KAMPALA SERENA HOTEL WILL SPUR TOURISM INVESTMENT - 2004-02-11

Kampala, Uganda, 11th February, 2004 - Serena Tourism Promotion Services has signed a thirty-year lease concession agreement with the Government of Uganda and agreed to invest US$18 million investment for extensive refurbishment and upgrading of the former Nile Hotel which will re-open in September 2005 as the Kampala Serena Hotel. Announcing the investment, Prince Amyn Aga Khan, Chairman of the Executive Committee of the Aga Khan Fund for Economic Development (AKFED) expressed the hope that 'this initiative will advance tourism development throughout Uganda and act as a spur to other investors in this sector.'