Rwanda has partnered with Asian investment firm Raffles Family Office (RFO) to attract hundreds of millions of dollars in private investment, targeting projects linked to the planned Formula 1 African Grand Prix and broader economic development.
The agreement was signed between the Rwanda Development Board (RDB) and RFO, a multi-family office headquartered in Hong Kong and Singapore, as Rwanda seeks to connect international investors with opportunities in tourism, aviation, real estate, entertainment and infrastructure.
Announced on October 22, 2026, the partnership will see RFO use its network of wealthy individuals, families and private investors across Asia and Africa to promote investment in Rwanda over the coming years.
Although the initiative targets hundreds of millions of dollars, the two parties have not disclosed specific investment commitments or projects already funded under the agreement.
RDB Chief Executive Officer Jean-Guy Afrika said the partnership forms part of Rwanda’s strategy to use the planned Grand Prix as a catalyst for investment beyond motorsport.
“Formula 1 is a catalyst for a much broader investment ambition for Rwanda,” Afrika said, adding that private-sector participation would be central to developing opportunities in aviation, hospitality, tourism, entertainment, real estate and related services.
He said the investments could help create businesses, generate employment and deliver economic benefits beyond the race weekend.
Investment opportunities beyond Formula 1
The partnership identifies Bugesera, Kigali and Musanze among the areas where investors could explore opportunities.
In Bugesera, the focus includes Airport City, hospitality facilities, tourism and supporting infrastructure around the planned international airport and Formula 1 circuit.
Other opportunities include entertainment facilities, property development and services that could support the anticipated increase in visitors and business activity associated with major international events.
RFO Chief Executive Officer Chi Man Kwan said the agreement would give the firm’s clients an opportunity to explore Rwanda’s priority development projects.
He said the combination of RFO’s international investor network and RDB’s institutional support could help channel long-term private capital into projects supporting Rwanda’s economic growth.
The firm established a representative office in Kigali earlier in 2026 and has started engaging prospective investors. It also plans to organise visits to Rwanda to allow interested investors to assess projects and meet potential local partners.
Formula 1 ambitions drive investment strategy
The agreement comes after Rwanda secured a 10-year arrangement with Formula 1 to host the Formula 1 African Grand Prix, presented by Visit Rwanda, with the inaugural race expected in the early 2030s.
The planned event will be held on a purpose-built circuit in Bugesera, near the new international airport, approximately 40 kilometres south of Kigali.
The circuit is part of a wider development vision intended to establish the area as a hub for sports, tourism, aviation, entertainment and commercial activity.
Beyond hosting the race, the facility is expected to accommodate other motorsport competitions, concerts, exhibitions, conferences and international events throughout the year.
Rwanda is counting on these activities to attract visitors, increase demand for accommodation and other services, and create opportunities for local businesses.
The country has increasingly used international sporting events to promote tourism and investment, including the Basketball Africa League and the 2025 UCI Road World Championships.
Formula 1’s return to Africa would mark the continent’s first appearance on the championship calendar since 1993, when the sport last raced in South Africa.
Private investment and economic benefits
The RFO partnership reflects Rwanda’s efforts to attract private capital to support large-scale development projects while expanding opportunities for domestic businesses.
Potential benefits extend to hotels, restaurants, transport operators, entertainment providers, construction companies and suppliers of agricultural products and other goods required by the hospitality industry.
However, the scale of these benefits will depend on the projects that ultimately secure funding, their implementation and the extent to which local businesses participate in the resulting economic activity.
The investment agreement does not identify individual investors or specify how much funding will be allocated to particular sectors.
RFO’s planned investor visits and engagement with prospective project partners are expected to help connect interested investors with opportunities identified by RDB.
The partnership therefore represents an investment mobilisation initiative rather than confirmation that the targeted capital has already been secured.
For Rwanda, the broader ambition is to turn the Formula 1 project into a long-term economic development opportunity, attracting businesses and investment that can support employment, tourism and infrastructure beyond the Grand Prix itself.
Update
Fri. Oct 23rd, 2026
Insight. Business. Africa.
