There was a lot of fanfare, chest-thumping and swashbuckling as Uganda signed investment deals worth $2bn at the 2020 Dubai Expo.
Uganda’s target going into the Dubai Expo, according to Uganda Investment Authority (UIA) was to sign deals worth at least $4 billion.
Yet the fact that we got half of that was in itself commendable. Morrison Rwakakamba, the UIA board chair said then that the deals were a big vote of confidence in Uganda’s economic potential.
“Investment in Uganda is attractive because of the growing internal market of nearly 45 million people, strategically located in the heart of Africa with a combined population of over 700 million people in COMESA region,” Rwakakamba said then.
During the Uganda-UAE Business Forum at Munyonyo in October last year, Investment minister Anite Evelyn said the country attracted several FDI companies, including Modern Tiles, Global Gas, Metro Cement, and General Petroleum, due to its participation in the Dubai Expo.
What she did not say, however, is what happened to the other investors that we signed deals with at the expo.
Did they develop cold feet?
Many of these deals were signed with Chinese, Turkish and Arab investors usually in the presence of President Museveni. Below are some of them.
The Dubai Expo Deals:
Connect LLC: The UAE conglomerate said it would undertake a number of projects including a renewable energy project that would generate electricity and provide smart energy storing, last mile supply and billing of all utilities and the planning and building of innovative public transport routes. Planned investment: $ 500m
Guangzhou Wondfo Biotech Co: A high-tech company founded in 1992 and headquartered in Guangzhou, China, the company has set up manufacturing plants in China, USA, Mexico, Kazakhstan and Brazil. The company was to set up a pharmaceutical facility to manufacture diagnostics kits for HIV/AIDS, Malaria, TB, and other POC diagnostic technology. Planned investment: $ 50 million.
Worldera Corporation: An industrial, manufacturing, shipping and commodity trading company, resident in Dubai. The company planned to invest in mineral processing focusing on gold, gemstones, limestone, gypsum, clinker, the agricultural sector, focusing on palm oil and the education sector and to set- up vocational training centres. Planned investment: $ 50 million
Modern Group: The conglomerate will make extensive investments in a number of areas that include the manufacturing of tiles, ethanol, pharmaceutical and agriculture as well as developing mining operations in Uganda. Planned investment: $ 50 million
