Announcements
UAE conglomerate to build smart city in Zimbabwe
The Zimbabwean president Emmerson Mnangagwa broke ground to launch the US$500 million (Dh1.83 billion) state-of-the-art Zim Cyber City – a mixed-use park on the outskirts of capital Harare – that is being developed by the UAE conglomerate Mulk International.
Sprawled across 2.5 million square feet, Zim Cyber City is currently under construction in Mount Hampden, New Harare. The master plan includes the newly completed parliament building and all the ministry buildings as well as high-end residential and commercial buildings. Many can compare this to the Downtown and Sheikh Zayed Road developments in Dubai, UAE.
“Zim Cyber City stands to become Zimbabwe’s landmark project, offering a world-class high-end lifestyle to all the residents. Our government fully supports this exciting development,” Mr Mnangagwa said, offering his “thanks to my good friend Shaji-ul-Mulk, the chairman of Mulk International.”
The president recalled in detail how initial discussions happened when he visited the Dubai Expo 2022 in March and how his government has worked at breakneck speed to get the necessary clearances for a project that will be close to the Zimbabweans.
After he broke from his long address extolling the virtues of the project, he returned back on the dias because he forgot to address the other important connection – cricket. In case his audience didn’t know, Mr Mnangagwa reminded all that Mr Shaji-ul-Mulk is the founder of the popular T10 Cricket League which was born in Sharjah and has become the second most popular league in the world while operating out of Abu Dhabi. The Zim Cyber City will be the start of a very healthy relationship with the UAE businessman, the president hoped.
Under Mnangagwa’s patronage, Zimbabwe has granted Mulk International an exclusive licence to establish a blockchain and digital assets special economic zone.
Mulk Holdings, the parent company of Mulk International, owns Alubond USA, the world’s largest aluminum composite panel (ACP) and has investments in Africa, Asia and Europe.
Zimbabwe President Emmerson Mnangagwa, left, and Mulk International chairman Shaji-ul-Mulk. Screengrab from a virtual press conference
Reciprocating the sentiments, the UAE businessman Mulk, said: “President 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.”
Mount Hampden, in Mashonaland West Province, Zimbabwe is about 11 miles North West from the capital, Harare. Along the Old Mazowe Road, this area of 15,500 acres has been allocated towards building a new city that represents a new era for Zimbabwe, as well as a special economic zone exclusively for investors.
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 – all within a high-security gated community with a health club, community centre and other facilities.
Zim Cyber City will offer high-end residential living for those 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.
Corporate license holders within the Zim Cyber City will enjoy a bouquet of incentives including free repatriation of capital and profits without any limit caps; ease of fund transfers in and out of the country through local or foreign bank accounts without any caps; exemption from paying all taxes for a period of five years; freehold resale of the real estate and permission to employ foreign staff at a flat rate of 15 percent tax.
— Staff report
Announcements
UAE takes immediate action after detecting ‘rainwater leaks’ in some underground tanks
UAE authorities have confirmed that immediate action is being taken to address certain issues brought about by the unprecedented rainstorm on April 16. Power and water outages in some limited areas are being tackled, while the health ministry has ensured the safety of a small number of people reportedly affected by ‘mixed water’.
The joint statement has been issued by the Ministry of Energy and Infrastructure and the Ministry of Health and Prevention (Mohap).
here have been “some rainwater leaks in some underground tanks in limited areas of the country,” the two ministries said in a media statement.
Teams of specialists have immediately inspected the quality of the affected water in the tanks, cleaned and disinfected it, and ensured its suitability for consumption. This is done through periodic tests in accredited laboratories that apply the highest quality standards and guidelines set by the World Health Organisation (WHO), the two ministries confirmed.
Mohap dealt with “a very limited number of cases that showed some symptoms of being affected by the mixed water”. These patients, it added, were provided with necessary treatment and had been subsequently discharged from the hospital after their safety was ensured.
The health ministry had promptly taken all necessary measures and bolstered its facilities’ capabilities since the UAE saw its heaviest rainfall in 75 years.
Guidelines rolled out
A set of guidelines has been set for storm-hit areas to ensure public health and safety.
Residents have been urged to avoid walking or swimming in pools of water that may contain contaminated material. Stagnant water, which could be a breeding ground for mosquitoes and other insects, should also be avoided.
The two ministries commended the efforts of the emergency and crisis management teams, the relevant authorities, and the specialist teams for their rapid response in tackling all challenges.
Urging the public to obtain information only from official sources, the authorities warned: “Circulating rumours may result in legal repercussions.”
