KAMPALA. A delegation of investors from Qatar on Friday concluded a five days visit with a projected investment of $10 billion in various sectors by the end of this year. The sectors include food processing, banking, energy, real estate and agriculture. The investors were in the country to finalize paperwork to start on the projects.
According to Uganda’s envoy to Qatar and other Middle East Countries, Amb. Rashid Ssemuddu the investors first came to Uganda in October last year after they were invited by President Museveni.
“The fact that they’re back shows how serious they are. All paperwork is done, feasibility studies concluded and all that is left is to kick-start the projects worth more than $10 billion,” he said.
The team of investor met President Yoweri Museveni at State House Entebbe among other several government officials, Mr Ssemuddu told journalists on Friday, April 27, 2018.
Mr Mohamed Ahmed Twar Al- Kawari, the Vice President Qatar Business Council who led the delegation said they will invest $150 million in the Qatar City, between $1.8- 2 billion in the Ayago Power Dam project and another $200 million in food processing and agriculture among other projects yet to be costed.
He said for the Qatar satellite City, the land is still being identified.
President Museveni said that the introduction of Islamic Banking system will go a long way in exposing Uganda to different banking systems.
“Using the two different banking systems creates room for open competition in financial institutions,” he said.
The Islamic banking system, also known as non-interest banking, is based on the principles of the economics of a lender and an investor sharing profit and loss and equity participation.
The Qatari delegation, interested in investing in the banking business, agriculture, agro and beef processing as well as oil and gas refining, were informed by the President that Uganda with a population of 40 million offers good business opportunities.
He said using Uganda as their base, they can also exploit market opportunities from the 180 million people in the East African Region, the Common Market of Eastern and Southern Africa (COMESA) area and the African continent, in general, teeming with untapped market potential.
Regarding the establishment of meat processing plant, President Museveni assured the Qatar investors that Uganda has a number of ranchers with the capacity to provide beef.
“Here, we have cholesterol free beef which entails good investment for export,” he said.
The President promised to link the investors with the popular ranches in the country to ensure that the project takes off.