Albwardy Investment to enhance investment in hospitality in Zimbabwe

UAE-based firm opens renovated Hyatt Regency the Meikles Harare
2024-05-19
/
/ New Delhi
/ Hotels
Albwardy Investment
Albwardy Investment to enhance investment in hospitality in Zimbabwe

Official data show that investments in tourism and hospitality jumped from USD 142 million in 2021 to USD 301 million in 2022

After a USD 20 million investment in a prime hotel in Harare, which reopened after extensive renovation recently, UAE-based investment firm Albwardy Investment has expressed interest in investing more in Zimbabwe.
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Zimbabwean capital Harare has a brand new luxury hotel in the shape of Hyatt Regency the Meikles Harare, which has reopened for business after an extensive renovation and rebranding carried out after its acquisition by an investment firm based in the United Arab Emirates.

In 2020, Albwardy Investment acquired the Meikles Hotel in Harare for USD 20 million in 2020 and carried out an extensive renovation and rebranding and has now reopened the iconic hotel as Hyatt Regency the Meikles Harare.

At the event to reopen the rebranded and renovated held in Harare recently, Ali Albwardy, founder, Albwardy Investment, revealed the company’s plans to expand investments in Zimbabwe.

The United Arab Emirates (UAE) investment holding company operates global businesses across sectors that include hospitality, food, distribution, logistics, engineering, construction, commercial and insurance.

Zimbabwe’s hospitality sector has about 6 600 room capacity, but the Hospitality Association of Zimbabwe says at the current pace of growth, the industry requires about 20 000 rooms, which means significant legroom for fresh investments.

According to a press statement, Zimbabwe’s President Mnangagwa officially opened the rebranded and extensively transformed facility saying the coming of international brands like Hyatt Regency was an endorsement of his administration and Zimbabwe as a good and safe destination for foreign investment.

He noted that, given Zimbabwe’s history and challenges over the last couple of decades, not many foreign investors had, until recently, been willing to do business in the country despite the limitless opportunities it offers.

The President however, pointed out that foreign investments were legally protected and safe in Zimbabwe while the legal framework also existed for the easy repatriation of profits offshore.

‘‘Last year alone, we realised a 34 pc increase in tourism sector arrivals, exceeding the pre-Covid-19 arrivals. The entry of the Hyatt Regency brand in Zimbabwe is yet another testament and a vote of confidence in the Brand Zimbabwe, the World of Wonders,’’ the President said.

The sector, Mnangagwa noted, had witnessed growth in both inflows and quality of investments since the Second Republic assumed power in 2017.

For instance, official data show that investments in tourism and hospitality jumped from USD 142 million in 2021 to USD 301 million in 2022.

Albwardy said the coming into Zimbabwe of renowned hotel brand, Hyatt Regency, under a management contract, not only marked the recalibration of the Meikles Hotel but also enabled its transformative rebranding to global standards.

The attendance by President Mnangagwa, Albwardy said, demonstrated his strong support for the project, following assurances the Head of State gave him in Dubai, encouraging him to invest in Zimbabwe.

“I am glad that we have managed to recalibrate this historical hotel without closing its doors since its establishment 109 years ago. As Albwardy Investment, we love Zimbabwe and its people and see great potential in tourism. We are eager to further invest in the future of tourism in this country. As we step into the new era, we invite each of you to continue to visit and enjoy the facility that the Meikles has to offer,” Albwardy added.

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