First Capital finalises US$30m Kingdom Hotel disposal to ASB

 First Capital Bank Limited has completed the long-awaited disposal of Makasa Sun, drawing the curtain on a US$30 million transaction and handing control of the iconic Kingdom Hotel in Victoria Falls to United Arab Emirates (UAE)-based ASB Hospitality.

The Victoria Falls Stock Exchange-listed lender announced that the transaction had been successfully concluded following months of regulatory approvals and shareholder cautionary statements dating back to September last year.

In a notice signed by company secretary Ms Sarudzai Binha, the bank said, “The Board of Directors of First Capital Bank Limited wishes to advise shareholders and the investing public that the disposal transaction has been successfully completed.”

The company also confirmed the withdrawal of the cautionary announcement that had remained in place during negotiations and regulatory processes.

Shareholders were initially advised in September 2025 that the bank and its co-shareholder were engaged in discussions regarding the disposal of their interest in Makasa Sun.

The transaction marks one of the more significant hospitality-sector acquisitions in Zimbabwe in recent years and reinforces growing Gulf investor interest in the country’s tourism assets, particularly in Victoria Falls and Harare.

Under the agreement, ASB Hospitality acquired the entire shareholding in Makasa Sun from First Capital Bank and the First Capital Bank Staff Pension Fund. Makasa Sun’s principal asset is the Kingdom Hotel, one of Victoria Falls’ best-known hospitality properties.

The finalisation of the transaction follows exchange control approval granted earlier this year by the Reserve Bank of Zimbabwe, while competition clearances and tax approvals were also required before the transaction could be finalised.

Earlier this year, the bank confirmed progress on the deal, saying, “The transaction has now received exchange control approval and is awaiting the remaining regulatory approvals.”

The parties had agreed that ASB Hospitality would pay US$30 million for the asset, with an initial US$3 million deposit having already been placed in escrow pending completion. The balance of US$27 million would be released once all conditions precedent had been satisfied.

The deal adds to ASB Hospitality’s expanding footprint in Zimbabwe’s hospitality industry. The UAE investor acquired the Meikles Hotel in Harare in 2019, which was later rebranded as Hyatt Regency The Meikles Harare following refurbishment and repositioning efforts.

Its latest acquisition comes at a time when Zimbabwe’s tourism industry continues to rebound strongly after the disruptions caused by the Covid-19 pandemic.

International arrivals and tourism receipts have been recovering rapidly, aided by aggressive destination marketing, improved regional air connectivity and Government-backed investment incentives.

Victoria Falls, in particular, has become a focal point for international hospitality capital, benefiting from its status as Zimbabwe’s premier tourism destination and its strategic positioning within the regional safari and conferencing market.

Industry analysts say foreign investor appetite for high-end tourism assets has remained resilient despite broader macroeconomic pressures affecting the country.

The transaction also provides First Capital Bank with an opportunity to unlock value from a non-core investment while strengthening liquidity and capital flexibility at a time when banks are increasingly focusing on core financial services operations.

At the time the transaction was initially announced, Makasa Sun had a consolidated net asset value of approximately US$27,98 million. First Capital Bank held a 50 percent economic interest in the company valued at around US$15 million, with the balance owned by the bank’s staff pension fund.

The bank had previously classified Makasa Sun as a dormant entity and did not consolidate it into group financial statements, suggesting limited operational integration with its banking activities.

First Capital had also indicated earlier this year that the disposal was not expected to materially affect earnings, headline earnings per share or net asset value, aside from transaction-related costs and taxation adjustments.

Source: First Capital finalises US$30m Kingdom Hotel disposal to ASB (03/05/2026)

ZimParks Rock Pool Development Ruffles Feathers

 We had hoped that with a new Director General (Professor Edson Gandiwa was announced as the new Director-General of the Zimbabwe National Parks and Wildlife Authority in January 2025) inappropriate events at the ZimParks developed riverside 'Rock Pool', located a short distance above the Victoria Falls and within the Victoria Falls National Park, a UNESCO World Heritage Site, would perhaps stop. Clearly Professor Gandiwa has the same lack of understanding on the sensitivity of this conservation area as his predecessor, who authorised this unwanted and inappropriate development.

