By Our Reporter

The Global Tax Report compiled by property consultant Knight Frank and Ernest and Young for the period between 2012 and 2015 has shown the residential market in Uganda continues to suffer as mortgages are becoming more unaffordable for Ugandans. This has been attributed to a rise in interest rates from 16% to 30% in 2012 through 2013 and still remain high in 2015. This has led foreign investors to explore new investment destinations in key global cities such as Shanghai, Miami, Dubai and Paris.

Knight Frank Uganda Managing Director Judy Rugasira says, “With the rates of price growth slowing down in several global city markets, transaction costs and taxation are becoming increasingly important considerations for investors. When purchasing property as an investment, tax is not necessarily the first concern but it is important because it is often the after-tax return that measures the success of the investment.”

The report indicates that political and economic climates in global cities has also had an effect on property markets.

“Political stability is important to any investor. With less than two years to the French general election, President Hollande appears to be following a moderate path which could see France emerge once more as the lifestyle destination of choice. In Dubai, commentators expected the Dubai Land Department to raise transfer fees which has failed to materialize. The softening of residential prices has given the authorities to increase the burden of transaction costs. The 4% transaction fees in Dubai compared to other markets, makes it an attractive destination for foreign investors,” she adds.

By Our Reporter

Uganda Waragi has introduced an online shopping system that allows consumers of the spirit to order their drinks off the Uganda Waragi Facebook page. All one needs to do is to go to the page, click the shopping option, place their order and pay upon delivery. All Uganda Waragi products will be available; from the 750ml bottle right through to the sachet. This innovation is the first of its kind in the alcoholic beverages industry and comes on the spur of the brand’s 50 year anniversary, having been on the market since 1965. In line with responsible drinking, the application will also put an age gate restricting purchases to individuals above 18 years of age.

Speaking on the significance of this innovation, Uganda Waragi Brand Manager, Rhona Namanya said, “As market leaders, Uganda Waragi is committed to continuously innovating to meet the ever changing customer needs. E-commerce has seen tremendous growth in the recent past because of its convenience as well as the upward trend in uptake and usage of smartphones. This online platform is about giving our customers a convenient shopping option.”

She explained this move improves convenience for customers as they do not have to hustle walking into shops and stores.

Gin is the biggest spirits category on the Ugandan market, holding a share of 55% of total spirits. Latest consumer trends also reflect changes in consumer tastes and preference from beer to spirits.

Uganda Waragi is currently the market leader in the gin category controlling the largest percentage of the market share. The brand has continued to reinvent itself through innovation with various initiatives such as the ‘50 ways to drink your UG’ campaign, the introduction of the flavor variants and the new bottle; to mention but a few. It is currently UBL’s number one spirit brand, from a diverse and strong spirits portfolio that spans gin, whiskey, vodka, sherry, single malts and more.

By Our Reporter

Victoria University has sworn in its new Guild officials as the institution wound down 2015. The students celebrated Christmas and had a colorful handover ceremony at the Arirang Restaurant. They were then treated with tickets to the just concluded Born to Win concert.

In attendance was the university staff led by the Vice Chancellor Dr Robert Stephen Isabalija, the Ruparelia Group Lawyer Nelson Walusimbi among others.

While presiding over the function, Isabalija appreciated the old guild for their role in leadership of the student body.

“I would like to take this opportunity to welcome the new cabinet and I pledge to support them while executing their role. I wish them success in their new leadership roles,” he said.

The institution’s former guild president Ameer Kharmali, while delivering his speech said he was grateful for the support from the university leadership and also appreciated the team support from fellow officials.

The new Guild President Keith Mugabi Harold, currently pursuing Bachelor of Information Technology, thanked the students for electing him as president. He appreciated his predecessor and the cabinet for the good work they had done and pledged to ensure the constitution is in place and that Victoria University becomes the institution of choice for every student.

By Our Reporter

Telecom giant MTN and Hellofood have entered into a partnership to organize an annual Christmas party for underprivileged children. On the 19th of December 2015, children from dwelling places such as Sasco, St. Noah and Happy times were picked up from their premises and taken to the MTN arena in Lugogo. They played games, ate and drunk, got gifts from Santa and MTN’s Bando man and were later dropped back to their respective homes.

Hellofood also introduced a platform for its customers to donate money for the needy. From the 19th of December to the 19th of March 2016, the company will be collecting customers’ donations and the proceeds will go towards feeding disadvantaged children.

One can donate through clicking on the hellofood app or website using MTN mobile money and at the end of the campaign, the company will purchase food items for orphanages in and around Kampala.

