This Mumbai-born entrepreneur ranks number 1,626 on Forbes’ 2025 World Billionaires List with a $2.2 billion net worth. His company, FIVE Holdings, posted AED 2.2 billion in revenue for 2024 with 86.55 per cent occupancy across properties in Dubai, Zurich and Ibiza. The trajectory from family electronics business to billion-dollar hospitality empire built on entertainment, sustainability and audacious acquisitions represents one of the Middle East’s most unconventional entrepreneurial journeys. Meet Kabir Mulchandani!
Mulchandani’s path began conventionally enough. He started his career at Baron International and Baron Electronics, Mumbai-based family firms specialising in consumer electronics distribution. In the early 2000s, he relocated to Dubai, drawn by the emirate’s property boom and the opportunities emerging in one of the world’s fastest-growing cities.
By 2008, Mulchandani had built substantial experience in Dubai’s real estate market through his firm Dynasty Zarooni. When the global financial crisis hit and Dubai’s property sector contracted sharply, many developers fled the market. Mulchandani took the opposite approach: he saw opportunity in the downturn.
The Entrepreneurial Pivot
In 2011, whilst Dubai’s property market was still recovering, Mulchandani founded SKAI Holdings with a contrarian strategy. According to Arabian Business’ November 2021 profile, he focused on acquiring distressed assets and completing stalled developments that other firms had abandoned. He took over three half-built projects from a Turkish developer that had run out of capital, completed one and successfully delivered it to buyers. The move established credibility and demonstrated his ability to execute complex turnarounds.
The experience taught Mulchandani a crucial lesson: Dubai’s infrastructure – its roads, bridges, airport and metro – remained world-class despite the property downturn. The fundamentals suggested the market would recover. He positioned himself to capture that rebound.
In 2016, SKAI completed the $1.17 billion FIVE Palm Jumeirah on the Palm’s trunk – not the prestigious Crescent where major brands positioned themselves. The unconventional location reflected Mulchandani’s analysis: amenity-rich mixed-use developments would outperform standalone residential projects. The property launched with 477 rooms, 221 residences, and initially operated under Viceroy management.
The 2017 rebranding to FIVE Holdings signalled the real pivot. According to Entrepreneur Middle East’s February 2025 interview, Mulchandani saw a market gap nobody else was filling. “Nobody was in this space,” he reflected. “The way we designed our hotel, with a lot of homegrown F&B, was always for entertainment. But I don’t think even we anticipated how strong our story could become.”
The business model deliberately broke hospitality conventions. FIVE integrated Michelin Guide–recognised dining, in-house DJs, and beach parties under one roof. The company describes its properties as “Disneyland for adults” – high-energy entertainment married to sustainable luxury. According to Business Outreach India’s June 2025 profile, FIVE welcomed 7.6 million guests from 179 nationalities across over 5,000 musically driven events since 2017.
The financials validated the approach. Year-end 2024 revenue hit AED 2,165 million with EBITDA of AED 766 million – margins approaching 40 per cent. First-half 2025 results showed revenue advancing 21 per cent to $298 million with EBITDA up 24 per cent to $105 million. Dubai operations generated $177 million with hotels achieving 85 per cent occupancy and revenue per available room of $310.
The Party Jet That Rewrites Private Aviation
In November 2021, Mulchandani made an announcement that raised eyebrows across the aviation industry: he’d purchased the first Airbus ACJ TwoTwenty – the business jet version of the A220 commercial airliner. According to Comlux press releases, the aircraft registered as 9H-FIVE (pronounced “Nine-Hotel-FIVE”) would enter service in early 2023 after VIP interior completion in Indianapolis.
The jet arrived in May 2023. Simple Flying’s June 2023 coverage described it as the world’s first A220 private jet configured explicitly for parties. The 15–16 passenger aircraft features a king-sized master suite, dining table for eight, fully equipped kitchen, in-air showers, two 55-inch entertainment screens, and customisable LED party lighting. Comlux operates the jet under Maltese AOC.