The event will include light and noise pollution which will echo over the river and surrounding area, which in addition to being within the UNESCO World Heritage Site is also designated as a Ramsar Wetland Site of International Importance and an Internationally Important Bird Area. Bird species of conservation concern occurring along the river include African Skimmer and Rock Pratincole, which breed on the exposed rocks sandy islands during low water, and the nocturnal Pel's Fishing Owl, White-backed Night Heron which breed on the islands above the Falls such as Loanda or Long Island, located immediately opposite the 'Rock Pool' development. Both these latter species are extremely sensitive to disturbance.

Read more on this controversial development within the Victoria Falls National Park and UNESCO World Heritage Site high conservation and protection area on the Keep Victoria Falls Wild website.

African Sun defers Elephant Hills refurbishment ahead of 2027 Cricket World Cup

 AFRICAN Sun has confirmed the postponement of the planned major refurbishment of the Elephant Hills Resort, originally scheduled for November 2026, ensuring the property remains open during Zimbabwe’s co-hosting of the 2027 ICC Cricket World Cup.

Elephant Hills Resort in Victoria Falls, is renowned for its championship golf course, panoramic views of the Zambezi River valley, and extensive conference facilities.

As one of the largest hotels in the resort town, it plays a critical role in accommodating international, regional and domestic tourists drawn to the majestic Victoria Falls, a UNESCO World Heritage Site.

Its operational capacity is especially vital during major global events.

African Sun confirmed the postponement in a statement.

“African Sun has confirmed that it will defer its planned major refurbishment of the Elephant Hills Resort, originally scheduled for November 2026, in support of Zimbabwe’s role as co-host of the 2027 ICC Cricket World Cup. The Resort will remain fully operational during 2026 and 2027 to ensure that Victoria Falls retains essential room capacity during this significant period of increased international demand,” reads the statement.

The hospitality group added that the refurbishment programme remains a key priority and will proceed immediately after the tournament, with a continued focus on enhancing guest experience and strengthening the property’s positioning.

Room availability in Victoria Falls is crucial for hosting cricket fans and teams from around the world.

African Sun expressed enthusiasm for working closely with trade partners as they prepare to welcome visitors to Victoria Falls.

Source: African Sun defers Elephant Hills refurbishment ahead of 2027 Cricket World Cup (01/05/2026)

See also:

Victoria Falls Bits and Blogs (23/04/2026) AfricanSun exits VFEX, opts for unlisted status.

 Victoria Falls Bits and Blogs (10/03/2026) African Sun to Delist.

Victoria Falls Bits and Blogs (12/12/2025) African Sun to shut down Elephant Hills for major overhaul.

Zim, UN to collaborate in tourism growth

 Zimbabwe remains committed to working closely with UN Tourism to showcase its beauty, endowments and hospitality, and will continue collaborating to enhance the country’s standing as a premier global destination, President Mnangagwa has said.

The President said this on his X handle soon after meeting visiting United Nations Tourism Secretary General Ms Shaikha al Noiwas at his Munhumutapa offices in Harare.

Ms Nowais is the first female to steer the organisation since its inception in 1975.

She arrived in the country on Sunday, through Victoria Falls, and is leading a high-level UN Tourism delegation set to hold a series of meetings in the country’s tourism hub.

The meetings seek to advance sustainable and inclusive tourism.

“It was an honour to welcome Ms Shaikha al Nowais, the recently appointed Secretary-General of UN Tourism, this afternoon. Her appointment marks a significant milestone as she becomes the first woman to helm the organisation in its 50-year history,” said President Mnangagwa.

“We discussed enhancing Zimbabwe’s standing as a premier global destination and harnessing sustainable tourism as a catalyst for economic growth and job creation. Zimbabwe remains committed to collaborating closely with UN Tourism to showcase the beauty and hospitality of our nation to the world.”

In an interview soon after meeting President Mnangagwa, Ms Nowais commended Zimbabwe’s efforts to boost the sector, saying it was paying dividends given the rise in tourist arrivals coupled with a surge in revenue.

She commended President Mnangagwa’s administration for driving the tourism industry, saying the country was set to achieve its national objectives.

