Uganda signs oil exploration deal
Oranto Petroleum (a Nigerian company) has signed two production sharing agreements with Uganda allowing the company to explore for oil and gas around Lake Albert. The deal covers the Ngassa Shallow Play and Ngassa Deep Play exploration blocks and comes shortly after Australia's Armour Energy signed an oil exploration deal.
Construction begins on USD 400 million estate
Development on a 536 hectare parcel of land on Etebbe Road, close to Kampala has commenced with the project expected to deliver 2740 homes over a decade long build period. The first phase of the estate is scheduled to be offered to the public in 2020, after which the remaining nine phases will be delivered in seven years. The Ugandan National Social Security Fund is optimistic that the development will meet the middle class' demand for quality housing whilst acting as a stable investment for the State Pension Fund.
USD 150 million hotel launched
Yoweri Museveni (the Ugandan President) has opened a USD 150 million five star hotel owned by businessman Mohammed Hamid. The hotel has been under construction since 2006 and is the tallest completed building in Uganda with 253 rooms and 42 suites. The hotel, operated by South Africa's Sovereign Group, is expected to employ thousands of Kampala residents and will make Uganda more competitive in respect of tourism conferencing and high end travel.