Business Reporter
THE Mutapa Investment Fund (MIF) has recorded a major score following proper guidance which will see it’s unit, Air Zimbabwe acquiring six more aircrafts .
The airline is set to acquire the aircrafts in the next six three years for a total of US$775,5 million inline with the five year strategic plan under pursuit.
The move will see Air Zimbabwe adopting modern, fuel-efficient models, the airline anticipates a significant reduction in the high maintenance costs that have historically burdened its balance sheet.
The investment is structured to address specific operational deficits through a three-tiered expansion.Two aircraft, valued at US$49 million each, will be dedicated to internal routes. The planes are expected to increase flight frequencies and support the growth of the domestic network.
The airline plans to acquire two regional jets priced at US$101 million each.This phase aims to reclaim market share on routes currently dominated by regional competitors.The crown jewel of the plan involves the acquisition of two long-haul, wide-body jets at a cost of US$225 million each.
These aircraft are earmarked for the resumption of direct flights to key global destinations, reconnecting Zimbabwe to international markets.
The initiative follows the airline’s recent transition under the management of the Mutapa Investment Fund, which is tasked with providing professional oversight and ensuring the commercial viability of state-owned enterprises.
The recapitalisation initiative aligns with the Government’s National Development Strategy 2 (NDS2), which prioritises enhancing destination connectivity and accessibility to boost the tourism sector.
Under NDS2, the Government is committed to opening the skies to new airlines and facilitating more seamless connections between Zimbabwe’s tourism hubs and major global source markets.
The airline is one of the entities which have received expert advice from Mutapa Investment Fund, the country’s sole Sovereign Wealth Fund established by an Act of Parliament in 2014 and operationalized in 2023.
