Uganda has taken a significant step towards energy independence and economic transformation by signing a historic oil refinery implementation agreement with Alpha MBM Investments LLC, a company based in the United Arab Emirates (UAE).
The deal, signed in the presence of President Yoweri Kaguta Museveni, will lead to the construction of a state-of-the-art crude oil refinery in Hoima District with a capacity of 60,000 barrels per day.
President Museveni expressed his gratitude to His Highness Sheikh Mohammed Bin Maktoum and the UAE investors for their commitment to Uganda’s development.
He emphasized the importance of adding value to Uganda’s natural resources rather than exporting raw materials, stating,
“The oil refinery is not just about fuel but also about Uganda producing and exporting refined products instead of importing them.”
Beyond the oil sector, Uganda also signed five additional agreements with UAE investors across various industries.
These agreements cover aviation, tree planting, a digital land management system, logistics cargo hubs, storage chain facilities, and a comprehensive digital payment system for government transactions.
The series of deals are expected to boost Uganda’s industrial growth, infrastructure, and digital transformation, strengthening economic ties between Uganda and the UAE.
The government hopes that these investments will create jobs, enhance revenue generation, and position Uganda as a key player in the regional energy and logistics sector.
With these agreements, Uganda moves closer to its vision of becoming a self-reliant economy by maximizing its resources and fostering international investment partnerships.
