UAE’s ASB Hospitality Snaps Up Zimbabwe’s Iconic Kingdom Hotel for $30 Million

In a big win for Zimbabwe’s growing tourism scene, Dubai-based ASB Hospitality has bought the famous Kingdom Hotel in Victoria Falls for $30 million. This marks the company’s second major move in the country, following its $20 million purchase of the Meikles Hotel in Harare back in 2019. The 294-room property, which sits right by the stunning Victoria Falls—a UNESCO World Heritage site that draws about 400,000 visitors each year—shut down in 2023 over a lease dispute but now looks set for a fresh start under new branding. Seller First Capital Bank, along with its pension fund, is cashing out to sharpen its focus on core banking, using the money to pay taxes and strengthen operations. For everyday Zimbabweans and travellers, this deal could mean more jobs in hospitality and better spots to stay, as the sector bounces back with 1.6 million visitors bringing in $1.2 billion in 2024. It also shows stronger ties between Gulf investors and Africa, especially as Forbes named Zimbabwe the world’s top travel spot for 2025 for its wildlife safaris and cultural treasures.

ASB Hospitality, a unit of Albwardy Investment, manages 18 luxury properties across four continents with over 1,300 rooms. This buy expands its African footprint, coming hot on the heels of grabbing a majority stake in Lusaka’s Taj Pamodzi Hotel in Zambia. For Zimbabwe, hit hard by economic woes but rich in natural wonders, such investments signal hope for revival in a sector key to earning foreign cash and creating work for locals.

The Kingdom Hotel: A Riverside Gem Ready for Rebirth

The Kingdom Hotel, now owned by Makasa Sun Private Limited before the sale, boasts 294 rooms and prime views of the Zambezi River, just minutes from Victoria Falls—one of the world’s largest waterfalls. Built in the 1990s with an African-inspired design mixing modern comforts and local vibes, it has long been a favourite for tourists seeking adventure like bungee jumps or wildlife safaris. But a lease row led to its closure in 2023, leaving the site idle and hurting local jobs.

ASB plans a grand relaunch, likely rebranding it to fit its luxury style, similar to turning Meikles into Hyatt Regency Harare—The Meikles. This could include upgrades to rooms, dining, and facilities to attract high-end visitors. With Victoria Falls pulling in crowds year-round, the hotel’s comeback could add to Zimbabwe’s tourism push, which aims for $5 billion in revenue by 2025 through spots like Hwange National Park and Mana Pools.

ASB Hospitality: Expanding Footprint in Africa’s Hospitality Boom

ASB Hospitality, based in Dubai, is part of Albwardy Investment—a family-owned group with roots in East Africa and a focus on luxury stays. Led by Ali Saeed Bin Harmal Aldhaheri, it runs upscale spots like the Hyatt Regency in Harare and now eyes more in the region. The company’s buy of Taj Pamodzi in Zambia shows a plan to grow in southern Africa, where tourism is rebounding post-COVID.

For Zimbabwe, ASB’s involvement brings know-how in running top hotels, potentially creating hundreds of jobs in services, maintenance, and supply chains. Local suppliers could benefit from deals for food, linens, and crafts, helping small businesses grow. This fits Zimbabwe’s goal to hit 5 million tourists by 2025, up from 1.6 million in 2024, bringing in more dollars to ease economic strains.

First Capital Bank’s sale lets it drop a non-core asset, focusing on banking while pocketing cash to boost lending and operations. The bank’s pension fund, a joint owner, also gains from the deal, securing funds for retirees.

A Closer Look: Facts Behind the Deal

In a major deal set to breathe new life into Zimbabwe’s hospitality scene, Dubai-based ASB Hospitality has acquired the renowned Kingdom Hotel in Victoria Falls for $30 million. This marks the company’s second significant investment in the country, following its $20 million purchase of the Meikles Hotel in Harare in 2019. The 294-room riverside property, which closed in 2023 due to a lease dispute, is now poised for a grand relaunch under fresh branding, potentially attracting more visitors to one of Africa’s top natural wonders. For everyday Zimbabweans, this could mean fresh job opportunities in tourism, a sector that welcomed 1.6 million visitors in 2024 and generated $1.2 billion in revenue. The transaction also signals deepening ties between Gulf investors and African markets, especially as Zimbabwe earns global praise for its wildlife safaris and cultural treasures, recently crowned by Forbes as the world’s top travel destination for 2025.

