EXPERIENCE. IMAGINATION. RESPONSIBILITY.

Leadership is about setting the bar high and leading by example. FIVE Holdings upholds the highest ethical standards, cultivates a diverse, inclusive workforce, embraces industry-leading technology, champions exceptional safety and quality, and drives relentless, customer-first innovation.

Our Team

KABIR MULCHANDANI

Chairman and Chief Executive, FIVE Holdings

KabirMulchandani

Kabir Mulchandani didn't set out to build a hotel company. He set out to build something the world hadn't seen before: a vertically integrated, industry-disrupting commercial-cultural universe where hospitality, entertainment, real estate and sustainability don't coexist, they amplify each other. From a single plot of land in Dubai, he engineered a one-of-a-kind movement, an operating model as precise as it is visceral, where music and nightlife drive hospitality demand, hospitality monetises real estate, and real estate anchors a brand that now spans four of the world's most coveted destinations. To date, FIVE has welcomed 14.3 million F&B guests and 5.8 million hotel guests from 179 nationalities since 2017, generated AED 13 billion in assets, and employs over 3,000 people across Dubai, Zurich, Ibiza and New York. What makes that scale remarkable isn't just the ambition behind it, it's that it was built simultaneously with a sustainability programme that has set new global benchmarks: an ISS 'A' ESG rating, more LEED Platinum hospitality keys than the entire United States, and a hospitality portfolio that runs on 100% green power. For Mulchandani, indulgence and responsibility have always been part of the same narrative. This is what a defining entrepreneur looks like.

Culture As The Commercial Engine

The philosophy is deliberately engineered. Entertainment drives hospitality demand, hospitality monetises real estate, and real estate anchors the brand, all reinforced by a culture of extraordinary ownership. In 2025, FIVE’s Dubai properties outperformed a citywide average occupancy of 80.7%: FIVE Jumeirah Village at 90.5%, FIVE Palm Jumeirah at 89.8%, and FIVE LUXE JBR at 86.7% in its first full year. RevPAR told an even sharper story. Against the city average of AED 467, FIVE LUXE JBR and FIVE Palm Jumeirah reached AED 1,391 and AED 1,356 respectively, some 198% above the city average.

Financial Performance

FIVE reported consolidated revenue of AED 2.2 billion for FY 2025, a 3% year-on-year increase, with consolidated EBITDA of AED 649 million. Hospitality was the primary growth engine, with revenue rising 20% to AED 1.98 billion and EBITDA up 16% to AED 703 million. The Pacha Group delivered EUR 132 million revenue (up 18% YoY) and EUR 41 million EBITDA. Year-end liquidity stood at AED 1,075 million following the Group’s successful RCF refinancing. With the landmark opening of Pacha New York in June 2026, Casa Pacha Residences in Ibiza valued at EUR 70 million, and Lunaya, a joint venture with Zaya that has already achieved AED 2.7 billion in sales, underway in Dubai, momentum continues to build.

Sustainability As Strategy

For Mulchandani, ESG is a competitive edge, not a cost centre. FIVE holds the world’s first ESG ‘A’ rating from ISS, ahead of Marriott, Hilton and Hyatt. Its Dubai properties hold more LEED Platinum hotel keys than the entire United States, and across Dubai, Zurich and Ibiza, every operational FIVE and Pacha property runs on 100% renewable power. Carbon footprints are up to 4x lower than the average Dubai five-star resort, and water footprints between 160% and 280% lower per Cornell Hotel Sustainability Benchmarking (CHSB) 2024. Since FIVE’s acquisition of The Pacha Group in 2023, the Ibiza portfolio has achieved a 34% reduction in carbon footprint and a 25% reduction in water use at Destino Five Ibiza.

A Changemaker Beyond the Business

A firm believer that the measure of a leader isn’t only what they build, but what they give back, Mulchandani has never been content to define success purely by numbers. His philosophy of community-led capitalism holds that a business which generates extraordinary returns has an extraordinary responsibility – to the people who built it, to the communities that surround it, and to the world that hosts it. To date, almost USD 3 million has been pledged through FIVE and The Pacha Foundation, with more than 35 charities supported across the two entities.

