Setha speaks with investors in Bangkok about a mixed-use proposal with investors from the Middle East and China.
PUBLISHED: 19 Apr 2024 at 17 :59
According to Prime Minister Srettha Thavisin, a group of traders led by a Dubai-based real estate developer is in talks to construct a mixed-use building in Thailand that might compete for the title of the world’s tallest building.
Mr. Srettha met with a group of Middle Eastern and Chinese businesses, including Vatone Group, Broad Group, and Emaar Group, and discussed plans to “build the world’s tallest building in Thailand, ” he said in a blog on X on Friday.
Emaar is best known for building Burj Khalifa in Dubai, now the country’s tallest building at 828 feet.
The 70-store Magnolias Waterfront Residences Iconsiam in Bangkok, measuring 318 meters, is Thailand’s tallest structure.
Emaar founder Mohamed Alabbar stated that a group of investors, including him personally, may develop the Thai job rather than the publicly traded company. The deals are in earlier stages for “a super-tall tower”, he said.
According to Mr. Srettha, who headed the estate developer Sansiri Plc before entering elections last year, the initiative in Thailand do include a sizable department store, workplaces, a economic hub, a resort, and an entertainment center.
Mr. Srettha’s Pheu Thai government is also looking into the construction of casino-themed leisure structures.
According to Mr. Srettha,” It will generate significant funding benefit and draw tourists,” adding that the investors may examine the situation and come up with an investment strategy in the future.
Promoting private sector assets is essential to boosting the nation’s economy and generating revenue for the populace. ”
The group is interested in setting up the “megaproject” in Bangkok, said state official Chai Wacharonke.
The prime minister reportedly pushed them to construct a castle that is even taller than the one in Dubai. They did n’t reject the idea, ” he told Bloomberg.
Since taking office in September, Mr Srettha has fashioned himself as Thailand’s key “salesman”, courting large companies and prospective buyers to get foreign direct investment into Southeast Asia’s second-largest sector, which has lagged behind local classmates.
The prime minister has met with senior executives from more than 60 businesses and is asking for foreign investments in high-value sectors to lower Thailand’s growth rate from an average of 2 % in the last ten years.
According to Mr. Srettha, the tower project could turn into a “man-made tourist destination” that will encourage more visitors to Thailand, whose vital tourism sector accounts for 12 % of GDP.
As a result of its visa-freezing programs and simpler travel regulations, Thailand has seen a more than 40 % increase in foreign visitor arrivals this year, reaching 11 million. This year, the country aims to welcome 35 million to 40 million foreign tourists, close to the pre-pandemic record of 40 million visitors in 2019.
The founder of Emaar, which built Burj Khalifa ( above ), the world’s tallest tower, is part of a group of prospective investors looking at the prospects for “a super-tall tower ” in Thailand. ( Photo: Reuters ).