By Spy Uganda
Uganda has taken a significant step towards boosting its oil and energy sector following the signing of a historic agreement with Alpha MBM Investments LLC, a United Arab Emirates (UAE)-based company, for the construction of a crude oil refinery in Hoima District.
President Yoweri Museveni, who presided over the signing, expressed his gratitude to His Highness Sheikh Mohammed Bin Maktoum and UAE investors for their dedication to investing in Uganda’s economic future.
“I want to thank His Highness Sheikh Mohammed Bin Maktoum and our friends from the UAE for their commitment to investing in Uganda,” Museveni stated.
The new oil refinery, with a capacity of 60,000 barrels per day, is expected to revolutionize Uganda’s oil industry by shifting the country from an importer of refined petroleum products to a producer and exporter. Museveni emphasized that Uganda must move away from exporting raw materials and instead prioritize value addition.
“The oil refinery is not just about fuel but also about Uganda producing and exporting refined products instead of importing them. We must stop exporting raw materials and instead add value to everything we produce,” he said.
Beyond the oil refinery, the signing event also witnessed the agreement of five other major investment deals between Uganda and UAE investors. These agreements cover key sectors such as aviation, tree planting, a digital land management system, logistics cargo hubs, storage chain facilities, and a comprehensive digital payment system for government transactions.
Museveni welcomed the new partnerships, noting that they align with Uganda’s long-term economic transformation goals.
The latest developments mark a significant milestone in Uganda’s efforts to attract foreign investment and industrialize its economy, particularly in sectors that have long been dependent on imports. With the refinery project and other UAE-backed initiatives set in motion, Uganda is poised for a new era of economic growth and self-reliance.
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