Alternative Investment

Firm to invest US$145m in shopping mall, hotel

The Herald

Oliver Kazunga Senior Business Reporter

GLOBAL Renaissance Investments, a Zimbabwe-incorporated consortium of local and foreign investors, (GRI) will invest US$145 million next year towards constructing a world-class mall near Harare and a hotel in Victoria Falls.

GRI has taken heed of the Government’s call to scout for investors to participate in Zimbabwe’s infrastructural development programmes, which has seen the Second Republic devote significant resources toward building key public infrastructure.

President Mnangagwa’s administration, which came into power in November 2017, has prioritised infrastructural development as a key economic enabler critical for the attainment of Vision 2030 by which Zimbabwe should be an Upper Middle-Income country.

After launching the US$500 million Zim Cyber City project in July this year, to be constructed in Harare, the President invited local and international investors to participate in the development of key infrastructure across various sectors.

GRI chief executive officer Mr Ngoni Dzirutwe said during a recent interview that for the planned hotel project in Victoria Falls his organisation would mobilise US$15 million of the required US$45 million.

“We are financing the construction of a hotel in Victoria Falls. We are raising about US$15 million for that project, the project is worth about US$45 million so we are coming in with the other balance.

“We have the biggest mall that is going to come up in Harare and we are also facilitating that to the tune of US$100 million,” he said.

While Mr Dzirutwe would not be drawn to reveal the investors behind the planned projects over confidentiality issues, the hi-tech park in Harare would be developed by Mulk International, a United Arab Emirates diversified industrial conglomerate.

“Currently, we cannot divulge many details because we signed confidentiality agreements with our clients for these private projects.

“But everything is above board and we are in the process of raising the money, starting early next year or the second quarter of next year construction should begin,” said Mr Dzirutwe.

GRI is a leading multi-asset alternative investment company that links emerging financial markets and economies around the world.

The consortium was incorporated in 2009 as CNDZ Consulting and in 2018, the company secured international investors and transformed into Gloobiki Investments (Pvt) Ltd trading as Global Renaissance Investments.

The entity offers investment banking and advisory services, equity and fixed income markets advisory, as well as research and analytics, among others.

GRI is courting several international investors in countries such as South Africa, Germany, Indonesia and the United Kingdom to participate in infrastructural development projects through Public-Private Partnerships, Foreign Direct Investment and syndicated loans among other arrangements.

He said Zimbabwe’s tourism sector was on a growth trajectory with a number of tourists visiting destinations like Victoria Falls and Nyanga and thus it was also in this context that GRI was financing infrastructure projects in the hospitality industry.

So we are financing those tourism infrastructure projects like the hotels so that our people go and visit and see these new malls.

“And we say kudos to our New Dispensation for rolling out the new smart cities which are also going to promote tourism locally and from international visitors.

“We understand that Mulk International is going to build one of the tallest buildings in Africa in Harare in the new cyber city.

“That’s a positive note and also there are vast opportunities, which are there which have been highlighted here (Sanganai/Hlanganani tourism investment conference).

“We call upon investors to come on board and invest in those areas,” said Mr Dzirutwe, adding that it was encouraging that the Reserve Bank of Zimbabwe (RBZ) had maintained the use of multi-currency system as well as allowing investors to repatriate proceeds of their investments made in the country.

Of late, the Government has reassured foreign investors of the ease of repatriation of their proceeds from Zimbabwe if they invest in the country.

“The good thing is that the RBZ (Reserve Bank of Zimbabwe) has shared that the country is in multi-currency system and they can charge in whatever currency they want and they will realise their money and are able to remit their money back home so they shouldn’t be afraid to come and invest in Zimbabwe especially in tourism,” said Mr Dzirutwe.

Zimbabwe is on an aggressive drive to lure FDI to boost the economy while also enhancing the improved business operations by local entrepreneurs.

Guided by the National Development Strategy 1 (NDS 1: 2021-2025), the country is working on transforming its economy towards an upper middle-income status by 2030.

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