The 100: Kabir Mulchandani, Founder and Executive Chairman, Five Holdings The 100: A Definite Guide to Success
By Entrepreneur Middle East Staff Edited by Tamara Pupic
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Entrepreneur Kabir Mulchandani is the founder and Executive Chairman of FIVE Holdings.
With assets exceeding USD$2.9 billion, over 1,700 keys, a workforce of over 3,000, Mulchandani's leadership has propelled the expansion of FIVE Holdings to include flagship properties FIVE Palm Jumeirah, FIVE Jumeirah Village, and FIVE LUXE in Dubai, FIVE Zurich in Switzerland, and acquired Ibiza landmarks—Destino Five Ibiza, El Hotel Pacha, and the iconic Pacha Ibiza nightclub—through the landmark €302.5 million acquisition of The Pacha Group in October 2023, aligning with Mulchandani's vision of building a universal ecosystem of luxury, entertainment, and sustainability. The Group also encompasses FIVE MODE and The Pacha Collection Fashion Lines, Fly FIVE and FIVE Music, the Group's record label.
FIVE Holdings' financial trajectory under his stewardship led to an impressive AED 1,531 million in revenue for the nine months ended September 2024 and an EBITDA of AED 525 million, reflecting robust growth and consistent performance. His strategic decision-making extends to the financial markets, demonstrated by the successful launch of a $350 million Green Bond on Nasdaq Dubai in October 2023, underscoring his commitment to sustainable innovation while achieving significant financial milestones.
CREATING A GLOBAL SUSTAINABLE ENTERTAINMENT ECOSYSTEM
A champion of green innovation, Mulchandani has achieved groundbreaking milestones in sustainable hospitality as evidenced by FIVE Holdings' pioneering ESG achievements. Both, Dubai Hotels operate on 100% solar power, hold 100% LEED Platinum certifications in Dubai and Zurich, the highest standard in green building, and earned the world's only and highest 'A' ESG Rating through ISS.
Addressing Ibiza's water scarcity, Destino Five Ibiza has implemented conservation measures, reducing usage by 24.3% during the summer of 2024, as a start of its Net Zero Water initiative underway. A significant achievement in energy was a 100% green power contract, which The Pacha Group secured in 2024. The Resort, Pacha Ibiza Nightclub, and El Hotel Pacha are also registered with the US Green Building Council and are undergoing renovations to meet green building standards of LEED Gold or Higher.
PEOPLE-FIRST GROWTH
Mulchandani has built a people-first culture right across FIVE Holdings. Acknowledged as a Great Place to Work, in 2024 FIVE Hotels and Resorts ranked #12 for Best Workplaces for Hospitality in GCC, #13 in the Best Workplaces for Millennials 'Large Category', #8 in the Best Workplaces 'Large Category in the UAE' and #16 in the Best Workplaces 'Large Category in the Middle East'.
The company's distinction as a large-sized organization is evident, ranking #31 in the Best 'Large-Sized Companies in Asia' 2024. Additionally, FIVE Hotels and Resorts stood #6 for the Happiest Employees in the Region (ahead of Coca Cola and Deloitte).
EFFECTIVE ALTRUISM
Recognized as Philanthropist of the Year by CEO Middle East, Mulchandani is dedicated to making a difference. Over $1.8 million has been donated across FIVE Holdings' local and global partnerships, including New Face Medical Trust and Room to Read, a global literacy and girls' empowerment foundation.
The FIVE Cares program, personally championed by Mulchandani, is a beacon of support for the FIVE Tribe members, offering critical financial aid to employees, their immediate family, and dependents during medical crises.
Under his leadership as its President, The Pacha Foundation, which supports social, environmental, sports, and cultural arts causes, saw a 350% increase in contributions for 2024.
AWARDS AND RECOGNITION
Kabir Mulchandani's recognition at #1623 in the Forbes World Billionaire List 2024, #20 in the Forbes Middle East's Richest Billionaire's List 2024, Forbes Middle East's prestigious Top 100 Travel and Tourism Leaders list at #11 in 2024, Forbes Middle East's Most Impactful Real Estate Developers 2024 and Forbes Middle East's Sustainability Leaders List in the Travel and Tourism Sector at #9 in 2024, underscores his significant presence as an influential and innovative figure in the industry.
Mulchandani has been further acknowledged across prestigious power lists from #10 in Construction Weeks' Power 150 Top Developers in the Middle East List 2024, #8 in Arabian Business Dubai's 100 Distinguished Individuals List 2024 to #31 in Arabian Business 100 Most Inspiring Leaders List 2024 and Arabian Business Indian Aces Power List 2024. In 2024, Mulchandani also earned recognition in Gulf Business' Most Influential Indians in the Region 2024: Icons of Influence List and Hotelier Middle East's Hospitality Developers Power 11 List 2024.
Mulchandani's sustainability-centric leadership led to a nomination in The World Sustainability Awards 2024 in the Sustainability Leader of the Year category, Reuters Events Sustainability Awards 2024 in the Sustainability Trailblazer Award category, 2024 Skift IDEA Awards in the Change Makers – Leadership category and edie Awards 2024 in the Sustainable Leader of the Year category, as well as earned FIVE Holdings a second place tie in the Global ESG Awards 2024 for Innovations that Foster Sustainability.
Notably, he was honored with Diario de Ibiza's Business Career Award 2024, in celebration of The Pacha Group's cultural and economic impact on the White Isle.
