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.

UNESCO General Conference President Commends Zambia-Zimbabwe Cooperation At Mosi-Oa-Tunya/Victoria Falls

LIVINGSTONE, Zambia, Sunday, May 3, 2026 

The National Heritage Conservation Commission (NHCC) has successfully hosted the President of the UNESCO General Conference, Mr. KHONDKER MOHAMMAD TALHA, during a high-level visit to the iconic Mosi-oa-Tunya / Victoria Falls World Heritage Site.

The visit was undertaken to appreciate and assess the continued efforts by the Governments of Zambia and Zimbabwe in safeguarding the site’s Outstanding Universal Value, in line with the operational guidelines of the UNESCO World Heritage Convention.

The high-level tour commenced on the Zimbabwean side of the transboundary property and concluded in Zambia, demonstrating the shared responsibility and coordinated management of one of the world’s most celebrated natural heritage sites.

Speaking after touring key sections of the site, including the Eastern Cataract where the rainforest is on the Zambian side, Ambassador Talha expressed admiration for the strong spirit of collaboration between the two nations in preserving the integrity and global significance of the property.

“I am particularly impressed by the collaboration between Zambia and Zimbabwe in preserving the Outstanding Universal Value of the property,” he said.

The NHCC, a statutory body of the Ministry of Tourism, notes that such visits reaffirm the strength of bilateral cooperation and provide an important platform to showcase ongoing efforts toward sustainable conservation and heritage management. The visit further highlights the global importance of Mosi-oa-Tunya/Victoria Falls as a shared natural asset requiring continued joint stewardship.

NHCC Conservation Officer Mr. John Zulu, emphasised the significance of the visit, stating that such high-level engagements validate ongoing conservation initiatives while enhancing international recognition and support for heritage preservation efforts in the region.

Also, in the Zambian delegation that welcomed Mr. Talha, was Dr. Samson Kantini, Senior Programme Officer – Culture, Zambia National Commission for UNESCO.

Source:  National Heritage Conservation Commission Press Release, 3rd May 2026.

See also:

Victoria Falls Bits and Blogs (5th May 2026) UNESCO hails Zambia, Zim joint efforts to safeguard Victoria Falls.

Victoria Falls Bits and Blogs (5th May 2026) UNESCO com­mends Zam­bia, Zim­b­abwe ties.

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)

Inside the revival of The Victoria Falls Hotel

When people speak of The Victoria Falls Hotel, they inevitably conjure the image of an ageing but regal woman. Truthfully, it’s a hard metaphor not to lean on, because, well, it just seems so poetically accurate.

There she sits in her vast cream coat, with coiled metal Juliet balconies, and a wide petticoat of polished red concrete flooring, arms wrapping around an emerald-green lawn. Every morning for the last 120 years she has woken to the sun rising over the Victoria Falls in the gorge below. Every night she watches it set – you hope, with a gin and tonic in hand.

At some times she’s needed a stiff drink more than at others. After all, the old duck has seen a lot, and she’s hosted everyone from the Queen of England in 1947 to the king of pop in 1988.

But it’s not all been smooth sailing. Sometimes there’s been no water in her town, sometimes no electricity (or “zesa”, as the locals call it). Politicians have come and gone, currencies too. But one must always keep a stiff upper lip, and so she’s carried on regardless.

On the up

I was last in her company 15 years ago, and she was looking a little jaded then.

But now things, I’m pleased to report, are on the up. When I visited in late 2025, The Victoria Falls Hotel had undeniably taken a turn for the better. Interiors are being spruced up, service is sharp and there’s a renewed air of magic about. I suspect you have to give new(ish) general manager Roddy Meiring and his team credit for her much improved state.

It must be a bloody hard job, but watching him moving between tables and spaces, checking on guests and staff, you get a sense that he’s really getting to grips with the challenge.

Having run luxury properties including the Victoria Falls River Lodge and the MORE Collection’s Livingstone and Stanley Boutique Hotel, Meiring knows both the area and the calibre of property. His father Roy was a career hospitality man, and CEO of Meikles Africa Hotels, so Meiring junior literally grew up in hotels. It’s something that must certainly help when you’re tasked with running a property with 149 rooms and suites, and a large team.