The economics are striking. According to Simple Flying, charter rates run $13,000–14,000 per hour, with a London–Dubai round trip priced at $195,000. The aircraft offers 12-hour flight range, enabling routes like London to San Francisco or Dubai to Tokyo. Onboard amenities include FIVE’s signature cuisine from venues like The Penthouse and Maiden Shanghai, plus entertainment from the company’s in-house DJs.
The jet exemplifies Mulchandani’s strategy: extend FIVE’s hospitality experience beyond properties into complementary platforms. “It has a lot more space and with a lot less direct operating cost,” Mulchandani told Simple Flying in November 2021. “When you look at the long-term cost of ownership over 10 years, the difference is minuscule. But given how much more aircraft you get and what we can do with it in terms of what we can do for ourselves, what we can do for our brand, it’s a great deal.”
The Ibiza Gambit: €302.5 Million For Nightlife Royalty
In October 2023, FIVE Holdings completed its most ambitious acquisition: The Pacha Group for €302.5 million. The deal, funded by a $350 million green bond on Nasdaq Dubai plus revolving credit facilities, gave FIVE control of Ibiza’s legendary Pacha nightclub (established 1973), Destino Five Ibiza hotel, El Hotel Pacha, and global entertainment assets including Toy Room Club and WooMoon Storytellers.
According to Billboard’s December 2023 coverage, the acquisition had been two years in the making. FIVE Holdings CEO Aloki Batra told Billboard the deal positions FIVE at the intersection of luxury hospitality and electronic music culture. Pacha’s current residencies – including Solomun’s famed “+1” parties and Marco Carola’s Music On – remained intact, whilst FIVE planned upgrades to lighting systems, production elements, expanded VIP areas and NFT wristbands for attendance tracking.
The financials justified the price. According to Music Business Worldwide’s September 2025 reporting, Pacha Group revenue in H1 2025 reached €43.2 million, up 14 per cent from €37.8 million in 2024. EBITDA climbed 26 per cent to €13.1 million. Pacha Ibiza hosted 64 events in Q2 2025, attracting 222,018 guests – 25 per cent higher year-on-year. Destino Five Ibiza recorded 84 per cent occupancy with average daily rates of €533.
The acquisition extended FIVE’s portfolio beyond Dubai (FIVE Palm Jumeirah, FIVE Jumeirah Village, FIVE LUXE) and Switzerland (FIVE Zurich) into Europe’s electronic music capital. It also positioned the brand for potential London or New York IPO listings – Reuters reported in June 2025 that London could be favoured given British nationals represent a majority of Ibiza clients.
Sustainability Credentials That Defied Luxury Conventions
Whilst building party-focused properties, Mulchandani simultaneously positioned FIVE as a sustainability leader. According to company disclosures verified across multiple sources, FIVE’s Dubai hotels operate on 100 per cent solar power, whilst FIVE Zurich runs on 100 per cent wind power. All Dubai and Zurich properties hold LEED Platinum certification – the highest green building standard.
ISS Corporate Solutions awarded FIVE an ‘A’ ESG rating, which the company describes as the world’s highest across all sectors. In July 2025, Pacha Hotel received LEED Platinum certification, becoming Ibiza’s first hotel to achieve this distinction. According to Arabian Business’ October 2025 reporting, Destino Five Ibiza implemented water conservation measures reducing usage by 24 per cent during summer 2024, addressing the island’s chronic water scarcity.
The $350 million green bond – used to acquire Pacha Group – secured High Yield Debt Deal of the Year at the 2024 Bonds, Loans and Sukuk Middle East Awards. According to Entrepreneur Middle East’s March 2025 profile, the deal enabled FIVE to acquire Ibiza assets whilst committing to Net Zero 2050 goals through LEED Gold or Higher renovations and 100 per cent renewable power integration.
The sustainability positioning distinguishes FIVE in luxury hospitality. According to Business Outreach India, a five-night stay at FIVE Palm Jumeirah creates a carbon footprint equivalent to just one night at a typical UAE luxury resort. The hotel earned Forbes Travel Guide’s Responsible Hospitality badge and Dubai Tourism’s Sustainable Tourism Stamp ‘Gold’.
