{{Short description|Thai energy and infrastructure holding company}} {{Infobox company | name = Gulf Development | logo = GULF Logo.svg | logo_size = 200px | logo_alt = Gulf logo | logo_caption = Logo used since 2024 | trade_name = GULF | native_name = บริษัท กัลฟ์ ดีเวลลอปเมนท์ จำกัด (มหาชน) | native_name_lang = th | former_name = Gulf Energy Development Public Company Limited (2011–2024) | type = Public | traded_as = {{SET|GULF}} | ISIN = TH8319010006 | industry = Conglomerate | predecessor = Gulf Energy Development Public Company Limited | founded = {{Start date and age|2011|08|19}} | founder = Sarath Ratanavadi | hq_location = 87 M Thai Tower Building, All Seasons Place | hq_location_city = Bangkok | hq_location_country = Thailand | area_served = Thailand, Vietnam, United States, United Kingdom | key_people = Sarath Ratanavadi (CEO) | products = Electricity, natural gas, renewable energy | services = Telecommunications, cloud computing, crypto exchange | divisions = Energy <br/> Infrastructure <br/> Digital | subsid = Gulf Energy Generation <br/> Gulf MP <br/> Jackson Generation <br/> Outer Dowsing Wind Farm <br/> Advanced Info Service <br/> Thaicom <br/> Gulf Edge <br/> Gulf Binance | website = {{URL|gulf.co.th}} }}
'''Gulf Development Public Company Limited''' ({{langx|th|กัลฟ์ ดีเวลลอปเมนท์}}) is a holding company based in Bangkok, Thailand. It owns businesses that operate in electricity generation, telecommunications, and infrastructure development.<ref name="auto">{{Cite web|url=https://www.reccessary.com/en/news/strategic-alliance-fuels-gulf-energy-s-low-carbon-ambitions|title=Gulf Energy leverages telecom, AI to advance renewable energy expansion |first=Lin |last=Bo-yu |date=April 15, 2025 |website=Reccessary}}</ref>
==History== Gulf Energy Development was founded on August 19, 2011, by Sarath Ratanavadi to consolidate the power generation operations of Gulf Electric Co. and Gulf Holdings Co. It initially focused on developing independent power producer projects in partnership with foreign companies.<ref name="auto1">{{Cite web |url=https://www.reuters.com/article/markets/commodities/gulf-energy-raises-733-mln-biggest-thai-corporate-ipo-in-over-a-decade-idUSL3N1NS1KD/ |title=Gulf Energy raises $733 mln, biggest Thai corporate IPO in over a decade |date=November 22, 2017 |website=Reuters}}</ref>
In 2017, Gulf was listed on the Stock Exchange of Thailand (SET). The initial public offering raised approximately THB 24 billion (US$736 million).<ref>{{Cite web|url=https://www.reuters.com/article/business/energy/thailands-gulf-energy-marks-market-debut-with-278-pct-jump-idUSL3N1O61OE/|title=Thailand's Gulf Energy marks market debut with 27.8 pct jump |date=December 6, 2017 |website=Reuters}}</ref>
In 2021, Gulf acquired a controlling interest in Intouch Holdings PCL, the parent company of Advanced Info Service (AIS).<ref>{{cite news |title=Thailand's Gulf Energy offers $5.4 bln for Intouch, which controls AIS |work=Reuters |date=19 April 2021 |url=https://www.reuters.com/business/media-telecom/thailands-gulf-energy-plans-54-bln-bid-control-nations-biggest-mobile-operator-2021-04-19/ |access-date=3 November 2025}}</ref>
In 2022, Gulf expanded into the United States and acquired a 49% stake in Jackson Generation, a gas-fired power plant in Illinois, for approximately US$409 million.<ref>{{Cite web|url=https://www.reuters.com/business/energy/thai-gulf-energy-invests-409-mln-49-stake-illinois-gas-fired-power-plant-2022-09-09/ |title=Thai Gulf Energy invests $409 million in 49% stake in Illinois power project |date=September 9, 2022 |website=Reuters}}</ref> A year later, in 2023, Gulf formed a joint venture with Binance to establish a digital asset exchange.<ref>{{Cite web|url=https://www.bloomberg.com/news/articles/2023-11-16/binance-to-start-thai-crypto-exchange-with-billionaire-sarath|title=Binance Ties Up With Bangkok Billionaire on Thai Crypto Exchange |first=Ben |last=Bartenstein |date=January 17, 2022 |website=Bloomberg}}</ref>
In July 2024, Gulf Energy Development announced a merger with its subsidiary Intouch Holdings and was renamed as Gulf Development Public Company Limited.<ref>{{cite news |title=GULF and INTUCH announce a strategic amalgamation |work=Bangkok Post |date=16 July 2024 |url=https://www.bangkokpost.com/business/general/2830418/gulf-and-intuch-announce-a-strategic-amalgamation |access-date=3 November 2025}}</ref><ref>{{cite news |title=Intouch shareholders approve merger with Gulf |work=Bangkok Post |date=25 March 2025 |url=https://www.bangkokpost.com/business/general/2987341/intouch-shareholders-approve-merger-with-gulf |access-date=3 November 2025}}</ref>
