Out of Jail, Back in the Dubai Property Game
A developer caught in the bust takes on $1.6 billion in projects
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Dubai’s boom-and-bust real estate market can land you behind bars or behind the wheel of a luxury sedan. Five years after spending 140 days in jail, Kabir Mulchandani drives a black Rolls-Royce to a building site to watch cranes work on one of his company’s three projects, which will have a combined value of about 6 billion dirhams ($1.6 billion) when completed. “I guess the beauty of life is its uncertainty,” says Mulchandani, chief executive officer of SKAI Holdings. “I went from making corporate deals, hanging out on a yacht, and living in Emirates Hills to sharing a jail cell with eight others.”