Dubai-based company to invest $225M in Uganda's UTel

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August 12, 2024
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5 min read
UTel

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Guten-Tag,

Victoria from Techpoint here,

Here's what I've got for you today:

  • Dubai-based company to invest $225M in Uganda's UTel 
  • Balancing work and life is rewarding
  • Kenya’s making changes to its currency
  • AU greenlights continental AI strategy for Africa

Dubai-based company to invest $225M in Uganda's UTel

UTel

Uganda is looking forward to a big investment from a global engineering and construction contractor, Rowad Capital Commercial (RCC) LLC. 

The company is set to pump in $225 million into its state-run telecom, Uganda Telecommunication Corp. (UTel), and take a majority stake. 

The Dubai-based RCC will grab a 60% share in UTel once everything is finalised. 

Aminah Zawedde, who’s in charge of ICT in Uganda, mentioned this but didn’t specify if the investment also covers the purchase price for that stake. 

Per Bloombberg, talks have been ongoing since early this year after RCC officials met with President Yoweri Museveni in October 2023. 

Uganda Telecommunications Corporation Limited (UTCL), also known as UTel, was set up as Uganda's national telecom provider on April 8, 2021. 

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This came after they took over the assets and business from Uganda Telecom Limited (UTL) in November 2022, which had been struggling financially and was placed under receivership.

UTel is now owned by the finance and ICT ministries. Uganda’s rules require telecom companies to list on the country’s stock exchange, and big players like MTN Uganda and Airtel Uganda have already done so.

UTel has two years from January 2024 to list at least 20% of its shares, but this could change based on how fast they meet the listing requirements, says Fred Otunnu from the Uganda Communications Commission.

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Balancing work and life is rewarding

Work Life episode #7

Have you ever wondered if you can excel at work while also having a rich personal life? Donald has. He’s convinced that work should be financially rewarding and offer career growth, but not at the cost of personal relationships.

His experiences have shaped this belief, influenced by a childhood where he saw the negative effects of isolation on family members. As an adult, he’s learned that nurturing relationships outside of work is just as crucial as achieving professional success.

Donald’s work philosophy changed a lot over time. Working for a boss who was always on the clock was tough, but it taught him a lot and helped him figure out what he wanted from his career. He learned that balancing work and personal life is trickier than it seems and that some sacrifices are inevitable. 

Donald’s journey is also marked by a significant career shift. Initially unsure of his path after graduation, he leveraged his administrative skills to land his first job. This role allowed his to express his true talents and set the stage for his career growth. 

For insights into Donald’s story and how he navigated these challenges, check out Oluwanifemi's latest story.


Kenya’s making changes to its currency

Kenya's currency

The Central Bank of Kenya (CBK) is rolling out new versions of the KSh 1,000, KSh 500, KSh 200, KSh 100, and KSh 50 notes. 

The updated bills will sport the signatures of CBK Governor Dr. Kamau Thugge and Principal Secretary of the National Treasury, Dr. Chris Kiptoo, and will feature a year of print (2024) and cool new security threads with colour-changing effects for each denomination.

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Thugge mentioned that the old notes were getting worn out and there was a risk of running out of the KSh 1,000 notes by mid-year. So, the CBK decided it was time for a refresh. 

He also noted that a top-notch German firm is handling the printing, although he didn’t name the company. 

De La Rue, the previous printer, had stopped printing in January 2023 due to low demand after CBK’s orders dried up. 

The new notes will start circulating with the KSh 1,000, and the rest will follow in the next few months. Don’t worry—your old notes are still good and will work alongside the new ones.


AU greenlights continental AI strategy for Africa

AI

On Friday, the African Union (AU) gave a big thumbs up to its new “Continental Artificial Intelligence (AI) Strategy” aimed at ramping up AI use across the continent, including Nigeria. 

The AU's new AI strategy is pushing for African countries to dive into AI across both public and private sectors. It’s all about hitting development goals and improving life across the continent. 

The plan involves setting up local AI infrastructure, creating regulations, and putting money into AI research.

Here’s what the strategy proposes:

  • Setting up AI governance and regulations at different levels
  • Getting AI into public services to improve efficiency
  • Integrating AI into core areas from Agenda 2063 and the Sustainable Development Goals (SDGs)
  • Encouraging private sector and SME adoption of AI
  • Building a thriving AI startup scene.
  • Ensuring highquality data and tech infrastructure for AI
  • Promoting AI skills and education
  • Supporting research and innovation through partnerships
  • Implementing ethical AI principles that respect African culture
  • Setting technical standards for AI safety and security
  • Boosting public and private investment in AI
  • Fostering regional and global AI collaboration
  • Encouraging partnerships with the global community for AI development
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The strategy plans to roll out in two phases between 2025 and 2030. The first phase (20252026) will focus on setting up governance frameworks, national AI strategies, and capacity building. The second phase will dive into implementing the core projects.

As of July 2024, only a few African countries have their own AI strategies, with others like Nigeria making strides in AI policy and institutions.

This new strategy is a big step towards Africa's involvement in global AI governance.


In case you missed it

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Have a productive week!

Victoria Fakiya for Techpoint Africa.

She's autistic and interested in mental health and how technology can help Africans with mental disorders. Find her on Twitter @latoria_ria.
She's autistic and interested in mental health and how technology can help Africans with mental disorders. Find her on Twitter @latoria_ria.
She's autistic and interested in mental health and how technology can help Africans with mental disorders. Find her on Twitter @latoria_ria.

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