10 October 2008
Kampala — THE Saudi Arabian investor, Prince Al Waweed, still wants to invest in Uganda, the Uganda Investment Authority has said.
UIA board chairman, Patrick Bitature said although the project had delayed, they were sure the investor was 'coming soon.'
"We are optimistic that the project will take off soon. They have been doing a feasibility study which has been completed and we are waiting for them to set up the project," he said.
Bitature was on Tuesday addressing journalists at the Uganda Media Centre in Kampala.
He said that Al Waleed Bin Talal, as an international investor, was still studying the recent financial crisis in the United States.
Al Waleed Bin Talal, the owner of Kingdom Hotel Investments was given the 14-acre land in central Kampala, formerly belonging to Shimoni Demonstration School. He was scheduled to build a five-star hotel in preparations for CHOGM last year.
In May, there were reports that he had contracted Roko Construction to start the project. The land was fenced off but construction has not taken off.
He paid sh3.6b to the education ministry to relocate the school.
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