“Wealth is not measured by the money you have, but by the lives you touch and the change you inspire”- Kabir Mulchandani.
Source: Arabian Business
Driving the luxury real estate and hospitality sectors, Kabir Mulchandani, the Mumbai-born entrepreneur, has built a legacy with his fearless and innovative approach in the Middle East. Under his leadership, FIVE Holdings has established many flagship properties across the Middle East, Switzerland, and Spain, and it is planning to go public on the Dubai Stock Exchange in 2025. With a net worth of $2.2 billion, as estimated by Forbes, explore the inspiring journey of Kabir Mulchandani in building an empire in real estate in the article.
Early Life of Kabir Mulchandani
Source: Forbes Middle East
Kabir initiated his career by working at his family’s business, Baron International and Baron Electronics, which specialises in the distribution and sales of consumer electronics. Then, in the early 2000s, he moved to Dubai to explore the growing real estate market. After Dubai’s property market collapsed in 2008, Kabir was charged with fraud and embezzlement in 2009 and was also arrested. It was found by the Supreme Court of Dubai that the claimants accused him of avoiding honouring their financial obligations. He was bailed after 140 days and was also acquitted of all the charges.
Establishment of SKAI Holdings
Source: Gulf News
Kabir identified an opportunity in the market that uniquely merged high-energy, music-focused immersive entertainment with eco-friendly luxury hospitality. Thus, in 2011, he established SKAI Holdings, which operated as a real estate investment firm in Dubai. SKAI announced its plans for a luxurious hotel on Dubai’s man-made Palm Jumeirah.
SKAI also collaborated with Viceroy, a Los Angeles-based hotel management company, to brand and manage the property. At the end of 2016, it officially completed building the $1.17 billion worth Palm Jumeirah Dubai hotel with 477 rooms and 221 residences.
FIVE Holdings
Source: Five Holdings
In 2017, SKAI Holdings was rebranded into FIVE Holdings to reflect the company’s philosophy based on the five elements: earth, air, fire, water, and consciousness. The company also inaugurated the Viceroy Palm Jumeirah hotel.
FIVE terminated the Viceroy from its position of hotel manager, and also rebranded the Viceroy Palm Jumeirah as FIVE Palm Jumeirah. In 2019, with 501 hotel rooms and residences along with 6 Food & Beverages venues, FIVE Jumeirah Village was developed.
In 2022, FIVE Zurich was established with 45 luxurious suites, 42 suite-sized lifestyle rooms, 62 amazing rooms and a kids’ club. In 2023, FIVE Holdings made a significant acquisition of the Pacha Group, owners of hotels and nightclubs in Ibiza, Spain.
In 2024, FIVE LUXE was opened, a prime beach property with 222 hotel rooms and suites, 222 residences and 54 residences in Sensoria, 7 Food & Beverages venues, a spa, a gym, and a kids’ club. Additionally, the introduction of SENSORIA, an ultra-luxe residential tower within the FIVE LUXE community, showcases Kabir’s unwavering dedication to excellence.
Kabir’s vision has turned FIVE Holdings into a multi-billion-dollar empire. Today, FIVE Holdings is recognised as a leading luxury real estate and hospitality company in Dubai and also ‘Disneyland for adults’. Its portfolio includes Five Palm Jumeirah, Five Jumeirah Village, Five Luxe, Five Zurich in Switzerland, Destino Pacha and El Hotel Pacha with nightclub Pacha Ibiza in Spain. Employing more than 3000 people and more than 1700 rooms across some of the world’s most iconic destinations, FIVE Holdings has become synonymous with a distinct, high-octane lifestyle.
FIVE Holdings Ecosystem
FIVE Holdings ventures into fashion by establishing two fashion lines, FIVE MODE and THE Pacha Collection fashion lines. Additionally, Toy Room Clubs and WooMoon Storytellers were established, international nightclubs offering a celebrity-focused atmosphere.
In 2021, FIVE Music was established to produce a handcrafted portfolio of the world’s music. They entered into a joint venture with Warner Music Group in 2023 to sign new talent and renowned artists. Apart from the record label, FIVE also launched FIVE Music Studio at Dubai’s FIVE Palm Jumeirah, for producers, musicians, and writers to meet and collaborate.
