Uganda mission all out to woo investors from Middle East

A Ugandan team, led by Prime Minister Robinah Nabbanja, has been in the United Arab Emirates attending a third bilateral business forum between the two countries, as Kampala seeks to market itself as destination for investments.

The UAE-Uganda Business Forum is taking place this week in the two cities of Abu Dhabi and Dubai. The annual event, started in 2022, provides a platform to traders, investors and companies to share ideas on opportunities.

The forum is organised by the Embassy of Uganda in UAE and Dubai Chamber of Commerce and held under the theme Unlocking New Horizons: UAE-Uganda Partnership for Economic Prosperity.

Nabbanja on Thursday said his country is endowed with resources, including minerals, agricultural products and a young demographic with a sizeable portion of its population under 25, which can drive innovation and entrepreneurship, creating new markets and industries.

“The UAE is Uganda’s leading export destination in the Middle East. The UAE is also one of the leading sources of Foreign Direct Investment in Uganda, where UAE companies have so far made investments worth $3 billion, especially in energy, infrastructure, heath care, agri-business, oil and gas, manufacturing, construction, real estate, and tourism,” she said.

Uganda exports goods worth $ 2 billion to the UAE, while it imports goods worth $1.4 Billion, making the UAE Uganda’s leading export destination to the Middle East.

Majid Hamad Rahmah Alshamsi, a member of the board of directors of Dubai Chamber of Commerce said the trade lobby will organise a trade mission to Uganda next month, with a delegation that includes company executives to explore investment opportunities.

Uganda has been courting UAE for investment and in the last four years President Yoweri Museveni, visited the country three times, one of the highest number of tours he has made to one country in the recent years.

His visits bore fruits when Alpha MBM Investments LLC, a UAE-based company offered to invest in refinery project, one of Uganda’s biggest projects in its oil and gas exploration agenda.

The company, said to be an investment arm of a prominent member of the Royal family of the United Arab Emirates, Sheikh Mohammed bin Rashid Al-Maktoum, committed to invest in the refinery projects, estimated at about $5 billion dollars, with the commercial oil production initially expected before the end of 2025.

The construction of the refinery to handle the 60,000 barrels of oil per day (bopd) will start at Greenfield refinery in Hoima.

Read: Uganda drills 74 wells ahead of first oil

UAE has also granted Uganda’s carrier Uganda Airlines direct flights from Entebbe to Abu Dhabi and the country is pushing for a code share agreement with Etihad Airways, where Uganda Airlines can act as a feeder the latter on respective routes.

Uganda’s state minister for foreign affairs John Mulimba also requested for the resumption of Etihad Airways flights to Entebbe, which were suspended in 2017, after the route was deemed unprofitable, saying over 150,000 Ugandans living and working in UAE will benefit and offer the customer base they needed.

According to Uganda’s prime minister, the country will allocate money in the 2025/2026 budget to help the Uganda Consulate in Dubai to set up shelter for stranded Ugandans.

A report from the ministry of gender, labour and social development indicated that over 2,000 Ugandans were leaving the country every month as migrant laborers to the Middle East.

There have been cries of some of them getting stranded in the Arab countries after what they call abuse by their bosses.

Expressing concern for safety and mature decision-making, Ugandans who met the Prime minister asked the Government to compel labour companies to set age limits to at least 25 years, reasoning that the work environment is more challenging for younger people, who are mostly girls. That’s why many get stranded on the streets.