“Look, I think Zimbabwe has come a long way with the leadership of the President and with the Honourable Minister executing and having a plan in place. I think they are on the right path. They have done a lot over the years. They have witnessed a growth of 10 percent of tourism arrivals only in 2025, which is a testament to the plan they have and the vision they have for tourism in Zimbabwe,” said Ms Nowais.

Commenting on her discussion with President Mnangagwa, she said he emphasised the importance of the sector.

“The President said that tourism is a driver, a key driver for the national economy of Zimbabwe. His belief in the sector is instrumental in what we see today for Zimbabwe,” she said.

Ms Nowais said she was visiting member countries to have an appreciation of their tourism ecosystem. “It is my first time to be in Zimbabwe, yes, but it will not be my last, that’s for sure. I will be visiting other countries. We have 161 member states from five different regions, so I have to visit as many as I can,” said Ms Nowais, who said she will be returning to Victoria Falls for a series of meetings.

Furthermore, she said she took her new responsibility with humility.

“It is not an easy job, but I feel that where there is a will, there is a way and when you are dedicated and committed to something, anything is possible,” she said.

Tourism and Hospitality Industry Minister Barbara Rwodzi said several meetings had been earmarked for the UN Tourism Secretary General with the sector’s stakeholders. “Today (yesterday), this morning, the Secretary-General opened a committee on Sustainable Tourism, which is an existing committee in the UN Tourism and it was an important meeting. It speaks more about sustaining and resilience in the sector.

“But one big highlight for us as a country is that today the UN Tourism Secretary General unveiled the logo for the next year UN General Assembly 2027, which speaks to tourism resilience and sustainability, and the logo was unveiled here in Zimbabwe to the world, for the first time, it was in Victoria Falls,” said Minister Rwodzi.

“We are very proud of that and it speaks volumes about our destination; it also speaks volumes about the relationship between the Government of Zimbabwe through our President, Dr ED Mnangagwa, and the United Nations Tourism, so it is an endorsement of a destination. We are very excited and very grateful to UN Tourism.”

Zimbabwe’s tourism industry is experiencing a strong resurgence, with 2024 seeing over 1,6 million international arrivals and $1,2 billion in revenue. Growth is driven by infrastructure upgrades, such as the expanded Robert Gabriel Mugabe International Airport, alongside increased investment, rising 11 percent to $190 million in 2024.

Source: ‘Zim, UN to collaborate in tourism growth’ (28/04/2026)

Fatal Human–Elephant Encounter Recorded In Mukuni Chiefdom

Lusaka, 25th April 2026 —

The Ministry of Tourism, through the Department of National Parks and Wildlife (DNPW), regrets to confirm a fatal human-wildlife conflict incident involving an African elephant in Mukuni Chiefdom,Siamapa Village, in Livingstone District.

The incident occurred between 22:00 hours and 23:00 hours on the night of 24th April 2026. The deceased has been identified as Ms. Lozia Ngawaka, aged 54, a resident of Siamapa Village.

Preliminary reports indicate that the victim, in the company of her husband, was walking from Mukuni Palace towards Siamapa Village when they encountered a roaming elephant within a known wildlife movement corridor. The elephant is believed to have charged during the encounter, resulting in the fatality. The husband survived the incident.

The Department of National Parks and Wildlife has since dispatched a field team to the area to verify details, assess the situation on the ground and ensure the safety of surrounding communities. The remains of the deceased have been collected and deposited at Batoka Mortuary pending burial arrangements.

Initial assessments suggest that the incident may have been a defensive reaction by the animal, possibly triggered by close proximity and reduced visibility during night hours, which are typically periods of increased elephant activity.

The Ministry extends its deepest condolences to the bereaved family and the community of Siamapa Village during this difficult time.

The Ministry further urges members of the public, particularly those living in or near wildlife corridors, to exercise heightened caution. Movement during late hours in such areas should be avoided, as it significantly increases the risk of encounters with wild animals.

In response to the incident, the Ministry, through DNPW, is intensifying community sensitization programmes, strengthening early warning systems and promoting the use of appropriate deterrent measures in high-risk areas.

Issaued by

Nelly Banda, Principal Public Relations Officer, Ministry of Tourism

Banda.Nelly@mot.gov.zm

Read more: Paying the Price - Living with Giants on the Keep Victoria Falls Wild website.  

