African Union Commission Chairperson Mahmoud Ali Youssouf has praised Rwanda’s Formula 1 agreement, highlighting its potential to attract investment, boost tourism and create jobs while strengthening Africa’s position in international motorsport.
In a statement released on October 23, Youssouf described the agreement as a significant milestone for African sport, reflecting the continent’s growing capacity to host major international sporting events.
He commended the Rwandan government and stressed that such events could strengthen Africa’s global visibility while creating opportunities for businesses, young people and local professionals.
The AU Commission Chairperson also emphasised the importance of public-private partnerships in expanding Africa’s participation in the global sports economy, encouraging governments and investors to turn major sporting events into lasting economic opportunities.
His remarks come as Rwanda seeks to attract international private investment in projects associated with its Formula 1 ambitions.
On October 22, the Rwanda Development Board (RDB) announced a partnership with Asian wealth management firm Raffles Family Office aimed at mobilising hundreds of millions of dollars in private investment over the coming years.
The partnership targets opportunities in hospitality, tourism, entertainment, real estate and infrastructure, including developments linked to the planned Formula 1 circuit in Bugesera.
RDB Chief Executive Officer Jean-Guy Afrika has emphasised that Formula 1 presents opportunities beyond motorsport, particularly for private investors interested in aviation, hospitality, property development and related services.
The investment ambitions build on Rwanda’s expanding tourism industry, which generated $685 million in revenue in 2025, up from $647 million the previous year.
The meetings and events sector accounted for $94.7 million in revenue during the same period, according to RDB.
Beyond financial opportunities, Youssouf highlighted the importance of developing local expertise and creating opportunities for young people through international sporting events.
He linked Rwanda’s Formula 1 initiative to the African Union’s Agenda 2063, which promotes economic development, regional integration and greater African participation in international markets.
Youssouf urged African governments and private investors to strengthen cooperation and use major sporting events such as Rwanda’s planned Grand Prix to expand investment opportunities, develop local skills and support long-term economic growth across the continent.
Elie GATETE
RADIOTV10