Zimbabwe President Emmerson Mnangagwa launched US$500 million Zim Cyber City by UAE investor Mulk Int'l opens new investment opportunities for Indians
- UAE's Mulk International broke grounds to develop the 2.5 million square feet Zimbabwe Cyber City that will be a game-changer for investors as it seeks to develop its economy with foreign investment
NEW DELHI, Aug. 1, 2022 /PRNewswire/ -- 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 â€“ 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.
About Mulk International
Mulk International is a multinational conglomerate with diversified business interests spanning primarily four sectors â€“ Building Materials, Plastics, Healthcare and Cricket Assets. For more than two decades, Mulk International has been owning and managing a group of 18 companies under the leadership of Chairman Nawab Shaji Ul Mulk.
The company has achieved global recognition with its flagship brand Alubond emerging as the world's largest exterior facade panel, and its T10 Cricket league growing 2000% in the last 5 years to become the second-largest cricket league in the world with a viewership of over 500 million. ZIM CYBER CITY is the latest initiative of Mulk International and is destined to become another global landmark.
The company follows a philosophy of strategic partnership, placing great value on building relationships with like-minded entities. Mulk International has successfully entered into many promising joint ventures with industry giants across the globe, making it the award-winning industrial powerhouse it is today.
Its vision is to recognize pioneering locations with potential for growth and technological innovation and build smart communities of the future where businesses and lifestyles flourish.
About Zimbabwe Global Investments (ZGI)
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.
This incentive programme will strengthen the business ecosystem by leveraging sustainable growth and mobilising investments in the country. All projects under ZGI will obtain the SEZ status. ZGI has the responsibility to create a special window for clearing all foreign direct investments into Zimbabwe and obtaining fast-track clearances.
Some of the benefits available to investors coming through the ZGI channel include exemption from Corporate Income Tax for the first 5 years of operation. Special Initial Allowance on Capital equipment to be allowed at the rate of 50 percent of the cost from year one and 25 percent in the subsequent two years.
Incentives include specialised expatriate staff to be taxed at a flat rate of 15 percent and exemption from non-residents tax on fees, on services that are not locally available; exemption from non-residents tax on royalties as well as exemption from non-residents tax on dividends.
Perks also include duty-free import of capital equipment for the SEZ and duty-free import of raw materials and intermediate products imported for use by companies set up in the SEZ. Any imported equipment and raw materials will enjoy import duty rebates (Duty-Free). These include duty-free import of capital equipment for the SEZ; and duty-free importation of raw materials and intermediate products imported for use by companies set up in the SEZ.
The investors will be able to freely repatriate their profits and capital. Zimbabwe currently permits the sale of goods in both USD and local currency, allowing investors to enjoy the currencies of their choice.
More News by PR Newswire India
Messika High Jewelry Show: Strength, glamour and jewelry take over Paris Fashion Week
Hevo Data Recognized as "One to Watch" in Snowflake's Modern Marketing Data Stack Report
Athonet Showcases 5G Mobile Core with Partners at India Mobile Congress
Top MNCs lauded by Frost and Sullivan Institute for their Commitment to ESG with Enlightened Growth Leadership Awards 2022