Ron Kawamara, the Managing Director hellofood Uganda said, “We have a responsibility not just to our customers but we also want the underprivileged to have a decent Christmas meal. We have done this with all the holidays and this year we are proud to partner with MTN not only for this event but also on the feed a child campaign that will go on to raise millions for those in need.”

By Jane Gitau

The compelling story of Africa can only be told effectively when the emerging economies appreciate the role of country brands where people are proud of their nationalities and have a strong sense of unity. This brand and its story will greatly benefit from the major contribution that the Public Relations discipline can provide.

This was a key finding at the recent World Conference for Public Relations and communications in Emerging Economies (WCPREE) hosted by the Public Relations Society of Kenya (PRSK) and supported by the Global Alliance for Communications Management (GA). The conference clearly articulated how Public Relations could influence sustainable development, industrialization, businesses and the fight against terrorism in emerging economies.

Delegates at the event held in mid-November in Nairobi noted that to improve country brands, national pride is a prerequisite. It is based on Public Relations practitioners understanding the values of their nations and repackaging the emerging economies stories in a way that would attract investment, see increased tourism and enable those nations to attain a stronger voice at the global level.

On the other hand, the political situation in Africa also demands Public Relations that is responsive and responsible to ensure that there is accountability in delivery of services to the citizens. In this narrative, peace and security are life-threatening issues facing the emerging economies while Public Relations is a strong force in a position to influence how media reports/frames terrorism acts.

Recent developments indicate that in the emerging economies today, development stories are ‘selling’, showing a dramatic shift from the past when the media believed that only politics sells. This challenges Public Relations practitioners to package development issues in a compelling manner.

It also calls for a redefinition of the role and value of the Public Relations discipline, positioning it to play the critical role of information-sharing, enhancing buy- in and damage control across all sectors -in government, business and the social sector.

Whereas Public Relations has to follow the global trends, in the emerging economies culturally sensitive approaches to communication need to be adopted in light of the critical role of the profession in the development agenda.

Professional bodies need to be empowered and proactively engage in bridging the gap between academics and practitioners. It is critical for these linkages to be established and strengthened between industry and education institutions and to maintain continuous dialogue in order to develop and enhance the impact of the Public Relations profession.

This will help build the credibility of Public Relations professional bodies to have the authority to set the agenda and facilitate discussions about the future direction of research while regulating the profession. The development of a relevant knowledge base and the capacity for Public Relations practitioners to develop content is critical as professionals develop outcome based campaigns.

This calls for the need to lay a high premium on documentation of Public Relations & communication best practices from the emerging economies, which have the reality of the local contexts. Practitioners should take the lead and provide sites for documentation of local case studies, model best practices, become research sites and work with academics to formulate policies for socio-economic development.

Legislation and regulation of the practice needs to be actualized urgently but, practitioners must support and entrench a culture of courage to confront what is wrong, empathy to understand the need, integrity to win trust and the competence to build credibility.

The PR industry in the emerging economies needs to leapfrog through technology, to take a lead in global best practices. Endowed with new technological advancement, young communicators can come up with innovative ways of handling the challenges faced in those countries. However, their success as communicators is highly pegged on their leadership abilities; the ability to see around the corner in order to predict, assess and control risks.

The writer is Chairperson of the Public Relations Society of Kenya (PRSK)

By Our Reporter

In line with the holiday spirit, Speke Resort Munyonyo has called upon its customers to join in the celebrations at the annual Christmas lunch buffet to be held at the hotel’s poolside on the 25th of December 2015. The resort has been treating customers to specially made Christmas lunch since 2002 and has this year promised a fun filled festive season.

“As we celebrate this festive season, our customers can enjoy lunch at the hotel consisting of a whole roast turkey, suckling pig, honey glazed gammon and traditional Christmas pudding kids. Guests will enjoy local and international salads, assorted cheese, meat platters, seafood, condiments, dressings and dips, pickles and chutney, bread, soup, hot buffet, BBQ grill, desserts, chinese and Indian food among other delicacies,” says Akhilesh Malik, a Manager at the hotel.

This season, the hotel also has numerous offers on several of its facilities including special festive packages for rooms, wellness center, water safari on Lake Victoria, wind batching trips, fishing trips in Lake, sunset cruises and pony rides. These offers will run until the 3rd of January 2016.

“We have offers on a choice of luxury accommodation to suit individuals, couples, families or groups on long or short stays. Our Business Centre will also provide internet surfing, faxing, photocopying and electronic mail services,” Akhilesh adds.

By Our Reporter

A US$ 700 million landmark financing deal struck by Etihad Airways Partners (EAP) to fund expansion has been recognized by the prestigious market intelligence organization International Financing Review (IFR). The award will be presented at the International Financing Awards (IFA) gala dinner in London on 27th January 2016. The IFA is considered the most prestigious event on the global capital markets calendar. Over 1,000 of the world’s most senior and successful investment banking professionals are expected to gather at the occasion to celebrate capital markets excellence.

