by UAE-based diversified industrial conglomerate Mulk International.
Sprawled across 2.5 million square feet, Zim Cyber City is currently under construction in Mount Hampden, New Harare.
The master plan includes a newly completed parliament building, ministry buildings as well as high-end residential and commercial buildings. Many compare this to the Downtown and Sheikh Zayed Road developments in Dubai.
“Zim Cyber City stands to become Zimbabwe’s landmark project, offering a world-class high-end lifestyle to all the residents. 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,” Mnangagwa said.
The project was proposed to Mnangagwa by Mulk International during his visit to Dubai World Expo 2020. Mulk International was granted an exclusive licence to establish a blockchain and digital assets special economic zone.
This is the first such large-scale investment by a UAE-based business house in Zimbabwe, which is set to strengthen bilateral relationship between the countries.
Thanking the President and the Government of Zimbabwe, Nawab Shaji Ul Mulk said, “President Emmerson Mnangagwa, has whole-heartedly supported Mulk International’s first Zimbabwean endeavour. 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.”
The master-plan of 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 will facilitate special window clearance of blockchain and digital assets licenses and bank accounts, cutting-edge office spaces and high-end residential living for all individuals and entities operating and living in the community. It will include 24/7 advanced, built-in surveillance technology that is directly connected to local law enforcement authorities for maximum security of the residents.
Adnan Ul Mulk, Vice-Chairman of Mulk International, says, “We are keen to witness Zim Cyber City’s role in the successful integration of blockchain and crypto technology and premium, residential living. I am thankful to President Emmerson Mnangagwa for his staunch support in making Zim Cyber City a project of national importance.”
Corporate license holders within the Zim Cyber City will enjoy a bouquet of incentives including free repatriation of capital and profits without any limit caps; ease of fund transfers in and out of the country through local or foreign bank accounts without any caps; exemption from paying all taxes for a period of 5 years; freehold resale of the real estate and permission to employ foreign staff at a flat rate of 15 percent tax.
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