Zambezi River levels at Victoria Falls experience early peak

Lots of talk on social media about the volume of the Falls at the moment - some are even claiming highest levels in seventy years - tourism media hype or reality? Zambezi River Authority data shows river levels at the Falls have experienced an early rise in levels, and levels are high, with flow rates exceeding 4,000 cubic metres a second, but within normal ranges and by no means exceptional. The trend is much as per 2019-20, which also experienced an early peak to similar levels, followed by a second peak in June - but not many people experienced the Falls during this high season due to the global pandemic (Victoria Falls Bits and Blogs, 23rd April 2020). It remains to be seen whether this year will follow with a similar second peak.

The 2017/8 flood cycle experienced a slightly higher peak, but later in May, while 2009/10 recorded a yet higher 'double peak' (but still below 5,000 cubic metres/second) and 2008/9 recorded an even higher early peak (exceeding 5,500 cubic metres/second). Individual years prior to this date are not shown, with the long-term mean indicated by the dashed red line (partially obscured by subsequent data), but the exceptional flood years of 1977/8 and 1968/9 are shown, when flow rates exceeded 6,000 and 8,000 cubic metres a second respectively. The highest recorded flood levels at the Falls was 9,346 cubic metres/second in March 1958 (not shown on hydrograph).

Source: Zambezi River Authority website. [click to enlarge]

What is abundantly clear from the hydrograph is the extreme variability in seasonal flow over the Falls - from lows of 300 cubic metres/second to highs of 3,000 cubic metres/second, and huge variability in annual flood levels, reflecting variability in seasonal rainfall across the vast catchment area of the Upper Zambezi, covering western Zambia, including the vast Barotse Floodplains, and into south-eastern Angola (covering over 515,000 square kilomertres). What is of particular note from the hydrograph is that 2023-24 was an exceptionally 'flat' year, with peak flows hardly exceeding 1,000 cubic metres/second, and highlighting the extreme variability between flood years.

Data on river flow levels has been collected at the Victoria Falls since 1907, providing a huge data set of information on historical flow levels - and showing the large variation in annual rainfall.

Zambezi River mean annual flow, Victoria Falls (1907-2002)

(Source: Moore et al, 2007, Fig.15.11c) [click to enlarge]

The authors Moore et al (2007) recorded a mean annual flow at the Victoria Falls (!907-2002) of 1,087 cubic metres/second.

"Records of water level from the hydrological station at Victoria Falls, taken since 1907 are illustrated in Figure 15.11c. These indicate lower than normal years for 1907-46, above normal for the years 1947-81, and again below normal for 1982-1997. A major flood of 1958, during the construction of Kariba Dam, followed heavy rains in the upper catchment and also the local catchment below Victoria Falls. A coffer dam was overtopped and a road bridge washed away – at its peak some 9,000 m3 s−1 were passing over the Victoria Falls. In magnitude it was equivalent to the 1 in 100 year flood, which in turn is roughly half the probable maximum flood of 21,000 m3 s−1." (Moore et al, 2007)

In late 2025, new research revealed the previously unrecognised significance of the Angolan headwaters as the dominant and geographic source of the Zambezi, identifying a new source of the Zambezi (as defined by the furthest distance from its mouth), the Lungwebungu River headwaters in Angola, located about 1,440 m (4,720 ft) above sea level, and also increasing the defined length of the river (Lourenço et al, 2025). The total length from the Lungwebungu source to the Indian Ocean is 3,421 km, whereas the total length from the traditional or mainstem Zambezi source to the Indian Ocean is now calculated to be 3,079 km.

The research showed that during the 2023 flood season the majority of the water flowing over the Falls and into Lake Kariba originated from the Angolan Headwaters (the 'Angolan Heights Water Tower'), highlighting the importance of these tributary sources to downstream water flow and security.