In September this year, Etihad Airways embarked on an international roadshow with lead financial advisor Goldman Sachs to raise equity from the market for the airline, its subsidiary Etihad Airport Services and five of its strategic airline partners including airberlin, Air Serbia, Air Seychelles, Alitalia and Jet Airways, all part of EAP.

The group successfully raised US$ 500 million, rising within days by a further US$ 200 million following a surge in interest from the international finance community. This has been seen as the first joint financing deal of its kind in the airline industry.

James Hogan, President and Chief Executive Officer of Etihad Airways said, “Innovation is at the heart of everything we do across all our business operations at Etihad Airways and our partners. This latest award from International Financing Review demonstrates the confidence financial institutions have had in our successful and unique business model that truly is all about creating synergies between the businesses we have invested in.”

He explained given the competitive nature of the business environment across the industry, improving productivity and increasing efficiency is key to spearheading growth.

“Individually, each of the partners is building an increasingly strong business. But together, that strength is multiplied. This successful transaction recognizes and endorses that strength. I would like to thank and congratulate our Chief Financial Officer James Rigney and his team for their diligent efforts in putting together a robust and innovative transaction that attracted a strong appetite from the markets. They worked tremendously hard to create a buzz about our unique strategy and we are extremely delighted to see this landmark transaction earning such accolades globally, particularly at a time when markets were skeptical about funding in challenging economic conditions,” he added.

Martin Weber the Goldman Sachs Managing Director said, “We were delighted to work with EAP on its inaugural bond issuance and congratulate the team involved for winning this IFR award. We credit Etihad Airways’ management on the time it spent speaking with investors across the globe, which meant we were able to execute this very successful transaction. It is also indicative of the unique business model this deal will support which impressed the markets, despite the volatile market conditions at the time.”

The EAP funding roadshows were held in Abu Dhabi, Dubai and London supported by lead advisors Goldman Sachs, UAE-based ADS Securities and Anoa Capital. The raised funds, to be split across the seven entities, are for a mixture of capital expenditure and investment in fleet, as well as for refinancing, depending on each business unit’s individual needs.

By Our Reporter

Uganda Breweries Limited (UBL) has partnered with Buganda Kingdom, through Majestic Brands- the investment arm of the kingdom, to brew a new beer brand- called Ngule.

Ngule- is a Luganda word that means ‘crown’ or ‘reward’. The beer has 6% alcohol content and is made from cassava and sorghum all of which are sourced locally from Uganda. Its recommended retail price is Ushs 1,500.
UBL and the Kingdom have a revenue sharing agreement that is beneficial to both entities.

Unveiling the product to the Kabaka and his subjects at the Enkuuka- Buganda’s annual, year-ender party held at Lubiri Mengo, the Katikiro of Buganda Charles Peter Mayiga hailed Ngule as a ‘wealth-creating’ innovation by the Kingdom.

“Ngule beer is an innovation which is a key agenda on Buganda’s 5-year strategic plan. Its creation will significantly contribute to the kingdom’s income and create jobs for people in Buganda and elsewhere- from distributors to sellers as well as farmers that will grow the beer’s ingredients- mainly cassava. This will have a significant impact on Buganda and the rest of the country,” he said.

Mayiga explained although made by the Kingdom for its subjects, the beer should be embraced by the entire country as benefits accruing from the drink will be spread nationally.

“There will be opportunities for Ugandan businessmen within the Buganda region to become distributors and earn a living off this great product which will create employment and improve livelihoods of many Ugandans in the region. Ngule will pay taxes to the national treasury and that will increase incomes to the country,” he said.

He cautioned against excessive drinking of alcohol but noted that drinking in itself is not bad.

“It is important to note that drinking alcohol is not bad. In fact we have sports and recreation ministry which encourages people to have leisure time but leisure should not come at the expense of hard work. The Baganda as a people are proud of their heritage and culture but are also progressive in nature. They celebrate their achievements and successes and thus deserve to be crowned for this. Ngule is a beer made for celebratory occasions. It is a reminder that life ‘rewards/crowns’ those who work at it and at the end of the day the individuals should celebrate with a bottle of Ngule,” he added.

Mark Mugisha, the Marketing Manager for Beer at UBL said at Ushs 1500, Ngule is the most affordable quality beer in its category- a deliberate decision by UBL to get more Ugandans consuming formal beer and moving away from local brews that are of poor quality and potentially hazardous.

“In view of that, Ngule will largely be sold in semi-urban and rural areas where UBL believes there is more potential for this beer,” he said.

