Zimbabwe’s hospitality sector has secured another major boost as ASB Hospitality LLC, a United Arab Emirates–based investment firm, finalised a share purchase agreement to acquire Makasa Sun (Pvt) Limited, the company that owns the dormant Kingdom Hotel in Victoria Falls. The acquisition, valued at US$30 million, marks ASB’s second major investment in Zimbabwe’s hotel industry following its 2020 purchase of Meikles Hotel in Harare, now rebranded as Hyatt Regency Harare – The Meikles.
The Kingdom Hotel, overlooking the Zambezi River and located within minutes of the Victoria Falls, has remained closed since early 2023 following a lease dispute with its former operator Africa Sun Limited. The property, comprising 294 rooms and renowned for its architecture inspired by Great Zimbabwe, is expected to reopen under a new international brand once regulatory approvals are completed.
According to filings reported by Newsday Zimbabwe, the transaction involves First Capital Bank Limited and its staff pension fund divesting their combined full ownership in Makasa Sun (Pvt) Limited. The structure includes a US$3 million escrow deposit, with the balance of US$27 million payable upon approval by the Reserve Bank of Zimbabwe, COMESA Competition Commission, and the Zimbabwe Revenue Authority.
First Capital Bank company secretary Sarudzai Binha stated that the disposal allows the financial institution to focus on core operations in lending and retail banking while realising value from a non-core, dormant asset. As of October 2024, Makasa Sun’s net assets were valued at US$27.98 million, aligning closely with the agreed sale price. The bank, listed on the Victoria Falls Stock Exchange with a market capitalisation of approximately US$134 million, is expected to allocate proceeds toward capital gains tax obligations, proportional shareholder distributions, and reinvestment in its primary operations.
The deal represents a continuation of ASB Hospitality’s African expansion strategy under Albwardy Investment, its Dubai-based parent company with a diversified portfolio spanning four continents. ASB’s African holdings include the Taj Pamodzi Hotel in Lusaka, Zambia, which further positions the company as a key regional player in the premium hospitality market.
Zimbabwe’s tourism industry, which has shown strong signs of recovery following the COVID-19 pandemic, provides the backdrop for this acquisition. Official data from the Zimbabwe Tourism Authority (ZTA) indicates that international tourist arrivals reached 1.6 million in 2024, an 18 per cent increase compared to the previous year. Tourism revenue rose to US$1.18 billion, and Forbes named Zimbabwe the world’s top travel destination for 2025. Domestic tourism also surged by 20.9 per cent, recording nearly 9.92 million trips, aided by the government’s ZimBho! initiative and improved regional air connectivity through airlines such as Ethiopian Airlines.
The Victoria Falls area, a UNESCO World Heritage Site attracting around 400,000 visitors annually, remains a cornerstone of Zimbabwe’s tourism offering. Analysts estimate that the hospitality sector could generate US$286 million in annual receipts by 2028, supported by an annual growth rate of 1.4 per cent. This growth is driven by the diversification of tourism products, including wildlife safaris, adventure tourism, and cultural experiences that appeal to both regional and international travellers.
The acquisition also reflects the deepening economic relationship between the United Arab Emirates and Zimbabwe. Over the past five years, UAE investments in Zimbabwe have expanded into energy, logistics, and mining, indicating a broader trend of south–south cooperation based on mutual opportunity rather than aid dependency. This aligns with wider continental aspirations to harness intra- and inter-regional investment for sustainable development and local value creation.
The revival of the Kingdom Hotel thus symbolises more than a property transaction. It represents the resurgence of African tourism narratives centred on partnership, renewal, and shared prosperity. The investment reinforces Zimbabwe’s positioning as an emerging hub for high-value hospitality ventures while contributing to the reimagination of African tourism as an integrated ecosystem led by African and Global South investors.
