Abu Dhabi Fund for Development has formed a $104.8 million joint venture with Bangkok-based Minor International Public Company Limited (MINT) to invest in five tourist resort assets in Thailand.
The properties include Anantara Riverside Bangkok Resort, Avani and Riverside Bangkok Hotel, Riverside Plaza Bangkok, Anantara Layan Phuket Resort and Four Seasons Resort Koh Samui. These properties have more than 760 rooms and support nearly 500 jobs.
The deal marks ADFD’s first investment in Thailand’s tourism and hospitality sector that accounts for 20 per cent of the country’s gross domestic product.
“We see tremendous potential in the future trajectory of Thailand’s tourism and hospitality sector,” Mohamed Al Suwaidi, director general of ADFD, said.
“Given MINT’s leading position as the strongest hospitality operator in Thailand, this long-term investment partnership complements our investment strategy to collectively promote economic growth of our partner countries,” said Mr Suwaidi.
Established in July 1971 by Sheikh Zayed, the UAE’s Founding Father, ADFD has invested about Dh150 billion ($40.8bn) on thousands of projects in 103 countries, making the UAE one of the largest donors of development aid worldwide.
MINT is one of the largest hospitality and leisure companies in the Asia-Pacific region.
MINT is looking forward to “working together in the future to bolster our impact in the countries in which we operate together”, said Dillip Rajakarier, group chief executive of Minor International.
“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,” he added.
MINT will hold 60 per cent of the joint venture while ADFD will hold 40 per cent of each asset.
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.
ADFD aims to help emerging countries by providing concessionary loans to finance sustainable development projects, as well as administering long-term investments and direct contributions. In addition to managing development grants offered by the Abu Dhabi government, ADFD has adopted a policy of supporting the national economy and financing UAE private sector investments.
Results
ATP Dubai Championships on Monday (x indicates seed):
First round
Roger Federer (SUI x2) bt Philipp Kohlschreiber (GER) 6-4, 3-6, 6-1
Fernando Verdasco (ESP) bt Thomas Fabbiano (ITA) 3-6, 6-3, 6-2
Marton Fucsovics (HUN) bt Damir Dzumhur (BIH) 6-1, 7-6 (7/5)
Nikoloz Basilashvili (GEO) bt Karen Khachanov (RUS x4) 6-4, 6-1
Jan-Lennard Struff (GER) bt Milos Raonic (CAN x7) 6-4, 5-7, 6-4
Jetour T1 specs
Engine: 2-litre turbocharged
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Torque: 390Nm
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Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
Rashid & Rajab
Director: Mohammed Saeed Harib
Stars: Shadi Alfons, Marwan Abdullah, Doaa Mostafa Ragab
Two stars out of five
RESULT
Uruguay 3 Russia 0
Uruguay: Suárez (10'), Cheryshev (23' og), Cavani (90')
Russia: Smolnikov (Red card: 36')
Man of the match: Diego Godin (Uruguay)
UAE currency: the story behind the money in your pockets
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
The%20specs
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ZAYED SUSTAINABILITY PRIZE
Results
6.30pm: Maiden (TB) Dh82,500 (Dirt) 1,200m; Winner: Major Cinnamon, Fernando Jara, Mujeeb Rahman
7.05pm: Maiden (TB) Dh82,500 (D) 1,900m; Winner: Al Mureib, Fernando Jara, Ahmad bin Harmash
7.40pm: Handicap (TB) Dh102,500 (D) 2,000m; Winner: Remorse, Tadhg O’Shea, Satish Seemar
8.15pm: Conditions (TB) Dh120,000 (D) 1,600m; Winner: Meshakel, Xavier Ziani, Salem bin Ghadayer
8.50pm: Handicap (TB) Dh95,000 (D) 1,600m; Winner: Desert Peace, William Buick, Charlie Appleby
9.25pm: Handicap (TB) Dh87,500 (D) 1,400m; Winner: Sharamm, Ryan Curatlo, Satish Seemar