Mugisha added the deliberate sourcing of cassava and sorghum from Buganda and the rest of the country, will see the success of the beer translate into a boost from agriculture.

“It will provide ready market and a positive cycle of growth which will lead to uplifting of incomes at a household level within the Buganda region and the rest of the country,” he noted.

By Our Reporter

Students from Kampala Parents School have continued to perform relatively well in their Primary Level Examinations (PLE) whose results were released earlier this week. In 2015, a total of 258 students sat the exams recording 178 first grades and 80 second grades.

Announcing the results, the school’s Principal Daphne Kato attributed the performance to hard work and team work.

“As a school we work together with our teachers, parents and pupils to see that our children do well in and out of class. The way children are prepared is vital and we take it seriously by ensuring that our pupils have everything they need to study. We have a triangular system where parents and pupils work hard and the teachers put in a lot of effort to see to it that the learners do well in PLE,” she said.

Compared to 2014 however, the school’s performance dropped from an 80% pass rate to 69%. In addition, according to James Makada, the head of Social Studies Department, the performance was bad compared to other schools in the neighborhood.

“Our working target and expectation was high and we missed it but we are going to sit and see how we can achieve it this year. Mathematics lowered our expectations. When pupils sat the exams, their outcry was mathematics and science. This year we want to do better and we have a plan to achieve this target. We plan to finish the syllabus in time so that we have enough time to revise. We also want to use the past exams especially last year’s to assess the examination setting technique and tune our pupils to the current examination setting standards,” he explained.

Leopold Odoi the Deputy Headmaster in charge of academics and head of curriculum partly blamed the Uganda National Exams Board (UNEB) citing a higher pass mark than students could reach.

“There were few pupils with distinction one as compared to distinction two. Most of the pupils narrowly missed the pass mark to get D1. We plan to find the cause of the drop and lay strategies to return to our usual performance. We shall investigate how we shall improve,” he said.

By Our Reporter

Pepsi, the flagship brand of soft drinks giant- Crown Beverages Limited (CBL), has announced Ushs 100 million sponsorship of the second round of the National Beach Soccer League for the third year running. The sponsorship will cater for players’ refreshments, publicity, transport and prize money among other logistics.

The Pepsi National Beach Soccer league, organized by the Uganda Beach Soccer Association (UBSA), will kick off on 31st January 2016 at Lido Beach and will conclude on 29th May 2016 with a ceremony to recognize the overall winners.

“We value our partnership with the Uganda Beach Soccer Association and we believe beach soccer will continue to provide the Brand Pepsi a unique opportunity to engage with our target consumers. Beach soccer has become one of the most competitive sports in Uganda to-date and as Pepsi we will continue to support the development of the sport because we see it has a great potential of turning into the one most loved sports in this country,” said Pepsi Brand Manager Bernadette Kizza.

Deo Mutabazi the president of UBSA welcomed the sponsorship citing the timeliness of Pepsi’s involvement and the association’s appreciation of the brand’s continued commitment to the sport.

“We are grateful for the longstanding partnership that we have enjoyed with Pepsi and we pray that it continues. It is due to the continued commitment from Pepsi that we hope to see beach soccer turn into a professional sport,” he said.

Mutabazi further urged all teams to source for individual partnerships in order for them to be more competitive in the games.

Over 17 clubs participated in last year’s competition and more clubs have already shown interest in being part of this year’s league. Makerere University Business School (MUBS) were the winners of the 2014/2015 round 1 Pepsi National Beach Soccer League. Other teams that participated in the league include Zaba, Stormers, YMCA, Sand Pirates, Real Galacticos, Talented SC, Buwanika Bulls, and Nkumba Select, among others.

UBSA was admitted to the Federation of Uganda Football Associations (FUFA) over a year ago and it is now part of the worldwide beach soccer associations recognized and supported by FIFA.

By Our Reporter

There was more activity on the Ugandan bourse this week as value traded advanced to Ushs 17.74 billion from Ushs 12.8 billion last week. Umeme registered the highest turnover with Ushs 14.25 billion as a result of trading 23.75 million shares. Its share price shed 4.76% to end the week at Ushs 600.
Stanbic Bank Uganda had 107.18 million shares exchanged at Ushs 32 each to record a turnover of Ushs 3.43 billion.

Uganda Clays Limited (UCL), DFCU and Bank of Baroda (BOBU) moved 1.8 million shares, 17,550 shares and 65,176 shares to generate a turnover of Ushs 27.05 million, Ushs 16.67 million and Ushs 10.1 million respectively. The 3 companies’ share prices held steady at Ushs 15, Ushs 950 and Ushs 155 respectively.
New Vision Limited share price was up 0.66% to Ushs 610. The counter traded 2,000 shares to realize a turnover of Ushs 1.22 million.

