Abu Dhabi Fund for Development Minor International has signed an investment agreement with the Mint worth 385 million dirhams ($ 104.8 million) in the tourism sector.
Through this agreement, the fund will partner with 5 tourist sites including Anandara Riverside Bangkok Resort in Thailand, Avani Riverside Bangkok Hotel, Riverside Plaza Shopping Mall in Bangkok, Anandara Lion Phuket Resort and Four Seasons Resort Co Samui.
The agreement marks ADFD’s first investment in tourism and hospitality in Thailand.
The sector is considered a key player in the growth of the Thai economy and contributes 20% to the country’s GDP, according to the Emirates News Agency.
The mentioned tourist sites have more than 760 rooms and contribute to the employment of about 500 people in the area.
On this occasion, the Director General of the Abu Dhabi Fund for Development, Mohammed Saif Al Swaidi, said, “Thailand’s tourism and hospitality sector is one of the key and strategic sectors that support the national economy. A large number of jobs for local people.”
He continued: “With the importance of the tourism industry in Thailand, this partnership with Mint is part of the Fund’s investment plans and part of its efforts to promote economic growth in various parts of the world, particularly the Mint, which is one of the most important operating companies in Thailand.
Dilip Rajakari, CEO of Minor International, said, “This agreement underscores Mint’s commitment to continue its efforts to support the economy in Thailand and to ensure the long – term prosperity of its efforts and capabilities.”
He continued, “We are pleased to launch this partnership with the Abu Dhabi Fund for Development and look forward to more joint efforts to achieve results that will positively reflect the country’s tourism revenue in the future.
The Abu Dhabi Development Fund contributes 40% to the joint venture, with Mint contributing 60%, reflecting Mint’s outstanding performance in managing tourist sites. In addition to the positive outlook for finance for the future of the economy in the tourism and hospitality sector in Thailand.
Mint is one of the largest companies in the tourism and hospitality industry in the Asia-Pacific region, managing more than 520 hotels and resorts.
For Mint, this partnership with the Abu Dhabi Fund for Development is a very important step that will play a role in strengthening the company’s balance sheet, reducing the company’s debt and improving its financial position.
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