Asian wealth manager targets hundreds of millions for Rwanda’s Formula One, airport and tourism projects

Asian wealth manager Raffles Family Office is seeking to mobilise hundreds of millions of dollars from ultra-rich families for projects supporting President Paul Kagame’s Formula One, tourism and infrastructure ambitions in Rwanda.

• Raffles Family Office will market Rwandan projects to its ultra-wealthy clients.
• The firm aims to mobilise hundreds of millions of dollars over several years.
• Target sectors include Formula One infrastructure, tourism, hotels, property and aviation.
• Rwanda hopes the investments will support its ten-year African Grand Prix agreement.

The Hong Kong- and Singapore-headquartered firm has reached an agreement with the Rwanda Development Board to market investment opportunities in the East African country to its wealthy clients across Asia and Africa.

The projects include Bugesera International Airport, hotels, entertainment facilities, property developments and other infrastructure expected to support Rwanda’s ten-year agreement to host the Formula One African Grand Prix.

Other potential investments will be located in Kigali, Bugesera and Musanze, as Rwanda attempts to turn international sporting events and high-end tourism into sources of investment, jobs and foreign-exchange earnings.

Reuters reported⁠ on Thursday that Raffles Family Office and the Rwanda Development Board would promote the projects to the firm’s clients, with the aim of mobilising hundreds of millions of dollars over the coming years.

“This strategic collaboration creates a compelling channel for our clients to explore Rwanda’s priority growth opportunities,” Chi Man Kwan, Raffles Family Office’s founder and group chief executive, said.

Raffles Family Office is an Asia-based multi-family office that advises and manages wealth for several ultra-high-net-worth individuals and families. The privately held firm does not publicly disclose its total assets under management.

The agreement does not mean Raffles has committed hundreds of millions of dollars from its own balance sheet. Instead, the firm will present Rwandan opportunities to wealthy families within its client network and help connect interested investors with the projects.

Rwanda connects Formula One to private wealth

The agreement gives Rwanda access to a pool of private Asian capital as it prepares to host Africa’s first Formula One race since the South African Grand Prix in 1993.

President Kagame and Formula One announced the ten-year agreement on 13 October. The first race is expected in the early 2030s after Rwanda completes a purpose-built circuit in Bugesera, about 40 kilometres from Kigali.

The circuit will form part of the proposed RISE Motordrome, a larger destination incorporating sport, tourism, hospitality, entertainment and visitor facilities near the new Bugesera airport.

Although Rwanda and Formula One have not published the total cost of the circuit or the hosting contract, constructing a modern Formula One venue could cost more than $50 million, while annual hosting fees can reach approximately $50 million, according to estimates reported by The Times.

The financial obligation extends beyond the racetrack. Rwanda will require addition al hotel rooms, roads, transport services, entertainment facilities and aviation capacity to accommodate teams, sponsors and international visitors during race weekends.

Bugesera International Airport, being developed with Qatar as the majority investor, is expected to play a central role in handling increased passenger traffic and strengthening Kigali’s position as a business and tourism destination.

The wider airport development has been valued at about $2 billion, although the Raffles agreement does not mean its clients will finance the entire project. The airport is among several opportunities that could be presented to them.

Raffles deepens its African expansion

The Rwanda agreement forms part of Raffles Family Office’s effort to establish an investment corridor connecting wealthy Asian families with African projects and African private wealth with opportunities in Asia.

The firm opened a representative office in Kigali earlier in 2026, establishing its first operational base for its African expansion.

In September, it appointed former Rwandan cabinet minister and ambassador Jean de Dieu Uwihanganye as principal for emerging markets and business development.

Uwihanganye previously served as Rwanda’s infrastructure minister and high commissioner to Singapore, Australia and New Zealand. His appointment gives Raffles a senior executive with experience in both Rwandan infrastructure policy and Asian diplomacy.

The company said at the time that Africa’s investment potential remained greater than many international investors recognised, but that successful cross-border investment required professionals who understood markets on both sides.

The partnership could help Rwanda diversify its funding sources by attracting private family capital into tourism, property and infrastructure, reducing reliance on government spending and institutional financing.

No individual Raffles client, investment amount or completed deal has been disclosed. The agreement’s impact will depend on whether the proposed projects secure firm funding and generate commercially viable returns.