The 132nd Canton Fair to open online on October 15 featuring larger scale and upgraded services
GITEX GLOBAL 2022 gathers world's leaders to challenge and collaborate in the Web 3.0 economy
The 13th International Infrastructure Investment and Construction Forum Concludes in Macao with Aggregate Investment Value of US$15 billion Cooperation Agreements Signed
Appointment of Sugata Sircar as an Independent Director on the Board of Azure Power Global Limited
Manipal Business Solutions Collaborates with Assam Rural Infrastructure and Agricultural Services Society (ARIAS) to Accelerate Financial Inclusion in Assam
IPM India Recognised as India's Best Workplaces for Women
AT LEAST 20% OF OLDER PEOPLE ADMIT BEEN SCAMMED, INTERSTATE REMOVALISTS SYDNEY A2Z PROVIDE GUIDANCE ON HOW TO AVOID BEING SCAMED
Blink500 ProX: Saramonic Unveils the Upgraded 2.4GHz Wireless Microphone System
SHIELD Announces Winners of the SHIELD Trust Awards 2022 at the Inaugural SHIELD Trust Summit
Top Stars to Compete in Dubai in Spectacular Tennis Extravaganza
LONGi successfully wraps the Renewable Energy India Expo with Hi-MO 5 as a key attraction, unveiling the Hydrogen Business for Indian customers
ASICS India celebrates its philosophy of Sound Mind Sound Body through the brand campaign 'Choose To Move'
Shoolini Students can now earn degree from a foreign university
CGTN: Thousands of years on, Confucianism still influences people worldwide
India Ratings Upgrades Capacit'e Infraprojects to 'IND BBB+'/Stable
CGTN: China, Argentina pledge to promote community with shared future
HarperCollins India to publish Bollywood icon Rani Mukerji's memoir on her birthday
Peking University pockets nearly half of all awards in global math competition
Sungrow FPV Participates in Renewable Energy India Expo
PureSoftware expands its presence in Europe with its New Delivery Centre in Bucharest, Romania
PARCOS' 1st EVER MEGA SALE - PARCOS GOLD RUSH FROM 2ND TO 6TH OCTOBER 2022
Taksha Smart labz: A leading ed-tech organization that delivers in-depth learning and real-life experience
Indian Hairdressers Showcase Their Exceptional Talent at The Matrix Hair Transformers 2022
Milbank LLP Hong Kong Office - Notice of Localization
FatPipe Networks and Web Werks Data Centers Partner to Deliver SD-WAN Enabled Data Centers
Lecco Cucina's Store at Lavelle Road Witnesses Massive Footfall on Its Launch Day
A Puja Tale of 2 cities: The Times of India's Maa Aaschen. Tumi kothaye? celebrates togetherness this Durga Puja, even if separated by miles
D-Link's DWA-F18 VR Air Bridge Enhances VR Experience for Meta Quest 2
CCTV+: China, Argentina hold high-level forum on cultural exchanges
The 13th IIICF in Macao shined a spotlight on BRI's vital role in international infrastructure
Tata Communications launches Private 5G Global Centre of Excellence in India
Valid promotes new eSIM for Consumer solution that leverages on Strongbox functionalities for non-Telecom Applications
8 out of 10 interviews damage your recruitment brand!
Yamaha launches new range of TWS earbuds in India, TW-ES5A And TW-E7B Truly Wireless Earbuds
ThroughPut Inc. Announces New AI-powered Financial Capabilities to Grow Bottom Lines Despite Market Disruptions and Supply Chain Uncertainties
Bahrain's Electricity and Water Authority tenders landfill remediation project in preparation for a 100 MW solar farm
GMT Token Creates Special NFT Series
Plume Recognized by Frost & Sullivan for Its Highly Differentiated Customer-first Approach in the Global Smart Home-as-a-Service Industry
Brands put Customer Relationships at Risk, Merkle Research Reveals How Customer Data Strategies Play a Crucial Role
THE GOLDEN TRAIL SERIES SETS OUT TO CONQUER AMERICA
XSENSOR Earns the Frost & Sullivan 2022 Technology Innovation Leadership Award for Intelligent Dynamic Sensing Systems
GACL - 49th Annual General Meeting held on 29th September, 2022
Bitget to list over 130 new Web 3 projects over the next month
