Ugandan President, Yoweri Kaguta Museveni (left), flanked by Oasis Mall Developer, Amina Hersi
Kenyan entrepreneurs have been lauded for their role in fostering regional economic development through sustained cross border trade and investments.
Speaking during the official launch of the new US$26 million Oasis Mall anchoring Nakumatt Holding’s Oasis Branch in Kampala and owned by award winning Somali Kenyan entrepreneur Ms Amina Hersi Morghe, Uganda President Yoweri Kaguta Museveni described the investment as a landmark economic empowerment tool.
Accompanied by Uganda’s Finance minister Syda Bbumba and Nakumatt Holdings MD, Atul Shah, President Museveni singled out Nakumatt’s 24-hour operations as a trendsetter in Uganda.
Round-the-clock
In a humour filled speech, he likened the round-the-clock shopping concept to America’s Cable News Network (CNN) model, which he said, was a novelty guaranteed to further spur regional economic development. “This is a new world of shopping empowerment for Uganda shoppers,” he said.
During his guided tour of the new Oasis Shopping Mall, the president noted that a 4-acre piece of land had been transformed to a multi-million shopping complex employing more than 400 Ugandans.
While welcoming President Museveni’s warmth for Kenyan investors in Uganda, Nakumatt Holdings boss Atul Shah confirmed plans to further expand the firm’s operations in Uganda.
Barely four months into the opening of Nakumatt Oasis, Shah disclosed that business at the new hypermarket had picked up. In her speech, Uganda’s Finance Minister Bbumba reiterated Uganda’s commitment to attracting investors as part of the government’s economic prosperity plans.
Efforts by the government to diversify its economic dependence from agriculture, she said are now beginning to bear fruit with the service sector having picked up the mantle as the leading economic driver contributing more than half of the country’s gross domestic product.
“The service sector, which comprises elements such as hotels and such malls is now contributing more than 50 per cent of our GDP, followed by the Industrial sector contributing more than 25 per cent.”
She added: “This a key reason why we will continue to encourage investments in such emerging sectors which also provide market avenues for our agricultural and industrial produce.”
As the anchor tenant at Oasis Mall, Nakumatt Oasis Hypermarket is the first Nakumatt Holdings outlet in Uganda and covers a shopping floor space of more than 75,000square feet, stocked with a variety of more than 50,000 products.
. That type of money, plus meeting senior govt officials,
