Uganda targets $4 billion investments at Dubai Expo
Thursday October 07 2021
Al-Wasl Plaza, which is also known as the 'Heart of Expo 2020', in Dubai on October 5, 2021. PHOTO | GIUSEPPE CACACE | AFP
Uganda is banking on the ongoing Dubai expo in the United Arab Emirates to attract about $4 billion worth of investments in different sectors of its economy by next year, the country’s investment authority said.
The 2020 Dubai Expo, a Universal Exhibition which started on October 1, 2021, has attracted about 200 countries and several potential investors.
The Expo, which will run for six months, is being held under 3 sub-themes: Opportunity, Sustainability and Mobility.
Uganda is participating under the “Opportunity” theme where it is showcasing its exports and tourism attractions as well as emerging investment opportunities.
According to Uganda Investment Authority, the country seeks to use this year’s expo to attract investments in infrastructure, mining, health, tourism, agriculture, real estate, energy, industrialisation, and oil and gas.
On Wednesday, the country announced that it has already signed investment commitment deals worth $650 million.
They include $500 million for renewable energy and transportation projects; a $50 million for mineral processing; and $50 million for a new pharmaceutical facility to manufacture high quality diagnostics kits for HIV/Aids, Malaria, TB, and other POC diagnostic technology.
The announcement was hailed as a major first sign of the investment opportunities that the Expo 2020 Dubai will bring to participant countries.
“Today’s announcement of investment of about $650 million is part of our broader ambition to bring in $4 billion of new investment into Uganda to propel the country forward as it embarks on its post-pandemic recovery journey,” said Robert Mukiza, Director-General of the Uganda Investment Authority.
According to Mr Mukiza, the country is promoting about 79 bankable projects at different stages of development that are ready for investment.
“These projects can be actualised through Public Private Partnerships, joint ventures, private or public arrangements, and some are Greenfield, brownfield or expansion projects. Our partners therefore have a wide variety of investment options to pick from,” he said.