Marathon Group launches final tower at Marathon Nexzone, its flagship township at Panvel
Representatives from 90 nations join hands to revive the Modern Pythian Games organized by Delphic India Trust
Happiest Minds Technologies wins the prestigious Golden Peacock Award for Excellence in Corporate Governance 2022
Now Babies can have a Happy Day out with Bebeburp's innovative travel pack
QS Global MBA & Business Master's Rankings 2023
Nexteer Selected as a Member of AIAG China Quality Advisory Committee
Sustainability as top priority Mondaine: CO2-neutral, already today
NMIMS awards degrees to 268 graduates of Pharmacy, MBA in Business Analytics, design and Performing Arts students
Vedanta pledges 1 million meals through #RunForZeroHunger at the Vedanta Delhi Half Marathon 2022
Bostik announces its participation to the upcoming 2022 BATIMAT exhibition
With 6154 job offers; Campus Placements 2023 at Chandigarh University kicks off to a flying start, highest in country
Maternity wear gets increasingly popular with Indian women, however market lacks style and affordable options: Mylo survey
Frost & Sullivan Recognizes NEXTDC with the 2022 Company of the Year Award for Its Comprehensive Data Center Solutions
Junglee Rummy's Latest Campaign, The Great Winnings Festival, launched with a Prize Pool of â‚ą500 Crores
INALSA launched its Air Fryer with Dual Baskets First time in India
Paul Merchants Finance gets a New Core Banking System from Sesame Software (A Speridian Co)
Enabling ICs for India's 26 GHz 5G Network Build-out
Bryant launches Graduate Programs in Business Analytics, Data Science, Healthcare Informatics, and Taxation
2022 Yidan Prize - world's highest accolade in education - awarded to Dr Linda Darling-Hammond and Professor Yongxin Zhu
Casio to Release Mid-Size G-SHOCK
CLIMATE CHANGE AND HEALTH INEQUITY A DEADLY MIX FOR THE MOST VULNERABLE: WORLD HEART FEDERATION
LyondellBasell Postpones Restart of Berre, France Cracker until Next Year
SI GROUP EXPANDS LUBRICANT ADDITIVE PORTFOLIO WITH NEW AMINIC ANTIOXIDANT
KEREN AVIDAR NAMED INX GLOBAL GENERAL COUNSEL
Asian Hall of Fame Announces Induction 2022
ViewSonic Expands its Gaming Monitor Line with the New OMNI Series for Casual Gamers
Fibocom Launches New Generation of 5G Sub-6GHz and mmWave Module FX170(W) Series Based on Snapdragon X65 5G Modem-RF System at MWC Las Vegas 2022
Himalaya Wellness Company Partners with NIMHANS to Launch Project SURAKSHA
Dr. Giovanni De Micheli Honored with 2022 Phil Kaufman Award Presented by ESD Alliance and IEEE CEDA
Dynata's Global Consumer Trends survey: 53% of people are struggling to afford basic needs; 67% have reduced spending to combat inflation
BellSoft Releases Alpaquita Cloud Native Platform for Java Developers
LCOE-centered, 600W+ module drives global PV market with four key competencies
ABILITY DIABETES GLOBAL - A Landmark RCT in the field of PCI for patients with DM, completes Enrolment
Bitget Ranks As The Top Crypto Derivatives Exchange With 0 Trading Fees
CRMNEXT features in GartnerÂ® Magic Quadrant 2022 as 'Visionary' in Sales Force Automation technology
IBIS STYLES ENTERS THE METAVERSE WITH 2022 'OPEN TO CREATORS' VIRTUAL ART GALLERY & CONTEST - FEATURING DIGITAL CREATORS FROM AROUND THE WORLD
Former CEO of Tricentis and renowned testing industry veteran, Sandeep Johri joins LambdaTest's board
Trina Solar Demonstrates Commitment to India, Showcases Cutting Edge N-Type Module at REI Expo 2022
Lifestyle's new festive campaign inspires one to groove in style
ZTE endorses Catalyzing Electrification Accord
FPT Industrial announces the acquisition of a minority stake in Blue Energy Motors
Moonfare Expands Foothold to India opening Digital Private Market Investing Platform to eligible investors
Ideanomics' subsidiary Energica to provide electric motorcycles for the upcoming G20 Bali summit
