Mulk Holdings hosts Zimbabwe President, Sri Lankan Sports Minister

The Zimbabwean President launched this constructive summit by emphasising the scope of opportunities in various sectors of the country's business ecosystem



Shaji Ul Mulk, Chairman of Mulk Holdings and Abu Dhabi T10 (right) shakes hands with Zimbabwe President Emmerson Mnangagwa. — Supplied photo
Shaji Ul Mulk, Chairman of Mulk Holdings and Abu Dhabi T10 (right) shakes hands with Zimbabwe President Emmerson Mnangagwa. — Supplied photo

Published: Thu 17 Mar 2022, 11:42 PM

Shaji Ul Mulk, Chairman of Mulk Holdings and Abu Dhabi T10, hosted the Zimbabwe President Emmerson Mnangagwa and the Youth and Sports Minister of Sri Lanka Namal Rajapaksa to discuss and explore business opportunities in both countries.

The Zimbabwean President launched this constructive summit by emphasising the scope of opportunities in various sectors of the country’s business ecosystem, including mining, education, healthcare, and agriculture, among others. His eloquent speech addressed the UAE’s top business leaders, inspiring them to invest in the country’s economy.

“Zimbabwe is rich in resources and awaiting lucrative and promising investors to partake in the country’s advancement. I am pleased to liaison with like-minded businesses that help promote joint trade cooperation and projects that advance our country’s economy. Zimbabwe’s doors are open for trade for entrepreneurs in the UAE who will be welcomed as state guests, and I will personally ensure the provision of all the facilities required by businesses to carry out their investment activities.”

Despite the economic challenges faced across the globe, Zimbabwe has continuously proven its economic resilience and commitment to improving its economic stability. The President also boasted of the country’s substantial mineral reservoir, making Zimbabwe one of the leading countries with a bountiful supply of natural resources. He quipped that rather than asking what minerals Zimbabwe possess, ask what the country doesn’t have.

Zimbabwe is also home to the largest and one of the most fascinating natural wonders of the world, Victoria Falls, and captivating, exotic wildlife safaris. These attractions draw in tourists from across the globe, promoting the country’s various industries waiting to be tapped. “There is an immense opportunity for real estate developments, and tourism in Zimbabwe has heightened the need for top-notch hospitality. We currently require 12,500 rooms for accommodation, of which we only have 8,000,” said the President.

Also present were the Minister of Finance, Mthuli Ncube, and the Minister of Sports, Kirsty Coventry, both of whom reiterated the potential that some of Zimbabwe’s most promising markets and leading industries bring. Additionally, the Finance Minister also announced some of the incentives that investors can benefit from, including a 5-10 year tax rebate, no import duties levied on goods and duty-free import of equipment for business projects.

Shaji Ul Mulk with Sri Lanka’s Youth and Sports Minister Namal Rajapaksa (third from left). — Supplied photo
Shaji Ul Mulk with Sri Lanka’s Youth and Sports Minister Namal Rajapaksa (third from left). — Supplied photo

Sri Lanka’s Youth and Sports Minister Namal Rajapaksa was also delighted to preside at this meeting and connect with entrepreneurs who can positively contribute to the country’s conducive market. He stated that presently, Sri Lanka has great opportunities for businessmen that wish to engage with the country.

When asked about Sri Lanka’s policies regarding taxation, foreign exchange, Freezone structure, etc., Rajapaksa impressed the room with his extensive knowledge on all subjects pertaining to the country’s economy and answered promptly. He highlighted the significant Colombo Port City initiative, an infrastructure in the heart of Sri Lanka that is similar to Dubai’s Palm Jumeirah. The reclaimed land is dubbed as South Asia’s upscale residential, retail and business destination — open to investors that wish to generate favourable revenue. Incidentally, Mulk Holdings has already dipped its hands in the project and acquired a 7-acre, sea-facing plot to develop a luxury resort in the city.

Shaji Ul Mulk lauded both countries in their ambition to deepen relations and catalyse business activities in the region. “The favourable incentives and structured policies that have been drafted by Zimbabwe and Sri Lanka allow businesses to build a strategic, cooperative partnership. This developmental framework facilitates foreign investments that will bolster not only the country’s economic climate but also act as a gateway to cement healthy relations on an international level.”

The group included some of the UAE’s elite business personalities; Paras Shahdadpuri — Chairman of Nikai Group, Lalu Samuel — Chairman of Kingston Holdings, Ashok Puri— Chairman of MGT Group, Kamal Puri — Director of Skyline University, Atif Rahman — ORO24 Real Estate Developments, and Tauseef Khan — Chairman of City Tower Real Estate.

The talks for economic partnership between UAE and the two countries were also attended by Dr Shafi Ul Mulk — Chairman of Mulk E-Health, Dr Jamil Ahmed — Founder & MD of Prime Healthcare Group, Dr Bu Abdullah — Chairman of Bu Abdullah Group of Companies, Yasin Chowdhury — Chairman of FMC Group.

Presiding guests showed keen interest in developing luxury shopping centres, opulent resorts and casinos in both countries, shipyard and shipbuilding facilities in the Port City, manufacturing hubs in Sri Lanka due to the available human capital and resources, and other ventures that will see the rapid economic growth of both, Zimbabwe and Sri Lanka.

On the sidelines, there were positive discussions over bringing the massively popular T10 League Franchise to Sri Lanka and Zimbabwe.


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