Industry Recognition And People-First Culture
Forbes Middle East ranked Mulchandani number 16 in its Top 100 Travel and Tourism Leaders 2025 (number 11 in 2024) and number 20 in Forbes Middle East’s Richest Billionaires List 2024. Additional rankings include number 2 on Arabian Business Indian Aces 2025 in the Change Makers category, number 14 on Arabian Business Dubai 100 List 2025, and number 10 in Construction Week’s Power 150 Top Developers in the Middle East List 2024.
He received Diario de Ibiza’s Business Career Award 2024, recognising The Pacha Group’s cultural and economic contribution to the island. Sustainability-focused nominations included The World Sustainability Awards 2024 (Sustainability Leader of the Year), Reuters Events Sustainability Awards 2024 (Sustainability Trailblazer Award), and edie Awards 2024 (Sustainable Leader of the Year).
FIVE Holdings ranked number 13 on Best Workplaces in the UAE Large Category 2025. According to Entrepreneur Middle East’s December 2024 coverage, the company stood number 6 for Happiest Employees in the Region in 2021, ahead of Coca-Cola and Deloitte. Mulchandani describes the culture as “based on hiring people who love people. Where we constantly ask the question, ‘What do we, as consumers, want to feel’. Because once you are providing value, there is money to be made. Guests will keep coming back.”
In 2024, Mulchandani announced a Long-Term Incentive Programme featuring share-based awards for employees at all levels – from front-line staff to leadership. The initiative suggests that when FIVE eventually lists publicly, employee stock options could create approximately 50 new millionaires in Dubai, according to LinkedIn posts from FIVE Holdings.
The Expansion Blueprint And $460 Million Facility
In September 2025, FIVE Holdings secured a $460 million revolving credit facility from Commercial Bank of Dubai, Arab African International Bank and Santander. According to Arabian Business’ October 2025 coverage, the facility enables prepayment of the $350 million green bond three years ahead of schedule whilst retaining over $300 million for expansion.
The company plans to deploy $500 million over two years for growth in Dubai, Ibiza, the US and Asia. With over 1,700 keys, 3,060 employees and assets exceeding $2.9 billion, FIVE Holdings targets markets where entertainment-driven hospitality intersects with electronic music culture.
Mulchandani told Arabian Business in September 2025 that banking support “unwaveringly affirms their trust in FIVE Holdings’ vision and financial resilience. Our banking partners, who aligned with our vision as early adopters, have been instrumental in powering FIVE’s growth.”
The IPO timeline remains fluid. Mulchandani has discussed public listing plans since 2023, initially targeting 2025 for Dubai with potential secondary listings in London or New York. As of this writing, no formal filing has been announced. Reuters’ June 2025 reporting suggested London could be favoured given British client concentration at Ibiza properties.
What’s Next..
The test ahead is whether FIVE’s entertainment-hospitality model scales beyond current markets whilst maintaining the formula that generated 86.55 per cent occupancy and near-40 per cent EBITDA margins. US and Asian expansion will require adapting the party-focused positioning to different regulatory environments and cultural contexts.
The Pacha acquisition provides a blueprint. According to Music Business Worldwide, FIVE identified “early on the transformative power of experiential hospitality – where live gastronomy and high-energy entertainment driven by electronic music converge.” The question is whether that convergence works in markets without Ibiza’s unique nightlife culture or Dubai’s luxury hospitality infrastructure.
Mulchandani’s track record suggests conventional boundaries don’t constrain him. The entrepreneur who launched a party jet when private aviation focused on corporate shuttles, who acquired Ibiza’s nightlife crown jewels whilst preaching sustainability, who built 100 per cent renewable-powered luxury hotels when the industry prioritised opulence over environmental credentials – this is someone who sees opportunities others miss.
From electronics distribution in Mumbai to Forbes’ billionaire list via Dubai’s property market, Mulchandani has demonstrated an ability to identify market gaps and execute bold strategies. With $500 million earmarked for expansion and banking partners backing the vision, FIVE Holdings’ next chapter targets markets where entertainment-driven hospitality can replicate the Dubai and Ibiza success formula.
The infrastructure is in place. The financial performance validates the model. The global expansion begins now for Mulchandani, the entrepreneur who turned hotel pools into party destinations and private jets into flying nightclubs.
