Uganda Eyes $500 Billion Economy as UAE Investments Triple

After four days of dynamic engagement, field visits, and high-level dialogue, the 4th Uganda–UAE Business Forum concluded at the Speke Resort Munyonyo, reaffirming the growing economic and diplomatic partnership between Uganda and the United Arab Emirates (UAE).

Held under the theme “Unlocking Opportunities, Building Bridges through Trade and Investment,” the forum brought together senior government officials, investors, and private sector leaders from both nations to explore new opportunities in agriculture, tourism, energy, technology, infrastructure, and real estate.

Organized by the Ministry of Foreign Affairs, the Uganda Investment Authority (UIA), and the Uganda Embassy in Abu Dhabi, the event served as a key platform to strengthen bilateral cooperation and encourage mutually beneficial investments.

In his closing address, Hon. Matia Kasaija, Minister of Finance, Planning and Economic Development, applauded the successful conclusion of the 4th Uganda–UAE Business Forum, describing it as a testament to the deepening economic and diplomatic ties between the two nations. He commended the UAE government and business community for their confidence in Uganda’s economy and reaffirmed government’s readiness to build on the outcomes of the forum. “From trade to tourism, renewable energy to technology, Uganda is redefining investment in Africa. We thank our UAE partners for their confidence and collaboration. The future is bright,” Kasaija said.

Uganda’s Ambassador to the UAE, H.E. Zaake Kibedi, commended participants for their commitment, noting that Uganda–UAE relations continue to yield tangible economic gains.

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

Ambassador Kibedi revealed that bilateral trade between the two countries has expanded from USD 600 million in 2018 to USD 2.85 billion in 2024, with UAE investment inflows tripling during the same period.

Delivering a keynote address, Mr. Ramathan Ggoobi, Permanent Secretary and Secretary to the Treasury, highlighted Uganda’s robust economic fundamentals and vision for inclusive growth.

“Our economy is among the fastest-growing in Africa, with stable inflation, a resilient currency, and a young, skilled population. Uganda offers some of the highest returns on investment on the continent,” Ggoobi said.

He underscored the “ATMs” – Agriculture, Tourism, Minerals, and Manufacturing – as the four key pillars that will propel Uganda toward its goal of a USD 500 billion economy within 15 years.

Representing the Ministry of Trade, Gen. (Rtd.) Wilson Mbadi emphasized the importance of translating discussions into tangible investments.

“These past days have been filled with vibrant discussions and powerful ideas. What matters now is converting them into partnerships that benefit our people and economies,” he noted.

During a session on Facilitating Doing Business in Uganda, Mr. Benon Moses Kigenyi, Deputy Executive Director of Kampala Capital City Authority (KCCA), showcased Kampala’s Integrated Urban Development Master Plan valued at USD 3 billion, highlighting new investment opportunities in infrastructure, transport, housing, lighting, and waste management as part of the city’s smart and green transformation agenda.

In his closing statement on behalf of the Minister of Foreign Affairs, Ambassador Charles Sentongo, Head of Protocol at the Ministry, reaffirmed Uganda’s commitment to economic diplomacy.

“Our missions abroad are not only about protocol—they are about progress. They help identify opportunities for trade, investment, and partnerships that advance our national interests,” he said, urging Ugandans in the diaspora to actively engage with missions abroad for business facilitation and consular support.