Dubai-based luxury lifestyle group FIVE Holdings has secured a $460m revolving credit facility (RCF) to accelerate its global expansion and repay debt ahead of schedule.

The new facility — arranged with Commercial Bank of Dubai, AAIB, and Santander— will allow FIVE to pre-pay its $350m green bond three years before maturity. Following repayment, the group will retain more than $300m in available cash to fuel future investments and move on new opportunities across its portfolio.

Kabir Mulchandani, chairman and CEO of FIVE Holdings, said: “The support of leading global banks for this facility unwaveringly affirms their trust in FIVE Holdings’ vision and financial resilience.”

He added: “Our banking partners, who aligned with our vision as early adopters, have been instrumental in powering FIVE’s growth. At FIVE, we identified early on the transformative power of experiential hospitality — where live gastronomy and high-energy entertainment driven by electronic music converge. This isn’t just a trend; it’s the future of global tourism.”

Expansion plans and financial performance

FIVE plans to invest $500m over the next two years to grow its portfolio in Dubai and Ibiza while entering new markets in the United States and Asia.

The group posted consistent financial growth over the past two years, with revenue rising 28 per cent to $589m in FY 2024 from $462m in FY 2023. EBITDA climbed 17 per cent to $208m over the same period.

For the first half of 2025, revenues increased 21 per cent year-on-year to $298m, while EBITDA rose 24 per cent to $105m.

Strong performance in Dubai and Ibiza

In H1 2025, FIVE’s Dubai hotels generated $177m in revenue, up 24 per cent year-on-year, with EBITDA growing 25 per cent to $73m. Occupancy stood at 85 per cent with a RevPAR of $310 and an average room rate of $363.

F&B revenue reached $36.4m (18 per cent year-on-year growth), while social events brought in $45.3m (12 per cent year-on-year growth). Live events, a new revenue stream, generated $10.6m.

In Ibiza, the Pacha Group, which FIVE acquired in 2023 for €302.5m, reported a 14 per cent rise in revenue to €43.2m in H1 2025. EBITDA surged 26 per cent to €13.1m.

Pacha Nightclub hosted 64 events in Q2, welcoming 222,018 guests — a 25 per cent increase from last year. Destino Five Ibiza achieved an average daily rate of €533 with 84 per cent occupancy, while Pacha Hotel recorded 87 per cent occupancy and a RevPAR of €223, up 76 per cent year-on-year.

Sustainability leadership

FIVE Holdings’ portfolio, valued at over Dhs12bn, includes green-certified properties in Dubai, Zurich and Ibiza. The group’s UAE hotels are powered entirely by renewable electricity and have earned Dubai Sustainable Tourism’s Gold Tier stamp for their contributions to the emirate’s net zero and D33 economic strategy goals.

In Ibiza, Pacha Hotel has been certified as the island’s first and only LEED Platinum hotel. Destino Five Ibiza operates on green power and has reduced water usage by 40 per cent through recycling and conservation initiatives.

Mulchandani said FIVE’s strategy since 2018 has been to lead the evolution of experiential tourism:

“Our positioning today is no accident — it is the result of a bold, forward-thinking strategy conceptualised and executed since 2018.”

Oil prices edged down on Thursday, retreating from the previous session’s seven-week high, as some investors took profits after US stocks closed lower and in anticipation of slower winter demand as well as the return of Kurdish supplies.

Brent futures were down 49 cents, or 0.7 per cent, to $68.82 a barrel at 0825 GMT, while US West Texas Intermediate futures were down 54 cents, or 0.8 per cent, to $64.45 a barrel.

Read more-UAE fuel prices: What will motorists pay in September?

Both benchmarks gained 2.5 per cent on Wednesday to reach their highest since August 1, driven by a surprise drop in US weekly crude inventories and concerns that Ukraine’s attacks on Russia’s energy infrastructure could disrupt supplies.

“We have a generally risk-off market,” said Giovanni Staunovo, commodity analyst at UBS. Two consecutive down days for US stocks are putting pressure on oil prices, he added.

Bearish expectations on supply fundamentals, with more oil expected soon from Iraq and Kurdistan, weighed further.

“The return of Kurdish supplies adds back fears of an oversupply narrative, propelling a pullback in prices that hover near a seven-week high,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.

Oil flows from Iraqi Kurdistan were expected to restart in days after eight oil firms struck a deal on Wednesday with Iraq’s federal and Kurdish regional governments to resume exports.

While some market concerns remain on Russian supply disruptions, Haitong Securities said in a report that another factor behind oil’s resilience was the lack of significant downward pressure from supply–demand fundamentals in recent weeks.

As the peak demand season gradually ends, prices have yet to reflect expectations of mounting oversupply pressures, it added.

Underscoring investor cautiousness on demand, J.P. Morgan analysts said on Wednesday that US air passenger throughput for September indicated only a modest annual increase of 0.2 per cent, a slowdown from growth of 1 per cent in each of the two prior months.

“Likewise, US gasoline demand has started to pull back, mirroring the broader moderation in travel trends,” the analysts said in a report.

Emaar, the developer behind some of Dubai’s most prominent destinations, unveiled Dubai Mansions, its most exclusive residential project to date, aimed at ultra-high-net-worth buyers.

Located adjacent to Dubai Hills Estate, Dubai Mansions will comprise a limited collection of ultra-luxury homes, each measuring 10,000, 15,000 or 20,000 square feet.

The company said the new community is designed to embody space, elegance and prestige, with architecture and design inspired by international benchmarks.