Awards and Recognition

Mulchandani’s influence registers across every power list that matters. In 2026, he ranked #23 on Forbes Middle East’s Most Impactful Real Estate Leaders, and in 2025 featured at #16 on Forbes Middle East’s Top 100 Travel and Tourism Leaders and #8 on its Sustainability Leaders list. Arabian Business placed him at #2 in the Indian Aces Change Makers category and #14 on the Dubai 100 in 2025, recognition echoed by Gulf Business, Entrepreneur Middle East and Construction Week, who have consistently named him one of the region’s most consequential business figures. Beyond the rankings, his individual honours speak to the breadth of his impact: Visionary Leader of the Year at the Sustainability Innovation Awards 2025 and the Diario de Ibiza Business Career Award 2024 in recognition of The Pacha Group’s cultural and economic contribution to the island. He has also been shortlisted for some of the world’s most prestigious environmental honours, including the Reuters Events Sustainability Trailblazer Award and the edie Awards’ Sustainable Leader of the Year.

NADIA ZAAL

Non-Executive and Non-Independent Director, FIVE Holdings; Founder and CEO, Zaya Group

NadiaZaal

A pioneering Emirati entrepreneur whose career spans visionary real estate development, sustainability leadership, and luxury hospitality, Nadia Zaal serves as Non-Executive and Non-Independent Director at FIVE. She plays a pivotal role in defining the company's purpose, values, and strategy, shaping FIVE's overall direction alongside the Board of Directors. Zaal ensures the company's culture adheres to the fundamental principles of the FIVE ethos: equality, inclusion, diversity, and sustainability without compromise on luxury living. Regarded as one of the most dynamic and progressive business minds in the Middle East, Nadia is the co-founder of Zaya Group, a boutique developer specialising in high-end real estate and hospitality. Her hallmark approach, weaving sustainability into the fabric of luxury, has redefined what is possible in the region's built environment.

Lunaya: Reimagining Luxury Residential

Zaal’s groundbreaking approach and passion for crafting communities that harmonise nature with modern living comes to life in Lunaya, her latest project. A landmark joint venture between Zaya and FIVE, Lunaya reimagines luxury residential for a community that will provide the blueprint for next-generation living in Dubai. Strategically located in Jebel Ali, Lunaya comprises 564 luxury villas and is the first villa community to be developed along Sheikh Zayed Road since Emirates Hills in 2006. Every element of Lunaya, from the strategic location at the heart of Dubai’s dynamic new growth corridor, to the 900,000-square-foot swimmable lagoon the community is arranged around, to the 65% commitment to green space, is carefully considered to create a community that connects residents to nature, while enhancing their everyday lives.

Residential offerings range from four-bedroom townhouses to expansive five-bedroom standalone villas, complemented by a curated amenity ecosystem: farm-to-table dining, a biohacking suite, lagoon cinema, 4.5km running and cycling trail, and a central clubhouse with co-working spaces. Construction commenced in April 2026, with phased completion expected from Q1 2029.

Positioned minutes from Al Maktoum International Airport, Palm Jebel Ali, and the Jebel Ali Beach Development, Lunaya anchors Dubai’s most dynamic new growth corridor. Residential offerings range from four-bedroom townhouses to expansive five-bedroom standalone villas, complemented by a curated amenity ecosystem: farm-to-table dining, a biohacking suite, lagoon cinema, 4.5km running and cycling trail, and a central clubhouse with co-working spaces.

Resort Living With Connection At Its Core

As founder and CEO of Zaya Group, Nadia Zaal hasn’t just built places, she’s brought them to life. Her transformational approach was pivotal in the development of Zaya Nurai Island in Abu Dhabi, a private island sanctuary where the region’s first floating solar plant generates 30% of the island’s power, electric buggies drift silently between palms, and a ‘green carpet’ philosophy keeps concrete out of sight and nature firmly in frame. A discovery rather than development, Zaal successfully created a place that felt deliberately unspoiled.

That same spirit of harmony between people, earth, and the extraordinary shapes Zaya’s latest vision. ZUHHA Island, drawn from the Arabic word for morning light, arrives as a new kind of private island experience, one that draws you deeper into a version of Dubai few capture as Zaal does. Just 12 minutes from Jumeirah, 2.5 million square feet of pristine beachfront unfolds around 29 limited-edition residences and a serene boutique retreat. Every detail is thoughtfully crafted not just to look luxurious, but to feel alive, harmonising natural beauty with uncompromising refinement.

An Award-Winning Real Estate Powerhouse

Zaal’s work has earned recognition across business, leadership, and hospitality circles. She is a recipient of the Women in Leadership Achievement Award in Dubai and the Arab Woman Award for Business. She has been named among Forbes Middle East’s Most Impactful Real Estate Leaders in the Middle East 2026, Arabian Business’s Most Influential Women in the Middle East, and features in Forbes Middle East’s Top 100 Most Powerful Women in the Middle East.

