Rwanda has signed an investment mobilisation agreement with Raffles Family Office, a Singapore and Hong Kong-based wealth management firm, to attract hundreds of millions of dollars in private capital to the country. The Rwanda Development Board announced the partnership on October 22, with Raffles Family Office set to tap its network of wealthy individuals, families and private investors across Asia and Africa to identify investment opportunities in Rwanda. The agreement does not specify a firm investment commitment or timeline for individual projects.
The partnership targets several key sectors including tourism, aviation, real estate and infrastructure. RDB Chief Executive Officer Jean-Guy Afrika said private investment would be crucial to Rwanda's development ambitions, particularly around the Formula 1 African Grand Prix that Rwanda is preparing to host 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. Afrika described Formula 1 as a catalyst for broader investment ambitions, saying 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. Raffles Family Office 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 local partners.
Raffles Family Office provides wealth management and investment advisory services to wealthy individuals and families, with operations in Hong Kong, Singapore, Bangkok, Beijing, Shanghai and Taipei. The Rwanda Development Board is the country's main investment promotion agency, responsible for attracting domestic and foreign investment, facilitating business operations and promoting tourism and exports. The agreement does not identify specific investors, projects or amounts already committed under the initiative.