The Zimbabwean government has officially declared the recent fire at Mbare Traders Market a national disaster, affecting nearly 5,000 traders who relied on the market as their primary source of income. The declaration, made under Statutory Instrument 185 of 2024, acknowledges the devastating impact of the blaze that destroyed the market, forcing thousands of vendors out of business.
In response to the disaster, the government last month awarded Masimba Holdings, a leading construction firm, the contract to rebuild the market. The reconstruction of Mbare Musika is expected to take at least seven months, with the new market set to feature modern, efficient design and technology aimed at ensuring a better, safer trading environment.
Masimba Holdings CEO, Fungai Matahwa, expressed his gratitude for the opportunity, emphasizing the importance of the project in restoring livelihoods for the traders.
“We are committed to embarking on this important journey to bring back a bigger and better market,” he said, highlighting the company’s progress on the design and its focus on minimizing wastage through modern construction technologies.
Masimba Holdings, listed on the Zimbabwe Stock Exchange (ZSE), is majority-owned by Zumbani Capital, an investment firm recently acquired by Wealth Access Investment Managers. The firm owns a significant stake in the construction company, alongside other investors like Old Mutual and Akribos Asset Management.