ALOKI BATRA

CEO, FIVE Hospitality and The Pacha Group

AlokiBatra

Some leaders run companies. Aloki Batra runs a movement. As Chief Executive Officer of FIVE Hospitality and The Pacha Group, he has taken a category, dismantled its assumptions, and rebuilt it entirely around the guests’ desire to feel something. Not just comfortable. Not just well-served. Fully, unapologetically alive. Since stepping into the role in 2017, Batra has transformed FIVE from a single Dubai hotel into a global lifestyle powerhouse spanning Dubai, Zurich, Ibiza and as of summer 2026, New York. His disruptive ethos is the engine: entertainment is not an amenity, culture is not a backdrop, and community is not a marketing strategy. Every vertical feeds every other. Music drives footfall. Footfall drives F&B. F&B drives loyalty. And loyalty, at FIVE, drives occupancy figures that leave the competition behind.

The Numbers Behind the Movement

In 2025, FIVE’s Dubai properties outperformed a citywide average occupancy of 80.7% at every turn: FIVE Jumeirah Village at 90.5%, FIVE Palm Jumeirah at 89.8%, and FIVE LUXE JBR at 86.7% in its first full year. RevPAR tells an even sharper story. Against the city average of AED 467, FIVE LUXE JBR and FIVE Palm Jumeirah reached AED 1,391 and AED 1,356 respectively.

Batra’s passion for cultivating industry-defining concepts has seen FIVE create a wealth of smash hit dining venues, nightlife experiences and events. Pacha ICONS, Batra’s proprietary residency series bringing Ibiza’s legendary music culture to Dubai and Ibiza, generated AED 50 million across 14 Dubai events and €10.1 million across 12 Ibiza events in 2025 alone, earning acclaim from Rolling Stone as a ‘bold new chapter in global nightlife culture.’ The Penthouse Dubai has been ranked the #1 Nightclub in the Middle East by DJ Mag for three consecutive years, Ronin earned MICHELIN Dubai Guide’s Opening of the Year in 2025, and Cinque is recognised with One Toque by Gault&Millau UAE in the 2026 guide.

Exceptional Financial Performance

Vision is one thing, but the balance sheet is where it gets proven. And in 2025, FIVE’s did the talking.

FIVE reported consolidated revenue of AED 2.2 billion for FY 2025 (up 3% YoY) and consolidated EBITDA of AED 649 million. Hospitality revenue rose 20% to AED 1.98 billion, with EBITDA up 16% to AED 703 million. FIVE LUXE JBR delivered AED 377 million revenue and AED 133 million EBITDA in its first full year. The Pacha Group, acquired for EUR 302.5 million in 2023, generated EUR 132 million revenue (up 18% YoY) and EUR 41 million EBITDA in FY 2025, with the 2025 Pacha Ibiza season selling 484,000 tickets, up 27% year-on-year.

The Group’s USD 460 million RCF refinancing, resulting in year-end liquidity of AED 1,075 million in 2025. This financial strength is designed to enable FIVE to continue expanding its portfolio worldwide, with the Pacha New York opening in summer 2026 the first major move of that global play.

Leadership and Recognition

Batra’s people-first culture is as deliberately engineered as the guest experiences he is celebrated for. FIVE holds Great Place to Work certification across the GCC, UAE, Asia, ranking #1 in Best Workplaces in Hospitality – Middle East 2026 and #4 in Best Workplaces in UAE 2026 – Large Organizations 2026. Group retention sat at a healthy 80% in 2025, with 330 promotions recorded across the business.

His own recognition spans the industry’s most authoritative lists: Forbes Middle East Top 100 CEOs 2025, Gulf Business Top 30 Most Influential CEOs in MENA, Arabian Business Indian Aces Change Makers 2025, and Billboard’s Dance Power Players List 2026, one of the only hotel CEOs globally to be recognised by the music industry’s leading publication.

Nabil Akiki

Chief Development Officer, FIVE Holdings

NabilAkiki

Nabil Akiki is the development force that turns FIVE's most ambitious architectural visions into award-winning, commercially dominant destinations. A founding member of FIVE Holdings, he has led every project the Group has executed since 2012, building a reputation as one of the industry's most execution-focused development leaders. His academic credentials are as exacting as his build standards: a first-class architecture degree from INBA Beirut, followed by a Master's at the École Spéciale d'Architecture in Paris, where he graduated Major de Promotion on scholarship. That precision and design intelligence have defined his leadership ever since. Akiki's philosophy is straightforward and commercially radical: every square metre should drive guest engagement, operational efficiency and long-term value. The result is a portfolio of assets that don't just impress visually, they dominate commercially. From cascading amphitheatre terraces in Dubai to a heritage-respecting European expansion in Zurich, to the cultural transformation of Ibiza's most iconic properties, Akiki's developments are consistently high-performing lifestyle assets in their respective markets.

