Source: US$12m investment to create jobs in Bulawayo – herald
Business Reporter
THE Bulawayo business community and stakeholders have commended the US$12 million investment for the Fairgrounds Retail Centre, a state-of-the-art development set to rise within the Zimbabwe International Conference and Exhibition Smart City (ZICES) in Bulawayo.
The project, which is marking a significant milestone for the city’s investment landscape, is being undertaken by Terrace Africa, which will deliver a modern shopping complex comparable in scale and design to Harare’s Greenfields Retail Centre, which was recently commissioned by President Mnangagwa.
Responding to an inquiry by this publication during the post-ZITF 2026 press briefing, ZITF Company board chairperson Mr Busisa Moyo said construction is scheduled to commence in a few weeks, with completion expected by the end of 2027.
“The Terrace Africa investment is US$12 million and the land value we say it’s US$3 million, so between US$12 and US$15 million for the value. The estimated square meterage of the shopping mall 7 000 square meters (sqm).
“Occupancy currently stands at 95 percent in terms of tenants. So tenants are almost done; we have 5 percent of space left. That is what we can share publicly at this moment,” he said.
During the recent ceremony for laying of the foundation stone by Industry and Commerce Minister Mangaliso Ndlovu, Terrace Africa managing director Mr Brett Abrahamse reaffirmed his commitment to meeting the targeted deadline.
“I think what ZITF Company has come up with, in partnership with us, the broader master plan, is a change in tide,” he said.
“This is a symbolic day not only for the retail centre but for what is going to be created here in Bulawayo.”
He added: “This will be our 14th retail centre or project in Zimbabwe, and this is not new to us. We have done this over and over. Just two weeks ago, President Mnangagwa unveiled our latest project, which is the Greenfields Retail Centre. The Fairgrounds Retail Centre project is shaped in a very similar skeleton to that one, and I think it is going to be as successful, if not more successful.”
He said Bulawayo is a great city with a lot of history, culture and a proud identity, while its economy has been patiently waiting for something like this.
Zimbabwe National Chamber of Commerce (ZNCC) Matabeleland Chapter former vice president Mr Louis Herbst said the development represents more than just a retail node.
“It is a signal to the market that Bulawayo is once again investable, bankable and capable of absorbing modern, large-scale capital projects. For years, the narrative around Bulawayo has been one of industrial decline and capital flight,” said Mr Herbst, who is also a businessman.
“Projects of this nature begin to reverse that narrative. Retail developments are often underestimated, but they are powerful economic anchors. They stimulate downstream and upstream activity — construction, logistics, SME (small and medium business) participation, employment creation and consumer market confidence.”
He said positioning this within a smart city ecosystem introduces a level of integrated urban planning that aligns Bulawayo with global urban development trends — mixed-use, technology-enabled and sustainability-driven growth corridors.
Mr Herbst said the entry of Terrace Africa into Bulawayo was a breakthrough moment; however, if the city is to attract more developments of this nature, a mindset shift is absolutely non-negotiable.
“There is still a degree of resistance — administrative, cultural and sometimes political — that slows progress unnecessarily,” he said.
“Investors prioritise efficiency, predictability and ease of doing business. Where processes are delayed, inconsistent or overly bureaucratic, capital simply redirects elsewhere.”
He said to unlock sustained inflows, Bulawayo must streamline approvals and reduce friction, adopt a pro-investment posture, strengthen public-private collaboration, package bankable opportunities and promote success stories aggressively.
Mr Herbst said the data from the Zimbabwe Investment and Development Agency (ZIDA) indicating increased inflows into Bulawayo in the fourth quarter of 2025 was extremely critical.
“Investment inflows are the earliest measurable indicator of economic turnaround,” he said. “For Bulawayo, this is the re-entry point into industrial relevance.
“Historically, Bulawayo has been Zimbabwe’s industrial backbone — manufacturing, engineering, textiles and logistics.
“What we are now seeing is the early-stage recapitalisation of that legacy. Capital inflows, particularly when diversified across sectors such as retail, infrastructure and light industry, create a multiplier effect.”
ZNCC Matabeleland regional manager Mr Mduduzi Ncube said the Fairgrounds Retail Centre development was a significant milestone for Bulawayo, as it signals renewed investor confidence in the city and reinforces its strategic positioning as a key economic and industrial hub.
