President Yoweri Kaguta Museveni on 22nd December 2023 witnessed the signing of an agreement for a joint venture between the Uganda Telecommunications Corporation Limited (UTCL) and Rowad Capital Commercial LLC (RCC), a company based in Dubai in the United Arab Emirates at State House, Entebbe.
UTCL is Uganda’s National Telecommunication operator, birthed from the former Uganda Telecom Limited (UTL).
The Minister of ICT and National Guidance, Dr. Chris Baryomunsi together with the Minister of State for Finance, Planning and Economic Development (General Duties), Hon. Henry Musasizi signed the agreement on behalf of the government of Uganda.
Others who appended their signatures to the agreement included the Permanent Secretary of the Ministry of ICT and National Guidance, Dr Aminah Zawedde and the Permanent Secretary and Secretary to the Treasury of the Ministry of Finance, Planning and Economic Development, Mr Ramathan Ggoobi.
The CEO and Managing Director of RCC, Mr. Chaher Al Taki signed the agreement on behalf of his company.
In his remarks, President Museveni said the multi-US million-dollar joint venture project will not only improve Uganda’s telecommunication sector but will also create employment opportunities for Ugandans and enhance the country’s tax base.
“The telecommunication sector has grown a lot. Now there are 32 million subscribers. Most of it has been done by MTN which I first welcomed here and the others that came later such as Airtel. They help us to communicate, they also pay taxes and create jobs. But the difference with this one is that it will do all because the government is re-asserting shareholding in this sector,” he said.
“The company will make profits and will also make dividends. This is the difference between MTN, Airtel and others with this one. They all create jobs at the right time, but this one, because it is a joint venture once they make profits, they give dividends to the government;- which is good. Remember the service sector is an easy sector if you are efficient,” he asserted.
President Museveni further urged the investors to bring more investments to Uganda, especially in the sectors of value addition.
“The population is growing; it is now 46 million, and in 20 or 27 years, it will be 100 million. So, you are most welcome, and I wish you good luck,” the President told the investors.
Mr. Chaher Al Taki assured the President of a good working relationship with the government of Uganda to ensure that the project becomes a success.
“We are now real partners and partners work together, they don’t make money from each other they make money together,” he said.
The signing of the agreement was administered by the Attorney General Hon. Kiryowa Kiwanuka.
