London-based Ariya Capital to invest US$450 million in Uganda

Friday 15th June 2012
A London-based company, Ariya Capital, has committed itself to investing US$450 million in Uganda to develop another airport in the country that will be known as Lukoma International Airport near SangoBay along the shores of Lake Victoria in Rakai district. The construction of the facility has been proposed by the Government of Uganda.
 
This has been revealed by Ms. Herta von Stiegel, the company’s Chief Executive Officer, during a meeting he had this afternoon with President Yoweri Museveni at State House, Nakasero.
 
Ms. von Stiegel told the President that her company’s focus will be on building another international airport that will mostly cater for international business interests as well as equipping it with a 50 Mega Watt solar power facility that will cater for the electricity needs of the airport and the rest will be released for public consumption.
 
Ms. von Stiegel also said that once completed, the airport will serve to transport both cargo as well as passengers. 
 
President Museveni welcomed the company’s willingness to participate in the development  of Uganda’s economy as a private partner adding that Ariya Capital the project will be owned by the investing group.
 
The President said that the Government of Uganda is laying emphasis on generating cheaper electricity from using hydro-power sources,gas, bio-mass and from the country’s oil resource saying that most of government financial resources will be invested in those energyproducing areas. He thanked the team for choosing Uganda for their investment project and assured them of government support in that venture.
 
The Minister of State for Minerals, Mr. Peter Lokeris and that of State for Works, Mr. John Byabagambi, attended the meeting.
 
Currently, Entebbe is Uganda’s only International Airport and serves as the main gateway to Kampala and the rest of the country. It has 2 terminals that handle domestic and international flights respectively.The airport operations are being expanded in an effort to promote regional and international trade. The country has of late launched several schemes to improve its telecommunications and logistics infrastructure.
 
ENDS

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