, NAIROBI, Kenya, Oct 6 – UAP Group has finally opened its Sh6.2 billion business complex in Kampala, Uganda.
UAP Nakawa Business Park sits on a six-acre piece of land located at the intersection of Jinja Road and the New Port Bell Road in Kampala City.
Speaking during the opening ceremony, Ugandan President Yoweri Kaguta Museveni welcomed investors into the country while calling on insurance companies to invest in manufacturing to create employment as well as increasing insurance penetration from the current 0.66percent.
“Property developers need to be assured of one thing… security. Investors need not to worry about security in Uganda. We have already been through the worst; no one can threaten our security,” Museveni said.
The office complex consists of four blocks with some space having already been taken up by one of the top tenants, Uganda Revenue Authority.
UAP Properties Chairman Dr Chris Kirubi said the group is passionate about investing in Uganda, a move that has received great support from Uganda government.
“We are confident that UAP Nakawa Business Park with its modern and state of the art facilities will offer businesses with the right environment to increase efficiency and competitiveness for businesses that are keen on growth in an increasingly volatile market,” Dr Kirubi said.
Dr Kirubi added that UAP Group’s entry into property investment and management was part of the Group’s strategy to expand and grow in all the markets it operates in Uganda, Kenya, Tanzania, Rwanda, South Sudan and DR Congo.
UAP Uganda has been in operation in the country since 2005 when UAP Kenya acquired 53 percent stake in Uganda United Assurance Company owned by local businessman, Gordon Wavamunno.
UAP was the first to delink its General from Life insurance business in Uganda, which is now a requirement under the Insurance Act. The UAP Group is putting up similar investments in Rwanda and Southern Sudan.