A delegation of investors from Qatar Investment Fund have expressed interest in investing Uganda’s economy focusing majorly on as electricity, agro processing industries and the hospitality business.
Led by the CEO Sheikh Abdulla bin Mohammed bin Saud al-Thank, the delegation met President Yoweri Museveni Sunday at Park Hyatt Hotel at the sidelines of the UNGA in New York.
Museveni informed them that Uganda is fast becoming a middle-income country with vast investment opportunities in agro-processing, industrialization and the service based sector.
“Uganda is moving towards becoming a fast world country based on four sectors; commercial agriculture, industries, services and ICT,” he said as quoted by the Presidential Press Unit.
Founded by the State of Qatar in 2005 to strengthen the country’s economy by diversifying into new asset classes, the company specializes in domestic and foreign investment.
The President who is in the United States on a working visit will this week join world leaders attending the 72nd session of the United Nations General Assembly in New York.
Museveni said investment in the four critical areas including in ICT would reduce the cost of electricity and business transaction in Uganda and promote industrialisation as Uganda moves to becoming a middle income country.
In April this year, President Yoweri Museveni, the First Lady and the Executive Director of Uganda Investment Authority, Jolly K Kaguhangire went on a three-day working visit to Qatar aimed at showcasing Uganda’s investment opportunities.
While there, Kaguhangire met with HH Sheikh Tamim Bin Hamad Al- Thani, the Emir of Qatar as well as Sheikh Faisal Bin Qassim Al-Thani and members of the Qatar Chamber of Commerce & Qatar Business Association.
The Qatari showed interest in real estate, tourism and hospitality, aviation, packaging, financial services & agro processing.
A few months later, Fahad Al Kuwari a representative from the Ministry of Energy and Industrialization of Qatar government and Dr. Ahmed Al Kuwari, the Director of Hassad Food Company came to Uganda to explore various investment opportunities in basically Agro processing and the energy sector.
The 2 delegates toured different projects in different districts namely: Electromax Power Energey Plant in Tororo District, Pearl Rice Farm in Iganga District, Bujagali Dam in Jinja District and Ayago Hydro power dam on River Nile.
Hassad Food Company Group held a meeting with the Ministry of Agriculture, Industry and Fisheries on the viable agriculture projects.
According to UIA website, a “final decision was made clearing the government of Qatar to build the $1.9b 840MW Ayago Hydro Power dam on River Nile in a bid to first track development in the country and reduce on the cost of electricity in Uganda.”