| The Standard News (Uganda) https://thestandard.co.ug/category/business/ Truth, Indepth & Exclusive Stories. Breaking News, Current Events and News Analysis from around the globe Sat, 21 Jun 2025 15:06:49 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.1 https://thestandard.co.ug/wp-content/uploads/2022/05/cropped-The-Standand-Uganda-Logo-32x32.jpg | The Standard News (Uganda) https://thestandard.co.ug/category/business/ 32 32 Top Executives of Turkish Firm Building Uganda’s SGR Jailed in Corruption Scandal, Casting Doubt on Shs 11 Trillion Project https://thestandard.co.ug/2025/06/21/top-executives-of-turkish-firm-building-ugandas-sgr-jailed-in-corruption-scandal-casting-doubt-on-shs-11-trillion-project/ Sat, 21 Jun 2025 15:06:36 +0000 https://thestandard.co.ug/?p=41202 The Turkish company, which was awarded a massive $3 billion (approx. Shs 11 trillion) contract to construct Uganda’s long-awaited Malaba–Kampala Standard Gauge Railway (SGR), is now at the center of a major corruption scandal back home, following the arrest of its top executives by Turkish authorities.  Yapı Merkezi, a globally respected infrastructure firm with projects […]

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The Turkish company, which was awarded a massive $3 billion (approx. Shs 11 trillion) contract to construct Uganda’s long-awaited Malaba–Kampala Standard Gauge Railway (SGR), is now at the center of a major corruption scandal back home, following the arrest of its top executives by Turkish authorities. 

Yapı Merkezi, a globally respected infrastructure firm with projects across Europe, Asia, and Africa, was selected by the Ugandan government to lead the design, construction, and supply of rail vehicles for the 273-kilometer electrified railway line that will link Uganda to the Kenyan border and eventually to the port of Mombasa.

The project is hailed as a critical pillar of Uganda’s strategy to modernize its transport system, ease trade logistics, and reduce freight costs across the region. 

However, the integrity of the project now faces serious questions after Turkish prosecutors arrested Yapı Merkezi Chairperson Mustafa Başar Arıoğlu, along with board members Erdem Arıoğlu and Sami Özge Arıoğlu, as part of a wide-ranging investigation into corruption, bribery, and tender manipulation within the Istanbul Metropolitan Municipality (İBB). 

The arrests took place during the fourth wave of what has become an intensifying anti-corruption operation targeting officials and associates of Istanbul’s opposition-led city government.  

On May 23, Turkish police detained 45 individuals, of whom 25—including Yapı Merkezi’s leadership—were remanded to prison by court order. 

Among the arrested were key allies of Istanbul Mayor Ekrem İmamoğlu, including his Chief of Staff Kadriye Kasapoğlu, Deputy Secretary General Arif Gürkan Alpay, and other top municipal department heads. The accused face charges ranging from tampering with criminal evidence and membership in a criminal organization, to bribery and rigging public tenders. 

Yapı Merkezi, whose detained executives were instrumental in major Turkish megaprojects such as the 1915 Çanakkale Bridge and the Eurasia Tunnel, has not publicly commented on how these arrests will impact its operations abroad, particularly in Uganda. 

A Critical Project Now Under a Cloud 

The Malaba–Kampala SGR is expected to be a game-changer for Uganda. The fully electrified line will operate at speeds of up to 120 km/h and adhere to modern European and American rail standards. Once completed, it will connect directly with Kenya’s Mombasa–Nairobi SGR, streamlining regional freight movement from Uganda to the Indian Ocean. 

Construction is scheduled to begin shortly, and the Ugandan government has viewed Yapı Merkezi’s selection as a breakthrough after years of funding delays and setbacks. 

But the arrest of the company’s senior-most officials now casts doubt over the governance, accountability, and project continuity. Analysts warn that if Turkish courts proceed with asset freezes or if financial institutions grow wary of reputational risks, the railway project could face fresh delays or even renegotiation. 

Ugandan officials have not stated the matter, and it remains unclear whether due diligence will be revisited in light of the scandal. 

Political Undertones in Turkey, Regional Ripples in East Africa 

The Turkish government, led by President Recep Tayyip Erdoğan, has defended the arrests, with Erdoğan stating: “You cannot escape accountability before the judiciary. We will fulfill our responsibilities because we are the ruling party.” 

Opposition figures, however, argue that the investigation is politically motivated and part of a broader campaign to weaken the influence of Istanbul’s popular opposition mayor, who was himself previously arrested. 

