A new dawn for Africa sees Zimbabwe seeking to navigate the choppy waters of international relations from the ally, United Arab Emirates (UAE). Over the past six years, President Emmerson Mnangagwa's diplomatic efforts have yielded a lucrative partnership with the Gulf state, and this has breathed new life into the nation which has long faced financial isolation from the West. This shift is particularly notable given Zimbabwe's ongoing struggle to meet its debt obligations, especially to China.
The UAE’s investment surge in Zimbabwe has reached an impressive US$1.4 billion since 2022. This positions it as the nation’s largest export partner thus surpassing China. This move is a comprehensive strategy that covers a wide array of sectors including gold trading and real estate.
Prominent among the UAE's ventures is the ambitious development of a “cyber city” in Mount Hampden, spearheaded by Dubai entrepreneur Shaji Ul Mulk of Mulk International. This initiative aims to revitalize Zimbabwe’s capital which is currently in a state of disrepair. Their aim: To create a hub for luxury and innovation that could potentially transform the local economy.
The UAE's involvement in Zimbabwe extends to the gold sector. The Dubai Gold & Commodities Exchange is set to establish a gold market. Companies like Bluefin Gold Group and Abu Dhabi-registered Terra Mining are on the verge of commencing operations and production within the country. The Zimbabwe Investment and Development Agency has indicated that the UAE consistently ranks among the top five sources of foreign direct investment for the country.
This momentum is expected to continue with UAE officials expressing a desire to deepen ties in alignment with their broader foreign policy objectives. This partnership presents an opportunity for economic recovery for Zimbabwe and reflects a strategic alignment of interests that could reshaping the geopolitical landscape of the region.
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