Zimbabwe President Emmerson Mnangagwa launches US$500mln Zim Cyber City by UAE investor Mulk Int’l

UAE’s Mulk International breaks ground to develop the 2.5 million square feet Zimbabwe Cyber City that will be a game-changer for the African country as it seeks to develop its economy with foreign investment

Harare, Zimbabwe and Dubai, UAE: President of Zimbabwe, HE Emmerson Mnangagwa today broke ground to launch the US$500 million (Dh1.83 billion) Zim Cyber City – a state-of-the-art mixed-use hi-tech park at the outskirts of Zimbabwe’s capital city 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. Mount Hampden’s master plan includes the newly completed parliament building and all the ministry buildings as well as high-end residential and commercial buildings. Many compare this to the Downtown and Sheikh Zayed Road developments in Dubai, UAE. 

“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 the Chairman, Mr. Shaji Ul Mulk, and his company Mulk International, for bringing Zim Cyber City to Zimbabwe,” HE Emmerson Mnangagwa, President of Zimbabwe, said. 

Zim Cyber City was proposed to HE Emmerson Mnangagwa, President of Zimbabwe, by Mulk International during his visit to the UAE at the Dubai World Expo 2020. The project is under the patronage of The President of Zimbabwe H.E. Emmerson Mnangagwa who has granted Mulk International 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 into Zimbabwean economy that will strengthen the bilateral relationship between the UAE and Zimbabwe. Mulk Holdings, the parent company of Mulk International, owns Alubond USA, the world’s largest aluminium composite panel (ACP) and has investment in Africa, Asia and Europe. 

Thanking the President and the Government of Zimbabwe, Nawab Shaji Ul Mulk, Chairman of Mulk International, says, “President H.E. Emmerson Mnangagwa, has whole-heartedly supported Mulk International’s first Zimbabwean endeavour. Zim Cyber City is the first of many investments that our group, 

Mulk International, 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.” 

Zim Cyber City is the first real estate investment in Zimbabwe channelled through the Zimbabwe Global Investments (ZGI) Special Economic Zone (SEZ) programme, approved by HE Emmerson Mnangagwa, President of Zimbabwe, and awarded through 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 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, “Mulk International has worked diligently to 

understand the market and gain greater insight into Zimbabwe’s culture and its bountiful opportunities. The depth of resources and advanced digital capabilities across industries gives Zim Cyber City concrete, long-term growth prospects. 

“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 The President, H.E 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. 

Mount Hampden, in Mashonaland West Province, Zimbabwe is about 11 miles North West from the capital, Harare. Along the Old Mazowe Road, this area of 11.43 square kilometres has been allocated towards building a new city that represents a new era for Zimbabwe, as well as a special economic zone exclusively for investors. 

A special economic zone for free trade and export, offering potential investors the ability to enter local and regional markets and access to infrastructure, facilities and ancillary services. 

Orginal Article Link: https://www.zawya.com/en/press-release/companies-news/zimbabwe-president-emmerson-mnangagwa-launches-us500mln-zim-cyber-city-by-uae-investor-mulk-intl-q0db471l


Econet Extends 5g Coverage

Econet Wireless Zimbabwe, the country's largest mobile network operator, last week extended its national 5G network to the southern region, by launching the service in Bulawayo.

The new network, which was launched at the ongoing Zimbabwe International Trade Fair (ZITF), will offer customers in selected areas within the city super-fast data speeds, improved connectivity and enhanced user experience across multiple service categories and use cases, including business, entertainment and gaming, among many others.

Speaking at the launch event at Econet's ZITF stand, the company's chief technology officer, Edwin Banda, said Econet's 5G launch was in line with the company's pioneering values and its culture of innovation that has led it to launch many 'firsts' in this market.

"We have always been pioneers in this market, in the area of technology and innovation, and the fact that we are the first to launch 5G in Zimbabwe is in line with that tradition.

"Our launch of the service is a response to evolving customer needs, with so many of our customers already having 5G-compatible devices. We want to ensure they are not left behind by technology trends that are already in use in other countries," said Mr Banda.

Econet launched 5G in Harare back in February, with the promise to play its part in using technology to drive the country towards becoming a full digital economy.

Mr Banda said Econet was rolling out 22 5G base stations in Harare, Bulawayo, Victoria Falls, Gweru and Chitungwiza, adding that 18 of the base stations were already up and switched on, while the remainder would be fired up by May 15, 2022.

"We also consider this is an opportunity to understand the technology characteristics in terms of propagation and other technical aspects of its performance that will enable us to plan better regarding where to deploy more base stations as we scale up the rollout," Mr Banda said.

The colourful launch event was attended by senior representatives from the Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz), ZTE (Econet's 5G technology partner) the Trade Fair Company of Zimbabwe, top customers, Econet executives and various visitors to the fair.

ZTE CEO, Mr Eric Huang, said the global telecoms and technology supplier had a long working relationship with Econet that dates back to 2007, adding that the creation of a sustainable future through technology was something that ZTE cherishes.

He said ZTE was committed to creating many opportunities for businesses and consumers in this market through its partnership Econet.

"To accomplish this, we always propose good solutions such as (we are witnessing) today, as we launch the super-fast 5G technology," Mr Huang said.

In remarks read on his behalf Potraz director general Dr Gift Machengete said the launch of the 5G network in Bulawayo provides fertile ground for the country to rethink, reimagine and reinvent its value chains for economic development.

"As the regulator, we are taking this development very seriously as it means a lot in terms of fostering industrial and societal transformation in line with our aspiration to be an upper middle-income economy by 2030," he said, in remarks read on his behalf by Mrs Hilda Mutseyekwa, Potraz's director for Economics, Tariffs & Consumer Affairs.

Dr Machengete said Zimbabwe is envisioning 5G as a technology that will take innovation to the next level.

"It comes with two key features, namely network softwarisation and network virtualisation, which I foresee facilitating the creation of new value chains, development of new specialised services and applications within and across all sectors, including manufacturing, transportation, energy, agriculture, medicine, you name it!

"Consumers on their part, will be able to enjoy a variety of applications and services for their convenience and pleasure. All this is good for welfare maximisation," the Potraz director general said.

In addition to connectivity speeds that are up to 100 times faster than that of 4G, the 5G network will also help support and facilitate the actualization of other new technologies, such as artificial intelligence (AI), the internet of things (IoT), robotics, connected cities and, in the future, self-driving cars, among many other possibilities.

ZITF chief executive officer, Dr Nicholas Ndebele, who attended the launch event, lauded Econet for using technology as a catalyst to drive positive change, adding that Econet's innovation was in line with this year's ZITF theme 'Rethink, Reimagine, Re-invent Value Chains for Economic Development'.

"We believe that change is the only constant, which is why we came up with the theme, Rethink, Reimagine, Reinvent. As ZITF we want to appreciate Econet for the support that they have given this platform and for coming up with innovative initiatives such as the 5G technology that has been launched today," Dr Ndebele said.

Speaking after the ribbon-cutting ceremony at a new 5G base station within the Bulawayo Trade Fair grounds, Mr Banda said 5G would augment Econet's existing LTE (4G) network.

"We will continue our 4G rollout to all areas of the country to ensure we bridge the digital divide and promote accessibility of digital services to all populated areas of our nation," he said.

Econet has since its establishment invested over US$2,5 billion in infrastructure and was the first company to introduce 3G and 4G (LTE) networks in the country.

It is currently the market leader in infrastructure investment in Zimbabwe, with the largest number of 2G, 3G, 4G and now 5G base stations in the country.

Orginal Article Link: https://allafrica.com/stories/202205020142.html