East Africa next destination for Qatari investments: QC

PHOTO

Qatar Chamber highlighted the importance of investment in the East African region in general and the Uganda in particular to promote investment opportunities in key sectors such as tourism, agriculture, minerals, oil and gas, ICT, infrastructure development, real estate, and services.

This came in a speech made by Qatar Chamber First Vice-Chairman Mohammed bin Ahmed bin Twar Al Kuwari during the East Africa Investment Forum and Trade Exhibition, held on the sidelines of the 19th Non-Aligned Movement (NAM) Summit and the G77 + China Summit in Kampala that began on Tuesday and will continue until January 18.

Held under the theme “Deeper Cooperation in Trade, Tourism, and Investment for Shared Global Affluence,” the forum aims to create opportunities in trade, tourism, investment, and technology transfer. It seeks to promote investment opportunities in key sectors such as tourism, agri-value addition, mineral beneficiation, oil and gas, ICT, infrastructure development, real estate, and services.

The forum also aims to facilitate joint venture partnerships, affordable financing, technology transfer, and market opportunities.

Al Kuwari stated that Qatar, Uganda, and the East African region enjoy close relations that have deepened over time. He noted that this is evident through frequent mutual visits at the leadership level, and the existence of a number of signed agreements to enhance relations between the two countries.

He also emphasised that Qatar and Uganda share strong and close relations as members of several organizations, including the Organization of Islamic Cooperation (OIC), the United Nations (UN), and the African-Arab Summit. Qatar is interested in forging investments in Uganda and exploring opportunities available across various sectors. Al Kuwari also pointed out that Qatar’s private sector is eager to invest in Uganda.

Al Kuwari added that Qatar topped the world’s liquefied natural gas (LNG) production and marketing, supplying gas to numerous countries. QatarEnergy has concluded exploration and production agreements with several countries on various continents, awarding contracts worth tens of billions of dollars to implement the North East Field and North South Field expansion projects.

These projects are expected to increase Qatar’s LNG production capacity from 77 million tonnes per year to 126 million tonnes per year, with production expected to begin in 2026 and 2027.

In 2022, the state’s GDP reached $190 billion, he said. These factors facilitated cooperation between Qatar, Uganda, and the region, which abounds with investment opportunities, serving as sources of commodities, food, raw materials, and attractive tourist destinations.

Elaborating on Qatar’s investment activities, he highlighted that Qatar is a significant global investor, strategically deploying its funds through the Qatar Investment Authority (QIA), its sovereign wealth fund. The QIA currently manages an estimated USD 475 billion in assets, noting that the Qatari private sector also has diversified investments in many countries of the world, with primary destinations in the European Union, the Gulf Cooperation Council, and other Arab countries. Al Kuwari stressed that this could be Africa’s opportune moment to secure its place on Qatar’s investment stage.

He praised Uganda’s economy, which has been ranked among the fastest developing economies, with a stable macroeconomic environment and conducive trade and investment policies. Therefore, Uganda and other countries in East Africa could be the next destinations for investments from Qatar, including the Qatari private sector.

He emphasised that Qatari businessmen and investors are keen on exploring opportunities available in Uganda across various sectors, including mining, energy, roads, railways, oil and gas, agriculture, and real estate. He expressed the Chamber’s welcome and support for the enhancement of cooperation between Qatari and Ugandan businessmen and companies for the benefit of both economies.