"Based on point-in-time measurements conducted during the late rainfall season between March and May 2023, we estimate that approximately 70% of the water entering the Kariba Reservoir, below Victoria Falls, originates in the AHWT [Angolan Heights Water Tower]. While preliminary, these initial findings suggest a potentially substantial Angolan contribution to downstream flows, with important but previously underappreciated implications for transboundary river management and policy." (Lourenço et al, 2025)

References

Lourenço, M, Boyes, R.S, Cotterill, F.P.D, Flügel, T, Nyoni, F.C, Ramatlapeng, G J, & Von Brandis, R. (2025) Assessment of source regions of the Zambezi river: Implications for regional water security. Hydrology and Earth System Sciences, 29(18), 4557-4583.

Moore, A E, Fenton P.D, Cotterill F.P.D, Main, M.P. L. and Williams H.B. (2007) The Zambezi River. In Gupta, A [Editor] (2007) Large Rivers - Geomorphology and Management. Chapter 15. John Wiley & Sons, Ltd, England.

Victoria Falls Bits and Blogs (23rd April 2020) Victoria Falls Reaches It’s Highest Level In A Decade.

Victoria Falls Bits and Blogs (8th April 2026) Vic Falls allure spawns tourist rush.

ZRA calls for public input on development of Batoka Gorge Hydro-electric Power Station

 The Zambezi River Authority has called on the public and other interested stakeholders to a consultative meeting next Tuesday in Victoria Falls on the proposed Batoka Gorge Hydro-electric Power Station to be jointly developed by Zimbabwe and Zambia on the Zambezi River.

The US$5 billion project is expected to generate 2 400 MW for the two countries that have endured power shortages, negatively affecting their respective economies.

“The ZRA proposes to develop the Batoka Gorge Hydro-electric Scheme, a major power generation project with an installed capacity of up to 2,400 MW, along the Zambezi River, which forms the common boundary between Zambia and Zimbabwe,” read part of a statement from ZRA.

“The project involves the construction of a dam wall across the Zambezi River, approximately 47 km downstream of Victoria Falls, and the development of two power stations, one on the Zambian side and the other on the Zimbabwean side of the River. The project will also include the development of townships on both sides of the River.

“The consultations are being done in accordance with the Environmental Management Act and the Environmental Management (Environmental impact Assessment and Ecosystems Protection) Regulations (S17 of 2007), which compels ZRA to conduct public consultation meetings for such projects

“As part of the Environmental Social Impact Assessment (ESIA) process, these meetings aim to inform stakeholders about the proposed project and provide an opportunity to submit views, concerns, and recommendations.

“The ZRA, therefore, cordially invites members of the public, Traditional Leaders, Government Agencies, Local Authorities, Non-Governmental Organisations (NGOs), Faith-Based Organisations (FBOs), Community-Based Organisations (CBOs), the business community, and all other interested and affected parties to attend the public meetings,” read part of the statement.

The two countries have already committed US$440 million as seed capital for the project.

Zimbabwe and Zambia also share the Kariba Dam Hydro-electric Power Station.

Source: ZRA calls for public input on development of Batoka Gorge Hydro-electric Power Station (23/08/2026)

Read more:

Victoria Falls Bits and Blogs (23rd April 2026) ZRA calls for public input on development of Batoka Gorge Hydro-electric Power Station.

Victoria Falls Bits and Blogs (1st April 2026) $4.2BN Power Play: Zambia and Zimbabwe Partner on Batoka Gorge Hydropower Project.

Victoria Falls Bits and Blogs (15th February 2026) Fresh momentum for Batoka Gorge Hydro-Electric Scheme.

Victoria Falls Bits and Blogs (31st December 2025) Zimbabwe, Zambia commit US$440m to Batoka Gorge project.

Victoria Falls Bits and Blogs (4th December 2025) AFRY to update key studies for Batoka Gorge project, Zambia.

Victoria Falls Bits and Blogs (2nd June 2025) Zimbabwe And Zambia Renew Investor Search For Batoka Gorge Project.

Victoria Falls Bits and Blogs (3rd May 2025) Zambia, Zimbabwe Court Investors to Revive $5 Billion Hydro Dam.

Victoria Falls Bits and Blogs (22nd November 2024) Zambezi River Authority updates Batoka project feasibility studies.

Victoria Falls Bits and Blogs (27th March 2024) Zambia and Zimbabwe to retender $5bn Batoka Gorge hydropower plant

See also the Keep Victoria Falls Wild website.