In 2024, FIVE Holdings participated in the Cornell University Hotel Sustainability Benchmarking program, where it ranked in the top decile of its peer group, with carbon footprints five times lower than the average five-star resort in the U.A.E. As of 2024, the group had cut carbon use intensity by 65%, water consumption per capita by 45%, and waste generation per capita by 44% from a 2020 baseline. Mulchandani founded FIVE Holdings as SKAI Holdings in 2011 and rebranded it as FIVE in 2017.