Cabinet okays Falls four-star hotel, conference centre. . . Golf estate, shopping mall also earmarked

A multi-million dollar four-star hotel and a 5 000-seater conference centre is set to be
constructed in Victoria Falls after Cabinet approved the implementation of the Masuwe
Special Economic Zone project following a feasibility study that found the scheme to be
highly profitable.

Under the same project, medical tourism facilities, a golf estate and a shopping mall will
be constructed in the area.

Victoria Falls is one of the country’s top tourism destinations due the water falls, one of
the world’s seven wonders and the proximity to Hwange National Park.

Hwange National Park
Environment, Climate, Tourism and Hospitality Industry Minister Nqobizitha Mangaliso
Ndlovu yesterday briefed Cabinet on feasibility study progress that was made in the
development of Masuwe Special Economic Zone by the Mosi-oa-Tunya Development
Company.
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Briefing the media after the Cabinet meeting yesterday, Information, Publicity and
Broadcasting Service Minister Monica Mutsvangwa said findings from the feasibility
study have proven that the project is viable.

She said the Mosi-oa-Tunya Development Company (MOTDC) is a special purpose
vehicle which was mandated to spearhead the construction of a conference facility which
hosted the United Nations World Tourism Organisation General Assembly in 2013.

Cde Nqobizitha Mangaliso Ndlovu
Minister Mutsvangwa said in August 2020, Cabinet broadened the mandate of the
company to cover tourism infrastructure development in Victoria Falls.
She sida a feasibility study was conducted and it has been proven that it can generate
over US$50 million in profits.
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“The company subsequently entered into a Joint Venture Partnership with Old Mutual
Life Assurance Company for financing a Feasibility Study for the development of
backbone infrastructure for the Masuwe Special Economic Zone, measuring 1 200
hectares,” she said.

“The feasibility study appraisal indicated that the development project is viable, with an
acceptable profit margin of US$57 696 447 which is 15,5 percent and 18,2 percent of
gross development value and development cost, respectively.”

Minister Mutsvangwa said Government will implement the project in two phases.
“Phase One entails construction of bulk water supply systems for the entire Masuwe
Special Economic Zone and development of internal water, sanitation, roads and storm
water drains at an estimated total cost of US$120 million,” said Minister Mutsvangwa.

“Phase Two will witness the development of the remaining 930 hectares at
approximately US$85 million. The overall estimated project implementation period is 24
months. Mosi-oa-Tunya Development Company moved to Victoria Falls in April 2022,
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and this is expected to accelerate project implementation and to promote tourism
development in the greater Victoria Falls area.”

She said according to the plan, Old Mutual Life Assurance Company will construct a fourstar hotel with a 5 000-seater conference facility; medical tourism facilities; a golf estate
and a shopping mall on land which Government will allocate.

“The project will comply with all relevant environmental statutes, including the use of
solar to provide clean energy,” she said.

Minister Mutsvangwa said Government will be the majority shareholder in the project.
“The Masuwe area has been declared a Special Economic Zone in order to ensure that the
project raises funds for self-financing. A Master Plan will be developed in order to guide
implementation of the project. Government will maintain a shareholding on every
portion of the land earmarked for development projects in Victoria Falls,” said Minister
Mutsvangwa. — The Chronicle