Health, property offer potential for UAE investors

The Thai health, hospitality and property sectors have the potential to boost the number of visitors and investors from the United Arab Emirates, Thailand’s ambassador to the UAE said yesterday.

Warawudh Chuwiruch said the Kingdom was well known in the UAE for its health services, a reputation that has over the years increased the number of health tourists from the Emirates. The UAE – more specifically, Dubai – is now aiming to develop its own health sector to make the Emirates a health hub of the future, a development he said made it important for Thai health businesses to develop their services and cooperate with UAE hospitals.

“Currently, the Dubai government is seeking to develop its health service by inviting [US-based] Johns Hopkins Medicine to develop the sector,” he added.

Meanwhile, UAE investors – nationals of the Emirates as well as expatriates – are interested in investing in the Asean property sector, especially in Thailand.

Warawudh said a UAE-resident Indian investor, Asgas S Patel, who is group chairman of House of Patels, had spent Bt480 million on buying a penthouse in a luxury condominium complex in Bangkok early this year. 

 

Residence in Bangkok 

Other UAE investors are also interested in buying residences in Bangkok and other popular destinations such as Hua Hin and Phuket, which means there is a new potential customer segment for Thai property developers to tap, said the ambassador.

He also said a number of foreigners living in Dubai had asked him if it were possible for the Thai authorities to waive the need for a visitor’s visa if they purchased a residence worth more than Bt20 million in Thailand as a vacation property or second home.

“We are considering proposing this to the Foreign Ministry as soon as possible, as it would play a part in promoting property investment in Thailand,” he said. 

Trade between Thailand and the UAE was valued at US$17.22 billion (Bt494 billion) in 2011, with Thai exports accounting for $2.76 billion of the total. 

The main exports from the Kingdom to the UAE are automobiles, jewellery, computers and home appliances.

“If the country promotes investment in property, it will boost the overall investment value in Thailand from the Middle Eastern market, because the UAE – especially Dubai – is the gateway for Middle Eastern foreign investors to expand their investment in Southeast Asia when the Asean Economic Community becomes effective in 2015,” Warawudh said.