Uganda and Dubai ink landmark deal to boost economic ties
Uganda’s strategic position as a gateway to 300 million consumers through regional trade agreements like the East African Community (EAC) and COMESA further enhances its investment appeal.
The Uganda Chamber of Commerce and Industry (UCCI) and Dubai Chambers have signed a transformative Memorandum of Understanding (MOU) to enhance economic cooperation between Uganda and Dubai.
The agreement, signed by UCCI President Olive Kigongo and Dubai Chambers President and CEO Mohammed Ali Rashed Lootah during the “Doing Business with Uganda” forum, aims to unlock new opportunities for trade and investment.
Non-oil bilateral trade between Uganda and Dubai reached USD 1.2 billion in 2023, underscoring the potential for further growth. Sectors such as energy, infrastructure, agriculture, healthcare, and tourism in Uganda present attractive investment prospects for Dubai’s business community.
Uganda’s strategic position as a gateway to 300 million consumers through regional trade agreements like the East African Community (EAC) and COMESA further enhances its investment appeal.
Mohammed Ali Rashed Lootah lauded Uganda’s robust and sustainable economic growth, highlighting its status as one of Africa’s fastest-growing economies. Olive Kigongo echoed this sentiment, noting that the UAE imported goods worth USD 1.12 billion from Uganda last year, with gold and agricultural products dominating the trade.
Hassan Al Hashemi, Vice President of International Relations at Dubai Chamber, emphasized Dubai’s strengths as a global investment hub, including its world-class connectivity, foreign direct investment (FDI) policies, and favorable tax environment. He pointed to Dubai’s 9% corporate tax rate and zero tax on income and capital gains for many free-zone businesses as key factors drawing investors.
The MOU formalizes the commitment to deepen bilateral ties and foster mutually beneficial trade and investment.
With Uganda’s expanding economy and Dubai’s position as a global business hub, the partnership is poised to pave the way for significant economic advancements for both regions.
