Thailand’s Gulf Development Pcl, led by billionaire Sarath Ratanavadi, plans to spend up to 140 billion baht (about US$4.3 billion) over the next five years to expand data center capacity and infrastructure to support growing AI and cloud computing needs [1, 2, 3].
The company aims to add as much as 2,000 megawatts of new data center capacity, a tenfold increase from its current 200 megawatts operated with partners [1, 2, 3]. Gulf Development announced these plans on June 4, 2026, during an investors video conference where Chief Financial Officer Yupapin Wangviwat highlighted the company’s advantage in combining power sector expertise with AI and cloud computing growth opportunities. "We see AI and cloud computing as major growth opportunities for our company. Our strong footprint and expertise in the power business give us a significant advantage as we expand into these areas," Wangviwat said [2].
Sarath Ratanavadi, Thailand’s richest person with a net worth near US$18.3 billion, brought his power and telecommunications businesses under Gulf Development in 2025, steering the group toward digital infrastructure and AI-related services [2]. Gulf Development is collaborating with global tech firms including Microsoft, Singapore Telecommunications Ltd (Singtel), and Google to explore business prospects in AI and computing capacity [2, 3].
To finance the expansion, Gulf Development plans to use operating cash flow, bond sales, and bank loans ranging from US$400 million to US$600 million. The company intends to issue about 20 billion baht in bonds in September 2026 [2, 3].
Following the announcement, Gulf Development’s shares rose as much as 5.8% to a record high on June 4, boosting its year-to-date gain to over 61% [2].
The planned investment represents a major push to position Gulf Development as a regional AI infrastructure hub by leveraging its existing power operations and new technology partnerships.
