Uganda’s Top list of Investors

Indigenous Ugandan investments topped the list of new business ventures in the latest quarter period running from July to September 2008. A total of 76 new projects were registered in the three month period valued at over $98 million which is anticipated to create 959 new jobs.

Despite the upsurge in the total number of local projects, the overall investment value from the projects however fell from $359million (101 projects) in the previous quarter to just $297 million in the just concluded quarter.

Releasing the quarterly report last week, Dr. Maggie Kigozi, Uganda Investment Authority (UIA) executive director said the long awaited Tamoil pipeline project has received an injection of $56 million for the project but challenges of sorting out land tracks on which the proposed oil pipeline is expected to pass continues to bog down the project.The pipeline project is way behind schedule and was expected to be complete by November 2007.

The quarterly report indicates that the construction sector took the lead by attracting planned investment of $87 million followed by the financial services and energy with planned investment of $64 million and $56 million respectively. Overall, 76 new projects were registered in the said period with total value of $297m.

India was closest to Uganda in terms of new investment value with 11 projects while 8 projects are from the United Kingdom and Singapore with two projects altogether planned to invest $59 million. If everything goes according to plan, Uganda will attract a total of 6,774 new jobs from the new investments.

UIA board chairman, Mr. Patrick Bitature reiterated that despite delays by tycoon Al wa leed to commence construction of the Shimon Hotel project, the project remains on course because of assurances and commitment made by Sheik Al wa leed, also the world’s fifth richest man.

In the long term, Uganda Investment Authority is targeting at creating over 350,000 jobs and registering about 2,000 projects by 2012.The renewed momentum by UIA follows the launch in October 23, 2007 of a new five year strategic plan.

Deborah Allen

Gorilla trekking safari news reporter

Kampala