Online Reporter
Zvamaida Murwira
Senior Reporter
A QATAR-based business delegation led by His Royal Highness Sheikh Mansour Bin Jabor Bin Jassim Al Thani, a prominent member of that country’s ruling family, yesterday signed three major agreements in Harare aimed at unlocking investment opportunities worth up to US$19 billion.
The delegation, representing Al Mansour Holdings — a conglomerate with diverse business interests — signed the agreements with the Government and its agencies.
The deals are expected to stimulate growth across Zimbabwe’s key economic sectors, including agriculture, agro-processing, aviation and mining.
The first agreement was signed between the Agricultural and Rural Development Authority (ARDA) chief executive Mr Tinotenda Mhiko and Al Mansour Holdings chairman Mr Nidal Ammache.
The second was a framework agreement between the Mutapa Investment Fund, represented by its chief executive Dr John Mangudya and Al Mansour.
The third, a joint statement on the implementation of a strategic partnership, was signed by Industry and Commerce Minister Mangaliso Ndlovu and Sheikh Mansour himself.
Chief Secretary to the President and Cabinet, Dr Martin Rushwaya, was among senior officials who witnessed the signing.
Mr Mhiko described ARDA’s deal with Al Mansour as “landmark,” saying it would transform food security and rural development.
“The cooperation focuses mainly on seven areas of collaboration and partnership.
“Firstly, irrigation development for estates and other managed joint venture farmers,” said Mr Mhiko.
“It also focuses on dairy processing and production. There is also livestock production and processing.
“The incubator and accelerator model, which is basically an investment fund model targeting over 260 000 land-seekers on the waiting list and over 10 000 in the diaspora who have expressed interest in land.
“So, the company will be listed on the Qatar Stock Exchange and potential investors will come and invest and access shares.”
Dr Mangudya said the framework agreement would channel US$19 billion across multiple sectors, including agriculture, aviation and meat processing.
“If you look at the framework of the agreement which was signed between Zimbabwe and Al Mansour it means they are talking of about US$19 billion earmarked for the country. It’s US$19 billion to be spread across all the sectors in Zimbabwe,” said Dr Mangudya.
He said the agreement will explore ways to reform the Cold Storage Company.
“We need investment into Cold Storage Company. That investment can either be done by ourselves as Government or joint ventures in the development of beef production in the country,” he said.
Dr Mangudya said another area of focus was Air Zimbabwe.
“We need to explore ways and means of improving Air Zimbabwe. What does it mean? It means that you might even go into lease agreements for right size planes that you can use at Air Zimbabwe,” he said.
He added: “Some of our entities within Mutapa are already profit-making companies. Out of the 30 companies that are under Mutapa, we have 53 percent of them which are profit-making and 47 percent are loss-making.
“So those ones which are profit-making are declaring dividends.
“If you see the likes of National Oil Company of Zimbabwe, Post Office Savings Bank, they are declaring their dividends,” he said.
“So, what you now need to do is to ensure that these 47 percent are also promoted to ensure that they become commercially viable and sustainable.
“And then they can produce a dividend, which dividend will now be used in Zimbabwe for the purpose of future generations and current generations.”
Mr Ammache of Al Mansour Holdings said the agreements marked the beginning of a long-term relationship.
“Well, as you know, a signature doesn’t mean anything. It’s the friendship that means a lot of things. I believe this signature is just the start of a very strong relationship between Al-Mansur Holding and the Republic of Zimbabwe. We are actually very keen to proceed and follow our commitment to this signature. It means to us, it’s the future. It’s a good future between the two nations,” he said.
In addition to the three agreements, Invictus Energy signed a separate partnership with Al Mansour Holdings.
Under this deal, the Qatari firm will inject an initial US$25 million in exchange for equity, before scaling up its investment to US$500 million as the partnership progresses.
Online Reporter