Uganda and the United Arab Emirates (UAE) have reaffirmed their deepening economic partnership with trade and investment volumes between the two nations now estimated at Shs23.94 trillion ($6.3 billion), underscoring the UAE’s growing role as one of Uganda’s top economic allies.
The announcement was made during the Fourth Uganda–UAE Business Forum, a three-day summit held at Speke Resort Munyonyo, which attracted over 300 delegates from both countries. The discussions centered on expanding cooperation in energy, infrastructure, agribusiness, finance and manufacturing.
Prime Minister Robinah Nabbanja, who officiated the event, described the UAE as Uganda’s largest export destination, with bilateral trade reaching $2.85 billion by September 2025.
“The value of UAE investment in Uganda’s energy, infrastructure, agribusiness, oil and gas, manufacturing, real estate, and tourism sectors has reached $3.5 billion,” Nabbanja said.
She noted that Uganda remains one of the world’s fastest-growing economies and aims to grow tenfold by 2040 from $61.3 billion to $500 billion through strategic partnerships.
“We invite our partners from the United Arab Emirates to join us on this transformative journey as we move from lower-middle-income to upper-middle-income status,” she added.
State Minister for Investment Evelyn Anite encouraged Emirati investors to explore untapped opportunities in inland water transport, mineral value addition, and affordable credit financing to support Ugandan entrepreneurs.
“Our biggest constraint is access to credit,” Anite said, urging UAE financiers to provide cheaper capital to help small and medium enterprises scale up production.
She also proposed partnerships to modernize Uganda’s water transport system through vessel development, port upgrades, and refinery construction along Lakes Victoria, Kyoga, and Albert as part of the country’s push for industrial growth.
“After you’ve paid your dues, you’re free to move or reinvest your profits. Uganda’s liberalized economy guarantees freedom and stability for investors,” she emphasized.
Patrick Ayota, Managing Director of the National Social Security Fund (NSSF), cited Uganda’s currency stability as a mark of economic confidence.
“The Uganda shilling has appreciated against the U.S. dollar over the past five years — a rare trend among African currencies,” Ayota said, noting that NSSF is co-investing with UAE institutions in agriculture and food security ventures.
Uganda’s Ambassador to the UAE, Zaake Wanume Kibedi, said the two countries’ relationship has evolved into a multi-sector partnership grounded in trade, innovation, and infrastructure.
“This growth is not by coincidence; it reflects deliberate policy coordination, consistent investor confidence, and the trust our Emirati partners have in Uganda’s economic stability,” he remarked.
According to Kibedi, bilateral trade has risen from just $300 million in 2018 to $2.85 billion today, reflecting rapid and sustained expansion.
Peter Muramira, Director at the Uganda Investment Authority (UIA), revealed that Uganda is pursuing an energy-secure economy anchored by a $70 billion investment portfolio spanning electricity, oil and gas, and industrial infrastructure.
He cited flagship projects such as the $30 billion Buyende Nuclear Power Plant and a $5 billion petrochemical industrial park, saying they represent Uganda’s shift from an import-dependent economy to a production-driven one.
“We are seeking investors who bring capital, technology, and expertise. Uganda’s clear incentive framework and stable policy environment make it not just open for business but ready for transformation,” Muramira said.
The Uganda–UAE Business Forum, organized by Uganda’s missions in Abu Dhabi and Dubai in partnership with the Ministry of Foreign Affairs and the UAE Embassy in Kampala, will continue through Wednesday, October 29, 2025, featuring sectoral discussions, business-to-business meetings, and field visits.