In 2023, Kabir introduced the Fly FIVE party jet, a 16-passenger aircraft designed for exclusive celebrations, with premium amenities such as a Gust Belt Safety System, LED lighting, and a spacious bedroom.
Finances
With Kabir’s leadership, FIVE Holdings reported a 40% increase in overall revenue and 41% EBITDA growth for the three months ended 31st March, 2025. Its annual revenue reached AED 496 million, of which AED 322 million was contributed by the Hospitality sector and AED 174 million by the Real Estate segment. Its EBITDA was summed to AED 176 million, with Hospitality and Real estate increased by 22% and 74% respectively in EBITDA.
FIVE LUXE continues with a strong, impressive financial performance of revenue AED 86 million, and high guest ratings with an average occupancy rate of 78%. The company’s total assets were reported at AED 10,800,097 on 31st March, 2025
Kabir Mulchandani Beyond Business
Source: Consultancy me
Kabir pioneers a no-compromise model of sustainable hospitality by achieving 100% solar power for the group’s Dubai hotels and 100% wind power for Zurich, 100% LEED Platinum certified hotels in Dubai and Zurich. He has developed a Net Zero ‘Build Tech’ Luxury Building Design Concept that stands ready for development. FIVE Holdings has earned an ‘A’ grade ESG rating from ISS Corporate Solutions, which is the highest across all sectors.
FIVE debuted its $350 million Green Bond on Nasdaq Dubai in October 2023, securing the High Yield Debt Deal of the year accolade at the Bonds, Loans & Sukuk Middle East awards 2024. The FIVE Cares program, personally championed by Kabir, stands as a beacon of support for the FIVE Tribe members by offering financial aid to employees even during medical crises.
Over $1.8 million has been contributed to date across FIVE Holdings’ diverse portfolio of local and global partnerships, such as New Face Medical Trust and Room to Read. Around $2,00,000+ has been committed to support Global Literacy and Girls’ Empowerment Foundation, Room to Read India’s ‘Literacy and Gender Equality in Education’ program, directly impacting 1500 girls.
Kabir’s philanthropic efforts have also facilitated over 800 life-saving heart and face operations for children in India. As part of an unwavering commitment to equitable wealth distribution, in 2024, Kabir announced the implementation of a Long-term Incentive Plan, featuring share-based awards and highlighting the vision of inclusivity.
Awards and Achievements
- FIVE has welcomed over 7.6 million guests from 179 nationalities since 2017 to its award-winning entertainment-driven venues with over 5000 musically driven events.
- FIVE Hotels and Resorts ranked #13 on the Best Workplaces in the UAE 2025.
- Forbes recognised Kabir among the Most Impactful Real Estate Leaders 2025.
- In 2024, the FIVE brand was awarded the 8th place for the Best Workplaces in the Large Category in the UAE.
- For its large-sized organisation, FIVE ranked #31 in the Best Large-Sized Companies in Asia 2024.
- Kabir is recognised as a Forbes Middle East Sustainability Leader 2024 in the Travel and Tourism Sector.
- FIVE has also been honoured with MICHELIN Dubai Guide, Gault & Millau and Gambero Rosso-acclaimed dining.
- At the Arabian Business Expo list 2021, they were given the title of Leaders in Travel and Tourism.
- In 2021, FIVE Hotels and Resorts stood #6 ahead of Coca-Cola and Deloitte for the Happiest Employees in the Region.
- Kabir was awarded Philanthropy CEO of the Year at the CEO Middle East Awards 2017.
Future Plans
Kabir plans to expand further by registering FIVE Holdings on the Dubai Stock Exchange in 2025. His vision is to develop FIVE’s presence in continental Europe, the UK, and beyond, continuing with ongoing projects like SENSORIA set for new benchmarks in luxury real estate and sustainability. Through his leadership, Kabir cements FIVE Holdings’ position as a trailblazer in the industry, driving innovation and positive change.
Final Thoughts
Kabir’s journey is a story of resilience, reinvention, and relentless ambition. From overcoming legal allegations to transforming FIVE Holdings into a global lifestyle empire, he has remained committed to innovation, sustainability, and excellence. With further international expansion and plans for an IPO, Kabir’s story is far from over, as he continues to redefine what modern luxury looks and feels like. In real estate, entertainment, and philanthropy, Kabir stands as a bold symbol of entrepreneurial spirit and transformative leadership.
