Sharjah-based industrial conglomerate Mulk International has started construction of a $500 million high-tech park in Zimbabwe that is expected to boost the African country’s economic development near capital Harare on Thursday.
The project is the first real estate investment channeled through the Zimbabwe Global Investments (ZGI) Special Economic Zone programme. President of Zimbabwe Emmerson Mnangagwa broke ground to launch the project – a state-of-the-art mixed-use hi-tech park.
Sprawled across 2.5 million sft, 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. It is being compared the project 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 Mulk International Chairman Shaji Ul Mulk, for bringing Zim Cyber City to Zimbabwe,” The President said.
Zim Cyber City was proposed to the Zimbabwean President during his visit to the UAE at the Dubai World Expo 2020. Mulk International has been granted an exclusive license to establish a blockchain and digital assets special economic zone.
Thanking the President and his Government, 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.”
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,” he said.
Zim Cyber City is the first real estate investment in Zimbabwe channelled through the Zimbabwe Global Investments (ZGI) Special Economic Zone (SEZ) programme.
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 also 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.
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% tax.