As the drama unfolds in Turkey, Uganda’s $3 billion gamble on Yapı Merkezi hangs in the balance. With major infrastructure ambitions on the line, the Ugandan government now faces the task of ensuring that the SGR project can move forward without becoming entangled in the fallout of Turkey’s political and legal turmoil. 

Members of Parliament have called on the Government of Uganda to immediately suspend the contract, warning that the country risks losing colossal sums of money, just as it has in previous contracts, until the Turkish firm is cleared of the corruption charges it faces in its home country.

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What Top CEOs, Creatives, and Marketers Are Doing on June 27 Will Blow Your Mind https://thestandard.co.ug/2025/06/20/what-top-ceos-creatives-and-marketers-are-doing-on-june-27-will-blow-your-mind/ Fri, 20 Jun 2025 06:00:44 +0000 https://thestandard.co.ug/?p=41160 Datamine Centre for Professional Studies is set to host the inaugural Datamine Summit 2025 on Thursday, June 27, 2025, at Hotel Africana in Kampala. Themed “The Art and Science of Emo3onal Connec3ons In a Competitive World,” the one-day summit brings together leading voices in marketing, communications, and business strategy to explore how emotional intelligence, storytelling, […]

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Datamine Centre for Professional Studies is set to host the inaugural Datamine Summit 2025 on Thursday, June 27, 2025, at Hotel Africana in Kampala.

Themed “The Art and Science of Emo3onal Connec3ons In a Competitive World,” the one-day summit brings together leading voices in marketing, communications, and business strategy to explore how emotional intelligence, storytelling, and cultural relevance shape branding in today’s saturated and fast-paced market.

Structured as a one-day learning and networking experience, the event is designed to explore how emotional intelligence, cultural resonance, and strategic storytelling can help brands build stronger connections with their audiences and navigate an increasingly fragmented marketplace.

Speaking at a recent press briefing in Kampala, Daniel Ochieng, Learning and Development Consultant and event host, described the summit as a timely platform for both reflection and reimagination.

“This gathering is not just about marketing; it’s about brand purpose, leadership, and how organisations must evolve to meet the emotional and cultural expectations of multi-generational consumers. We are calling on business leaders and marketing professionals to join us in shaping the future of branding in Uganda,” he said.

Daniel Ochieng addressing the media on June 19, 2025

In a show of industry-wide support, the summit has attracted participation from key players in media, advertising, manufacturing, and digital communications.

Festo Mwebaze Syalhasha, CIM tutor at Datamine and Marketing Manager at Quality Chemical Industries Ltd, praised the summit’s relevance in a digitally connected, emotionally driven economy.

“We’re preparing marketers not just to sell products, but to connect with people in ways that are genuine and sustainable. This summit is a major leap forward,” he said.

Festo Mwebaze Syalhasha, CIM tutor at Datamine and Marketing Manager at Quality Chemical Industries Ltd

The event is being held in partnership with Nation Media Group Uganda, whose Head of Marketing, Hajara Ddagire Batuuka, confirmed the group’s role as official media partner.

“As Nation Media Group, we are proud to support initiatives that contribute to thought leadership and sector innovation. This summit will spark vital conversations and elevate how brands engage with Ugandan audiences,” she said.

Hajara Ddagire Batuuka, Head of MarketingNation at Media Group Uganda, confirmed the group’s role as official media partner.

From the printing and branding space, Maud Mutungira, Marketing Manager, Commercial at Graphic Systems Uganda, expressed optimism about the opportunities the summit creates for creative innovation.

“This event speaks to the future of how we present, design, and deliver brand experiences. It’s an ecosystem moment,” she noted.

Maud Mutungira, Marketing Manager, Commercial at Graphic Systems Uganda

Corporate support has also come from Uganda Breweries Limited, represented at the briefing by Caroline Ampaire, Digital and Media Manager.

“We’ve learned over time that emotional connection with the consumer is what builds trust and loyalty. This summit gives us a stage to both reflect and retool our approaches,” she said.

Caroline Ampaire, Digital and Media Manager at Uganda Breweries Limited

From the creative advertising sector, Andy Radier, a Creative Director, emphasised the importance of deep, localised storytelling.

“Brands that win today are those that understand cultural nuance and use creativity to tap into emotion. This summit aligns with that mission,” he said.

Andy Radier, a Creative Director

In the youth marketing space, Laura Muhumuza, Country Manager at Buzz Group Africa, highlighted the summit’s role in bridging insight and impact.

“For youth-driven brands, it’s no longer about the loudest message—it’s about the most memorable feeling,” she stated. “We are excited to join a conversation that prioritises empathy and authenticity.”

