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Published on February 14, 2008

"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 a 10-year closed fund with seed capital of $50 million and has raised funds through investors from the Middle East, Singapore and the US.

"There is an appetite for investment in Asia. Apart from this area, UAE and Middle East investors are looking to invest in India and China," Ruttmann said.

The company expects to increase the size of the fund in 2009

"Dusit is not averse to owning a property in the UAE," said Octavio Gamarra, senior vice president, Dusit International. "If the right opportunity comes, we are not opposed to even owning our hotel here in Dubai."

Dusit Residence, with the five-star hospitality service in Dubai Marina, will open in May, while a 330-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.

Meanwhile, Dusit Thani was selected by Kuwait's Al Osaimi Investments & Real Estate to manage a $408.5-million resort in Dubai. The Dusit Emirates Saray will be located on the Crescent of Dubai's man-made Palm Jumeirah island.

The Nation