Uganda Telecommunications Corporation Limited (UTCL) has received a boost to its operations from Rowad Capital Commercial LLC (RCC), a United Arab Emirates-based firm aimed at transforming the telecommunications sector of the country.
This follows the signing of an agreement between the government of Uganda and RCC on October 25, 2024, in the presence of President Yoweri Museveni at the State House in Entebbe, which was a big achievement for UTCL, which has been struggling economically for the past years.
This multi-million dollar partnership will see RCC heavily invest resources into UTCL and strengthen its operational activities and range of services.
President Museveni emphasized that this cooperation is not only about improving the telecommunications in Uganda but also about enhancing the employment opportunities and the economy of the country.
“Our goal is to restore the government shareholding in the telecom sector and at the same time ensure that profit and dividends accrue to the Ugandan people,” he said.
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He emphasized the significance of this investment in facilitating competition against MTN and Airtel Uganda, who are the current dominant players in the industry.
The agreement was signed on behalf of the government of Uganda by the Minister of ICT and National Guidance, Dr. Chris Baryomunsi, who lauded President Museveni for supporting the revival of UTCL.
“I would like to express my appreciation to our President Yoweri Museveni, who has worked hard to see that we bring new life to UTCL because he has passion for the telecommunications sector like many other sectors and has been personally involved in ensuring that this partnership matures to reality,” the Minister noted.
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Dr. Baryomunsi also pledged to provide RCC with necessary support to ensure UTCL’s growth into a robust and viable telecommunication entity.
The CEO of RCC, Chaher Al Taki, was enthusiastic about the partnership, stating that they will work hand-in-hand with the Ugandan government so as to realize the success of the project.
“We are excited to invest in Uganda, which we consider our second home. We are dedicated to bringing innovative projects that will enhance the telecommunications experience for all Ugandans,” Al Taki remarked.
This partnership is expected to improve Uganda’s communication technology and enhance the quality of services available to the country with a population of over 46 million people. With this capital, UTCL seeks to ensure that it regains its foothold in the telecommunications industry, ultimately benefiting consumers and contributing to economic growth across the nation.
