- 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.