From Lavish to Responsible: Sustainable Luxury in Dubai’s Hospitality Industry

Environmental, Social and Governance (ESG) principles have become a driving force behind the transformation of business practices both across the globe and in Dubai. Studies indicate that businesses that embrace sustainability are more likely to grow and thrive in today’s marketplace than those that don’t. In Dubai, visionary developers like Kabir Mulchandani with his groundbreaking push for sustainable luxury and platforms such as NASDAQ Dubai are leading the way toward a more livable future where future generations do not have to scale back their hopes and dreams because of the wasteful practices of current generations.

Defining ESG

ESG constitutes a framework built on the premise that sustainability extends beyond simple environmental concerns such as whether a company installed water saving faucets. Within the ESG framework sustainability extends to an organisation’s supply chain, energy sources and more.

Kabir Mulchandani’s FIVE-Holdings are a prime example of how to do ESG right. Mulchandani has long been a leader in sustainable development and has recently taken his commitment a step further with his innovative and much-heralded push for what he calls “sustainable luxury”. To Mulchandani, sustainability is not just a catchphrase to insert into a presentation. It’s the bedrock principle that informs everything FIVE Holdings do.

NASDAQ has been an industry leader in espousing the virtues of sustainability and are in the top 7% of all large corporations when it comes to putting actions behind their words. Each year since 2018 the company has met its Scope 1, 2 and 3 emissions targets and is on course to meet their goal of overall carbon neutrality. From the NASDAQ sustainability index to the NASDAQ Sustainable Bond Network wherein the company connects issuers of sustainable bonds with enlightened investors the company has made sustainability one of its key business tenants.

Reshaping the Way Dubai’s Hospitality Industry Does Business

A lot has changed in Dubai over the past 20 years. From the first heady years of the boom when the driving force was attracting and harnessing investment, to the present where bold leaders like Kabir Mulchandani are showing the way toward a better, more sustainable future and reshaping the business landscape in the process.

As a result of his inspired leadership and the leadership shown by global investment platforms like NASDAQ Dubai others are now re-evaluating their relationships with their supply chains, actively pursuing sources of sustainable energy, reconsidering their waste management practices and embracing sustainable materials and practices.

With such visionary leaders showing the way the future of ESG in Dubai is brighter than ever. The hope is that at some point in the near future sustainable luxury in the UAE hospitality industry will be the norm, and not just something practiced by FIVE Holdings.

Moving Forward With Confidence

The environmental challenges facing the world today can seem daunting. But with the committed leadership of companies like NASDAQ Dubai and bold individuals like billionaire Kabir Mulchandani leading the way the hospitality industry in the UAE can move forward, confident in the knowledge that our best days are still ahead of us.