Investment Surge: UAE partnership triples financial inflows to Uganda

MUNYONYO, Uganda — Financial inflows from the United Arab Emirates to Uganda have tripled over the past six years, confirming a surge in commitment as the fourth Uganda–UAE Business Forum concluded here last week. The increase in investment accompanies an explosive growth in bilateral trade, which has nearly quintupled to reach $2.85 billion in 2024, up from $600 million in 2018.

Held under the theme, “Unlocking Opportunities, Building Bridges through Trade and Investment,” the four-day event brought together government officials and business leaders to solidify partnerships across key sectors, including infrastructure, technology, and energy.

Ambassador Zaake Kibedi, Uganda’s representative to the UAE, closed the forum by emphasizing the tangible economic results of the deepening relationship.

“Each year, our partnership grows stronger, attracting more investments and creating new opportunities,” Kibedi said. “Uganda remains open for business, and we are committed to nurturing partnerships that deliver real value for both our nations.”

Ramathan Ggoobi, the Permanent Secretary and Secretary to the Treasury, sought to assure investors by showcasing Uganda’s strong economic fundamentals. He noted that the nation’s economy is among the fastest-growing in Africa, supported by stable inflation, a resilient currency, and a young, skilled population.

Ggoobi positioned Uganda as offering one of the highest returns on investment on the continent. He outlined the country’s four core investment pillars, known as the ATMs: Agriculture, Tourism, Minerals, and Manufacturing. He described these sectors as the primary engines that will drive Uganda toward its goal of a $500 billion economy within the next 15 years.

“We are open, ready, and determined to work with investors who share our vision,” Ggoobi added.

Gen. (ret.) Wilson Mbadi, from the Ministry of Trade, Industry and Cooperatives, stressed the urgent need to convert the high-level discussions into concrete investment projects on the ground.

During a panel session, the transformation of urban spaces emerged as a prime investment target. Benon Moses Kigenyi, deputy executive director of the Kampala Capital City Authority, detailed a $3 billion Integrated Urban Development Master Plan. This plan outlines opportunities for private sector partnership in infrastructure, transport, housing, and waste management, all aimed at building a smart, green city.

The forum recorded significant forward movement: multiple memoranda of understanding were signed between Ugandan and UAE firms focused on innovation, technology transfer, renewable energy, and infrastructure development; commitments were made toward investing in Kampala’s Smart City program, energy-efficient transport, and real estate expansion; and over 120 companies and investment agencies connected through B2B and B2G sessions.

Ambassador Charles Sentongo, head of protocol at the Ministry of Foreign Affairs, wrapped up the proceedings by highlighting the country’s commitment to supporting investors, assuring attendees that Uganda’s diplomatic service remains focused on responsive and transparent facilitation.