Online Reporter
Nqobile Bhebhe Zimpapers Business Hub
GOVERNMENT and the private sector yesterday sealed a US$66,9 million Commercial Joint Venture Agreement to unlock high-value tourism development in Victoria Falls, in a major investment push expected to strengthen Zimbabwe’s position in the lucrative regional and global tourism market.
The landmark agreement, signed in Harare yesterday following Cabinet’s approval of the Public-Private Partnership (PPP) in April 2026, marks one of Zimbabwe’s most significant tourism infrastructure investments in recent years and signals growing investor confidence in the country’s tourism sector.
The agreement brings together Mosi-Oa-Tunya Development Company (MOTDC) Private Limited, the development company under the Ministry of Tourism and Hospitality Industry, and Victoria Seven Investments (Private) Limited, under the J.R. Goddard Consortium, to develop bulk infrastructure at Lot 1 of the 271-hectare Jafuta Estate in the Masuwe Special Economic Zone.
More than a conventional infrastructure project, the development represents the creation of a new integrated tourism precinct designed to redefine Victoria Falls’ visitor experience, while opening vast opportunities for domestic and international investors.
The US$66,9 million investment is expected to provide essential bulk infrastructure, including water and sewer reticulation, electricity distribution and telecommunications networks – the critical backbone required to unlock a pipeline of premium tourism and commercial developments.
Once completed, the serviced estate will accommodate luxury hotels, boutique lodges, villas, chalets, holiday homes, a championship golf estate, commercial and financial centres, medical facilities, a Tourism Academy and the under-construction International Multi-purpose Cricket Stadium, creating a diversified tourism ecosystem that extends Victoria Falls’ appeal beyond its iconic natural attractions.
Industry observers say the project reflects Zimbabwe’s strategic shift from destination marketing alone to destination development, where modern infrastructure becomes the catalyst for sustainable tourism investment and long-term economic growth.
The Ministry of Tourism and Hospitality Industry said the landmark investment directly supports President Mnangagwa’s Vision 2030 and the National Development Strategy 2.
“The landmark development advances President Mnangagwa’s Vision 2030 of an upper-middle-income society and aligns with the National Development Strategy 2 through sustainable tourism investment,” said the ministry in an update after the signing of the agreement.
Officiating at the signing ceremony on behalf of the Minister of Tourism and Hospitality Industry, Honourable Barbara Rwodzi, Deputy Minister Honourable Tongai Mafidi Mnangagwa was quoted as saying the agreement was a game-changing milestone for Zimbabwe’s tourism economy.
He described the development as a transformative investment that positions tourism as a catalyst for infrastructure development, economic growth and job creation through Public-Private Partnerships.
“The complementary investments will create an integrated tourism ecosystem that enhances Victoria Falls’ competitiveness as a premier destination, while the signing marks the realisation of a vision conceived in 2012 for the Masuwe Special Economic Zone,” reads the ministry update.
The agreement also demonstrates the Government’s growing use of Public-Private Partnerships to accelerate strategic infrastructure development, while leveraging private capital to maximise the economic value of public assets.
Through the innovative model, the Government contributes land through Mosi-Oa-Tunya Development Company, enabling investors to channel capital into infrastructure and tourism facilities that generate long-term economic returns.
“Through Mosi-Oa-Tunya Development Company, the Government is leveraging land equity to unlock private sector investment that will strengthen Zimbabwe’s tourism infrastructure and investment landscape, elevate tourist experiences, stimulate inclusive economic growth and further position Victoria Falls as a leading high-value tourism and investment destination,” said the ministry.
Beyond the immediate infrastructure works, the project is expected to trigger substantial secondary investments across hospitality, real estate, retail, transport, financial services and recreation, creating thousands of jobs and strengthening linkages with local suppliers and communities.
The development also reinforces Victoria Falls’ evolution from a destination renowned solely for its natural wonder into a globally competitive tourism, sports, conference and investment hub, capable of attracting high-spending visitors and international investors.
With premium accommodation, sporting facilities, commercial services and specialised tourism infrastructure planned within one integrated precinct, the Masuwe Special Economic Zone is set to become a flagship model of sustainable tourism development in Southern Africa.
It is expected to further enhance Zimbabwe’s standing as an investment destination and position tourism as a powerful engine for inclusive economic transformation.
President Mnangagwa has consistently emphasised that tourism should be private sector-driven, community-owned, and Government-facilitated, with strategic investments such as the Masuwe Special Economic Zone expected to generate employment, attract foreign direct investment, and accelerate the attainment of Vision 2030.
Under the joint venture agreement, MOTDC will contribute 271,5 hectares of land valued at US$25,6 million as equity in kind, while the JR Goddard Consortium will invest US$66,9 million towards infrastructure development.
The shareholding structure gives MOTDC a 39 percent stake and the consortium 61 percent, with a 25-year profit recoupment period.
