Summary:
- President Museveni witnessed the signing of a multi-million-dollar joint venture between Uganda Telecommunications Corporation Limited and Rowad Capital Commercial LLC, aiming to boost Uganda’s telecommunications sector, create jobs, and contribute to the country’s tax revenue.
On December 22, 2023, President Yoweri Kaguta Museveni witnessed the formalization of a collaborative effort between Uganda Telecommunications Corporation Limited (UTCL) and Rowad Capital Commercial LLC (RCC), a Dubai-based company, at State House, Entebbe.
UTCL, the national telecommunication operator of Uganda, which originated from the former Uganda Telecom Limited (UTL), entered into this joint venture. The Minister of ICT and National Guidance, Dr. Chris Baryomunsi, and the Minister of State for Finance, Planning, and Economic Development (General Duties), Hon. Henry Musasizi, represented the government of Uganda by signing the agreement. Additional signatories included Dr. Aminah Zawedde, the Permanent Secretary of the Ministry of ICT and National Guidance, and Mr. Ramathan Ggoobi, the Permanent Secretary and Secretary to the Treasury of the Ministry of Finance, Planning, and Economic Development.
Mr. Chaher Al Taki, the CEO and Managing Director of RCC, signed the agreement on behalf of the company. During the event, President Museveni expressed optimism about the multi-million-dollar joint venture, emphasizing its potential to not only enhance Uganda’s telecommunications sector but also generate employment opportunities and contribute to the country’s tax revenue.
President Museveni highlighted the unique aspect of this joint venture, emphasizing the government’s reassertion of shareholding in the telecommunications sector. He explained that, unlike other companies in the sector, this collaboration would not only create jobs but also provide dividends to the government when profits are realized.
Addressing the investors, President Museveni encouraged further investments in Uganda, particularly in value addition sectors, considering the country’s growing population, projected to reach 100 million in the next few decades.
Mr. Chaher Al Taki assured President Museveni of a cooperative partnership with the Ugandan government, emphasizing that real partners collaborate and generate mutual success rather than extracting profits from each other. The Attorney General, Hon. Kiryowa Kiwanuka, oversaw the signing of the agreement.
