Rwanda courts Asian private wealth for Grand Prix, Bugesera airport and hotels

Rwanda is turning to private Asian wealth to help fund the infrastructure its Formula One ambitions will require. Raffles Family Office, a Hong Kong- and Singapore-headquartered wealth manager, has agreed with the Rwanda Development Board to market investment opportunities in the country to its ultra-wealthy clients across Asia and Africa.

The projects on offer 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.

Key facts

• Who: Raffles Family Office and the Rwanda Development Board
• Target: hundreds of millions of dollars mobilised over the coming years
• Sectors: Formula One infrastructure, tourism, hotels, property and aviation
• Locations: Kigali, Bugesera and Musanze
• First race: expected in the early 2030s

What projects are being marketed?

The scheme covers Bugesera International Airport, hotels, entertainment venues, property schemes and other infrastructure tied to Rwanda's Formula One plans. Potential investments will be located in Kigali, Bugesera and Musanze, as Rwanda works to turn international sporting events and high-end tourism into sources of investment, jobs and foreign-exchange earnings.

Bugesera International Airport, being developed with Qatar as the majority investor, is expected to handle increased passenger traffic and strengthen Kigali's position as a business and tourism destination. The wider airport development has been valued at about $2 billion, though 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.

How does the Formula One plan fit in?

President Paul 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.

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. Beyond the track, Rwanda will need additional hotel rooms, roads, transport services, entertainment facilities and aviation capacity for race weekends.

What has Raffles actually committed?

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 in its client network and connect interested investors with the projects. No individual Raffles client, investment amount or completed deal has been disclosed.

Raffles Family Office 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. It opened a representative office in Kigali earlier in 2026 — its first operational base for African expansion — and in September appointed former Rwandan infrastructure minister and ambassador Jean de Dieu Uwihanganye as principal for emerging markets and business development.

What this means for travellers

The partnership is aimed at funding the extra hotel rooms, roads, transport and aviation capacity Rwanda says it will need for race weekends and growing visitor numbers. The first race is expected in the early 2030s, and the projects' impact will depend on whether they secure firm funding and generate commercially viable returns.

No timeline has been announced for when any of the proposed projects will be completed.