\n Other potential investments will be located in Kigali, Bugesera and Musanze, as Rwanda attempts to turn international sporting events and high-end tourism <\/a>into sources of investment, jobs and foreign-exchange earnings. \n <\/p>\n
\n Reuters reported\u2060 on Thursday that Raffles Family Office and the Rwanda Development Board would promote the projects to the firm\u2019s clients, with the aim of mobilising hundreds of millions of dollars over the coming years.
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\n \u201cThis strategic collaboration creates a compelling channel for our clients to explore Rwanda\u2019s priority growth opportunities,\u201d Chi Man Kwan, Raffles Family Office\u2019s founder and group chief executive, said.
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\n 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.
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\n 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.
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\n Rwanda connects Formula One to private wealth
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\n 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.
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\n 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.
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\n 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.
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\n 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.
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