- FIVE Holdings, known for its luxury hotels in Dubai and Switzerland renowned for their vibrant atmosphere, is contemplating the possibility of conducting an IPO on the local stock exchange in approximately two years. Chairman and Founder Kabir Mulchandani shared with Bloomberg TV on Wednesday, "Our ultimate objective is to proceed with an IPO." He further clarified, "This year is not an option; we are considering it in 2025."
- As a brand that originates from Dubai, the company aims to pursue a primary listing in the emirate, as stated by Mulchandani. He remarked, "We may also consider London, but given the rapid growth of Dubai's capital markets, it is increasingly likely that we will opt for a listing in Dubai." This intention aligns with the trend of numerous private companies showing interest in listing in the UAE, which has experienced a surge in IPO activity since late 2021, partly due to higher oil prices and the government's privatization efforts.
Why it matters
Notable private companies, such as Advanced Inhalation Rituals, the owner of the shisha brand Al Fakher, and Dubizzle Group, the operator of popular classifieds websites for expatriates, have also expressed their plans to go public in the UAE, as reported by Bloomberg News.