“The establishment of a modern retail centre within the ZICES framework speaks directly to the ZITF 2026 thrust of building connected economic ecosystems — where trade, commerce and infrastructure converge to enhance productivity and investment appeal,” he said.
“It also aligns with ZNCC’s focus on transitioning from resilience to competitiveness, as such developments stimulate value chains, create jobs and modernise the urban commercial environment.”
Mr Ncube said for Bulawayo to attract more projects of this magnitude, there is a need for continued strengthening of the ease of doing business environment through efficient regulatory processes, competitive cost structures and investor-friendly policies at both local and national levels.
He said strategic public-private partnerships, infrastructure development and proactive investment promotion will also be key.
“Importantly, sustained engagement between the business community and local authorities will ensure that Bulawayo remains responsive, competitive and aligned with investor expectations — consistent with both the ZITF and ZNCC thematic focus on competitiveness and integration,” said Mr Ncube.
He said developments such as the Fairgrounds Retail Centre were not isolated investments, but part of a broader trajectory towards economic revitalisation.
Mr Ncube said the investments reinforce Bulawayo’s role within Zimbabwe’s development agenda and contribute meaningfully to the vision of a more integrated, competitive and investment-driven economy.
Dr Shynet Chivasa, an institutional business analyst at Lupane State University, said the project makes the centre a physical “showcase” of policy-driven reindustrialisation and service sector modernisation.
“This reinforces Bulawayo as a viable destination for retail, logistics and tourism-linked investments,” she said.
“It creates employment and improves Bulawayo’s gross domestic product.
“Employment creation during construction and when the centre opens is another benefit of the project.”
She said to attract more projects of such scale, Bulawayo needs to move beyond isolated deals and build a repeat-investor proposition.
Dr Chivasa said there was a need for consistent regulatory and fiscal incentives by streamlining approvals, providing clear zoning and tax-incentive frameworks for mixed-use developments (retail, hotels, offices), and ensuring predictable returns on capital.
She added: “For infrastructure and utilities, there is a need to invest in reliable power, water, roads and fibre connectivity around priority nodes like ZICES and the central business district to reduce investors’ ‘hidden costs’ of doing business.”
Dr Chivasa said for Bulawayo to “lock in” reindustrialisation, the inflows must be translated into operational projects on the ground (not just licences) and linkages between new investments and the local supplier base, as well as upgrading skills and infrastructure to sustain competitiveness beyond the current policy-driven wave.
“In that light, the ZICES Fairgrounds Retail Centre and the broader ZIDA Q4 2025 report pipeline together constitute a credible foundation for Bulawayo’s re-emergence as Zimbabwe’s second-tier industrial and services hub, provided that policy consistency and execution quality are maintained,” she said.
Economic commentator Mr Morris Mpala said the development was welcome and key to the city as it tries to emerge from yesteryear’s downturn in fortunes.
“It ignites and excites other investments into the city. Bulawayo needs to showcase what investment opportunities it has to potential suitors and show that it can carry investments of this quantum in terms of return on investment,” he said.
“Generally, the City of Bulawayo needs to look at the ease and cost of doing business within its influence; above all, bringing water to the city.”
With Bulawayo as one of the provinces that recorded significant investment inflows in the fourth quarter of 2025, according to ZIDA, he said this reflects the potential that the city has and needs to be embraced with both hands.
Mr Mpala said this goes a long way in cementing the status that Bulawayo is a safe destination for capital, while the city needs to reimagine its new industries and forgo some yesteryear business models that no longer serve it.
Mr Reginald Shoko, an economic analyst, said Bulawayo has finally landed a game-changer, and the Fairgrounds Retail Centre project was the first phase of a planned US$300 million smart city.
“This shatters the city’s drought of Grade A infrastructure and sends a clear signal that private capital is betting on Bulawayo again,” he said.
“With a multiplier effect on jobs, property values and complementary businesses, this could be the turning point that breaks the long cycle of investor hesitance, while showing that the second-largest city is open for business.”
The post US$12m investment to create jobs in Bulawayo appeared first on Zimbabwe Situation.