Ugandan billionaire Yasser K. Ahmed, renowned as the founder of Riham Foods and Biplous Beverages and current chairman of Hariss International LTD, has completed the acquisition of the iconic Lugogo Mall. The property, long anchored by Shoprite and Game retail outlets, has been rebranded as YK Lugogo Mall, signaling a transformative shift in Kampala’s retail landscape.
The acquisition comes amidst a wave of prominent real estate purchases by Ahmed. Earlier this year, he added Acacia Mall, Simbamanyo House, and Lotis Towers to his growing portfolio—moves industry analysts describe as strategic consolidation aimed at revitalizing Kampala’s commercial real estate sector.
Yasser K. Ahmed, whose business empire spans food and beverage manufacturing and property development, is widely respected for his role in shaping Uganda’s industrial economy .
Located in the heart of Lugogo’s bustling retail district, YK Lugogo Mall occupies a prime urban site. The property becomes Ahmed’s fourth major retail landmark acquisition within the past year—a bold gesture that underscores both his confidence in the region’s economic trajectory and his ambition to lead a new chapter in Uganda’s consumer retail sector.
While official purchase figures and the previous owner remain undisclosed, insiders confirm that the acquisition was finalized in May 2025 following months of negotiations. The rebranding initiative, announced earlier this month, includes planned renovations, updated tenant spaces, and a refreshed leasing strategy aimed at attracting both international brands and local enterprises.
The timing of this acquisition is particularly noteworthy: Uganda has witnessed several foreign retailers withdraw from the market in recent years—Shoprite pulled out in 2022, and Game followed suit—citing high operating costs and challenging business conditions . Ahmed’s investment in YK Lugogo Mall is thus being interpreted as a vote of confidence—a move to secure domestic ownership and revitalize one of Kampala’s most significant commercial hubs.
Representatives from Hariss International, Ahmed’s flagship company, have emphasized that the revamped mall will balance international standards with support for local entrepreneurship. Their vision includes flexible leasing terms for Ugandan traders and initiatives to showcase regional products alongside larger global brands, signaling an inclusive retail strategy.
This acquisition completes a striking turnaround for Lugogo Mall. Once a centre of international retail activity anchored by major chains, the mall faced decline after their departure. Many local businesses and commuters had expressed concern about urban decay—until now. With Ahmed’s stewardship, YK Lugogo Mall is poised to reclaim its role as a vibrant epicentre of shopping, innovation, and community activity.