Centum Investments, a cross listed counter had 3,000 shares changing hands to register a turnover of Ushs 4.67 million while its share price was down 0.95% to end the week at Ushs 1,567.

Among the cross listings, Jubilee Holdings made the biggest gain of 4.05% to Ushs 16,655 while East African Breweries was the biggest loser as its price shed 8.53% to end the week at Ushs 9,128.

The Uganda Securities Exchange (USE) All Share Index lost 3.16% to end the week at 1,793.04. On the other hand, the USE Local Share Index and C8* shrunk by 0.99% to close the week at 419.02 and 131.85 respectively.

Industry observers anticipate for the market to register more activity with the possibility of restructuring deals in 2016. The proposed Uganda Clays conversion of Ushs 19.7 billion debt into equity by their largest shareholder, NSSF might be effected this year. This debt restructuring is likely to offer substantial support in returning UCL to profitability after two years of losses characterized by about four years of high indebtedness.

By Our Reporter

Africell has been ranked the telecom with the fastest data speeds in Uganda. This is according to a report by Cell network-mapping app, OpenSignal which helps compare speeds and network availability for the most used data carriers in Uganda and around the globe. This ranking also gives Africell a leading position as the telecom with the best nationwide data coverage.

The findings were extracted from the last 9 months of coverage data and 6 months of speed test data which were last updated on 1st December 2015. Africell. The report shows the telecom has average download data speeds of 4.21 Mbps. With average download speeds of 1.62Mbps, Africell is 4 times faster than the other players. The telecom also has unmatched prowess with their 3G and 4G LTE offerings.

“In Uganda, when it comes to choosing mobile internet service, there is more to put into consideration than just price. Africell has number one positioning in terms of price comparison when pitted against the other players. With a considerably low and affordable half a shilling per second rate, Africell is six times cheaper than the nearest competitor whose lowest billing stands at three shillings per second. The telecom has also led the pack with its affordable pricing for data and voice packages which actually saw them launch the ‘King of the Bundles’ in October 2015,” the report reads in part.

In terms of reliability, the report says the telecom leads the way overall with 87.93%. The telecom network greatly improved its ping times from 333 ms previously to 151 ms. Ping is a utility used to test the reachability of a website on the network and to measure the round-trip time for messages sent from your device to a destination computer/website and back.

Speaking about the ranking, Africell Uganda’s Chief Commercial Officer Milad Khairallah said this is in their strategic direction to provide affordable data and voice services at the best speeds and with the widest coverage.

“We have always given our customers the fastest speeds at the lowest tariffs with the best quality service. We will continue to deliver in that direction to satisfy our customers. We are the network of choice for all looking for better mobile technology at low prices,” he explained.

Africell has from last year been investing on their network infrastructure investments especially in the areas of 3G and 4G LTE technology.

By Neville Igasira

1. When you are Living on a Budget

This occasion takes first priority, because it is January a time of the year when most are very frugal with their finances, meaning a strict balancing of all expenses. Eating out is now more of a luxury, therefore being able to save on transport and time trying to drive to a restaurant when at home or office; one can instead just place an order for a meal in their budget range and also be able to get more from the many meal deals on the hellofood platform.

2. When you need to look busy

You know that awkward moment when you’re at a party in company of other people and everyone else is busy on their phones or when you are waiting for someone who hasn’t reached and you take out your phone to look like you’re busy? Yes we’ve all been there. What’s more awkward is pretending to be on a call and have your phone ring mid-way. Here’s a better idea, open up the hellofood app and order food. Then when your friends are done with whatever they are doing on their phones or when they finally show up, tell them you’ve suddenly got dinner at home and leave. You get to have your revenge on your anti-social or tardy friend for being late, and you get to go home to a hot meal. Win win!!

3. When you’re lazy to cook

This goes without saying. Everyone is lazy to do something at some point in their lives. Even boiling or frying an egg is a hassle sometimes and you do not feel like punishing your palates with just bread and water. hellofood solves this by delivering what you are actually craving for. It’s as simple as that.

4. When you have a hot date

Am sure we have all read or heard that a date that knows how to cook is a keeper, well that is changing to a date that knows how to order for the right meal is a definite keeper (times have changed or a changing). How about the option of a boring, awkward date at a crowded and noisy restaurant, plus an even heftier bill after? We’re having none of that! Order food home, get some candles and dig in with hands. It’s so much more personal and intimate, and you can have much better conversation and even add a touch of the music you and your date actually prefer.
Also, they’ve just given you the ultimate win of getting them in your house already even before the date commences. Smooth or what? (Forget about the Netflix and chill, this is 2016)
5. When you give up on food altogether

Frustrations run high when you’re just so done with the same old food and can’t decide what to eat. Even worse if you walked into office expecting the cafeteria food to be different seeing as it is a new year. Here’s why the hellofood app saves the day: open up the app, close your eyes, pick something, order and you’re done! (Surprise Your-self, with over 25 different cuisines on the platform, you are bound to be surprised) everyone loves a surprise.
You can thank us later. Also, watch this space for Valentines campaign coming up in February.

