This week, VAAL Real Estate the latest entrant into Uganda’s bustling real estate industry, unveiled Cadenza Residences, a 308 luxury homes project in Nakasero, a leafy upscale Kampala neighbourhood. Described by the developers as a “masterpiece” and a piece of “architectural brilliance” on a “prestigious address”, Cadenza residences will be built at the confluence of Plot 1 Katonga Road and Sezibwa Road. At 24 storeys and 80 metres high Cadenza Residences, when it is completed in July 2027, will be a towering edifice on the Kampala City skyline. “Inspired by the intricate beauty of a Cadenza, a solo passage in…
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VAAL Real Estate a Turkish/Egyptian-owned all-round luxury real estate company with a presence in Kenya, United Kingdom, Ghana and Turkey has made a grand entry into the Ugandan market with its Cadenza Residences⏤ an iconic 24-storeyed homes project in the upscale Kampala neighbourhood of Nakasero. The project was unveiled to select guests and A-listers at the Kampala Serena Hotel on Wednesday, March 28th 2024. The function was graced by among others David Bahati, the Minister of State for Industry in the Ministry of Trade, Industry and Cooperatives; Mr. Islam Mohammed, the VAAL Uganda CEO; and Majeed Saad, CEO of VAAL…
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The Uganda Alcohol Industry Association (UAIA) has met the Minister of State for Investment, Hon Evelyn Anite and the Minister of State for Trade Hon David Bahati to address major concerns on the proposed Alcohol Drinks Control Bill 2023, which seeks to regulate the manufacture, importation, sale, consumption and advertisement of alcoholic drinks in Uganda. During the consultation meeting at the Ministry of Finance and Economic Planning boardroom, members of the association pointed out untenable clauses that need to be reviewed due to the negative impact they pose on the economy and the industry once enacted into law. Key among…
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Uganda reached a significant milestone with the commencement of a groundbreaking ceremony for a cutting-edge airside solar-powered perishable cargo handling center at Entebbe. Valued at $10 million (Shs 37.8 billion), this transformative project is spearheaded by the Agriculture Business Initiative (aBi) and funded by the European Union and the Danish Royal Government through DANIDA. The collaborative effort involves aBi Development Ltd, Fresh Handling Uganda Limited, and the Ugandan government in implementing this initiative. At the ceremony, state Minister for Industries David Bahati, representing the Prime Minister, hailed the facility as a game-changer for the horticulture sector. With a two-acre land…
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Standard Chartered Bank Uganda held a thought leadership event to discuss business immersion in Sustainable Trade Finance for over 100 corporate and SME business leaders at Sheraton Hotel. The Sustainable Trade Finance Event and the Straight2Ban Next Gen platform launch were presided over by David Bahati, Minister of State for Trade, Industry and Co-operatives and Joyce Nabbosa Ssebugwawo the State Minister for ICT and National Guidance, respectively. The Standard Chartered Bank Business immersion on Sustainable Trade Finance event flagged off the evening by drawing the attention of all stakeholders to the urgency to flatten the curve of greenhouse gas emissions and bring…
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The Uganda Alcohol Industry Association has today launched an industry report that sheds light on the Trade and consumption of Illicit Alcohol in Uganda. Among other explosive revelations, the report found that the Government of Uganda loses approximately UGX 1.6 trillion in unrealized taxes due to evasion of tax by the illicit trade as well as lax enforcement of existing laws that govern the production and sale of Alcohol. The report, titled Understanding and Sizing Illicit Alcohol Consumption in Uganda, was released from research done in 2021 by Euromonitor International, a leading independent provider of strategic market research for the…
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After facing a backlash from Ugandans over plans to introduce an annual license on privately owned vehicles, government has withdrawn the proposal and replaced it with a UGX100 levy on each litre of petrol and diesel. Government has proposed an amendment to the Traffic and Road Safety Act by introducing a section that makes it a crime for anyone who owns a vehicle minus paying annual license fees. Uganda Revenue Authority (URA) was expected to collect about UGX20.5 billion annually but now the amendment to the Traffic and Road Safety Act has been dropped and replaced with an additional amendment…
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Uganda’s Ministry of Finance, Planning and Economic Development (MoFPED) has trimmed down government planned expenditure for the Financial Year 2021/22 by at least UGX4.36 trillion, indicating anticipated failure to meet its revenue targets on an already shoestring budget. Initially in the Budget Framework Paper (BFP), laid before Parliament, government anticipated a resource envelope of UGX45.66 trillion, which was a few billions shy of the UGX45.49 trillion allocated for FY2020/21. The year before, the budget was increased by some UGX5.85 trillion, up from UGX39.64 trillion in 2019/20. The revised budget presented today by the Finance Minister Matia Kasaija to the Parliamentary…
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The government of Uganda has told Parliament that it needs more time to consult on the National Social Security Fund (NSSF) Amendment Bill 2019 concerning which Ministry should supervise the funds.In September last year MPs disagreed over the clauses relating to midterm access and which Ministry between Finance and Gender should supervise the funds. The MPs had also failed to agree on the age group of people to access the funds and the percentage that should be given out.The joint committee on Finance and Gender in their report proposed that only members aged above 45 and who have saved for…
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Parliament has rejected a move tabled by Finance State Minister, David Bahati, to provide finances for running newly approved cities in the country. On July 1, seven newly created cities including Arua, Gulu, Jinja, Mbarara, Fort Portal, Masaka and Mbale were flagged off to operate following parliamentary approval on 28th April to create 15 more cities in the country. However, as it stands, Kampala is the only city that is lawfully enabled to operate. During Thursday’s parliament session, Finance Minister State David Bahati tabled a motion seeking to authorize Government to transfer funds initially appropriated for municipalities to the newly…
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