Dubai Businessman Maktoum awarded top national honour

Peter 10th Jun, 2024 Energy Business Edge Reporter
Dubai Businessman Maktoum awarded top national honour

Prince Mohammed Bin Maktoum bin Jumah al Maktoum

President Yoweri Museveni has conferred the country’s top honour, the Order of the Crested Crane 1st Class Medal, upon Sheikh Mohammed Bin Maktoum Bin Jumah Al Maktoum from the United Arab Emirates (UAE), in recognition of his exceptional contribution to Uganda’s socio-economic transformation.

The honour, which is conferred upon Ugandans and non-Ugandan citizens who have distinguished themselves in the areas of public and private leadership and service, was presented to Prince Maktoum, a member of the Dubai Royal Family, during the 35th Heroes’ Day celebrations in Gomba District yesterday.

His Highness Sheikh Mohammed bin Maktoum bin Juma Al Maktoum, whose personal net worth is said to be about $16 billion, heads the Alpha MBM Investments, an investment firm from the UAE, which was endorsed by the Government of Uganda to be the lead partner in the country’s $4 billion 60,000 barrel per day oil refinery project, in Hoima District.

  • The Dubai-based company is also investing heavily in other sectors including the restoration of Uganda Air Cargo, a fruit processing hub in Bukalasa, a gold refinery, among several others.

Prince Maktoum, who described Uganda as his second home and the people of Uganda as his second family, said he along with his business partners, have been looking for opportunities to establish impactful projects in Uganda that will add value to the Ugandan communities.

However, the oil refinery project stands out as the flagship project for which MBM Investments is to partner with the Uganda National Oil Company (UNOC) to develop in the coming months.

  • An MoU was signed last December between the government and Alpha MBM Investments LLC, outlining cooperation and negotiation terms for the Refinery Project. On January 16, 2024, negotiations of the key commercial agreements with Alpha MBM Investments commenced and once concluded, development works under the refinery project would commence.

According to the Ministry of Energy and Mineral Resources, at least three commercial agreements are being prepared for signing under the refinery project before the Final Investment Decision (FID) is undertaken.

The Uganda Refinery Holding Company, a subsidiary of the UNOC, is to hold a participating interest of up to 40% in the Refinery Company on behalf of UNOC and Government of Uganda.

As one of the world’s top producers of refined petroleum products, the United Arab Emirates (UAE) brings numerous benefits to Uganda’s fledgling oil industry.

The Middle East country is a significant player in the global oil market, with abundant reserves and advanced infrastructure for exploration, extraction, refining, and exportation of petroleum products.

  • The UAE is particularly famous for its production of high-grade petroleum products including gasoline (petrol), diesel, and jet fuel, which are suppliers to consumers around the world.

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