6. When you need an excuse to not go out

Do you know when you are at office with a heavy work load or at home in pajamas and ready to laze up on the couch and do absolutely nothing, but then your pesky friends call and force you out for meal? Use our hellofood app and order in. So when they call and try to force you out, you now have a legitimate reason to stay in because you have food on the way. It’s definitely NOT because you are too broke to buy your-self food lazy or too lazy to shower.
7. When you need to surprise a friend or family member

One of the unique features with the hellofood app is that it allows you to order food for someone else and surprise them; this is the option to pay for the meal using MTN mobile money. Nothing says ‘I love you’ or “I care about you” like warm meal or confectionary at their door. So even if you are miles away, you can still surprise that special someone. Order a meal or cake for them and it will be delivered with tender loving care.
8. When you’re just plain hungry

For as long as you are human, hunger is part of life, though we do not live to eat, we all eat to live, meaning everyone has a reason to use the hellofood app. You’re hungry? hellofood has an app for that. You place your order and it is delivered to your home or office, you are happy.

By Our Reporter

The upcoming 2nd International Forum on Islamic Finance (IFIF 2016) is slated for the 9th and 10th of February 2016 at the Rotana Al Salam in Khartoum Sudan. It will serve as a key platform for critical discussions on developing effective regulation and supervision of Islamic finance in Africa. This is widely considered an indispensable event to help Islamic finance flourish in Africa and put it on a level playing field with conventional finance.

African countries harbor nearly a quarter of the world’s Muslim population and currently are at different stages in relation to the development of a legal and regulatory framework enabling Islamic banking practices, products and institutions. Sudan the host, is one of only two countries in the world whose banking system is wholly Sharia compliant.

In September 2015, the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDB) signed an agreement with the Regional Financial Market Regulatory Body of the Western African Economic and Monetary Union (WAEMU). The partnership is aimed at mobilizing long-term resources of Union member states and the private sector, especially small and medium sized enterprises (SMEs). One of the key areas of cooperation includes information exchange that would help develop the regulatory framework to help Islamic finance flourish in West Africa.

A report from the ICD in September 2015, entitled ‘Islamic Finance in Africa: A Promising Future’ highlighted the tremendous growth opportunities for Islamic finance in Africa. Regulatory challenges identified in the report include regulatory inconsistency, the lack of awareness and financial literacy by many end-users and consumers, the shortage of qualified human capital and the need for a business landscape supporting the growth of Islamic finance.

A majority of African countries have dual banking system with distinct regulations for Islamic banking. Some of the countries that issued sukuk in 2015 include Gambia (US$ 230 million), Sudan (US$ 70 million), Senegal (US$ 210 million), Nigeria (US$ 700 million) and South Africa (US$ 500 million). At the same time, several countries such as Tunisia, Egypt and Morocco have announced their interest in tapping the sukuk market for infrastructure financing and are finalizing their legal frameworks to promote sukuk issuances.

Africa has much work ahead of it to be at par with more developed Islamic finance jurisdictions such as Bahrain and Malaysia. There is a key opportunity at IFIF 2016 in February for discussions on best practices to help level the playing field in Africa at the continent and at the global level.

By Our Reporter

MultiChoice Uganda has announced winners of the 2015 DStv Eutelsat Star Awards competition at a prize giving ceremony held at their head offices in Kololo yesterday.

The fifth installment of the science and technology based competition saw Gayaza High school’s Amanda Biwoye take top honors in the best essay category while Benjamin Ibanda from Kings College Buddo won in the best poster category. The runners up were Ian Lumonya of Kings College Buddo and Cyrus Mpagi of St. Mary’s College Kisubi who won the essay and poster categories respectively.

The DStv Eutelsat Star Awards are as a result of a partnership between MultiChoice Africa and Eutelsat aimed at stimulating interest in science and technology by inspiring innovative thinking among secondary and high school students in 42 countries across Africa. Students from all over the continent participate in writing an essay or designing a poster depicting how innovative use of satellite technology in the fields of communication, earth observation or navigation can propel Africa into the future.

Congratulating the students at the event, MultiChoice Uganda’s Public Relations & Communications Manager Tina Wamala noted that the DStv Eutelsat Star Awards is an annual competition that is in line with the company’s Corporate Social Investment Strategy.

