Rwanda signs 10-year contract with Formula 1 to bring races back to Africa
Read more
IOL
iol.co.za

Rwanda signs 10-year contract with Formula 1 to bring races back to Africa

Formula 1 plans to return to Africa under a ten-year agreement with Rwanda, ending the championship's 33-year absence from the continent. This means the long campaign to host a Grand Prix in Africa has moved from competitive bids to a confirmed venue.

The Formula 1 Grand Prix in Africa, presented by Visit Rwanda, is expected to join the championship calendar in the early 2030s after the construction of a specially designed track in Bugesera, south of Kigali. Formula 1 announced this on October 13, noting that the agreement resulted from years of joint work to create the foundation for a 'successful, sustainable, and world-class Grand Prix.'

This event will be part of a broader project to develop tourism, infrastructure, commerce, and sports, overseen by the Rwanda Development Board. Stefano Domenicali, President and CEO of Formula 1, stated at the launch event in Kigali that the goal goes beyond simply hosting a Grand Prix, as it is about creating a legacy and inspiration in the fields of tourism, investment, education, and opportunities.

Domenicali emphasized that the partnership between Formula 1, Rwanda, and the FIA will continue after the race weekend, opening up opportunities for local communities and businesses, while also strengthening the connection between African fans and the championship.

Opportunities for the Continent

According to Formula 1 estimates, over 100 million fans watch this sport in Africa, with nearly 60% of them in key African regions being under 35 years old. Domenicali also mentioned a global audience of over 800 million viewers, viewing this agreement as part of the championship's broader expansion into new markets.

Rwanda President Paul Kagame called this development an opportunity for both his country and the entire continent, stating that ambitions are not limited to securing one spot on the calendar. Kagame noted: 'Ultimately, we want the African Grand Prix to pave the way for other races on the continent,' adding that current actions prove this is achievable.

FIA President Mohammed Ben Sulayem expressed a similar view regarding the identity of the event, stating: 'It is called Africa, not Rwandan Formula 1,' and characterized the announcement as the start of a new chapter for the championship on the continent.

This agreement followed nearly two years of public promotion by Rwanda to secure a place on the Formula 1 calendar. Kagame officially submitted the country's application in December 2024 during the FIA General Assembly and awards ceremony in Kigali, building on Rwanda's efforts to attract international sporting events.

The championship has been absent from Africa since the South African Grand Prix in Kyalami in 1993. South Africa continues to modernize its historic track, while Morocco has proposed a major motorsport complex near Tangier. Nigeria and Zanzibar have also put forward proposals.

The agreement with Rwanda secures its first confirmed venue among recent African bids. South Africa maintains interest in the return of Formula 1, which could make this agreement a starting point for renewed efforts to expand the championship's presence in Africa.

For Rwanda, the immediate task is the realization of infrastructure projects. The planned track will be located approximately 40 km south of Kigali, near the new Kigali International Airport, and must meet the FIA Grade 1 standard required for Formula 1.

The track concept presented at the launch showed a track of about 6 km with 17 corners, a counter-clockwise layout, and an elevation gain of 197 m per lap. The design aims to utilize the natural contours of the terrain to create a challenging track for drivers and diverse viewing opportunities for spectators.

Formula 1 and the Rwanda Development Board also intend to transform the venue into a year-round destination for international motorsports, conferences, entertainment, and other major events. The broader development is intended to stimulate demand for services in transport, catering, hospitality, and other enterprises beyond the annual races.

Kagame stated that the project will require significant private sector participation, and investors were among those present at the announcement. He also asserted that the Grand Prix is part of a broader economic strategy, not an end in itself. He stressed: 'We are not just looking at Rwanda. We are looking at Rwanda in the context of the continent,' adding that the country wants other African markets to participate in the opportunities created by this project.

The scale of these opportunities will depend on the required investment and the volume of local economic activity that can be sustained. Formula 1 and the Rwandan government have not yet disclosed the track construction budget, detailed financing structure, or projected economic impact. The date of the first race and development stages will be announced later.

Access Expansion Initiatives

Rwanda enters this project with an existing tourism and international events sector. According to the Rwanda Development Board, tourism revenue reached $685 million in 2025, compared to $647 million in 2024, and tourist arrivals grew to 1.49 million.

The country's meetings, incentives, conferences, and exhibitions (MICE) sector generated $94.7 million in 2025 through 165 international and regional events. Formula 1 could strengthen this existing market by attracting additional international visitors, increasing hotel stays, and boosting demand for local services.

