Uganda's long-delayed national oil refinery is entering a critical phase, with the government edging closer to finalising a $4 billion partnership with a UAE-backed investor, a move that could reshape fuel supply dynamics across East Africa.

After more than a decade of setbacks, the project is now progressing towards a Final Investment Decision (FID), expected by July 2026, following the signing of key agreements between the Uganda National Oil Company and Alpha MBM Investments LLC, a Dubai-based firm. 

Thami Ngubeni spoke to Dr Micah Abigaba, an energy economist and lecturer in the Business School at Makerere University, Uganda.

Uganda's long-delayed national oil refinery is entering a critical phase, with the government edging closer to finalising a $4 billion partnership with a UAE-backed investor, a move that could reshape fuel supply dynamics across East Africa.
After more than a decade of setbacks, the project is now progressing towards a Final Investment Decision (FID), expected by July 2026, following the signing of key agreements between the Uganda National Oil Company and Alpha MBM Investments LLC, a Dubai-based firm.&nbsp;
Thami Ngubeni spoke to Dr Micah Abigaba, an energy economist and lecturer in the Business School at Makerere University, Uganda.

In-depth financial issues, profiling of African businesses doing well internationally, stocks & market updates.

In-depth financial issues, profiling of African businesses doing well internationally, stocks &amp; market updates.

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Africa in Business

Uganda finalises UAE-backed investor deal to build its own oil refinery

It has been exactly 56 years since the first meeting of the World Economic Forum in Davos. Founded by Klaus Schwab, the forum was conceived as a platform to debate ideas and confront the pressing issues of the day.

This year's gathering, however, takes place in a world transformed,  marked by heightened geopolitical tensions, rising tariffs, and growing global fragmentation.

These shifts could fuel inflation and increase volatility in exchange rates. The question is: how prepared is South Africa's economy to cushion the impact?

Channel Africa's economics reporter, Innocent Semosa, has the details.

It has been exactly 56 years since the first meeting of the World Economic Forum in Davos. Founded by Klaus Schwab, the forum was conceived as a platform to debate ideas and confront the pressing issues of the day.
This year's gathering, however, takes place in a world transformed, &nbsp;marked by heightened geopolitical tensions, rising tariffs, and growing global fragmentation.
These shifts could fuel inflation and increase volatility in exchange rates. The question is: how prepared is South Africa's economy to cushion the impact?
Channel Africa's economics reporter, Innocent Semosa, has the details.

WEF puts a spotlight on how prepared SA's economy is to cushion the impact of geopolitical tensions

South Africa's National Union of Metalworkers of South Africa (NUMSA) says comments attributed to the National Association of Automobile Manufacturers of South Africa (Naamsa) CEO, Mikel Mabasa, are detached from what it describes as a national crisis in the automotive industry.

 NUMSA's response follows a statement by Naamsa in which the association reportedly described Chinese vehicle imports as fantastic and a wake-up call that South Africa and its vehicle assemblers should simply accept.

The union argues that such remarks, made as the country continues to grapple with widespread job losses, are not only irritating but provocative. NUMSA says it will not accept a narrative that normalises job losses and factory closures under the guise of increased competition and consumer choice.

Thami Ngubeni spoke to NUMSA's national spokesperson, Phakamile Hlubi-Majola.

South Africa's National Union of Metalworkers of South Africa (NUMSA) says comments attributed to the National Association of Automobile Manufacturers of South Africa (Naamsa) CEO, Mikel Mabasa, are detached from what it describes as a national crisis in the automotive industry.
&nbsp;NUMSA's response follows a statement by Naamsa in which the association reportedly described Chinese vehicle imports as fantastic and a wake-up call that South Africa and its vehicle assemblers should simply accept.
The union argues that such remarks, made as the country continues to grapple with widespread job losses, are not only irritating but provocative. NUMSA says it will not accept a narrative that normalises job losses and factory closures under the guise of increased competition and consumer choice.
Thami Ngubeni spoke to NUMSA's national spokesperson, Phakamile Hlubi-Majola.

NUMSA finds Naamsa's comments on Chinese imports not only irritating but provocative

The Africa Green Economy Summit (AGES) 2026 will take place from 24–27 February in Cape Town, South Africa, under the theme "From Ambition to Action: Scaling Investment in Africa's Green and Blue Solutions."

The summit will focus on climate finance, reflecting outcomes from recent international climate negotiations, including COP30 in Brazil. It will also reflect on the Africa Climate Finance Tracking Report 2025, which shows that the current funding covers only 25% of Sub-Saharan Africa's annual climate finance needs, underscoring a significant delivery gap.

Thami Ngubeni spoke to Iain Banner, the Founder and Chairman of GO GREEN AFRICA.

The Africa Green Economy Summit (AGES) 2026 will take place from 24&ndash;27 February in Cape Town, South Africa, under the theme "From Ambition to Action: Scaling Investment in Africa's Green and Blue Solutions."
The summit will focus on climate finance, reflecting outcomes from recent international climate negotiations, including COP30 in Brazil. It will also reflect on the Africa Climate Finance Tracking Report 2025, which shows that the current funding covers only 25% of Sub-Saharan Africa's annual climate finance needs, underscoring a significant delivery gap.
Thami Ngubeni spoke to Iain Banner, the Founder and Chairman of GO GREEN AFRICA.

Uganda finalises UAE-backed investor deal to build its own oil refinery

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