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RDB CEO Jean-Guy Afrika and Raffles Family Office Chief Executive Officer Chi Man Kwan during the signing in Singapore
KIGALI – Rwanda is seeking to attract hundreds of millions of dollars in private investment through a new partnership with Singapore- and Hong Kong-based Raffles Family Office, targeting projects in tourism, aviation, real estate and infrastructure.
The Rwanda Development Board (RDB) announced on October 22 that it had signed an investment mobilisation agreement with Raffles Family Office (RFO), which will use its network of wealthy individuals, families and private investors across Asia and Africa to promote investment in Rwanda.
The partnership aims to mobilise hundreds of millions of dollars over the coming years, although the announcement does not specify a firm investment commitment or a timeline for individual projects.
The agreement comes as Rwanda prepares to host a Formula 1 African Grand Prix in the early 2030s under a reported 10-year agreement with the sport.
The planned race will take place on a purpose-built circuit near Bugesera International Airport, south of Kigali. Rwanda hopes the event will attract investment beyond motorsport, including in hospitality, tourism, entertainment, property development and supporting infrastructure.
RDB Chief Executive Officer Jean-Guy Afrika said private investment would be central to the country’s ambitions around the Grand Prix, with opportunities extending beyond the race itself.
“Formula 1 is a catalyst for a much broader investment ambition for Rwanda,” Afrika said, adding that the partnership would help attract businesses, create jobs and generate economic value beyond race weekends.
Raffles Family Office Chief Executive Officer Chi Man Kwan said the partnership would connect its international investor network with Rwanda’s priority development projects.
The investment areas identified include Airport City in Bugesera, hospitality, tourism, entertainment, real estate, infrastructure and supporting services in Kigali, Musanze and other parts of the country.
RFO established a representative office in Kigali earlier this year and has begun engaging prospective investors. The company plans to organise visits to Rwanda to allow potential investors to assess projects and meet prospective local partners.
The agreement does not identify specific investors, projects or amounts already committed under the initiative.
Raffles Family Office provides wealth management and investment advisory services to wealthy individuals and families. Headquartered in Hong Kong and Singapore, it also has a presence in Bangkok, Beijing, Shanghai and Taipei.
RDB is Rwanda’s main investment promotion agency. It works to attract domestic and foreign investment, facilitate business operations and promote tourism and exports.
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