Zimbabwe wants to become Africa’s Dubai with offshore centre

Zimbabwe plans to set up an offshore financial centre in the resort city of Victoria Falls that the government hopes will emulate the likes of Dubai and the Isle of Man to attract foreign investment.

Regular dollar shortages have also scared off foreign investors as have targeted US sanctions against politically linked individuals and state firms for over two decades. The government claims the sanctions increase the country’s risk profile and make it difficult to attract foreign investment.

Listings on VFEX have been attracted by the trade in US dollars, tax exemptions on capital gains and the ability to repatriate funds from a country where foreign exchange is in short supply. It now has eight traded businesses.

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