FIVE'S Debut Green Bond on Nasdaq Dubai

FIVE DEBUTS $350 MILLION GREEN BOND ON NASDAQ DUBAI

Nasdaq Dubai welcomed the debut listing of USD 350 million Green Bond by FIVE Holdings, a prominent luxury hospitality and development company based in Dubai. This listing marks a significant moment for FIVE, making it their first appearance on the region’s esteemed international financial exchange.

Nasdaq Dubai continues to lead in creating an ecosystem that supports sustainable finance. The listing of FIVE Holdings Green Bond enhances Nasdaq Dubai’s total value of ESG classified bonds and sukuk listings, reaching USD 26.7 billion, and contributes to a total value of debt listed on the exchange totalling USD 118.34 billion.

The issued Green Bond, featuring a coupon rate of 9.375%, amounts to USD 350 million, with maturity set for 2028. This listing underlines FIVE’s steadfast commitment to sustainable finance and its consistent leadership in Environmental, Social, and Governance (ESG) practices.

With a growing emphasis on responsible business practices globally, FIVE Holding serves as a flagship example of the region’s dedication to fostering sustainable business models. Nasdaq Dubai, as a key financial platform in the UAE, plays a pivotal role in attracting listings that align with ESG values.
To commemorate this achievement, Kabir Mulchandani, Founder and Chairman of FIVE Holdings and Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM) rang the market opening bell at Nasdaq Dubai. They were accompanied by other members of the FIVE group’s senior leadership to mark the company’s first issuance on the region’s international financial exchange solidifying the group’s remarkable achievements.

It is noteworthy that 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.