UAE investors eye Zim

The development marks the beginning of business relations between the two countries that are aimed at promoting more joint venture companies.
Zimbabwe was represented by permanent secretaries of the relevant ministries while Investment and Development Office chief executive Mr Jim Stewart stood in for Ras Al Khaimar.

The signing ceremony followed an omnibus MOU that was signed by Vice President Joice Mujuru and Ras Al Khaimar ruler Sheikh Saud Bin Mohammed Al Qasimi two weeks ago.
Another MOU on the sixth area of co-operation – mining – was signed a fortnight ago by Mines and Mining Development Minister Obert Mpofu and a representative of Ras Resources (LLC) Farzana Gul.

Deputy Chief Secretary to the President and Cabinet, Retired Colonel Christian Katsande who officiated at the signing ceremony said the develeopment had fulfilled Article 3 of the initial MOU signed a fortnight ago.
“It was stipulated that by March 14, terms relating to the sector specific MOUs should have been agreed and signed and that is what is being fulfilled,” he said.

The discussions held focused mainly on how all sectors of the economy could be developed to ensure food security between the two countries.
In the mining sector, Zimbabwe and Ras Al Khaimar discussed possibilities to explore minerals in the country.
The discussions covered the entire mining spectrum, including exploration and setting up of refineries.
Zimbabwe exports its minerals in their raw state.

In the energy sector, the parties agreed to develop a number of projects to increase electricity generation in Zimbabwe with a view to developing an irrigation system.
The Ministry of Industry and Commerce presented a proposed budget of US$2,7 billion for value addition projects.

In the tourism sector, Zimbabwe is looking at becoming a world-class tourist centre through upgrading its safaris and hotels.
Sheikh Saud had come for a four-day State visit to explore business opportunities in the country and held meetings with several Government officials.

He also toured the National Heroes Acre where he laid a wreath on the tomb of the Unknown Soldier before visiting Alpha Omega Dairy Farm, the Amai Grace Mugabe Children’s Home in Mazowe and Boka Tobacco Auction Floors.
The United Arab Emirates are part of top five countries that buy Zimbabwean tobacco.