It’s all in the details

It’s immediately evident that Meiring has an eye for details, and he tells me how one of the first things he did on joining was to procure two robotic lawn mowers to get the expansive front lawns under control. We pause our chat to watch them painstakingly zigzag back and forth. They are strangely mesmerizing, gliding over the meticulous green grass.

He also introduced a gammon to the breakfast buffet. Turns out it’s a Meiring family hospitality must-have, and one I admit having immediately spotted and thought, “How fabulous!”

In fact, breakfast has me behaving a little foolishly. The offering is impressive and detailed. Beyond the Bloody Mary station (and the gammon), the baby pains au chocolat are heavenly. Arguably the best I’ve had outside France.

I mention that my mum, in Joburg, would love them, and in a matter of moments, the staff pack up a fresh batch for her, to be transported as hand luggage. Later that same day they are enjoyed with tea in the City of Gold. Fussy Buitendach senior pronounces them excellent. 

A bit of sleuthing

The previous afternoon, I’d taken a quick peek through the thick glass windowpanes into the dining hall. The week before my visit, the new cream dining chairs were delivered. Now the room, with its high ceilings, Art Deco screens and chinoiserie wallpaper insets, looks poised to host a stately dinner.

Not that I am there for one. Rather I take to my suite for a room-service club sandwich and Coke, enjoyed in my pyjamas. But before that moment of unadulterated hedonism, I continue my stalk around the property.

I have access to the Bulawayo Room (their VIP lounge) and so make a point of briefly collapsing on a couch there to take advantage of the aircon, a snifter of port and a salmon sandwich. I could well have been in an Edwardian BBC period drama, were it not for the portrait of the last king of the Ndebele, Lobengula Khumalo, keeping a steady eye over tea.

When I put my head into the Stanley Bar afterwards, a handful of tourists in khaki flak jackets are enjoying cocktails. They looked positively thrilled with life. Who could blame them? Likewise, I was not surprised to see a bunch of visitors walk onto the terrace, see the Vic Falls gorge beyond, and, as if on cue, immediately break into big smiles.

However you spin it, this is undoubtedly one of the great hotels of the world, and you feel special even being there for a nanosecond.

Makeover!

Her equivalents like Raffles in Singapore and the Belmond Mount Nelson in Cape Town, have, in recent years, all had big cash injections (it does help being owned by luxury group LVMH, as is the case with the latter) and now they come complete with designer rooms, globally renowned chefs and pool cabanas.

But The Victoria Falls Hotel is also in the process of some sprucing up. They’re rolling out room refurbs soon and are just finishing off a complete upgrade to the Jungle Junction, their outdoor dining area.

The property is owned by Emerging Railways Properties, a joint venture between the National Railways of Zimbabwe and Zambia Railways, so fittingly, if you’re travelling by Rovos Rail, the journey begins (or ends) right here.

That said, operations are led by a partnership of the African Sun and Meikles Africa groups, and I get a strong sense that the companies are putting the focus on taking the old-school charisma and luxury up several notches.

Other good signs include a globally renowned Patrick Mavros jewellery boutique at the entrance, but there is also something appealing about the fact that this place is not all glitz and high concept. Its heart is warm and bones are old, and that’s what makes it perennially appealing.

The top spot

It also helps that it’s in the best position in the whole town. Not just for the falls themselves, but also because you leave the gate by foot and are immediately in the thick of shops and restaurants and markets.

Dinner and a bit of jazz at GOAT, a tasting at the River Brewing Co, a couple of fine leopard stone carvings from African Trophy Dealers in the lovely Elephant Walk centre – you pop in, then saunter back to the hotel for a rock shandy and snooze. Easy as that.

It’s not a cheap trip on rands (you’re looking at around R11,000 per night in off season for a standard room, and R22,000 per night for a premium one), but it’s well worth it.

There are many places to stay in this western Zimbabwean city, but The Victoria Falls Hotel is bucket-list stuff, and visiting now means you get to see the lovely lady looking rather rosy from a continued and very much well-earned dose of love and attention.

Source: Inside the revival of The Victoria Falls Hotel (26th April 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.