Zimbabwe is courting investments worth up to US$200 million in sectors such as mining, renewable energy, manufacturing and agriculture as economic ties with the United Arab Emirates (UAE) continue to deepen.
The investment drive comes as the Second Republic intensifies efforts to attract foreign direct investment into productive sectors of the economy, with the UAE increasingly emerging as one of Zimbabwe’s strategic trade and investment partners.
Zimbabwean Business Council UAE chairperson Mr Simba Makamadze said several investment negotiations facilitated by the council were now at advanced stages.
“We have investment conversations that we facilitated for the mining industry, renewable energy industry, manufacturing, energy generation and agriculture,” he said in an interview with The Herald.
“So, we are looking at ticket sizes of between US$10 million and US$200 million, and we have about five of those conversations still ongoing.”
Mr Makamadze revealed that one of the proposed investment deals had already progressed to the signing of a term sheet, reflecting growing investor confidence in Zimbabwe’s economic prospects.
The Zimbabwean Business Council UAE, which is established and regulated through Dubai Chambers, represents Zimbabwean-owned businesses and professionals operating in the Gulf nation and facilitates trade, investment and market access between the two countries.
Government has identified the UAE as one of Zimbabwe’s key economic partners as efforts intensify to grow exports, attract investment and accelerate industrialisation.
Mr Makamadze said trade between Zimbabwe and the UAE reached approximately US$4,1 billion last year, largely driven by mineral exports, making the Gulf nation Zimbabwe’s leading export market.
“About US$1,9 billion of that came from the mining sector, while agriculture is also contributing significantly,” he said.
“If we look at the trajectory of trade between the two countries, it is actually increasing, and it is up to us as Zimbabweans to tap into that value.”
The UAE has become a major destination for Zimbabwean gold and mineral exports, while Dubai continues to strengthen its position as a global trading, logistics and investment hub linking Africa, Asia and Europe.
Investors are also exploring opportunities in logistics and retail infrastructure, including the recent licensing of DP World to establish duty-free shops at Zimbabwe’s airports.
“We are going to see employment creation at the airports and, beyond contribution to trade, the key issue is the employment of locals,” Mr Makamadze said.
He added that Zimbabwe’s agriculture sector also stands to benefit from growing food demand in the UAE, where more than 90 percent of food supplies are imported.
