VIC FALLS EXPANSION: Government Seals US$92.5 Million Deal for Masuwe Special Economic Zone

VICTORIA FALLS — The Zimbabwean government has officially finalized a landmark US$92.5 million land development agreement with a consortium led by construction magnate JR Goddard. This strategic partnership marks a significant milestone in the development of the Masuwe Special Economic Zone (SEZ), aimed at transforming 271.5 hectares of land into a premier commercial and tourism hub.

The agreement, finalized following a Cabinet meeting on Tuesday, April 21, 2026, focuses on Lot 1 of the Jafuta Estate, an area situated within the Kavango-Zambezi Transfrontier Conservation Area. The project structure is divided to ensure shared risk and investment between the state and the private sector:

• Government Contribution: The state, represented by the Mosi Oa Tunya Development Company, is providing the land as equity valued at US$25.6 million, securing a 39% stake in the venture.

• Consortium Investment: The JR Goddard-led consortium is contributing US$66.9 million toward critical infrastructure, granting them a 61% stake in the project.

The consortium is expected to recover this investment over a 25-year timeframe. The project was facilitated by the Zimbabwe Investment and Development Agency (ZIDA), which initiated the tender process in 2025 as part of a national strategy to attract private capital into designated economic zones.

The consortium’s investment is earmarked for essential infrastructure that will serve as the foundation for the broader development. Key commitments include:

• The construction of a 13km water pipeline.

• The establishment of a new water treatment plant and sewerage systems.

• The development of a power substation and an extensive road network.

The long-term vision for the Masuwe SEZ is comprehensive, aiming to integrate tourism, financial services, and commercial activity. Planned facilities within the zone include:

• Hotels, luxury villas, flats, and holiday homes.

• Medical centers and a tourism school.

• A golf estate and an international cricket stadium, which is already under construction.

The development team comprises project managers Sesani, engineering firm Stewart Scott Zimbabwe, and financial advisors Genesis Global Finance.

This project arrives at a time when Victoria Falls continues to cement its status as Zimbabwe's most vital tourism destination. For the JR Goddard group, this initiative runs in parallel with their separate efforts to raise funds for the Glass Block Dam project, which is intended to alleviate water shortages in Bulawayo.

Victoria Falls Masuwe Special Economic Zone investment 2026