East Africa is next destination for Qatari investments, says Mohamed bin Twar

16-01-2023

The Qatar Chamber is participaing in 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, Uganda. QC’s First Vice-Chairman, HE Mohamed bin Ahmed bin Twar Al Kuwari, represented the Chamber in the event, which continues 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 endeavours to facilitate joint venture partnerships, affordable financing, technology transfer, and market opportunities.

Addressing the forum’s inaugural session, HE Mohamed bin Twar stated that the State of Qatar, the Republic of 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 emphasized that Qatar and Uganda share strong and close relations as members of several organizations, including the OIC, UN, and the Afro-Arab Summit, indicating that Qatar is interested in forging investments in Uganda, and exploring opportunities available across various sectors. HE pointed out that the Qatar private sector is eager to invest in Uganda.

Bin Twar also noted that Qatar topped the world’s liquefied natural gas (LNG) production and marketing, supplying gas to numerous countries. HE mentioned that Qatar Energy 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 tons per year to 126 million tons per year, with production expected to begin in 2026 and 2027 for the two fields, respectively.

In 2022, the state’s GDP reached $190 billion, he said, adding that 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. HE said that the QIA currently manages an estimated US$ 475 billion in assets, noting that Qatari firms have investments in many world countries, with primary destinations in the European Union, the Gulf Cooperation Council, and other Arab countries. HE 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 macro-economic environment and conducive trade and investment policies.

‘Therefore, Uganda and other countries in East Africa could be the next destinations for investments from both the QIA and the Qatari private sector,’ he noted.

HE emphasized 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 advantage for both economies.

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