By Sharon Chimenya
MASVINGO — A senior government official has revealed that Zimbabwe currently boasts hotel infrastructure developments valued at over US$500 million.
These ambitious projects are progressing through various stages and are expected to be completed by 2030.
According to the Minister of Finance, Economic Development and Investment Promotion, Professor Mthuli Ncube, these developments—funded by pension funds and institutional capital from a range of organisations—highlight a growing recognition of tourism as a promising, long-term investment opportunity in Zimbabwe.
“The strongest signal today is the insatiable appetite and growing participation in funding from pension funds, institutional investors, local companies and international hospitality groups. Pension and institutional capital from organisations including ZESA Pension Fund, the Government Pension Fund, Old Mutual and the NRZ Pension Fund is increasingly finding its way into tourism and hospitality assets,” he said.
“Today, we have approximately US$500 million worth of hotel infrastructure projects at various stages of development, which are all set to be completed by 2030. For instance, the Public Service Commission Pension Fund is investing in tourism assets through the acquisition of the Monomotapa Hotel and Ruparara Valley Lodge.
“Another example is the Unified Councils Pension Fund and Mining Industry Pension Fund collaborating on a four-star hotel development in Victoria Falls. These are important developments because they demonstrate a fundamental fact that Zimbabwean institutional capital is beginning to recognise tourism as a viable, long-term asset class.”
He said global hospitality brands are also taking notice of Zimbabwe, with companies such as Accor, Grand Hyatt, Four Seasons, Radisson Blu and Hilton expanding their presence and investment footprint in the country.
Professor Ncube said their investments bring more than just international brands; they bring global standards, distribution networks, technology, skills, market access, and increased investor confidence.
“This growing international interest was further demonstrated by President Dr Emmerson Mnangagwa’s recent engagement in Dubai with Mohamed Alabbar, founder of Emaar Properties, the developer behind the iconic Burj Khalifa. The engagement has opened avenues for major premium hospitality and luxury hotel investments in Zimbabwe. From pension funds and institutional investors to global hospitality brands and international capital, the investment conversation around Zimbabwe is changing,” he said.
“Ladies and Gentlemen, the opportunity is much bigger than hotel rooms. Harare currently has approximately 2 593 hotel rooms under construction, 2 402 rooms at tender or financial-closure stage, and a further 2 000 rooms in greenfield projects. If these projects materialise, the city’s accommodation inventory could rise from approximately 11 854 to 18 849 rooms, bringing us closer to the 20,000 rooms required to support major international events such as IATF 2029.
“This demand extends beyond accommodation to exhibition and conferencing facilities, transport, entertainment, restaurants, retail, technology and destination experiences. The gap is therefore not a problem; it is an investment opportunity.”
Meanwhile, for Masvingo province, he said the province should look beyond Tugwi Mukosi as a tourist attraction but instead consider investment propositions such as hospitality and leisure.
“Here in Masvingo, Tugwi-Mukosi presents another compelling opportunity. We must look beyond viewing it simply as a tourism attraction and instead develop it as an integrated investment proposition encompassing hospitality, recreation, leisure, water-based tourism, residential development and events. The question should no longer simply be, “How do we attract tourists to Tugwi-Mukosi?” but rather, “How do we build an investment destination around Tugwi-Mukosi?”
“This is the mindset required to unlock the next generation of tourism growth. Unlocking these opportunities will require large pools of patient, long-term capital. Government cannot do it alone. We need pension funds, banks, development finance institutions, private equity, international investors, strategic partners and innovative financing models. REITs and other collective investment structures can help mobilise institutional capital at scale.”
He, however, stressed the need to move from tourism concepts to bankable investments.