Recent Grand Prix assessments demonstrate potential business scale but also the importance of costs. The Melbourne Grand Prix in Australia in 2025 increased Victoria's gross state product by an estimated AUD 323.9 million, equivalent to approximately $225 million USD, and supported 1,631 full-time equivalent jobs. The Victorian government estimated the event generated an economic effect of $3.08 for every dollar invested by the state.

Singapore offers a long-term comparison. According to Singapore's Ministry of Trade and Industry, the Singapore Grand Prix generated over S$2.2 billion in additional tourism revenue between its launch in 2008 and 2024, equivalent to approximately $1.72 billion USD at the October 2026 exchange rate. However, the average annual cost of organizing the event was around S$140 million, or approximately $109 million USD, between 2022 and 2025.

South Africa's earlier experience serves as a historical reminder of financial requirements. Kyalami hosted championships in 1992 and 1993, but financial difficulties and the cost of hosting an international event amid currency pressure led to the races leaving. Comparative economic impact assessments from that period are not easily available, making modern data from the host city a more useful benchmark for Rwanda.

According to Mohammed Ben Sulayem, the FIA will continue to collaborate with Rwanda to develop the track to international safety and sporting standards while supporting grassroots initiatives such as karting to expand access to motorsport. He noted that the goal is 'to create opportunities for youth across Africa, not just to host an international event on the continent.'

Domenicali stated at the launch: 'For years we have talked about our desire to return, but always said we would return correctly, with the right vision and the right partner. That partner is Rwanda.'

_

Similar stories

Vodacom recognizes profit of 23 billion rand amid legal disputes with Safaricom
Read more
techcentral.co.za

Vodacom recognizes profit of 23 billion rand amid legal disputes with Safaricom

Vodacom will record a one-off profit of 23.2 billion rand from Safaricom in its interim results, despite Kenyan courts deciding whether to annul the acquisition of the operator's controlling stake.

This profit, announced in a trading statement on Wednesday, will increase earnings per share for the six months ended September 30 by 272%–279%, bringing it to between 1756 and 1789 cents. Vodacom attributed this to the 'revaluation of previously held interest in Safaricom.'

This amount is a result of accounting arising when gaining control over a business in which the company already held a stake. When a company gains control over an enterprise in which it already owns a part, it must revalue that stake at fair value and recognize any difference between this value and the book value as a profit or loss. Before completing the acquisition of an additional 20% on June 30, Vodacom owned about 35% of Safaricom, including 15% from the Kenyan government and an effective 5% from its parent company Vodafone Group, which brought it to 55% and made Safaricom a subsidiary.

The profit is tax-exempt and does not affect the earnings per share metric, which is the main measure of profitability on the JSE and excludes capital items such as this revaluation. Vodacom forecasts an EPS growth of 22%–27%, to 570 cents–593 cents compared to 467 cents the previous year. The company did not specify what portion of this growth will be due to the consolidation of Safaricom from July.

The trading statement did not mention the legal disputes. In September, the Kenyan Court of Appeal ruled that the sale of the 15% stake by the state was 'unconstitutional, void' and ordered the shares to be returned to the state. The Kenyan government and Vodacom appealed.

Legal Disputes

On October 13, the Court of Appeal ruled to maintain the current status quo pending consideration of the accelerated appeal, leaving Vodafone Kenya, a Vodacom subsidiary, as the registered shareholder. If the high court's decision takes effect, Vodacom's stake will decrease to approximately 40%, and it will lose the majority. Furthermore, the 5% of shares purchased from Vodafone are not affected by this ruling.

Vodacom plans to publish its interim results on November 10.

Mirziyoyev and Rubio to Participate in Investment Council Meeting in Samarkand
Read more
sputniknews.uz

Mirziyoyev and Rubio to Participate in Investment Council Meeting in Samarkand

Today, the investment council meeting will take place in Samarkand with the participation of Shavkat Mirziyoyev and Marco Rubio. High-level negotiations and business events are planned as part of Marco Rubio's visit from the USA.

This was reported by Saida Mirziyoyeva, head of the Presidential Administration of Uzbekistan. She specified that important negotiations in the C5+1 format, meetings with representatives of business circles, and the next meeting of the American-Uzbek Council for Business and Investment are expected.

According to data from the U.S. Department of State, on October 19, the participation of Uzbekistan's President Shavkat Mirziyoyev and Marco Rubio in the council meeting is scheduled. Rubio's delegation is accompanied by a group of more than 200 American business representatives.

Furthermore, a meeting of the foreign ministers of the USA and five Central Asian countries in the C5+1 format will be held in Samarkand. It should be noted that Rubio's visit to Uzbekistan on October 18 is his first visit to Central Asia.

Popular