Laura Muhumuza, Country Manager at Buzz Group Africa

Representing logistics and operations, Boniface Kipchirchir, Head of Operations at Stabex International Ltd, welcomed the summit’s inclusive agenda.

“Even in sectors like ours, how the brand is perceived emotionally matters. We see this event as a catalyst for business-wide brand alignment,” he said.

Among the summit’s highlights will be a keynote address from renowned global brand strategist Graham Robertson, founder of Beloved Brands.

Known for shaping strategy at companies like Coca-Cola, Johnson & Johnson, and the NFL, this marks his first-ever appearance in East Africa.

“I’m thrilled to bring fresh thinking on emotional branding to Kampala. The brands that win hearts are the ones that understand the emotional journey behind every purchase,” he said.

The main session will feature a high-level panel of brand leaders moderated by Johnpaul Okwi, Chartered Marketer and Sponsorships Manager at MTN Uganda.

The panel will explore how emotional relevance drives loyalty and growth. Speakers will include Catherine Ndungu (Uganda Breweries Ltd), Daniel Kayongo (Kansai Plascon), Charity Winnie Asiimwe (dfcu Bank), Rommel Jasi (Saladin Media), and Juliana Kagwa (Uganda Tourism Board).

With tickets available at UGX 150,000 (individuals) and UGX 2,000,000 (tables of 8), the summit promises to offer deep learning, peer networking, and access to curated resources from Beloved Brands. Payments can be made via Airtel Money Pay (4379648) or MTN MoMo Pay (303914) under Basewood Consult Uganda Ltd.

The Datamine Summit 2025 is more than a conference—it is a movement to redefine what it means to build a beloved brand in a competitive and emotionally complex market.

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Sudhir to Deliver Keynote Speech at UK-Africa Business Forum in London https://thestandard.co.ug/2025/06/19/sudhir-to-deliver-keynote-speech-at-uk-africa-business-forum-in-london/ Thu, 19 Jun 2025 09:33:00 +0000 https://thestandard.co.ug/?p=41188 Uganda’s wealthiest businessman and chairman of the Ruparelia Group, Dr. Sudhir Ruparelia, is set to deliver a keynote address at the 15th UK-Africa Business, Trade & Investment Summit at the prestigious Royal Horseguards Hotel in London on September 12, 2025. The summit, one of the continent’s premier platforms for global investment dialogue, will convene top-tier […]

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Uganda’s wealthiest businessman and chairman of the Ruparelia Group, Dr. Sudhir Ruparelia, is set to deliver a keynote address at the 15th UK-Africa Business, Trade & Investment Summit at the prestigious Royal Horseguards Hotel in London on September 12, 2025.

The summit, one of the continent’s premier platforms for global investment dialogue, will convene top-tier government officials, corporate leaders, and international investors to explore strategic investment opportunities across infrastructure, agribusiness, technology, and finance.

Organizers say this year’s edition will place special emphasis on East Africa.

Dr. Sudhir, whose personal fortune is estimated by Forbes at $1.2 billion, will share his entrepreneurial journey, from a young refugee in the UK with just £8,000 to becoming one of East Africa’s most influential tycoons. His address will focus on resilience, innovation, and the power of Africa-led development.

A Defining Appearance Amid Personal Loss

Sudhir’s participation at the UK-Africa Business Forum falls just four months after the tragic loss of his only son, Rajiv Ruparelia, in a fatal accident on the Munyonyo-Entebbe Expressway on May 3.

Rajiv, 35, served as the Managing Director of the Ruparelia Group and was widely seen as the heir to the multi-sector business empire.

In his eulogy during the burial on May 7, Dr. Sudhir described Rajiv as a “quick learner” and “compassionate leader,” vowing to carry forward the vision they had jointly built.

Sudhir’s decision to proceed with the London summit despite the tragedy has been described by close associates as “a mark of profound resilience and responsibility.”

Focus on Africa’s Investment Future

The 2025 UK-Africa Summit is organized in collaboration with the UK Commonwealth Trade Partnership (UCUK), the India Overseas Trust, and other global entities. It aims to deepen bilateral trade and foster economic transformation by connecting African governments and businesses to international financiers.

Panels at the summit will dissect investment opportunities under frameworks such as the African Continental Free Trade Agreement (AfCFTA) and the UK’s Developing Countries Trading Scheme (DCTS). Target sectors include fintech, sustainable agriculture, real estate, and green energy.

