Zimbabwe Courts Emaar Properties — FSX Business
Zimbabwe is seeking a major investment in luxury hospitality from Emaar Properties, the Dubai-based developer behind the Burj Khalifa, with a delegation from the company expected to visit the country later this month to inspect potential sites and advance project plans.
President Emmerson Mnangagwa said he held a working meeting with Emaar founder Mohamed Alabbar, during which the two sides finalised plans for what he described as a “massive new investment” in premium hospitality.
Alabbar and an executive delegation are scheduled to travel to Zimbabwe later in September for site inspections and to work out details of the proposed development, Mnangagwa said in a statement posted on his Facebook page.
The proposed investment is expected to bring luxury hotels to Zimbabwe and, according to Mnangagwa, create thousands of jobs while generating business for local suppliers and positioning the country as a destination for international travellers.
The meeting was arranged by Paul Tungwarara, Mnangagwa’s special adviser on investment and empowerment, who the president credited with helping develop international investment partnerships.
Emaar is one of the Middle East’s largest property developers, with interests spanning real estate, hospitality, retail and entertainment. Its portfolio includes Burj Khalifa and the Dubai Mall, giving the proposed Zimbabwe project a potentially high-profile international partner.
The announcement comes as Zimbabwe seeks to attract more foreign capital into sectors beyond mining and strengthen tourism and hospitality as sources of foreign exchange and employment.
Details including the location, investment value, number of hotels and construction timeline have not yet been disclosed. The upcoming site visit is expected to determine the scope and structure of the proposed project.
Source: FSX Business News
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