BANGKOK, THAILAND - 13 November 2024 - Dusit International, one of Thailand's leading hotel and property development companies, has signed a Memorandum of Understanding (MoU) with Tourism Development Fund (TDF), the national enabler of the tourism sector in Saudi Arabia, to establish a preliminary framework for developing hospitality projects that will enhance the country's tourism infrastructure.

Signed at the World Travel Market 2024 in London, the MoU signifies Dusit's dedication to sustainable international expansion in key global markets and highlights TDF's commitment to fostering international partnerships to develop luxury hotels and resorts across the Kingdom.

Saudi Arabia experienced 8.2% growth in inbound visitor spending within its travel account during the first half of 2024 compared to the same period in 2023, reaching approximately SAR 92.6 billion. The Kingdom also recorded a surplus in the travel account of around SAR 41.6 billion. This surge in visitor spending highlights Saudi Arabia's significant achievements in tourism, as it led all G20 countries in international tourist arrivals and in the growth rate of international tourism receipts during the first seven months of 2024. Compared to the same period in 2019, international tourist arrivals increased by 73%, and international tourism receipts rose by 207%, based on data from UN Tourism.

Aligned with Saudi Arabia's National Tourism Strategy and the Saudi Vision 2030 framework, TDF aims to diversify the Kingdom's tourism sector by supporting high-impact projects focused on sustainable development and world-class infrastructure. Under the MoU, Dusit will collaborate with TDF to identify prime hotel development opportunities that leverage Dusit's 75 years of hospitality expertise and diverse brand portfolio - ranging from lifestyle hotels to exclusive villa rentals. Together, they aim to deliver unique guest experiences and enduring value for hotel owners, investors, and the broader community.

"Dusit International is deeply honoured to sign this MoU," said Ms Suphajee Suthumpun, Group CEO, Dusit International. "This marks a significant milestone for us as we seek to bring our unique brand of Thai-inspired gracious hospitality to one of the world's most dynamic tourism landscapes. Saudi Arabia is a key focus for our growth, and partnering with TDF provides invaluable opportunities to connect with high-potential investments across the Kingdom. We look forward to contributing to Saudi Arabia's National Tourism Strategy and delivering hotel experiences that bring enduring value to all stakeholders."

With 301 properties in 18 countries, including eight hotels in the Middle East, Dusit's portfolio features established brands such as Dusit Thani (luxury), dusitD2 (lifestyle/midscale), Dusit Princess (midscale), Dusit Suites (upscale/extended stay), and ASAI Hotels (affordable lifestyle). Dusit recently added Devarana - Dusit Retreats (luxury wellness) and Dusit Collection (bespoke luxury) to its expanding brand lineup.

In addition to hospitality, Dusit contributes to the industry through its educational arm, Dusit Hospitality Education, which includes Dusit Thani College, Le Cordon Bleu Dusit Culinary School, and The Food School, training future leaders in hospitality. Dusit's expertise is further enhanced through its group-wide synergies with Dusit Foods, Dusit Estate (property development), and Hospitality-Related Services.

About Dusit Hotels and Resorts

Dusit Hotels and Resorts is the hotel arm of Dusit International, one of Thailand's leading hotel and property development companies. With a heartfelt belief and commitment to introducing Thai-inspired gracious hospitality to the world, Dusit Hotels and Resorts offers guests a uniquely special stay in high-style surroundings and a personalised approach to service. The group's portfolio of hotels, resorts and luxury villas includes more than 300 properties operating under a total of eight brands (Devarana - Dusit Retreats, Dusit Thani, Dusit Suites, Dusit Collection, dusitD2, Dusit Princess, ASAI Hotels, and Elite Havens) across 18 countries worldwide.

For more information, please visit dusit.com

About Dusit International

Established in 1948, Dusit International or Dusit Thani Public Company Limited (DUSIT) is a leading hospitality group listed on the Stock Exchange of Thailand. Its operations comprise five distinct yet complementary business units: Dusit Hotels and Resorts, Dusit Hospitality Education, Dusit Foods, Dusit Estate, and Hospitality-Related Services.

Dusit International's diversified investments in real estate development, hospitality-related services, and the food sector are part of its long-term strategy for sustainable growth, which focuses on three key areas: balance, expansion and diversification.

F/Signed at the World Travel Market 2024 in London, the MoU reflects the vibrant tourism investment opportunities in Saudi Arabia. Pictured (from right): Mohammad Al-Romaizan, Chief of Staff and Corporate Governance Officer, TDF; Her Royal Highness Princess Nouf Alsaud, Acting Director, Decision Support & International Partnership, TDF; Qusai Al-Fakhri, Chief Executive Officer, TDF; Jean-Pierre Trabut, General Manager, Dusit Thani Abu Dhabi; and Naif Al-Madi, Chief Business Officer, TDF.

The issuer is solely responsible for the content of this announcement.