DBS Bank India collaborates with HDFC ERGO and Atradius to provide Trade Credit Insurance solution to Tata Metaliks
AFFINIS helps organizations ease compliance with the Structured Digital Database requirements of SEBI
Daiichi Sankyo joins Startup Creasphere's Program Powered by Plug and Play
Handheld releases new Nautiz X81: An ultra-rugged 5G Android 12 handheld with a familiar feel
The Mindful Foundation brings courses from Oxford Mindfulness Foundation to India
UST Recognized for Human Resources Excellence Across Nine Categories at the 2022 Brandon Hall Awards
ScentAir Continues its Sustainability Initiatives to Enhance Immersive Sensory Experience
Sweden spellbinds travellers with new chilling audio story
Edvoy launches 'Refer a friend' programme as thank you to student advocates
Pharming Announces US FDA Acceptance for Priority Review of its New Drug Application for Leniolisib
WinWire Has Earned the Modernization of Web Applications to Microsoft Azure Advanced Specialization
UNIVERSAL MUSIC INDIA ACQUIRES MAJORITY STAKE IN TM VENTURES, A LEADING INDIAN MUSIC & ENTERTAINMENT COMPANY
M&M'SÂ® Welcomes First New Character in a Decade
Global Business Leaders Say Hybrid Cloud is Critical to Modernization, Yet Security, Skills and Compliance Concerns Impede Success
GLOBAL STANDARD OF CARE SIGNIFICANTLY REDUCED DUE TO MENTAL HEALTH OF HEALTHCARE WORKERS
Vieworks to Showcase Industrial Cameras and Lenses at VISION 2022
Eviation's Alice Achieves Milestone with First Flight of All-Electric Aircraft
SAUDI ARABIA IS THE FASTEST GROWING TOURISM DESTINATION IN THE G20
Internet sensation Khaby Lame announced as QNB Group's Official FIFA World Cup Qatar 2022â„˘ Brand Ambassador
GIGABYTE Launches Z790 Series Motherboards Supporting Dual-Generation Intel Processors
Deltek Research to Unveil Top Federal Contracting Opportunities for 2023
ViewSonic Unveils Industry-First Foldable 135" All-in-One LED Display Solution Kit
NEOM Tech & Digital Company steps into the future as 'Tonomus'
Global Fab Equipment Spending Forecast to Reach All-Time High of Nearly $100 Billion in 2022, SEMI Reports
Kohler India celebrates their 10th Year of Pecha Kucha in New Delhi, India
U.S. Soy Sustainability Assurance Protocol (SSAP) Certificates Can Now Be Transferred
CP KELCO PARTNERS WITH EXOPOLYMER TO BRING NEXT-GENERATION FUNCTIONAL BIOPOLYMERS TO MARKET
Old Mission Selects Solace to Support Rapid Growth of Business through Event-Driven Architecture
GIGABYTE Launches Four AMD X670 Motherboards for New Ryzen 7000 Processors
SRK Knowledge Foundation announces transformational partnership with The Global Network for Zero
LyondellBasell Announces Organizational Changes
HarperCollins India presents HAPPILY INSURED: Your Guide to Understanding Insurance and Leading a Stress-Free Life by Kapil Mehta
Hisense Unveils Its FIFA World Cup Qatar 2022â„˘ TVC "Perfect Match" Ahead of Tournament
The 2022 4th "My China Story" International Short Video Competition Award Ceremony was held in Hangzhou, Zhejiang
Light up the festive season with 'Sale Dhamaka' on MSI's laptop range
GLOBAL LEADERS, EXPERTS, AND CULTURAL ICONS CONVENE AT THE MILKEN INSTITUTE ASIA SUMMIT TO CELEBRATE A TRANSFORMED WORLD
Bank of Baroda rolls out 'Khushiyon ka Tyohaar' as the Festive Season begins
XCMG New Port Machinery's High-end Intelligent Industrial Development Project Base Launches Production
NATIONAL INSTITUTE FOR HEALTH AND CARE RESEARCH CONDUCTS A GLOBAL ANNUAL MEETING TO ADDRESS RESEARCH IN SURGERY IN INDIA
DEAKIN UNIVERSITY HUBS to be set up in India at OP Jindal Global University, Symbiosis International University and Chitkara University
TargEDys and Inoliva announce they have entered a distribution partnership to bring SatyliaÂ® to Turkey
Top 50 Start-ups Bringing Innovation to the Global Homes and Buildings Industry
How Healthcare Organizations Can Enhance a Holistic Patient and Member View by Improving Insights from Data
