The Zimbabwe Government has sealed a massive US$92.5 million (approx. R1.71 billion) land development deal near Victoria Falls with a consortium led by construction magnate JR Goddard. The agreement will see 271.5 hectares of land in the Masuwe Special Economic Zone developed into a major commercial and tourism hub.
Cabinet Approves Strategic Victoria Falls Project
The deal was approved following a Cabinet meeting on Tuesday, 21 April 2026. Details shared by the newZWire indicate that the land in question is Lot 1 of Jafuta Estate, located within the Masuwe Special Economic Zone.
The publication states:
“The Government has approved a deal with a consortium led by JR Goddard to develop 271 hectares of commercial land near Victoria Falls.”
The site falls within the Kavango-Zambezi Transfrontier Conservation Area, a key regional tourism corridor. Authorities have identified the area as critical for expanding Zimbabwe’s tourism and commercial infrastructure.
Under the agreement, the Government—through Mosi Oa Tunya Development Company—will contribute the land as equity valued at US$25.6 million (approx. R474 million), securing a 39% stake in the project.
Consortium Commits to Infrastructure Investment
The JR Goddard-led consortium will hold a 61% stake in return for committing US$66.9 million (approx. R1.24 billion) towards infrastructure development.
According to the publication,
“The consortium will build roads, a 13km water pipeline, a water treatment plant, sewerage and a power substation.”
The partners are expected to recover their investment over a 25-year period.
The Zimbabwe Investment and Development Agency (ZIDA) facilitated the tender process in 2025, inviting bids for the development as part of broader efforts to attract private investment into special economic zones.
The consortium includes project managers Sesani, engineering firm Stewart Scott Zimbabwe, and financial advisors Genesis Global Finance.
Long-Term Vision For Masuwe Special Economic Zone
Investment plans tied to the project outline a wider vision for the Masuwe Special Economic Zone. The development is expected to include a mix of tourism, residential, and commercial infrastructure.
Information shared by the newZWire notes:
“The broader development vision includes hotels, villas, flats and holiday homes, as well as medical centres, a commercial hub and a tourism school.”
Additional planned facilities include a golf estate and an international cricket stadium, which is reportedly already under construction.
The Masuwe Special Economic Zone was gazetted on 28 September 2018. It was established to integrate tourism, recreation, financial services, and commercial activities within a single development framework.
The JR Goddard consortium is also linked to another major infrastructure initiative. The group is separately raising funds for the Glass Block Dam project, aimed at easing water shortages in Bulawayo.
Victoria Falls remains Zimbabwe’s most prominent tourism destination, drawing hundreds of thousands of visitors each year. The latest deal is expected to add critical infrastructure to support continued growth in the sector.
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