The global engineering and construction contractor’s investment follows extensive discussions and negotiations with Ugandan President Yoweri Museveni earlier this year.
UTel, once Uganda’s national telecom provider, faced financial challenges that led to its placement under a court-appointed administration in November 2022.
As a result, the company relinquished all its assets and business operations.
To facilitate the investment, UTel has agreed to cede 60% of its shares to Rowad Capital.
The Dubai-based company is expected to invest an initial $225 million in the telecom sector, aiming to revitalize UTel’s operational capabilities and enhance its market competitiveness.
The broader strategy behind this investment seeks to revamp Uganda’s telecom industry and attract foreign investment.
By aligning with the country’s regulatory framework, the government hopes to create a more dynamic and competitive telecom landscape.
In line with Ugandan regulations, UTel is required to list at least 20% of its shares on the Uganda stock exchange within two years.
This move aims to ensure transparency and public participation, a practice already adopted by major players like MTN Uganda and Airtel Uganda.
“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.
TowerCo of Africa Uganda, a telecommunications infrastructure company, has secured $40 million in long-term financing to improve mobile phone network coverage in rural areas across the East African nation.
Janngo Capital, an African venture capital firm, has successfully closed its second fund at $78 million, exceeding its initial goal of $63 million by 20%.
Gaia Impact, a cleantech investment firm focused on Africa, has raised a new $42 million fund to support early-stage startups developing sustainable solutions for the continent.
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