By Frank Kamuntu
Following Uganda’s recognition as the leading UAE investment destination in East Africa last year, Uganda has now claimed the top spot as Africa’s premier investment hub, edging out Tanzania.
The assessment was based on investments attracted since 2023 and those anticipated by the end of 2024.
This recognition highlights Uganda’s growing stature as a favored destination for foreign investment, signalling promising opportunities for economic growth and development.
Uganda’s appeal to UAE investors was evident in the concluded investments of 700 million USD last year. These investments spanned various sectors, including agro-processing, renewable energy, tourism, telecommunications, oil & gas, mining, construction, security, health, and education.
Notable UAE investors in Uganda include Masda, Sharjah Chamber, Rowad Capital, AMEA Power, STREIT Group, Global Gases Group, General Petroleum, Metro Cement, Reportage Properties, and EXIM Finance.
By the end of 2024, negotiations with Alpha MBM Investments (Oil refinery), Abu Dhabi National Oil Company, and Etihad Rail (SGR) are expected to conclude, with additional investments totalling at least 2 billion USD from the UAE to Uganda. This projected influx of investments underscores Uganda’s growing stature as a favoured destination for foreign investment, promising significant opportunities for economic growth and development.
Tanzania emerged as the second-leading destination after Uganda, attracting total investments worth 600 million USD for both 2023 and 2024.
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