Dr. Sudhir is expected to spotlight Uganda’s investment appeal and share insights into how the Ruparelia Group’s ventures—ranging from Speke Resort Munyonyo to the Pearl Business Park—are shaping Kampala’s modern skyline and generating thousands of jobs.

Also on the agenda will be his philanthropic initiatives through the Ruparelia Foundation, which has funded schools, hospitals, and scholarships for underprivileged communities.

Legacy of a Business Titan

Born in 1956, Sudhir fled Uganda during Idi Amin’s expulsion of Asians and worked as a taxi driver in the UK before returning in the late 1980s to launch Crane Forex Bureau, which would eventually evolve into a sprawling business empire. Today, his conglomerate spans finance, education, hospitality, construction, and philanthropy.

He also serves as Nepal’s honorary consul to Uganda, further cementing his role as a business diplomat and transnational figure in economic diplomacy.

Sudhir’s presence at the London summit positions Uganda firmly in the global investment spotlight, reinforcing the summit’s theme of “partnerships for prosperity.” His keynote is expected to inspire a new generation of entrepreneurs while encouraging deeper UK-Africa economic collaboration.

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Dr Sudhir, Ambassador Tiperu inspect UIU’s $13.5M Engineering Faculty in Arua https://thestandard.co.ug/2025/06/19/dr-sudhir-ambassador-tiperu-inspect-uius-13-5m-engineering-faculty-in-arua/ Thu, 19 Jun 2025 09:28:00 +0000 https://thestandard.co.ug/?p=41185 Ugandan business mogul Dr. Sudhir Ruparelia and Uganda’s Ambassador to Turkey, Nusurah Tiperu, on Wednesday inspected the newly constructed Faculty of Engineering at the Islamic University in Uganda (IUIU) in Arua, marking a significant milestone for higher education in the West Nile region. The state-of-the-art facility, constructed by Vcon Construction, a subsidiary of the Ruparelia […]

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Ugandan business mogul Dr. Sudhir Ruparelia and Uganda’s Ambassador to Turkey, Nusurah Tiperu, on Wednesday inspected the newly constructed Faculty of Engineering at the Islamic University in Uganda (IUIU) in Arua, marking a significant milestone for higher education in the West Nile region.

The state-of-the-art facility, constructed by Vcon Construction, a subsidiary of the Ruparelia Group, was officially unveiled ahead of its opening for the 2026/2027 academic year.

The new faculty is equipped with modern laboratories, lecture halls, technical workshops, and a 500-bed hostel to support engineering students from across Uganda.

Sudhir: Education Is Key to National Transformation

Dr. Ruparelia, who was accompanied by his wife Jyotsna and daughter Sheena, described the project as a game-changer for regional development. “This facility will empower future engineers and bridge the development gap in Northern Uganda,” the billionaire businessman said. “Education is the most powerful driver of national transformation. We are proud to be part of this.”

The project, executed within two years, demonstrates Vcon’s growing footprint in delivering large-scale academic infrastructure.

The New IUIU Faculty of Engineering and Technology in West Nile was built in record two years by Vcon, a company under Ruparelia group

On her part, Ambassador Nusurah Tiperu lauded the partnership between the Government of Uganda and the Islamic Development Bank (IDB), which financed the $13.5 million project through a concessional loan. “This engineering faculty is a beacon of equity, bringing science and innovation closer to regions that have historically been underserved,” Tiperu said.

She also praised IUIU for fostering inclusion through its #BridgingCommunities initiative, which seeks to expand access to quality education in remote regions.

A Boost for West Nile and Uganda’s Engineering Sector

The IUIU Faculty of Engineering becomes the university’s ninth faculty and will offer undergraduate programs in civil, electrical, mechanical, and computer engineering, addressing the rising national demand for technical professionals.

IUIU’s Rector, Dr. Ismail Simbwa Gyagenda, hailed the facility as “a game-changer” that will save West Nile students the burden of relocating to Kampala or Mbale for engineering degrees.

“This is more than a faculty, it’s an engine for innovation, job creation, and economic transformation in West Nile,” Dr. Gyagenda said.

Meanwhile, we understand that admissions for the new programs are expected to begin in 2026, with the faculty projected to attract students from across Uganda and neighboring countries. The facility is also anticipated to catalyze further investment in infrastructure and skilled labor in the region.