In August 2025, Gulf filed a 300-million-baht defamation lawsuit against People’s Party leader Natthaphong Ruengpanyawut and MPs Woraphop Viriyaroj and Supachot Chaiyasat, following their criticism of government energy procurement transparency and petitions to the National Anti-Corruption Commission (NACC) to investigate state energy purchases.<ref name=":0">{{Cite news |date=2025-08-21 |title=PP leader faces new defamation lawsuit |url=https://www.bangkokpost.com/thailand/politics/3090381/pp-leader-faces-new-defamation-lawsuit |access-date=2025-08-25 |work=Bangkok Post |language=en}}</ref><ref>{{Cite web|url=https://www.thaienquirer.com/57811/three-peoples-party-mps-face-300-million-baht-defamation-lawsuits-over-electricity-pricing-criticism/|title=Three People’s Party MPs Face 300-Million-Baht Defamation Lawsuits Over Electricity Pricing Criticism |website=Thai Enquirer}}</ref>
==Operations== Gulf Development's primary business is power generation and operates natural gas-fired and renewable energy plants in Thailand, Vietnam, the United States, and the United Kingdom. As of 2025, its total domestic and international capacity exceeded 23 GW, with assets including solar farms in Thailand and wind power projects in Vietnam and the North Sea.<ref name="auto2">{{Cite web|url=https://www.nationthailand.com/business/corporate/40055627|title=Gulf Expands Beyond Power Generation into Digital and Infrastructure Sectors|date=September 19, 2025|website=Nation Thailand}}</ref>
In the telecommunications sector, Gulf Development holds a stake in AIS and a controlling interest in Thaicom Plc, a satellite operator.<ref name="auto"/> Its infrastructure division has formed multiple public-private partnerships, including the expansion of the Laem Chabang and Map Ta Phut ports, the development of an LNG import terminal, and the operation of intercity motorways.<ref name="auto2"/> Additionally, Gulf Development provides digital services through its subsidiary Gulf Edge, which provides sovereign cloud services in partnership with Google and develops data centers.<ref name="auto"/><ref name="auto2"/>
==Subsidiaries and investments== Major subsidiaries and affiliates include:
* Gulf Energy Generation: Oversees power generation assets, including joint ventures with J-Power and Mitsui & Co.<ref name="auto1"/> * Gulf MP Co. / Gulf TP: Operates small power producer plants. * Jackson Generation LLC (USA): A 49% stake in a gas-fired power plant in Illinois.<ref>{{Cite web|url=https://www.nsenergybusiness.com/news/gulf-energy-to-acquire-49-stake-in-jackson-generation/|title=Gulf Energy to acquire 49% stake in Jackson Generation for $409.6m|first=Vidya Sagar|last=Maddela|date=September 9, 2022}}</ref> * Outer Dowsing Wind Farm Ltd. (UK): A 24.99% stake in an offshore wind project.<ref>{{Cite web|url=https://www.bangkokpost.com/business/general/2520104/gulf-moves-into-uk-with-investment-in-offshore-wind-farm|title=Gulf moves into UK with investment in offshore wind farm|first=Yuthana|last=Praiwan|date=March 4, 2023|via=Bangkok Post}}</ref> * Advanced Info Service (AIS): An affiliate mobile network operator (approx. 40.4% stake).<ref name="auto2"/> * Thaicom PCL: A satellite service provider (approx. 40% stake).<ref name="auto2"/> * Gulf Edge Ltd.: Focuses on cloud computing and data centers.<ref name="auto"/> * Gulf Binance: A joint venture operating a digital asset exchange.<ref>{{Cite web|url=https://www.bloomberg.com/news/articles/2022-01-17/binance-ties-up-with-bangkok-billionaire-on-thai-crypto-exchange|title=Binance Ties Up With Bangkok Billionaire on Thai Crypto Exchange |first=Ben |last=Bartenstein |date=January 17, 2022 |website=Bloomberg}}</ref> * Gulf Innova: Focuses on digital investments and emerging technologies.<ref>{{Cite web|url=https://www.bangkokpost.com/business/investment/2790949/gulf-binance-aims-for-crypto-supremacy|title=Gulf Binance aims for crypto supremacy|first=Nareerat|last=Wiriyapong|date=May 11, 2024|via=Bangkok Post}}</ref>
== References == {{reflist}}
==External links== * {{official website|https://www.gulf.co.th/}}
Category:Companies listed on the Stock Exchange of Thailand Category:Holding companies of Thailand Category:Thai companies established in 2011 Category:Energy companies Category:2021 mergers and acquisitions Category:2025 mergers and acquisitions