Tata AIA Life Fortune Guarantee Pension gets a powerful upgrade
PDRL aims to certify 10,000+ candidates on AeroMegh Platform in the Drone Industry by the year 2024
DAZN ACCELERATES GLOBAL GROWTH MOMENTUM WITH ACQUISITION OF ELEVEN GROUP BUSINESSES
GoingZero Big Diwali Sale: Up to 40% Discount And Free Shipping On Zero Waste Products
Slow-fashion brand FREECULTR becomes the official merchandise partner for FIFA 2022â„˘
Purple Quarter Facilitates HCAH's CTO, Ex-DealShare Techie Onboarded
Ghodawat Consumer awarded - Fastest growing FMCG Company of 2022
Cine Star Cricket League launched with television and entertainment industry's Divas
ELLE FANNING IS THE AMBASSADOR OF FAME, PACO RABANNE'S NEW FEMININE FRAGRANCE
Saudi Data, AI Authority (SDAIA) and Ministry of Energy Partner with IBM to Accelerate Sustainability Initiatives in Saudi Arabia Using AI
Unstoppable Women of Web3 Launches New Education Streams
PNAS Partners with Straive for Production Services
MOBILEUM convenes the region's leading telecom operators at WEMEET ASIA 2022
Bizverse has officially become a Meta long-term strategic partnership
STL divests IDS as a part of its ongoing portfolio realignment
Frost & Sullivan Honors Tampa Electric Company and Warren, Simpson & Butler County Water Districts with Itron Excellence in Resourcefulness Awards
Mindray Showcases Hematology Innovations and Academic Achievements to the World at ISLH 2022
Deepak Chopra & Seva.Love Announce "ChopraVerse: House of Enlightenment," the Metaverse for Wellbeing in Collaboration with Utopia
MSC TO DEVELOP AIR CARGO SOLUTION IN RESPONSE TO MARKET DEMAND
Harpercollins is proud to announce the upcoming release of The Anarchist Cookbook: A Toolkit to Protest and Peaceful Resistance by Aakar Patel Illustrations by PenPencilDraw
Saudi Arabia launches Nusuk, an integrated digital platform, to facilitate pilgrim journeys for visitors from around the world
MEIL's wholly owned subsidiary MeghaGas, now MCGDPL, to execute City Gas Distribution
Yabx emerges as a leader in digital lending platforms at the top Global Fintech Awards
FII Institute reveals the world's top priority is the rising cost of living
All about IBSAT - One of the Top MBA Entrance Exams in India
MAPIC India 2022 honors India's most admired retail and tech innovators at the MAPIC India Retail Awards
Hasiru Dala Innovations joins forces with Satma CE to give immutable waste traceability from collection to final product made from waste
Bank of Baroda launches Baroda Tiranga Deposits
Alicon Castalloy Limited wins large, multi-year order from Jaguar Land Rover for eMobility Platform
mCaffeine's Biggest Body Care Launch Gets an Overwhelming Response from the Audience: 1 Consumer Subscribed Every 3 Seconds for the Launch
On World Lung Day, Alkem Laboratories pledge to spread awareness about lung diseases through its initiative 'The Healthy Lungs'
LONGi is to showcase its award-winning Hi-MO 5 Series at the Renewable Energy India Expo 2022, unveiling its new Hydrogen Business exclusively for Indian customers
LEXUS INDIA ANNOUNCES MENTORS FOR THE LEXUS DESIGN AWARD INDIA 2023
Mane Kancor CEO Geemon Korah hailed as one of the best CEO's in India
SVKM's NMIMS signs an MoU with HTWG Konstanz, Germany, for short study and research
Top HR Chiefs from TTK Prestige, Silicon Labs, Virtusa, Bureau Veritas at Woxsen's Global HR Leadership Conclave 2022
Mastercard expands decades-long football legacy through GUINNESS WORLD RECORDSâ„˘ title with Luis Figo
Soroco and Whatfix Announce Strategic Partnership
ElevenEs produces a prototype of the largest LFP battery cell in Europe
SHEIN CELEBRATED "ROCK THE RUNWAY: SHEIN FOR ALL", ITS FW22 FASHION SHOW
Huawei Hosts the 9th Global Rail Summit in Berlin
Campus With A Conscience hosts a-week long SDG festival
Woxsen University spearheading the internationalisation of higher education in the region through brand new initiatives