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Speke Resort Convention Centre Set for 2025 UNESCO Africa Engineering Week https://thestandard.co.ug/2025/06/19/speke-resort-convention-centre-set-for-2025-unesco-africa-engineering-week/ Thu, 19 Jun 2025 09:16:00 +0000 https://thestandard.co.ug/?p=41182 Uganda has secured the rights to host the 2025 UNESCO Africa Engineering Week and the 9th African Engineering Conference at the iconic Speke Resort Convention Centre in Munyonyo, further cementing its growing reputation as a leading MICE (Meetings, Incentives, Conferences, and Exhibitions) destination in Africa. Scheduled for September 14–20, 2025, the prestigious event will bring […]

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Uganda has secured the rights to host the 2025 UNESCO Africa Engineering Week and the 9th African Engineering Conference at the iconic Speke Resort Convention Centre in Munyonyo, further cementing its growing reputation as a leading MICE (Meetings, Incentives, Conferences, and Exhibitions) destination in Africa.

Scheduled for September 14–20, 2025, the prestigious event will bring together thousands of engineers, innovators, policymakers, educators, students, and researchers from across the continent. It will run under the theme “Leveraging Engineering Innovations and Technology to Accelerate Africa’s Socio–Economic Transformation.”

The Uganda Institution of Professional Engineers (UIPE) will organize the conference, with support from the Uganda Tourism Board (UTB) and other key stakeholders.

The week-long programme will feature keynote addresses, technical sessions, exhibitions, and public engagement activities aimed at promoting engineering and STEM across Africa.

Uganda Tourism Board CEO Juliana Kagwa said the event’s award to Uganda highlights the country’s rising stature in the global conference tourism space.

“Hosting this prestigious event aligns with our efforts to position Uganda as a leading destination for conferences and events. We are confident that attendees will experience the beauty and hospitality of Uganda while contributing to important discussions in engineering,” Kagwa said.

MICE Sector on the Rise

Uganda’s successful bid comes amid a sharp upturn in its MICE sector. According to the 2025 Tourism Statistical Abstract, the country hosted 491 MICE events in 2024, attracting 32,693 international delegates and over 69,700 domestic participants. These generated an estimated USD 27.6 million—accounting for 6.1% of total tourism earnings.

UTB now targets 980 MICE events annually by 2026, over 60,000 foreign delegates, and revenue of up to USD 50 million from this niche. Uganda also aims to attract at least 15 high-level global conferences every year and increase international MICE arrivals to 10% of all tourist traffic.

The upcoming UNESCO conference is being positioned as a strategic step towards these goals and is expected to spark additional high-impact engagements in engineering, innovation, and infrastructure.

SRCC: Uganda’s World-Class Venue

The venue, Speke Resort Convention Centre (SRCC), is Uganda’s largest events facility and a major driver of the MICE strategy. Since its commissioning in January 2024, it has hosted several high-profile events, including: the 19th Non-Aligned Movement (NAM) Summit, 3rd G77 + China South Summit, Uganda–EU Business Forum, 2024 ITU Global Symposium for Regulators and recently the Pearl of Africa Tourism Expo (POATE 2024).

Set on the shores of Lake Victoria, the centre boasts over 56,000 square metres of event space, a 4,400-seat auditorium, 476 guest rooms, and multiple recreational and meeting facilities. Its international-standard infrastructure, combined with proximity to Entebbe International Airport and Kampala, makes it ideal for hosting global conferences.

About UNESCO Africa Engineering Week

The UNESCO Africa Engineering Week is an annual platform for promoting the role of engineering in Africa’s sustainable development. It brings together governments, academia, civil society, and the private sector to exchange ideas, showcase innovations, and inspire the next generation of STEM professionals.

Uganda’s hosting of the 2025 edition is expected to boost its innovation ecosystem, professional development platforms, and global visibility as a knowledge economy hub.

Preparations are now underway under the stewardship of UIPE, supported by UTB and other government agencies. Organizers expect a significant multiplier effect on tourism, education, infrastructure, and youth-focused initiatives.

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Clearing Chaos Ends as URA Moves to Take Down Corrupt Cargo Cartels https://thestandard.co.ug/2025/06/18/clearing-chaos-ends-as-ura-moves-to-take-down-corrupt-cargo-cartels/ Wed, 18 Jun 2025 16:17:15 +0000 https://thestandard.co.ug/?p=41157 The Uganda Revenue Authority (URA) has announced sweeping reforms in the management of consolidated cargo, effectively phasing out the long-standing role of “container leaders” in a bid to tackle tax evasion, smuggling, and systemic corruption at entry points. The announcement was made by URA Commissioner General John R. Musinguzi Rujoki during a high-level stakeholder engagement […]

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The Uganda Revenue Authority (URA) has announced sweeping reforms in the management of consolidated cargo, effectively phasing out the long-standing role of “container leaders” in a bid to tackle tax evasion, smuggling, and systemic corruption at entry points.

