Kholwani Nyathi
27 September 2008
The Zimbabwe Stock Exchange (ZSE) listed Africa First Renaissance Corporation (Afre) is planning to build a top class hotel in Bulawayo before the end of the year as it seeks to grow its tourism portfolio ahead of the 2010 soccer World Cup in South Africa.
"Bulawayo has a good range of hotels but we seem not to be looking at the top end of the market," Afre's group investments executive, Simplicio Chinyemba told the annual general meeting of the Bulawayo Publicity Association on Thursday. "And this is why we are looking at building a three-to four-star hotel in Bulawayo by the end of the year.
The group's property arm, Pearl Properties is already involved in the development of a TM Supermarket complex in the medium-density suburb of North End. Chinyama said the project was the starting point for the group's plans to expand its presence in the region.
Afre, a diversified investment company, which in June bought 16% of Rainbow Tourism Group (RTG), has also set its sights on building hotels in Beitbridge and Victoria Falls.
Chinyama, who was speaking on the group's future investments in Matabeleland said local companies should start preparing for a new economic dispensation following the signing of power- sharing agreement between the ruling Zanu PF and the opposition Movement for Democratic Change (MDC).
Tourism, mining and corporate agriculture were some of the investment opportunities that promised quick returns if the deal between the protagonists in the country's long-running political and economic crisis worked.
He said a few weeks after the signing of the deal, hotel occupancy rates in Harare had reached 100%, a sign that external investors still had confidence that Zimbabwe's economy would bounce back.
"After the signing of the deal, which we hope will succeed, companies must start preparing for a new economic order before international players come into play," he said. "We see a lot of opportunities in tourism and it's unfortunate that we have not started preparations for the 2010 World Cup, which is now less than two years away."
However, Chinyama warned that some businesses would go under as international players take advantage of the new political order to bring their products into the country.
Speaking at the same event, Bulawayo mayor, Councillor Thaba Moyo said the political settlement had generated considerable interest among local investors who were keen to set up businesses in the city.
"Everyday our officers are receiving enquiries from investors who are ready to pour their money into Bulawayo," he said. "My message to local business people is that if you delay international investors are already on the way."
Bulawayo, once the industrial hub of Zimbabwe has borne the brunt of the economic crisis in the country as most investors preferred relocating to Harare to minimise production costs.
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