"Istithmar has looked very closely at Thailand and we feel that Raimon Land is an excellently managed, well-positioned developer with high potential for outstanding growth, offering an excellent investment opportunity," said Joe Sita, CEO of Istithmar Hotels.

"We have every confidence in Raimon Land's management team, led by Nigel Cornick, and fully support their vision for the company."

Raimon Land is one of Thailand's top developers, with a range of highly successful and sought-after projects in central and suburban Bangkok, as well as the resorts of Pattaya and Phuket.

"Raimon Land, with its known quality projects and the outstanding record of its management, is a perfect investment opportunity for Istithmar as we look to grow our presence in Thailand," noted Richard Johnson, managing director of Istithmar Real Estate.

This investment continues the strategic plan of Istithmar, and specifically Istithmar Hotels, to seek prime investment possibilities in Asia. Real estate is one of the four areas in which Istithmar focuses its investments, along with industrial, consumer and financial services. Besides Thailand, the company has investments in India, as well as interests in China, and continues to see a high potential throughout the Asian region.

This is Istithmar's second investment in Thailand following a purchase of shares in Bumrungrad Hospital in early 2006.

Istithmar Hotels is 100-per-cent owned by Istithmar, which is in turn 100-per-cent owned by Dubai World.

Istithmar Hotels was established in April 2006 with the objective of managing the hospitality assets within Istithmar's investment portfolio. Its mission is to create value through the strategic management and development of these assets.

Istithmar Hotels manages assets in a number of segments and markets, from budget hotels to high-end luxury and boutique hotels. It operates in key gateway cities such as London, Paris and New York, as well as in the emerging markets of China, India, Pakistan, the Middle East and North Africa.

Investment house Istithmar was established in 2003 with the key mission of earning exceptional returns for its investors while maintaining due regard for risk.

Its investment portfolio comprises over 50 successful companies with premium assets within financial services, consumer, industrial and real-estate sectors, in addition to investing in public equities and joint-venture projects.

The company's equity investment exceeds US$2.6 billion (Bt91.8 billion) across markets ranging from North America to the Far East.