The two ministries have been working with local emergency and crisis management teams, the Emirates Water and Electricity Company (Ewec) , the Sharjah Electricity, Water, and Gas Authority (Sewa), and other local health departments.
All fines for traffic violations committed by motorists during the recent record rains, on April 16, will be waived in Dubai, police announced.
Lieutenant General Abdullah Khalifa Al Marri, Commander-in-Chief of Dubai Police, made the announcement on Wednesday.
The decision to waive the traffic violations reflects Dubai Police’s commitment to the community and to ensuring their safety, especially during exceptional circumstances.
Dubai’s Crown Prince, Sheikh Hamdan, had earlier approved a series of initiatives and measures to urgently mitigate the impact of the severe weather in the emirate.
For the second consecutive year, Dubai will remain in the spotlight as it hosts the second edition of Dubai FinTech Summit, under the patronage of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE and President of DIFC, which is set to take place on 6-7 May at Madinat Jumeirah.
Organised by Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa and South Asia (MEASA) region, the Summit will bring together 8,000 decision-makers, over 300 thought leaders and more than 200 exhibitors to discuss the latest innovations and challenges and showcase cutting-edge technologies.
The global FinTech sector is rapidly growing and is predicted to be valued at USD 608bn globally by 2029, according to Mordor Intelligence, a market intelligence and advisory firm. Bucking the downward global market trend, the MENA FinTech market is expected to register a CAGR of over eight per cent during the period 2024 to 2029.
Dubai FinTech Summit will offer a platform for start-ups, investors and industry leaders to connect and capitalise on the growing FinTech market in the region and beyond. The MENA region’s FinTech start-up and venture capital landscape is booming, with over 800 FinTech start-ups worth USD15.5 bn, according to data by dealroom.co. Reflecting the ongoing transformation in the financial sector driven by Innovation, Inclusion, and Impact, the key themes this year will be Finance Renaissance, Ecofinance and Impact, Investment Vanguard, Regulatory Frameworks, Global Financial Dynamics and FinTech 2.0.
Mohammad Alblooshi, CEO at DIFC Innovation Hub, said: “Nearly 60 per cent of all FinTech companies in the GCC are currently based in Dubai. With the industry growing at an unprecedented rate, it is crucial for stakeholders to gather and discuss the challenges and opportunities that lie ahead. The Dubai FinTech Summit will bring together the most prominent figures in the industry, with an agenda that is aimed at driving innovation, inclusivity, and growth for all.”
With an impressive line-up of distinguished local and international speakers, the Dubai FinTech Summit will host a series of panel discussions and fireside chats. More than 20 governors of financial institutions will attend the summit this year, amongst them, H.E. Essa Kazim, Governor, DIFC, UAE; H.E. Dr. Philmnisi, Governor, Central Bank of Eswatini; H.E. Cheaserey, Governor National Bank of Cambodia; H.E. Martin Galstyan, Governor, Central Bank of Armenia; H.E. John Rwangombwa, Governor, National Bank of Rwanda; H.E. Prof. Edward Scicluna, Governor, Central Bank of Malta will participate in discussions during the two-day event. Adena T. Friedman, Chair & CEO of Nasdaq Inc; Nic Dreckman, CEO of Bank Julius Baer & Co.; Yie-Hsin Hung, President & CEO of State Street global advisors and Jim Demare, President global markets at Bank of America, along with many other global industry leaders will also be participating in the various sessions planned for the Summit. Notable local speakers include H.E. Abdullah bin Touq Al Marri, Cabinet Member & UAE Minister of Economy; H.E. Helal Saeed Al Marri, Director General, Department of Economy and Tourism, Dubai; H.E. Salem Humaid Al Marri, Director General, Mohammed Bin Rashid Space Centre, UAE; and H.E. Faisal Belhoul, Vice Chairman of the Dubai Chamber, Chairman of J&F Holding.
In line with the D33 Agenda to position Dubai as the top four global financial hub by 2033, the 2nd edition of the Dubai FinTech Summit is designed to encourage cross-border collaboration and innovation, pivotal to transforming the global FinTech sector. It presents a unique opportunity to explore emerging FinTech trends and their potential to drive financial progress in the MEASA region.
The inaugural Dubai FinTech Summit attracted over 5,000 C-suite leaders from over 90 countries including north of 1,000 investors and more than 150 speakers. Over 20 Memorandum of Understandings were signed with global financial leaders during the Summit.
UAE takes immediate action after detecting ‘rainwater leaks’ in some underground tanks
Dubai Police to waive all traffic fines incurred by motorists on 16 April