“There’s a kind of luxury that isn’t loud,” Mohamed Alabbar, founder of Emaar, said. “It doesn’t need validation or volume. It comes from authenticity, from knowing that what you’re creating is for people who understand value beyond price. That’s what this community represents.”

Emaar’s Dubai Mansions envisioned as a ‘global address’

The developer described the project as a “masterpiece” in scale, craftsmanship and experience, with expansive plots, façades, world-class interiors and immersive landscaping.

The enclave will sit within reach of Dubai Hills Estate’s wider lifestyle ecosystem, including a golf course, healthcare, schools and Dubai Hills Mall, while offering the privacy of a gated community.

The company said Dubai Mansions is envisioned as a global address with design detail reminiscent of haute couture, translated into architecture, light, space and proportion.

While full details have not yet been disclosed, the developer said the project has already drawn interest among those tracking Dubai’s luxury property market.

Emaar Development has delivered 76,000 residential units since 2002 and has more than 43,500 units under development. The company reported a sales backlog of over Dhs100bn.

Space42, the UAE-based AI-powered space technology company, said it is developing the country’s first sovereign mobility cloud, enabled by Core42’s Sovereign Public Cloud leveraging Microsoft Azure.

The project, announced at the Dubai World Congress, will provide a sovereign-enabled platform dedicated to smart mobility and autonomous systems, hosting services such as HD mapping, telematics, fleet operations, traffic management and digital twins.

Dr Fan Zhu, senior vice president of autonomous mobility at Space42, said: “The UAE has always led in technological innovation, and autonomous mobility is no exception. By building the nation’s first Sovereign Mobility Cloud with Core42 and Microsoft, we are setting a global standard for secure, trusted platforms in mobility and autonomous systems.”

Sherif Tawfik, chief partnership officer – AI & Cloud for Sovereignty at Microsoft, added: “Microsoft Azure delivers the secure, trusted foundation that empowers the UAE’s Sovereign Mobility Cloud. In partnership with G42 we have successfully combined world-class data residency, compliance, and confidential compute capabilities with Insight’s sovereign controls platform to ensure mobility and autonomous systems in the UAE are built on a platform that meets the highest standards for security and trust. This partnership sets a new benchmark for data sovereignty in the region.”

The Sovereign Mobility Cloud is designed to provide trusted infrastructure for mobility data and autonomous systems, enable secure data-sharing across government, industry and research stakeholders, and support intelligent transport initiatives.

Next steps include establishing reference deployments, regulatory sandboxes and test hubs in collaboration with UAE transport authorities, while engaging automotive, technology and academic partners to scale adoption.

Space42 to lead application deployment

Space42 will lead application deployment, regulatory engagement and adoption through pilots, demonstrations and rollouts. Microsoft and Core42 will provide the sovereign-enabled cloud foundation, AI platforms, and data governance frameworks to ensure regulatory compliance and data residency. Microsoft will also offer training, expertise and co-investment to support ecosystem growth.

The initiative builds on prior collaborations. In July 2025, Space42, Microsoft and Esri launched the Map Africa Initiative to create a continent-wide base map. Space42’s geospatial AI platform, GIQ, is also listed on the Microsoft Azure Marketplace.

Space42 has been advancing autonomous mobility in the UAE since 2021 through its TXAI service, which has recorded nearly 600,000 km of autonomous driving and 20,000 passenger trips without incident. The fleet operates across Saadiyat, Yas, Al Maryah and Al Reem Islands, as well as Abu Dhabi Airport.

In addition to robotaxis, the company is developing HD mapping, digital twins and AI-powered fleet operations. Combined with government investment in infrastructure and governance, these efforts are positioning Abu Dhabi as a global hub for intelligent transport.

Dubai Taxi Company (DTC), together with its strategic partner Bolt, has entered into an alliance with Kabi by Al Ghurair and UAE-based ride-hailing app Zed to integrate their fleets and expand e-hailing services in Dubai.

Kabi is part of Al Ghurair, one of the region’s largest family-owned conglomerates with operations in more than 20 countries.

The agreement was signed by Mansoor Rahma Alfalasi, CEO of DTC, and Badr Al Ghurair, CEO of Kabi, Al Ghurair Mobility. The partnership will see DTC’s 6,200 taxis and Kabi’s 3,680 taxis integrated into Bolt and Zed platforms, with future additions to both fleets automatically included.

The collaboration aims to boost availability, cut waiting times and improve overall service efficiency. It also supports the Dubai Government’s target of converting 80 per cent of taxi trips to e-hailing as part of the Roads and Transport Authority’s vision for smart mobility and sustainability.

Dubai Taxi Company alliance a key step for Kabi by Ghurair

“At DTC, we are committed to driving innovation and building partnerships that enhance customer experience while strengthening Dubai’s mobility ecosystem,” Alfalasi said. He added that the agreement comes as Dubai’s taxi sector recorded 7 per cent growth in H1 2025 compared with the same period in 2024, according to the RTA.

“This partnership represents a pivotal step in uniting industry expertise to serve the evolving needs of Dubai’s residents and visitors,” said Badr Al Ghurair. “By combining our resources and leveraging advanced technologies, we are not only expanding the availability of taxis but also setting new benchmarks in efficiency, service quality, and sustainability.”

DTC, recognised as a public joint stock company under Law No (21) of 2023, operates more than 10,000 vehicles including 6,200 taxis and completed 49 million trips in 2024.