Architecture Engineered for Performance

At FIVE Palm Jumeirah, cascading amphitheatre geometry connected every guest to the pool deck energy that became a signature FIVE experience. At FIVE Jumeirah Village, his globally patented corkscrew tower design, registered in 168 countries, created 501 Villas in the Sky with private terraces and pools. By 2024, the property had become the most-reviewed hotel in the world on Booking.com with over 32,000 reviews. FIVE LUXE JBR (2024) is the fullest expression of his philosophy: a fully integrated lifestyle ecosystem achieving a world-leading 89-point LEED v4 BD+C score and AED 377 million in first-year revenue. In Ibiza, Akiki led the transformation of Destino Pacha Hotel to five-star status as Destino Five Ibiza, and is now driving Casa Pacha Residences, a residential masterpiece of 19 extraordinary private homes extending the Pacha brand into luxury real estate for the first time.

Financial Performance

The assets Akiki delivers are the commercial engine of FIVE. In FY 2025, the Group reported consolidated revenue of AED 2.2 billion (up 3% YoY) and consolidated EBITDA of AED 649 million. Hospitality revenue rose 20% to AED 1.98 billion, with EBITDA up 16% to AED 703 million. In Spain, The Pacha Group contributed EUR 132 million revenue, up 18% YoY.

Awards and Recognition

Few development leaders carry a track record that spans both critical acclaim and commercial dominance with the consistency Akiki has built. In 2025, Design Middle East placed him at #13 on its Creative Power List, recognition of a leader who is actively defining the future of the region’s built environment, not simply contributing to it. His globally patented corkscrew design for FIVE Jumeirah Village earned the MIPIM Future Project Award in 2016 and the CTBUH Best Tall Building Award in 2021, honours that acknowledged the architectural innovation behind one of Dubai’s most commercially successful hospitality assets. More recently, FIVE LUXE JBR, Akiki’s most complete expression of design-led development, has swept the awards circuit: Arabian Property Awards Leisure Development Dubai Winner 2025, MEED Hotel Project of the Year UAE 2025, and a place on Fast Company Middle East’s Most Innovative Companies list in the Sustainability and Clean Tech category. Akiki’s profile is regularly sought by the industry’s most authoritative publications, including Forbes Middle East, Arabian Business, Construction Week Middle East and Design Middle East, as a voice shaping the next chapter of lifestyle-led real estate.

Jaydeep Anand

Co-Founder, Chief Development Officer and Chief Sustainability Officer, FIVE Holdings

JaydeepAnand

Jaydeep Anand brings to FIVE a fundamental belief that sustainability and commercial performance are not in tension, they are - when pursued with discipline and creativity - the same ambition. As Co-Founder, Chief Development Officer and Chief Sustainability Officer, Anand has been the architect behind one of the most advanced integrations of ESG, operational excellence and financial performance in global hospitality. Holding an MBA from Cornell University's Johnson School of Management and a degree in Computer Engineering from the University of Pune, his dual fluency in technical precision and Ivy League business leadership allows him to translate complex ESG ambition into executable systems that deliver real financial outcomes. Under his stewardship, FIVE became the world's first hospitality group to secure an 'A' ESG rating from ISS and the first non-government partner in the UAE endorsed by the UN SDGs Community. But what separates Anand's model from conventional sustainability leadership is that none of these achievements exist in isolation from the P&L. Carbon reduction drives cost efficiency. Green certification lowers financing costs. A culture of sustainability, embedded across 3,000+ colleagues through FIVE's company-wide 3R Programme - an initiative that invites colleagues across all departments and properties to submit ideas for improving sustainability and operational efficiency, compounding into operational savings and guest loyalty that underpin the Group's exceptional financial results.

Setting Global Benchmarks

FIVE is the world’s first hospitality group to secure an ‘A’ ESG rating from ISS ESG, surpassing Hyatt, Accor, Marriott and Hilton. Under Anand’s leadership, FIVE became the first and only 100% LEED Platinum hotel group operating across Dubai and Zurich. FIVE LUXE JBR holds the world’s highest LEED v4 BD+C score for any five-star hotel at 89 points. In 2025, Pacha Ibiza became the world’s only LEED Platinum-certified nightclub, and Destino Five Ibiza achieved LEED Platinum certification in March 2026. Anand secured the UAE’s only DEWA agreement for 100% solar power in hospitality, and since 2024, FIVE’s entire global portfolio has operated on 100% green electricity.

