Dubai, October 05, 2023: Nasdaq Dubai has marked the debut listing of a USD 350 million Green Bond by FIVE Holdings, a prominent luxury hospitality and development company based in Dubai. This listing represents FIVE's first appearance on the regional international financial exchange. Nasdaq Dubai continues to expand its ecosystem, with FIVE Holdings' Green Bond listing contributing to its growing total value of ESG classified bonds and sukuk listings, reaching USD 26.7 billion. This listing reinforces FIVE's commitment to sustainable finance and its leadership in Environmental, Social, and Governance (ESG) practices.
The Green Bond, featuring a coupon rate of 9.375% and a maturity set for 2028, underscores FIVE's dedication to sustainable finance. Nasdaq Dubai, a key financial platform in the UAE, plays a significant role in attracting listings aligned with ESG values.To commemorate this milestone, 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 joined by other senior leaders from the FIVE group to mark the company’s first issuance on the region’s international financial exchange, solidifying the group’s achievements.
Kabir Mulchandani, Chairman and Founder, FIVE said: “We delivered an unprecedented year of success in 2022, driven by the acceleration of our growth strategies which achieved a robust EBITDA margin (42%) and secured world-class sustainability milestones (‘A’ rating for ESG by ISS). 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 the listing of Five Holdings 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 positive remarks. FIVE's Dubai hotels are the first in the UAE to receive International Renewable Energy Certificates (I-REC), ensuring 100% renewable electricity and aligning with the UAE's 'Year of Sustainability.' FIVE's governance practices, evaluated as part of its world-leading ESG rating, achieved high marks.
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