Thailand’s prime minister is attracting investors to build Bangkok’s tallest building – a supertower taller than Dubai’s Burj Khalifa.
Thai Prime Minister Settha Thavisin said on social network X on Friday that a group of investors led by Dubai’s largest property developer is in talks to build a mixed-use tower in Thailand that could compete for the world’s tallest building title.
The prime minister said Settha met with a group of Middle Eastern and Chinese companies, including Emaar Group, Broad Group, and Vatone Group, and discussed plans to ‘build the world’s tallest building in Thailand. ‘
Emaar Group, the UAE’s largest property developer, is best known for building the Burj Khalifa skyscraper in Dubai, currently the world’s tallest tower at 828 metres.
The tallest building in Thailand is the 70-storey Magnolias Waterfront Residences Iconsiam in Bangkok at 318 metres.
Mohamed Alabbar, founder of Emaar Group, said a public company is not developing the Thai project but a group of investors, including himself. According to Mohamed, negotiations for the ‘super-tall tower’ are at an early stage.
Settha Thawisin, who headed a major developer in Thailand, Sansiri, before entering politics last year, said the project in Thailand includes a large department store, offices, a financial centre, a hotel, and an entertainment centre.
The Phua Thai government, which Settha heads, is also exploring the possibility of creating entertainment complexes that house casinos.
‘This would create significant investment value and attract tourists,’ Settha wrote in the publication, adding that investors would study the prospects and propose an investment plan later.
‘Facilitating investment from the private sector is key to boosting the country’s economy and generating income for the people.’
The group is interested in setting up a ‘megaproject’ in Bangkok,’ said government spokesman Chai Vacharonke.
‘The prime minister has offered investors the opportunity to build a taller tower here than in Dubai. The tycoons did not turn down the idea,’ Chai told Bloomberg News Agency.
Since taking office in September, Settha has emerged as Thailand’s chief ‘salesman’, courting big companies and potential investors to attract foreign direct investment into Southeast Asia’s second-largest economy, lagging behind regional peers.
The prime minister met executives from over 60 companies, advocating foreign investment in highly profitable sectors to lift Thailand’s growth rate from an average of 2 per cent over the past decade.
Settha said the tower project could become a ‘man-made tourism centre’ to help attract more visitors to Thailand, whose vital tourism industry accounts for 12% of gross domestic product.
Foreign tourist arrivals to Thailand have surged more than 40% to about 11 million this year as a visa waiver programme and relaxed travel rules attract travellers worldwide. The country expects to welcome between 35 million and 40 million foreign tourists this year, close to the pre-pandemic record of 40 million visitors in 2019.
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