Monday December 19 2011

Mutebile: Real estate in Uganda has come of age

By Ismail Musa Ladu

The Bank of Uganda governor, Mr Emmanuel Tumusiime Metebile, has said Uganda’s real estate entrepreneurship has come of age and can now compete with the well-facilitated foreign firms.

Uganda’s real estate entrepreneurship has grown over the years boosted by the willingness of the multi-lateral institutions to provide funding for such enterprises to handle huge investment. This indicates a vote of confidence into a sector that a few years ago was almost non existent.

Speaking at the launch of the Rwenzori Towers in Kampala on Friday Mr Mutebile said: “The increased funding has acted as a catalyst for partnerships - both between foreign financial institutions and multinational corporations, which has in return helped to boost investment in the country.”

Exploiting opportunities
With an expansion in Uganda’s economic space, the demand for quality offices has significantly grown, a situation that entrepreneurs like Pine Investment have taken exploited.

Rwenzori Towers, a Pine Investment multibillion venture, is one of Kampala superior facilities that blend well with the increasingly sophisticated business environment in need of modern amenities.

Mr Mutebile said even with the current economic challenges, huge investments have continued to take shape an indication that Uganda is on the right path to development and will soon recover from the current challenges.