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05 June 2023

Dusit to raise $500m to finance expansion in the Gulf and North Africa

By Parag Deulgaonkar


Bangkok-based Dusit International is raising $500 million (Dh1.8bn) via a development fund through which it will invest in the hospitality sector of Middle East and North Africa, and Asian countries, a senior company executive said.

“About 75 per cent of the fund will be invested in Asia, while 25 per cent will go to the Middle East and North Africa,” Sam-Erik Ruttmann, Regional Vice- President Middle East, Dusit International, told Emirates Business.

Dusit has set up the 10-year closed fund with a seed capital of $50m, and has raised funds through investors from the Middle East, Singapore and the United States.

“There is an appetite for investment into Asia. Apart from this area, UAE and Middle East investors are looking to invest in India and China,” he added.

The company expects to increase the fund size in 2009, as it believes there will be more new and exciting opportunities.

“Dusit is not averse to owning a property in the UAE,” Octavio Gamarra, Senior Vice-President, Dusit International, said.

“If the right opportunity comes, we are not opposed to even owning our hotel here in Dubai,” he said.

Dusit Residence, an exclusive residence with the five-star hospitality service in Dubai Marina, will open in May, while the 330-guest room hotel in Cairo will be unveiled in June.

“We are having lot of discussions for projects in Libya, Marrakesh, and Egypt. Besides, we will have three Dusit Devarana hotels in Bhutan,” Gamarra said.

Dusit International, which set up its regional office in Dubai in mid-2005, has under its banner Dusit Hotels and Resorts, Dusit Devarana Hotels and Resorts, dusitD2 hotels and resorts, Dusit Princess Hotels and Resorts, and Dusit Residence Serviced Apartments.