Zimbabwe President Emmerson Mnangagwa launched $500 million Zim Cyber City by UAE investor Mulk Int’l

Zim Cyber City aims to facilitate window clearance of blockchain and digital assets licenses and bank accounts

Zimbabwe President Emmerson Mnangagwa launched $500 million Zim Cyber City by UAE investor Mulk Int’l
Sprawled across 2.5 million square feet, Zim Cyber City is under construction in Mount Hampden, New Harare

President of Zimbabwe, H.E. Emmerson Mnangagwa unveiled the US$500 million (Dh1.83 billion) fresh market for global investments – Zim Cyber City. Like Dubai, it will be a cutting-edge mixed-use hi-tech park being built on the outskirts of Harare, the capital of Zimbabwe. This 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. It is a good Opportunity for Indians specifically doing business in blockchain and are looking to set up offices in high-end commercial buildings.

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.

Thanking the President and the Government of Zimbabwe, Nawab Shaji Ul Mulk, Chairman of Mulk International, said, “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.” 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.

Through Zim Cyber City launch, a number of factors, including duty free importation of intermediate goods and raw materials for use by companies established in the SEZ region, advantage of unique initial allowance on capital equipment granted at a rate of 50% of the cost from first year and 25% in the following two years, as well as a five-year exemption from corporate income tax can benefit Indians in a lot of ways. They can also gain from the exemption from non-residents’ tax on royalties and dividends if they want to establish businesses there or if they want to invest in blockchain-related businesses.

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, said, “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.” Mulk Holdings had previously made a 1,500-crore investment in Andhra Pradesh in India, to build its facility. Over 1,000 people are directly employed by the plant, which is located in Kadapa’s Kopparthy Industrial Estate. Mulk established facilities for the production of aluminium coils, high performance paints for coil coating, production lines for coating aluminium coils, film manufacturing unit, production lines for mineral cores, production lines for aluminium composition panels, and production lines for metal composite materials which turned out to be a great investment and strengthened India-UAE bilateral relations.

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.

Photos