AN advance team for Africa’s richest man, Aliko Dangote, landed in Harare yesterday on a 10-day scouting mission for fresh business opportunities in the coal and power generation sectors, after initial attempts were blocked during former President Robert Mugabe’s reign nearly three years ago.
Led by its geologist, Naresh Kumar, the Dangote team said they were exploring opportunities in coal mining with a view to setting-up a power generation plant.
Kumar said they were looking at investing over a billion dollars, adding Dangote would visit Zimbabwe in the next few weeks to seal the business deals.
“We are targeting coal mining, but for now we are here to look for the mines and see how many we can get,” Kumar said. Read more
Deputy Minister of Finance and Economic Planning, Terrence Mukupe has said that Zimbabwe should adopt the South African Rand as its official currency.
Mukupe said that this would help to stabilise the economy and ease the cash shortages.
However, Mukupe admitted that Zimbabwe would find it very difficult to join the Rand Monetary Union due to the fact that it did not have its own currency.
It’s a good thing to join the Rand Monetary Union as a temporary measure, the same way we adopted the bond notes to stabilise the economy. Read more
Last week, Zimbabwe Republic Police (ZRP) Acting Senior Staff Officer (Press and Public Relations) Chief Superintendent Paul Nyathi warned the public against debit card cloning which they say is on the increase with victims losing nearly US$200 000 in the last three months alone.
Between January and February, about US$147 000 was stolen through debit/credit card fraud while nearly $40 000 has been stolen this month. Said Chief Superintendent Nyathi:
During the 15 days of March 2018, CID Commercial Crime Division has taken over 11 such cases and, the same number for the cumulative period of the first two months of the year. Read more
Zimbabwe has stepped up its engagement with the International Tourism Bourse (ITB Berlin) in a strategy that seeks to make the country a top of the mind business and leisure destination in Southern Africa.
ITB Berlin, which began on Wednesday and runs through the weekend – is the world’s leading travel trade show, and a major tourist source market for Africa, attracting over 185 countries, 900 top buyers, 10 000 exhibitors, and 185 000 convention visitors. Read more
ZIMBABWE has lagged behind in many areas as a result of the global isolation for the past 18 years due to errors of the past, Tourism minister Prisca Mupfumira has said.
Mupfumira said this has undeniably left Zimbabwe’s once-rich sectors in a complete state of disrepair and disarray.
“The tourism industry used to receive a contribution of more than 35% from the overseas market in the 1990s when tourism was at its peak and this contribution has since dropped to less than 10% of the international arrivals to Zimbabwe,” she said. Read more
Speaking in London this week where she met the Zimbabwean diaspora community and foreign delegates during a tourism engagement event, Tourism Minister Prisca Mupfumira admitted that the Zanu-PF Government destroyed the national airline Air Zimbabwe.
She said her ministry is working on resuming Air Zimbabwe’s international flights to major tourism source markets.
We are working on re-establishing Air Zimbabwe’s direct flights.
I admit that we mis-managed our own airline. We destroyed it, it’s us who destroyed it and I’m taking ownership. Read more
The Nigerian billionaire Aliko Dangote has jumped five spots to be named the world’s 100th richest person on Forbes’ annual billionaires list.
He is one of three Nigerians represented in the index, which also features at least seven South Africans, one Algerian, one Angolan, six Egyptians, two Moroccans, one Swazi, one Tanzanian and one Zimbabwean. Read more
Nigerian billionaire businessman Aliko Dangote is reported to be coming back to invest in Zimbabwe after his much-publicised plan to invest in the country almost three years ago did not come to fruition.
Dangote who visited the country in 2015 is said to have stayed away from Zimbabwe because some former cabinet ministers demanded bribes from him.
His associate Josey Mahachi-Agbeniyi, the person who facilitated his trip to Zimbabwe said the billionaire may be returning as early as next month.
What happened with Mr Dangote is something that was beyond my control, beyond his control. Everybody knows what was happening in the country. For you to invest in Zimbabwe you had to grease some people’s palms. which is something that Dangote doesn’t want.
Prophetic Healing and Deliverance (PHD) Ministries founding leader Walter Magaya has said that he expects his multi-million Yadah Marble Factory to generate revenues of at least $100 million within its first year of operating.
The company will be operating 28 mines as it seeks to be the biggest company producing marble products in the world.
Speaking at the official launch in the capital, Magaya said:
We expect a turnover of US$100 million in the first year and US$200 million in the following year. Yadah Marbles will be the biggest company to produce marble products in the world.
There was drama in Parliament today after controversial businessman Wicknell Chivayo was publicly disowned as a shareholder in Intratek Holding by his purported partners.
Chivayo had told the Parliamentary Portfolio Committee on Mines and Energy that he owns 50 percent of Intratek Zimbabwe with Yousouf Ahmed owning the other 50 percent.
However, according to Bruce Tokwe, the lawyer who represents the other shareholder, Ahmed, Chivayo ceded his shares in the company in 2014 and was now working for the company as a managing director. Read more