Abu Dhabi Fund for Development announces investment in Thailand's tourism, hospitality sector
Now Reading
Abu Dhabi Fund for Development announces investment in Thailand’s tourism, hospitality sector

Abu Dhabi Fund for Development announces investment in Thailand’s tourism, hospitality sector

The properties in which the fund is investing have more than 760 rooms combined

Abu Dhabi Fund for Development (ADFD) has announced a $104.8m (Dhs385m) agreement with Minor International Public Company Limited (MINT) to jointly hold shares in five tourist resort assets in Thailand.

The assets include Anantara Riverside Bangkok Resort, Avani and Riverside Bangkok Hotel, Riverside Plaza Bangkok, Anantara Layan Phuket Resort and Four Seasons Resort Koh Samui.

This is ADFD’s first investment in Thailand’s tourism and hospitality sector, which contributes 20 per cent of the country’s total GDP. MINT is one of the largest hospitality and leisure companies in the Asia-Pacific region operating more than 520 hotels and resorts, official news agency WAM reported.

The five properties ADFD is investing in combined have more than 760 rooms and support nearly 500 jobs. The shareholding structure of the joint venture will be 60 per cent held by MINT and 40 per cent of each asset by ADFD.

For MINT, the ADFD investment will reduce the company’s debt level and strengthen its balance sheet position. The five assets will continue to be operated under the existing brands and under the control of MINT.

Mohamed Saif Al Suwaidi, director-general of ADFD, said: “Tourism has long been a vital driver of Thailand’s economy and a large component of the nation’s employment base. We see tremendous potential in the future trajectory of Thailand’s tourism and hospitality sector.”

Dillip Rajakarier, Group CEO of Minor International, said: “This transaction signifies our continuous commitment to strengthen our balance sheet and solidify our liquidity position to ensure that we are poised for both the recovery to come and long-term growth.”

Established in 1971, ADFD is a financing institution funding sustainable and inclusive growth in the UAE and developing nations. The fund also maintains an investment portfolio that has a major focus on investing in public and private companies, government bonds and private equity funds.

 

© 2021 MOTIVATE MEDIA GROUP. ALL RIGHTS RESERVED.

Scroll To Top