Raffles seeks hundreds of millions for Rwanda Formula 1 projects
By the AFREEQUE newsroom, based on Mercado
Raffles Family Office is seeking to raise several hundred million dollars from wealthy individuals for Rwandan projects linked to Formula 1, tourism and infrastructure. The Asian company is to present these opportunities to its clients and facilitate contacts with developers, according to Mercado.
Raffles Family Office, an Asian wealth management company based in Hong Kong and Singapore, is seeking to mobilise hundreds of millions of dollars from wealthy families for Rwandan projects linked to Formula 1, tourism and infrastructure. The company has reached an agreement with the Rwanda Development Board to present these investment opportunities to its clients in Asia and Africa, Mercado reports.
The projects concerned include Bugesera International Airport, hotels, entertainment venues, real estate operations and other infrastructure. Raffles has not committed to investing its own funds: it is to connect interested investors with the project developers, according to Mercado.
These investments could concern Kigali, Bugesera and Musanze. Rwanda notably intends to link these projects to a ten-year agreement with Formula 1 to host an African Grand Prix. Paul Kagame and Formula 1 announced the agreement on 13 October. The first race is being considered for the early 2030s, after a circuit is built in Bugesera, about 40 kilometres from Kigali.
The circuit is planned for the RISE Motordrome complex, which is also to host sporting, tourism, hotel and entertainment activities near the new Bugesera airport. Rwanda has not yet made public the total cost of the circuit or of hosting the competition, Mercado reports.
Summary produced with the help of artificial intelligence tools, under AFREEQUE’s editorial responsibility.