“MultiChoice understands that science and technology is a major development driver that is shaping the present and the future of our generation and therefore the reason for which we invest in this competition. Our partnership with Eutelsat is passionately based on our common belief that the two fields are great contributors to digitalizing Africa, a transformation path that is inherent in our DNA,” she said.

Over 20 schools in Uganda submitted a total number of 123 entries. They were vetted by a carefully selected panel of judges to determine the winning entrants. The winners will represent Uganda at the continental competition where the final adjudication will take place in February 2016 in Kenya.

Presiding lead judge, Dr. Roseline Akol a Lecturer and Head Department of Electrical and Computer Engineering at Makerere University said, “I continue to be awed by the innovativeness depicted through the essays and posters we come across during the adjudication process. Every other time MultiChoice Uganda invites me to adjudicate the essays, I look forward to learning through these students. I must say that the students of today are well equipped and fortunate to change the world of science and technology as new discoveries are made every other day. The students that we selected as winners have the capacity to compete on a continental level and we are confident that at least we will get a winner like we have done in the past.”

Uganda is no stranger to winning in the continental competition of the DStv Eutelsat Star Awards. In 2014 Uganda won best overall poster winner, runner up overall poster in 2013, best overall essay and runner up overall poster in 2012 and best overall essay in 2011.

The panel of judges this time round included; Dr. Roseline Akol, Lecturer and Head, Department of Electrical and Computer Engineering, Ms. Sarah Agaba Kabahuma, Frequency Planner at Uganda Communications Commission, Mr. Geoffrey Agoi, Principal Broadcasting Engineer, Ministry of Information and Communications Technology, Mr. Michael Wandwasi, Representative from the Ministry of Education & Sports and Ms. Sauya Nakiyaga, Head of Retention at Multichoice Uganda.

At the continental competition which will take place in Nairobi, Kenya, the best essay category stands a chance to win a trip to Eutelsat in Paris, France and witness a live rocket launch. The best poster category winner will also go on a trip to Eutelsat offices in Paris and onwards to a satellite construction site while the runners up of the essay and poster categories will go to the MultiChoice Offices in Johannesburg, South Africa as well as the South African National Space Agency at Hartebeesthoek.

By Our Reporter

Businessman Sudhir Ruparelia under his property firm Crane Management Limited has unveiled a US$ 25 million commercial building in Kampala’s city center called Hardware City. Located at Entebbe Road, the building was constructed to accommodate traders dealing in hardware products and services used in the construction industry.

Speaking at the launch event earlier this week Ruparelia said, “When starting to work on this project, what we had in mind was to provide a one stop center that offers hardware products and services for construction. This would help customers to buy everything in one place. The building has 281 shops, 66 apartments ready to be occupied with a parking lot able to accommodate 800 cars. It sits on about 27000 square meters of space.”

He explained tenants will pay rent in shillings to enable clients to pay a uniform amount.

“Since it is a new building we are not going to increase monthly rent charges for the next two years. This is a quality building and we plan to work together with tenants so they can make money here,” he added.

Rajiv Ruparelia the Managing Director (MD) Crane Management said, “We have secured a 500kv transformer to directly supply power to the building and minimize power cuts. All tenants will get pre-paid sub meters and will incur a parking fee of US$ 50 per month.”

By Our Reporter

Business man Aga Sekalala Jr has been appointed the new Board Chairman for KCB Bank Uganda by the Board of Directors. His tenure was effected on 1st December, 2015.

Sekalala is a holder of BSC Chemical Engineering and an Alumni of Harvard Business School. He is also the Executive Director of Ugachick Poultry Breeders, Executive Chairman Africa FM- Radio Simba, Director Sekalala Limited and Director Uvan Limited. He also sits on the Board of the Uganda Investment Authority and Uganda Manufacturers Association.

He replaces Samwiri Njuki who retired as Board Chairman on 30th November 2015, having served KCB Bank Uganda since 2007.

Sekalala brings to KCB a wealth of experience in business management which will serve the bank very well as it positions itself as a leading corporate and SME bank in Uganda.

By Silvia Nyambura

Uganda’s real GDP is expected to grow to 5.5% in 2016. This growth will be driven by spending in public infrastructure. The discovery of oil also holds much promise with the country being on track for first oil in the medium term even though it is moving slower than its Sub Sahara Africa peers in that sector. These are the observations of Razia Khan the Chief Economist for Africa, Standard Chartered Bank.

Addressing the media at the Bank’s headquarters in Kampala yesterday, Khan also explained Uganda’s current account deficit is expected to remain wide in 2016.