The announcement was made by URA Commissioner General John R. Musinguzi Rujoki during a high-level stakeholder engagement convened at Hotel Africana in Kampala on Tuesday, June 17, 2025.

The meeting brought together customs officials, freight agents, and members of the Kampala City Traders Association (KACITA) to address persistent grievances over groupage cargo clearance inefficiencies.

Musinguzi said the authority’s decision was informed by widespread abuse of the groupage system, where intermediaries entrusted with consolidated cargo, commonly known as container leaders, have allegedly engaged in under-declaration and falsification of goods.

“Let us agree that the time has come to do away with container leaders. The level of under-declaration we are seeing is unacceptable and poses a significant risk to compliant traders and national revenue,” Musinguzi stated.

He urged traders to explore direct clearance as a fairer and more transparent option, assuring the business community of continued reforms to make self-declaration easier and more cost-effective.

Despite surpassing its collection target in the 2023/24 financial year—realising Shs 25.2 trillion against a target of Shs 24 trillion—URA estimates it still loses more than Shs 5 trillion annually due to smuggling, tax fraud, and illicit financial flows.

Musinguzi issued a stern warning to URA staff and clearing agents involved in unethical conduct, revealing that internal purges were already underway. “No one has a place in URA if they are engaging in fraud or colluding with smugglers. We are cleaning house,” he warned.

Hajj Asadu Kigozi Kisitu, Acting Commissioner for Customs, admitted to operational gaps within URA, noting that some customs officers have been part of rackets that delay cargo clearance or inflate charges.

“While some traders manipulate the system, we also acknowledge that some of our officers have not upheld the values we expect,” Kisitu said. “Both sides must change.”

He also took the opportunity to clarify the recently revised import duty on textiles. Under the current policy, T-shirts and similar garments now attract a tariff of USD 3.5 per kilogram or 35% of the customs value, whichever is higher. The adjustment, he said, is aimed at safeguarding Uganda’s textile industry and promoting local production.

The trader community, represented by KACITA Chairman Dr. Thaddeus Musoke Nagenda, welcomed the dialogue but demanded faster and more predictable customs procedures. “Many of our members’ shops are currently empty. The delays in clearing goods are hurting trade,” he said.

KACITA spokesperson Issa Sekitto echoed the sentiment, calling for sustained dialogue to mend relations between URA and business owners. “What we need is fairness, trust, and consistency,” he said.

An internal audit conducted by URA recently confirmed that groupage containers have been a major source of revenue leakage, leading to renewed enforcement measures and policy revisions.

Musinguzi concluded by reaffirming URA’s role as a facilitator of trade, not just a collector of taxes. “Our goal is a tax system that supports national development while allowing businesses to grow,” he said. “We can only achieve that through partnership and mutual accountability.”

The authority pledged to intensify taxpayer education, enhance transparency, and modernise customs operations to streamline cargo clearance and rebuild public confidence.

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Tycoon Sudhir’s Vcon Construction completes IUIU’s Engineering faculty in under two years https://thestandard.co.ug/2025/06/17/tycoon-sudhirs-vcon-construction-completes-iuius-engineering-faculty-in-under-two-years/ Tue, 17 Jun 2025 08:58:00 +0000 https://thestandard.co.ug/?p=41171 Tycoon Sudhir Ruparelia is mostly known as a property magnate, but years of undertaking massive construction projects have made him the man to go for big projects under his Vcon Construction. Last week, Vcon officially handed over the Islamic University in Uganda (IUIU)’s newly completed Faculty of Engineering and Technology, along with a 500-bed student […]

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Tycoon Sudhir Ruparelia is mostly known as a property magnate, but years of undertaking massive construction projects have made him the man to go for big projects under his Vcon Construction.

Last week, Vcon officially handed over the Islamic University in Uganda (IUIU)’s newly completed Faculty of Engineering and Technology, along with a 500-bed student hostel. The project was financed through a $13.5 million Islamic Development Bank loan guaranteed by the Ugandan government.

Assoc. Prof. Ismail Simbwa Gyagenda, the Rector of IUIU, noted that the ninth faculty will contribute to introducing professional programs in civil, mechanical, electrical, and computer engineering.

He noted that the facility was completed in under two years through collaboration with Symbion Consulting Group and added that accreditation processes are underway, with the first intake of engineering students expected by August 2026.

Dr. Gyagenda also emphasized IUIU’s vision to become a leading centre for scientific and technological innovation in the region drawing students from over 25 countries, and continues to affirm its commitment to quality education and research.