Sustainability With Commercial Impact

The results are measurable: a 69% reduction in carbon intensity, 32% reduction in water use per capita, and 52% reduction in waste per capita since 2020 in 2025. FIVE Palm Jumeirah and FIVE Jumeirah Village also earned the highest DST Gold Stamp from Dubai’s Department of Economy and Tourism, with FIVE LUXE recognised in the Bronze Tier.

Financial Performance

FIVE reported consolidated revenue of AED 2.2 billion for FY 2025 (up 3% YoY), with consolidated EBITDA of AED 649 million. Hospitality revenue rose 20% to AED 1.98 billion and EBITDA grew 16% to AED 703 million. The Pacha Group contributed EUR 132 million in revenue (up 18% YoY) and EUR 41 million EBITDA. As Group CFO from 2020 to 2024, Anand led the over-subscribed USD 350 million Green Bond listed on Nasdaq Dubai, establishing the financial foundation that today supports AED 1,075 million in year-end liquidity and a capital structure built for global expansion.

Awards and Recognition

Anand’s influence has been consistently recognised by the industry bodies and publications that shape the region’s hospitality conversation. He has featured on Hotelier Middle East’s Executive Power List every year from 2022 to 2025, a four-year consecutive presence that reflects sustained leadership rather than a single moment in the spotlight. In 2025, Khaleej Times named him one of the UAE’s Most Influential Sustainability Leaders, and Forbes Magazine profiled his pioneering eco-tech approach as a model for unlocking competitive advantage in luxury hospitality. The recognition extends to the business he has helped build: FIVE Holdings was named Hospitality Company of the Year at the Gulf Business Awards 2025 and ranked #29 on Construction Week Middle East’s Top 100 GCC Developers 2025. Most recently, in 2026, both FIVE LUXE JBR and FIVE Palm Jumeirah received the Forbes Travel Guide Responsible Hospitality Badge, a distinction that reflects the real-world operational excellence that underpins every benchmark Anand sets.

KALLOL KUNDU

Chief Financial Officer, FIVE Holdings

Kallol Kundu

Kallol Kundu leads the financial engine that powers FIVE Holdings' global ambition. A CFO who understands that in a business built on pace and creativity, the finance function cannot afford to lag behind, he joined FIVE in October 2024. He brought with him decades of cross-sector experience across hospitality, energy, consumer goods, EPC and real estate, alongside an MBA in Finance, an LLB from the University of London, and a PhD in AI currently in progress. That combination of legal depth, financial rigour and a digital-first mindset gives him a rare capacity to navigate a Group that operates simultaneously in hospitality, entertainment, nightlife, lifestyle and development. His remit spans the full spectrum of FIVE Holdings' global operations across Dubai, Zurich, Ibiza and New York. His mandate is to ensure that creativity does not outpace control, that innovation is always paired with discipline, and that the financial architecture of the Group matches the scale of its ambition.

A Financial Function Built For Global Growth

Under Kundu’s leadership, FIVE’s finance function has shifted from retrospective accounting to real-time intelligence. Automation, predictive forecasting and system-led governance have embedded cost discipline and revenue protection at an operational level. In bars and F&B, AI-driven cameras reconcile drinks served against POS systems in real time, reducing leakage to near zero and delivering measurable EBITDA uplift. Across finance, procurement and IT, the depth of digitisation has enabled the Group to absorb departures without backfilling, generating structural savings that reflect in efficiency embedded into process, not headcount.

Financial Performance

A landmark capital milestone was achieved with the early repayment of FIVE’s USD 350 million Green Bond, enabled by a new USD 460 million Revolving Credit Facility with Commercial Bank of Dubai, AAIB and Santander. The RCF reduced the coupon rate to materially below the previous 9.375% on the Green Bond, and replaced a fixed obligation with structural flexibility, giving FIVE the liquidity agility to move decisively on opportunities, including the February 2026 agreement to assume management of Brooklyn Mirage and The Great Hall as Pacha New York. Year-end liquidity: AED 1,075 million.

Awards and Recognition

Kundu’s profile in the industry is building with the same momentum as FIVE’s balance sheet. Featured in CEO Middle East as ‘The Strategist’, a profile that captured both the intellectual rigour and the commercial pragmatism that define his approach, he is increasingly recognised as one of the region’s most forward-thinking financial leaders. His ongoing PhD in AI is not an academic credential for its own sake; it is an active dimension of his leadership, informing FIVE’s pioneering approach to AI-driven financial governance and real-time decision-making architecture. That combination of deep financial expertise and technology-led vision is positioning Kundu as a defining voice in the future of CFO leadership in global hospitality.