“Uganda’s task will be to attract cash inflows to cater for this deficit. There are a lot of investments happening in the country that savings alone cannot be able to fund. The country’s exports need to grow faster. In addition, there is need to create a domestic savings base and long term structural reforms to build revenue,” she said.

Because of the ongoing infrastructure projects and energy sector developments, imports to support infrastructure will remain significant. Uganda is a net importer of most of the inputs required by these industries.
In terms of monetary policy the Bank of Uganda (BOU) raised interest rates aggressively in 2015 in reaction to pressure on the currency.

“We do not expect it to tighten policy again in this cycle unless faced with renewed shilling depreciation. The current Central Bank Rate (CBR) at 17% is likely the peak in the cycle. Although we expect headline inflation to increase further in the coming months up to about 11% in the 1st quarter 2016, largely due to an unfavorable base, it is likely to decelerate thereafter ending the year at 7%,” she adds.

Spending cuts will reduce the planned fiscal deficit in Financial Year 2016. Uganda’s treasury has pledged that government will not spend beyond the amount approved by parliament. Should revenue collection disappoint, spending will be cut. Some medium term investment projects are also likely to be postponed.

Khan further observed being an election year, the country’s post 2016 political transition will be important. Relative to the previous election in 2011, there are fewer expectations of spending overruns this time. The passing of Uganda’s Public Financial Management Act in 2015 was aimed at introducing transparency in spending.

By Our Reporter

Uganda Breweries Limited (UBL) and Majestic Brands, the investment arm of the Buganda Kingdom, have officially launched Ngule, an official beer of the kingdom. Ngule is a Luganda word that means ‘crown’ or ‘reward’. The beer, with an alcoholic content of 6% is made from materials that are exclusively sourced locally from the kingdom. Its recommended retail price is Ushs 1,500. UBL and the Kingdom have a revenue sharing agreement that is beneficial to both entities.

Speaking at the launch event on Thursday 21st January, the Katikiro of Buganda, Charles Peter Mayiga hailed Ngule as ‘job-creating’ and ‘wealth-generating’ innovation by the Kingdom that should be embraced by Ugandans as a whole.

“Buganda Kingdom has a 5-year strategic plan that focuses on leveraging all the kingdom’s resources, its people, its strategic location in Uganda as well as the warm relationship it enjoys with Ugandans and non-Ugandans. This beer is one of those projects. It will create jobs and have an impact on Uganda’s economy,” he said.

Nyimpini Mabunda the Managing Director, UBL hailed the warm and strategic relationship that the company has enjoyed from the people of Buganda.

“Uganda Breweries shares a heritage and history with the People of Buganda. Bell Lager, our flagship beer, was created in 1950 here in Buganda at Port Bell Luzira on the shores of Lake Victoria. All our other brands have been part of the joys and celebrations by the people of Buganda and Uganda at large for over half a century,” he said.

Mabunda added Ngule recognizes and celebrates the progressive nature of Buganda as a people; people who celebrate their achievements and successes and thus deserve to be crowned and rewarded.

“Ngule is a beer made for celebratory occasions. It is a reminder that life rewards those who work at it. At Ushs 1500, it is the most affordable quality beer in its category. This is a deliberate decision by UBL to get more Ugandans to consume formal beer, thus moving them away from illegitimate, poor quality and potentially hazardous alcohol,” he concluded.

By Our Reporter

Etihad Airways in collaboration with Capital FM and Yas Island Rotana Hotel is giving Ugandans a chance to win an all-expenses paid trip to Abu Dhabi through a joint Valentine’s Day campaign.

The promotion will run until 3rd February 2016, when a draw will be held to pick the lucky winner.

To participate, listeners have to tune in to Capital FM’s evening drive show program which takes place daily between 3.00 pm and 5.00 pm and answer trivia questions about Etihad Airways and Abu Dhabi. Listeners with the correct answers will to stand a chance of winning the prize of two air tickets and a complimentary stay at the Yas Island Rotana Hotel in Abu Dhabi from 12th to 15th of February.

“As part of our brand promise of taking Abu Dhabi to the world, we are delighted to give Ugandans an opportunity to experience Abu Dhabi with their loved ones at this special time of year,” said Toyin Alaran, Etihad Airways’ General Manager, Uganda.

Abu Dhabi is one of the world’s largest and increasingly popular leisure destinations with a wide variety of attractions to suit all tastes.

Located in Yas Island, the Yas Island Rotana Hotel is just a few minutes away from a number of local attractions including the Yas Marina Circuit, where the Etihad Airways Formula 1 Abu Dhabi Grand Prix takes place; the Yas Links Golf Club, the Yas Marina, Ferrari World Abu Dhabi, Yas Waterworld, and Yas Beach.