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On Friday, President Yoweri Kaguta Museveni witnessed the signing of an agreement for a joint venture between the Uganda Telecommunications Corporation Limited (UTCL) and Rowad Capital Commercial LLC (RCC) at State House, Entebbe.

RCC is a company based in Dubai, United Arab Emirates (UAE).

UTCL is Uganda’s national telecommunications operator, birthed from the former Uganda Telecom Limited (UTL).

ICT and national guidance minister Dr Chris Baryomunsi and general duties finance state minister Henry Musasizi signed the agreement on behalf of the Ugandan government. (PPU Photos)

ICT and national guidance minister Dr Chris Baryomunsi and general duties finance state minister Henry Musasizi signed the agreement on behalf of the Ugandan government.

Others who appended their signatures on the agreement included permanent secretaries Dr Aminah Zawedde (ICT and national guidance ministry) and Ramathan Ggoobi (finance ministry).

President Yoweri Museveni attended the signing function.

RCC CEO and managing director Chaher Al Taki signed the agreement on behalf of his company.

The signing of the agreement was administered by the Attorney General, Kiryowa Kiwanuka.

'Partners make money together'

President Yoweri Museveni attended the signing function.

He said the multi-US million-dollar joint venture project will not only improve Uganda's telecommunications sector but it will also create employment opportunities for Ugandans and enhance the country's tax base.

“The telecommunications sector has grown a lot," said the President.
"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.

RCC CEO and managing director Chaher Al Taki signed the agreement on behalf of his company.

"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.

“The company will make profits and will also make dividends. This is the difference between MTN, Airtel and others with this one," said Museveni.

"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."

The President 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.

On his part, 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.