Zimbabwe’s tourism revival has drawn another major investor, with UAE-based ASB Hospitality LLC set to take full ownership of Makasa Sun (Pvt) Ltd, the company behind the closed Kingdom Hotel in Victoria Falls. The US$30 million deal will see First Capital Bank, listed on the Victoria Falls Stock Exchange, and its staff pension fund sell their combined 100% shareholding, clearing the way for the iconic property to reopen under a new international brand.
The Kingdom Hotel, a 294-room landmark overlooking the Zambezi and a short distance from Victoria Falls, shut its doors in early 2023 following a lengthy lease impasse with former operator Africa Sun Limited. This marks ASB’s second major investment in Zimbabwe’s hospitality sector after its 2020 acquisition of the historic Meikles Hotel in Harare for US$20 million. That property, now trading as Hyatt Regency Harare – The Meikles, is undergoing extensive upgrades as part of ASB’s partnership-driven strategy to revitalise underperforming assets.
According to a report by Business Xplainer, ASB, a subsidiary of Dubai’s Albwardy Investment with a global footprint across four continents, views the Kingdom Hotel purchase as a natural extension of its regional ambitions, supported by relationships with leading international operators.
First Capital Bank’s company secretary, Sarudzai Binha, confirmed that ASB has already placed a US$3 million escrow deposit, with the remaining US$27 million due once regulatory approvals are secured from the Reserve Bank of Zimbabwe, the COMESA Competition Commission, and the Zimbabwe Revenue Authority.
As reported by Three Men On a Boat, the transaction enables the bank to offload a non-core asset valued at US$27.98 million as of October 2024, freeing it to concentrate on lending and financial services. The disposal is not expected to significantly affect earnings or net tangible assets per share, given the bank’s US$134 million market capitalisation.
Proceeds from the sale will go toward capital gains tax obligations, with remaining funds distributed to the bank and its pension scheme before being reinvested in core operations — consistent with a broader trend of African financial institutions streamlining portfolios in a volatile economic climate.
The Kingdom Hotel’s revival coincides with Zimbabwe’s strong tourism rebound. International arrivals jumped to more than 1.6 million in 2024, up 18% year-on-year, generating US$1.18 billion in tourism revenue and earning Zimbabwe a Forbes ranking as the world’s top destination for 2025. Increased flights by carriers such as Ethiopian Airlines, along with government incentives including special economic zones and the ZimBho! The domestic travel initiative has helped push local tourist trips up 20.9% to 9.92 million.
For ASB, which recently acquired a majority stake in Lusaka’s Taj Pamodzi Hotel, the Kingdom’s revival strengthens its position as a key player in Southern Africa’s hospitality market. The property could emerge as a premium offering in Victoria Falls — a UNESCO World Heritage Site that welcomes about 400,000 visitors annually. Industry forecasts project tourism receipts to rise to US$286 million by 2028, supported by growing demand for combined wildlife and cultural experiences.
If regulatory approvals proceed smoothly, the deal not only resurrects a dormant tourism asset but also deepens economic ties between the UAE and Zimbabwe, opening the door to additional investment in one of Africa’s most promising travel markets.
