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UAE Firm Starts Construction Of $500 Million Cyber City In Zim

1 year agoThu, 21 Jul 2022 10:02:52 GMT
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UAE Firm Starts Construction Of $500 Million Cyber City In Zim

United Arab Emirates (UAE)-based company, Mulk International, has begun to build a $500 million high-tech park in Zimbabwe, called Cyber City.

Cyber City is being built in Mount Hampden on the outskirts of the capital, Harare.

Speaking at the ground-breaking ceremony of the project, President Emmerson Mnangagwa said:

The construction of the Cyber-City is in line with the major tenets of the National Human Settlements Policy, including ensuring the provision of an orderly and well-built environment with requisite on-site and off-site infrastructure.

In this regard, it is envisioned to be a self-contained intelligent city, providing high-quality infrastructure, attractive surroundings and high-speed communication access for the production of goods and services for both local and export markets.

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To this end, this Cyber-City will complement my Government’s ongoing efforts of creating an environment which helps our brilliant young boys and girls to build a prosperous and modern society for both present and future generations.

Mulk International said the development, spread across more than 232,257 square metres, includes government, residential and commercial buildings.

The Sharjah-based industrial conglomerate was granted an exclusive licence to develop a special economic zone dedicated to blockchain and digital assets.

Zim Cyber City’s master plan includes the newly completed parliament building, ministry buildings, 250 townhouses, more than 80 luxury villas, apartment blocks, offices, a high-end retail arcade and a 15-storey commercial tower.

According to Mulk International, corporate licence holders within the zone will have access to incentives, including free repatriation of capital and profits without any limits and the ease of fund transfers in and out of the country through local or foreign bank accounts without any caps.

They will also benefit from tax exemptions for five years, freehold resale of property and permission to employ foreign staff at a flat rate of 15 per cent tax.

More: The Herald, The National News

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