Kampala, Uganda — The Uganda Chamber of Commerce and Industry (UCCI) and Dubai Chambers have signed a landmark Memorandum of Understanding (MOU) to bolster economic cooperation between Uganda and Dubai.
The MOU was signed by Olive Kigongo, President of the UCCI, and Mohammed Ali Rashed Lootah, President and CEO of Dubai Chambers, on the sidelines of the “Doing Business with Uganda” forum.
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Non-oil bilateral trade between Uganda and Dubai reached USD 1.2 billion last year, with significant room for expansion. Uganda’s growing sectors, such as energy, infrastructure, agriculture, healthcare, and tourism, offer lucrative investment opportunities for Dubai investors.
Uganda’s strategic location provides access to 300 million consumers through trade agreements like the East African Community (EAC) and COMESA.
Mohammed Ali Rashed Lootah emphasized Uganda’s position as one of Africa’s fastest-growing economies, commending the country’s sustainable economic growth.
The UAE’s import of USD 1.12 billion from Uganda, with gold and agriculture leading the way, demonstrates the vast potential for growth in bilateral trade, said Olive Kigongo, President of the UCCI.
Hassan Al Hashemi, Vice President of International Relations at Dubai Chamber, highlighted Dubai’s investment appeal, citing its global connectivity, foreign direct investment, and tax policies.
Dubai’s business-friendly tax environment, including a low 9% corporate tax rate and zero tax on income and capital gains for many businesses in free zones, makes it an attractive destination for investors, Al Hashemi noted.
The MOU signing marks a significant step in formalizing the commitment to strengthening bilateral trade and investment cooperation between Uganda and Dubai.
As both regions continue to explore avenues for collaboration, the future of economic cooperation between Uganda and Dubai looks promising.