Dr Sudhir Ruparelia the Chairman of Vcon Construction, noted that the project will enhance educational infrastructure in Eastern Uganda.

“I’m also in education so I have a special soft spot for education facilities. This is a good addition to Eastern Uganda. It will add value to Eastern Uganda and attract more and more students to the university,” he said.

Ambassador Nusura Tiperu, the representative of Uganda to Turkiye highlighted the government’s strategic shift towards “ATMs”: Agriculture, Technology & Innovation, and Mining.

“Commissioning this Engineering and Technology block fulfils one of the government’s priorities,” she said, noting state-of-the-art classrooms and labs being fitted before official commissioning by the President.

Related

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Live Music Returns as Speke Resort Munyonyo Revives ‘Freaky Fridays’ with Culinary Delights by the Lake https://thestandard.co.ug/2025/06/17/live-music-returns-as-speke-resort-munyonyo-revives-freaky-fridays-with-culinary-delights-by-the-lake/ Tue, 17 Jun 2025 08:15:00 +0000 https://thestandard.co.ug/?p=41168 Kampala – In a move set to re-energize Kampala’s weekend nightlife, Speke Resort Munyonyo has officially relaunched its popular Friday Band Nights at the Nyanja/Lake Terrace Restaurant, overlooking the tranquil shores of Lake Victoria. Branded as “Freaky Fridays”, the theme nights will now grace every Friday evening from 7:00 PM to 10:00 PM, bringing together […]

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Kampala – In a move set to re-energize Kampala’s weekend nightlife, Speke Resort Munyonyo has officially relaunched its popular Friday Band Nights at the Nyanja/Lake Terrace Restaurant, overlooking the tranquil shores of Lake Victoria.

Branded as “Freaky Fridays”, the theme nights will now grace every Friday evening from 7:00 PM to 10:00 PM, bringing together live music lovers, culinary enthusiasts, and weekend travelers to one of Uganda’s most luxurious lakeside destinations.

Set against the scenic backdrop of the lake, the experience blends live band performances with gourmet dining, offering guests a whole barbecue chicken served with roasted potatoes and vegetables at UGX 65,000.

Whether enjoying dinner under the stars or dancing to the rhythm of live instruments, visitors are promised a vibrant and soulful start to the weekend.

The Nyanja/Lake Terrace Restaurant, known for its rich mix of international and local cuisines, continues to serve as a culinary anchor at the expansive Speke Resort complex.

Beyond dining, Speke Resort Munyonyo is a premier hospitality establishment with 477 rooms across nine categories, 19 conference halls, and a wide range of leisure and business amenities.

Guests also have access to five restaurants, two bars, two swimming pools, a fully equipped gym, steam and sauna rooms, a squash court, a business center, and unique recreational activities such as boat rides and horse riding.

With its live entertainment now back in full swing, Speke Resort Munyonyo is positioning itself once again as the go-to destination for relaxation, celebration, and unforgettable Friday evenings.

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Big Win! Goldstar Insurance Secures AA Rating in Latest GCR Scorecard https://thestandard.co.ug/2025/06/14/big-win-goldstar-insurance-secures-aa-rating-in-latest-gcr-scorecard/ Sat, 14 Jun 2025 09:47:00 +0000 https://thestandard.co.ug/?p=41190 Uganda’s top and most reliable insurance firm, Goldstar Insurance Company Limited, has reaffirmed its national financial strength rating of AA(UG) with a Stable Outlook from GCR Ratings, a leading credit rating agency affiliated with Moody’s. The announcement places Goldstar among Uganda’s most reliable and financially sound insurers, underlining its robust capital base, consistent liquidity, and […]

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Uganda’s top and most reliable insurance firm, Goldstar Insurance Company Limited, has reaffirmed its national financial strength rating of AA(UG) with a Stable Outlook from GCR Ratings, a leading credit rating agency affiliated with Moody’s.

The announcement places Goldstar among Uganda’s most reliable and financially sound insurers, underlining its robust capital base, consistent liquidity, and disciplined risk management. The AA(UG) rating is considered a strong indicator of an insurer’s ability to meet its obligations, particularly in timely claims settlement.

According to GCR’s latest review, Goldstar closed the 2024 financial year with a capital base of UGX 41.3 billion, and a capital adequacy ratio of 4.0 times, twice the regulatory minimum. Liquidity coverage stood at 3.0 times, reflecting the company’s ability to meet short-term obligations with ease.

Despite increased claims in certain business lines, Goldstar recorded a competitive combined ratio of 88.1 percent and a return on revenue of 23.2 percent.