ASB Hospitality, a subsidiary of Albwardy Investment, manages 18 luxury properties across four continents with over 1,300 rooms. The acquisition expands its African footprint, coming shortly after securing a majority stake in Lusaka’s Taj Pamodzi Hotel in Zambia. For Zimbabwe, grappling with economic challenges but rich in attractions like Victoria Falls—a UNESCO World Heritage site drawing 400,000 visitors yearly—this investment offers hope for revival in a key industry that supports thousands of livelihoods.

The Kingdom Hotel: A Prime Asset Ready for Rebirth

Nestled along the Zambezi River just minutes from the majestic Victoria Falls, the Kingdom Hotel boasts 294 rooms designed with an African-inspired aesthetic that blends modern comfort with local charm. Built in the 1990s, it has long been a favourite for tourists seeking adventures like helicopter rides over the falls or wildlife safaris in nearby reserves. However, a lease disagreement led to its closure in 2023, leaving the site dormant and impacting local employment.

Under ASB’s ownership through Makasa Sun (Private) Limited—the previous operator jointly held by First Capital Bank and its pension fund—the hotel is expected to undergo upgrades and rebranding. This mirrors ASB’s successful revamp of the Meikles Hotel into the Hyatt Regency Harare – The Meikles, which has elevated standards and drawn international guests. The relaunch could include enhanced facilities like spas, conference spaces, and eco-friendly features to appeal to modern travellers, potentially creating hundreds of jobs in housekeeping, guiding, and supply chains.

The property’s location near Victoria Falls, one of the Seven Natural Wonders of the World, positions it perfectly for Zimbabwe’s tourism push. The falls alone generate significant revenue, with activities like bungee jumping and river cruises adding to the allure.

ASB Hospitality’s African Expansion: Building a Luxury Network

ASB Hospitality, headquartered in Dubai, is part of the family-owned Albwardy Investment group, which has roots in East Africa and a focus on upscale accommodations. Led by Ali Saeed Bin Harmal Aldhaheri, the firm emphasises sustainable operations and community benefits, aligning with Zimbabwe’s goals for eco-tourism.

The company’s entry into Zimbabwe began with the $20 million Meikles acquisition in 2019, transforming it into a five-star Hyatt property that has boosted Harare’s appeal for business travellers. More recently, ASB expanded in Zambia with the Taj Pamodzi stake, showing a clear strategy to grow in southern Africa. With 18 properties worldwide, ASB brings expertise in managing high-end resorts, which could help elevate Zimbabwe’s offerings to compete with regional hotspots like South Africa’s Kruger or Botswana’s Okavango Delta.

For First Capital Bank, the sale allows a shift back to core banking activities, using proceeds to cover taxes and enhance operations. The bank’s pension fund, a co-owner, also benefits, securing returns for members in a volatile economy.

A Closer Look: Key Facts on the Deal and Its Impact

1/ ASB Hospitality, a Dubai-based arm of Albwardy Investment, manages 18 luxury properties across four continents with over 1,300 rooms.

2/ The Kingdom Hotel boasts 294 rooms and sits just minutes from Victoria Falls, a UNESCO World Heritage site drawing 400,000 visitors yearly.

3/ ASB’s first Zimbabwe buy was the Meikles Hotel in Harare for $20-million in 2019, now rebranded as Hyatt Regency Harare – The Meikles.

4/ ASB recently grabbed a majority stake in Lusaka’s Taj Pamodzi Hotel in Zambia, expanding its African holdings.

This acquisition not only revives a key asset but also hints at more investments in Zimbabwe’s tourism, supporting the nation’s recovery and creating opportunities for communities around iconic sites like Victoria Falls. As ASB plans the relaunch, locals and travellers alike can look forward to upgraded experiences that blend luxury with Zimbabwe’s natural beauty.

Source:  UAE’s ASB Hospitality Snaps Up Zimbabwe’s Iconic Kingdom Hotel for $30 Million (24/11/2025)