Zimbabwe seeks up to US$200 million in UAE investment for key sectors

Zimbabwe is seeking to attract up to US$200 million in investment from the United Arab Emirates (UAE) for the mining industry, renewable energy, and agriculture, according to Simba Makamadze, chairman of the Zimbabwe Business Council UAE. As reported by The Herald, a partner of TV BRICS.

"We are considering agreements ranging from US$10 million to US$200 million, and around five such negotiations are still ongoing," said the council representative. According to him, one of the proposed investment deals has already reached the stage of signing a preliminary agreement.

Trade between the two countries last year amounted to around US$4.1 billion. Zimbabwe’s exports are dominated by gold and other minerals, with the mining sector accounting for US$1.9 billion of export revenue, Makamadze reported.

Investors are also exploring opportunities in logistics and retail infrastructure. In particular, a Dubai-based logistics company has recently been granted a licence to open duty-free shops at Zimbabwe’s airports. This will create new jobs at the airports.

The African country’s agricultural sector is also expected to benefit from growing demand for food in the UAE, which imports over 90 per cent of its food.