FIVE'S Debut Green Bond on Nasdaq Dubai



Underscoring FIVE’s steadfast commitment to sustainable finance and its consistent leadership in Environmental, Social, and Governance (ESG) practices

Nasdaq Dubai welcomed the debut listing of $350 million Green Bond by FIVE Holdings, marking the Group’s first appearance on the region’s esteemed international financial exchange. FIVE celebrated this momentous occasion with a ceremonious Bell Ringing event on 4 October 2023, thereby solidifying the Group’s remarkable achievements in striking a seamless synergy between ESG strategy and EBITDA delivery.

Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM) joined FIVE Holding’s Kabir Mulchandani, Chairman and Founder; Aloki Batra, CEO ,FIVE Hospitality; Jaydeep Anand, Group CFO, CSO and COO; and Nadia Zaal Mulchandani, Non-Executive And Non-Independent Director of FIVE Holdings, in ringing the market opening bell on Nasdaq Dubai.

Guided by FIVE’s ‘Sustainable Indulgence’ ethos, the FIVE delivered uncompromised, industry-leading EBITDA backed by best-in-class governance procedures, while upholding its commitments to cultivating a positive, mitigated environmental impact and safeguarding the social wellbeing of its stakeholders.

We delivered an unprecedented year of success in 2022, driven by the acceleration of our growth strategies which achieved a robust EBITDA margin (41%) and secured world-class sustainability milestones (‘A’ rating for ESG by ISS)”, said Kabir Mulchandani, Founder and Chairman, FIVE Holdings. “FIVE understands that value creation for stakeholders is essential to sustainable development, which drives our commitment to outstanding EBITDA figures and environmental responsiveness. This forms the bedrock of FIVE’s ‘Sustainable Indulgence’; a legacy of financial strength married with our strategic focus on environment, society and robust corporate governance.”

Hamed Ali, CEO of DFM and Nasdaq Dubai said: “We are pleased to welcome Five Holdings first listing on Nasdaq Dubai. Their commitment to sustainable practices aligns seamlessly with our mission to foster responsible and impactful investment opportunities. FIVE’s debut Green Bond listing underscores Nasdaq Dubai’s position as a leading exchange for sustainable finance in the region. We are excited to provide a platform for companies that share our dedication to environmental, social, and governance excellence”.

FIVE is the world’s only company to receive an ‘A’ rating for ESG within the ISS Corporate Rating universe. The company’s Green Finance Framework, validated by an ISS Second Party Opinion, received “Aligned,” “Consistent,” and “Positive” remarks. Remarkably, FIVE’s Dubai hotels are the first in the UAE to receive International Renewable Energy Certificates (I-REC), ensuring 100% renewable electricity and aligning seamlessly with the UAE’s ‘Year of Sustainability.’ FIVE’s governance practices, evaluated as part of its world-leading ESG rating, achieved ‘A+’ for Code of Business Ethics and ‘A+’ for Compliance Procedures—the highest marks possible.”