VICTORIA FALLS EMERGES AS KEY ENGINE OF ZIMBABWE’S TOURISM INVESTMENT GROWTH

MASVINGO, Zimbabwe — Victoria Falls is emerging as one of the biggest beneficiaries of Zimbabwe’s renewed tourism investment drive, with Government placing the resort city at the centre of plans to expand the country’s tourism economy.

Finance, Economic Development and Investment Promotion Minister Prof. Mthuli Ncube says major developments in Victoria Falls, including a proposed four-star hotel and the ambitious Masuwe Special Economic Zone, demonstrate the growing confidence of investors in the destination.

Addressing the Zimbabwe Tourism Investment Forum at the 19th Sanganai/Hlanganani/Dzimbahwe World Tourism Expo in Masvingo, Ncube said institutional investors were increasingly recognising tourism and hospitality assets as viable long-term investments.

He cited a collaboration between the Unified Councils Pension Fund and the Mining Industry Pension Fund on a four-star hotel development in Victoria Falls as an example of domestic institutional capital flowing into the resort city.

“These are important developments because they demonstrate a fundamental fact that Zimbabwean institutional capital is beginning to recognise tourism as a viable, long-term asset class,” Ncube said.

MASUWE AT THE HEART OF VICTORIA FALLS EXPANSION

But the biggest opportunity, according to the Minister, extends far beyond individual hotel developments.
He identified the 1,200-hectare Masuwe Special Economic Zone, including the 271.5-hectare Lot 1 of Jafuta Estate, as one of Zimbabwe’s most significant tourism investment opportunities.

The development is envisaged as an integrated tourism resort incorporating hotels, villas, holiday homes, commercial facilities, medical services and a golf estate.

Ncube said Zimbabwe must move beyond treating Masuwe as a collection of separate projects and instead develop it as a coordinated investment platform capable of attracting large-scale capital.
The ultimate objective, he said, should be to expand Victoria Falls’ tourism economy, create jobs and strengthen Zimbabwe’s position as a premier African destination.

The message signals a potentially important shift in the way Victoria Falls is being positioned — not simply as the home of one of the world’s great natural attractions, but as a broader tourism, hospitality, business and investment hub.

The Finance Minister said Zimbabwe’s tourism industry is no longer limited to hotels and sightseeing, but encompasses infrastructure, aviation, real estate, finance, entertainment, culture, technology and the creative industries.

He said investment in tourism creates economic linkages across sectors including agriculture, transport, construction, ICT, finance and professional services.

For Victoria Falls, this creates opportunities well beyond accommodation — including conference facilities, restaurants, retail, entertainment, transport, digital services, residential developments and new visitor experiences.

The push comes as Zimbabwe’s tourism sector records strong growth.
Tourist arrivals during the first half of 2026 reached at least 792,000, while tourism receipts rose by 6 percent, from US$508 million in the first half of 2025 to US$537 million during the same period this year.

Tourism investment also rose from approximately US$190.5 million in 2024 to US$194.5 million in 2025, with about US$132 million recorded in the first half of 2026 alone.

In the first quarter of 2026, tourism investment surged by 438 percent, according to Ncube.
The Government says the country currently has approximately US$500 million worth of hotel infrastructure projects at various stages of development, targeted for completion by 2030.

For Victoria Falls, the investment drive could mean a city that is increasingly diversified beyond traditional leisure tourism.

Masuwe’s planned mix of hospitality, residential, commercial, medical and recreational facilities points towards a more integrated tourism economy, while new hotel investment could increase the city’s capacity to accommodate visitors, conferences and major international events.

The Minister’s broader message was that tourism investment must translate into businesses, jobs, infrastructure and opportunities for local communities.

He called for greater participation by pension funds, banks, development finance institutions, private equity firms, international investors and strategic partners to provide the long-term capital required to unlock projects.

Ncube said the success of the tourism investment programme should ultimately be measured not by speeches or investment promises, but by projects that are actually financed and delivered.

That means hotels and lodges being built, businesses established, jobs created, tourists welcomed and communities transformed.

For Victoria Falls, the challenge now is to convert its global tourism profile and growing investment interest into real projects, expanded infrastructure, new businesses and wider economic opportunities for residents.

As Zimbabwe seeks to move its tourism investment story from potential to performance, Victoria Falls is firmly positioned at the centre of that ambition.

From the Falls to Masuwe, the next chapter is not simply about attracting more tourists — it is about growing the entire Victoria Falls tourism economy.