Museveni invites Dubai tycoon to invest

Jun 13, 2010

PRESIDENT Yoweri Museveni has urged Dubai- based Africa Middle East Resources to invest in Uganda’s oil sector.

By Anne Mugisa

PRESIDENT Yoweri Museveni has urged Dubai-based Africa Middle East Resources to invest in Uganda’s oil sector.

Museveni met the group’s executive director, Dr. Mohammed Ali Rashid Al Abbar, over the weekend. He also invited them to invest in agro-processing and hydro-power generation here.

Al Abbar is also the chairman of Emaar Properties, one of the world’s largest real estate companies based in the United Arab Emirates (UAE).

He is a senior aide to Dubai ruler and the Emirates vice-president and Prime Minister, Sheik Mohammed bin Rashid Al Maktoum.

Emaar Properties is the largest construction and development company in the UAE and has built over 1,000 residential units and office complexes in Dubai.

Emaar is also responsible for the development of Burj Dubai, the tallest tower in the world.

Emaar, established in 1997, is listed on the Dubai financial market and is majority-owned by the Government of Dubai.

Al Abbar has contributed to the growth of Dubai’s non-oil sector as vice-chairman of Dubai Aluminium Company. He is also the chairman of Emcredit, the first independent credit information company in the UAE.

He also served as the director general of the Dubai’s Department of Economic Development and is a member of the Dubai Executive Council.

In 2007, Al Abbar received an honorary doctoral degree in humanities from Seattle University, US, which recognised his achievements in business and economic development.

Past recipients include South Africa’s Nelson Mandela and Archbishop Desmond Tutu.
While meeting Museveni at State House Entebbe, Al Abbar said his company also had interest in the processing of agro-products and in the hotel industry.

The President, according to a press release from State House, asked other investors to go into agro-processing and power generation.

The meeting was also attended by the Minister of Energy, Eng. Hilary Onek and Ugandan entrepreneur Habibu Kagimu.

Uganda’s oil reserves in Bunyoro region are expected to yield two billion barrels. Drilling is also taking place in Rukungiri for more oil.

Uganda expects to start producing crude oil soon for internal use, with an initial 1,000 barrels a day that will be increased to 350,000 barrels by 2018.

(adsbygoogle = window.adsbygoogle || []).push({});