The company also posted a 32.3 percent increase in insurance revenue, supported by continued growth in key segments including motor and aviation.

GCR said these financial fundamentals reinforce the company’s ability to absorb shocks and maintain a reliable track record of claims settlement and earnings consistency.

Goldstar, which is marking over 30 years of service, said the reaffirmed rating demonstrates its long-standing commitment to sound business practices, transparency, and customer protection.

“I am pleased to announce that GCR has maintained our credit rating AA with a positive outlook. This rating, whose contributing factors comprise, among others, financial stability, underwriting performance, claims handling, risk management, and customer satisfaction, is once again a confirmation of our prudent management of the business with the customer at the centre,” said Mr John Kawuma, Goldstar’s Chief Executive Officer.

The firm’s Chief Actuary, Mr Jay Sakaria, also welcomed the rating, describing it as a vital reflection of the company’s financial health and resilience.

“A strong credit rating is a vital measure of an insurer’s financial health and stability. The reaffirmation of Goldstar Insurance’s AA(UG) rating by GCR reflects our disciplined capital management, robust liquidity position, and consistent earnings performance,” he said.

“This rating is not just a mark of our past achievements; it is a forward-looking assurance to our policyholders, brokers, and business partners that Goldstar is well-positioned to meet its obligations, even in times of uncertainty. It speaks to our resilience, our commitment to long-term value, and the confidence stakeholders can place in us,” he added, reaffirming that the rating should be seen as a forward-looking assurance to policyholders, brokers, and business partners that Goldstar remains well-positioned to meet its obligations, even during uncertain periods.

GCR Ratings, which is part of the Moody’s network, observed that the stable outlook signals confidence in Goldstar’s continued earnings momentum, resilience under pressure, and the strength of its asset and operational management.

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Dr. Sudhir Ruparelia’s Speke Resort Shines as Hub for Tourism Innovation at POATE 2025 https://thestandard.co.ug/2025/05/21/dr-sudhir-ruparelias-speke-resort-shines-as-hub-for-tourism-innovation-at-poate-2025/ Wed, 21 May 2025 09:11:00 +0000 https://thestandard.co.ug/?p=41030 The Pearl of Africa Tourism Expo (POATE) 2025 officially opened on May 21 at the expanded Speke Resort Convention Centre in Munyonyo, Kampala, marking the ninth edition of Uganda’s flagship tourism event. Organized by the Uganda Tourism Board, POATE 2025 runs through May 24 under the theme “Tourism and Sustainable Transformation.” The event brings together […]

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The Pearl of Africa Tourism Expo (POATE) 2025 officially opened on May 21 at the expanded Speke Resort Convention Centre in Munyonyo, Kampala, marking the ninth edition of Uganda’s flagship tourism event.

Organized by the Uganda Tourism Board, POATE 2025 runs through May 24 under the theme “Tourism and Sustainable Transformation.”

The event brings together local and international stakeholders in tourism, including travel agents, cultural groups, artisans, and innovators, aiming to showcase Uganda’s rich cultural heritage and diverse natural attractions.

The Speke Resort, located on the shores of Lake Victoria, provides a fitting venue for the expo, combining modern facilities with scenic surroundings.

The recently enhanced convention centre offers ample space for exhibitors and delegates, while the resort’s green spaces highlight the country’s commitment to eco-tourism.

This year’s expo features interactive displays and exhibitions promoting Uganda’s top tourist destinations such as Bwindi Impenetrable Forest, Murchison Falls, and Queen Elizabeth National Park.

Innovative technologies, including virtual reality safari experiences, allow visitors to engage with Uganda’s wildlife in new ways.

Cultural presentations are a key part of the event, with traditional dance performances and craft displays providing insight into Uganda’s diverse ethnic heritage.

Food vendors offer local dishes, giving attendees a taste of authentic Ugandan cuisine.

Sustainability remains a central focus at POATE 2025, with forums and panels discussing eco-friendly tourism practices and community involvement in conservation efforts.

Representatives from the Uganda Tourism Board emphasized how tourism revenues contribute to protecting endangered species and supporting local livelihoods.

The expo will conclude with a cultural festival on May 24, featuring performances by popular artists including Blu 3 and Abeeka Band, along with a boat regatta on Lake Victoria.

The festival promises to celebrate Uganda’s vibrant tourism sector and its role in national development.

POATE 2025 highlights Uganda’s increasing importance as a destination in the East African tourism circuit and underscores the country’s efforts to balance growth with environmental and cultural preservation.

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