Home » Mohamed Alabbar, owner of world’s tallest building Burj Khalifa, eyes Zimbabwe for expansion

Mohamed Alabbar, owner of world’s tallest building Burj Khalifa, eyes Zimbabwe for expansion

Zimbabwe's economic resurgence: Mnangagwa courts Dubai investors for key partnerships

by Omokolade Ajayi
Mohamed Alabbar

Mohamed Alabbar, the prominent Emirati billionaire renowned for his monumental real estate projects including the iconic Burj Khalifa, is eyeing investment opportunities in Zimbabwe’s burgeoning hospitality sector. This move aligns with Zimbabwe’s push for foreign investment. 

According to sources familiar with the discussions, Alabbar, the visionary behind numerous architectural marvels in Dubai, is considering venturing into Zimbabwe’s hospitality landscape with proposed projects encompassing luxury hotels and upscale residential apartments.

His potential entry into the Zimbabwean market reflects a broader trend of international investors exploring opportunities in the country amid its ongoing economic reforms.

Zimbabwe’s economic resurgence: Mnangagwa courts Dubai investors for key partnerships

During a recent visit to Dubai, Zimbabwean President Emmerson Mnangagwa engaged in discussions with Alabbar, underscoring Zimbabwe’s commitment to fostering business ties with global investors.

Mnangagwa’s participation in the World Governments Summit served as a platform to showcase Zimbabwe’s investment potential, signaling a proactive approach towards attracting foreign capital.

Paul Tungwarara, special presidential investment advisor, disclosed that discussions between Mnangagwa and prominent Dubai investors, including Alabbar, will pave the way for substantial investments in Zimbabwe’s hospitality sector. Tungwarara highlighted Alabbar’s keen interest in spearheading development projects in the country, reflecting a positive outlook on Zimbabwe’s economic trajectory.

Alabbar’s diversified business landscape: From Emaar to Noon.com and YNAP acquisition

Alabbar’s extensive business portfolio includes Emaar Properties, a leading real estate developer, and notable ventures such as Noon.com, an e-commerce platform. Additionally, his imminent acquisition of Yoox Net-a-Porter (YNAP) underscores his strategic expansion into the global retail market, further solidifying his stature as a dynamic entrepreneur.

Mnangagwa’s visit to Dubai encompassed discussions with prominent Emirati businessmen, including DAMAC Chairman Hussain Sajwani, emphasizing opportunities for bolstering trade and logistics cooperation between Zimbabwe and the UAE. Mnangagwa’s engagement with key stakeholders at various Dubai establishments underscores Zimbabwe’s proactive stance in fostering bilateral trade relations.

Alabbar’s expression of interest in investing in Zimbabwe’s hospitality sector reflects a growing confidence in the country’s economic prospects. As Zimbabwe continues to attract investors, collaborations with influential figures like Alabbar signal a transformative phase in the nation’s economic landscape, poised for sustainable growth and development.

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