Abu Dhabi’s DIafa, an affiliate of the UAE‑listed IHC Group, has secured a controlling stake in the hospitality assets of Richard Caring, a deal valued in the ten‑figure range – estimated at no less than £1 billion ($1.3 bn). The acquisition transfers ownership of marquee establishments such as Annabel’s, The Ivy Brasseries, and the Caprice Holdings portfolio – which includes Scott’s, Sexy Fish and Noema – as well as the Birley Club network (George, Harry’s Bar, Mark’s Club). While Mr Caring remains executive chairman, DIafa will integrate these brands into a single, scalable platform aimed at dominating the global luxury food‑and‑beverage sector.
The transaction underscores Abu Dhabi’s broader sovereign‑wealth strategy to channel state‑linked capital into high‑margin, experience‑driven assets that cater to an expanding high‑net‑worth demographic. By consolidating premium venues under DIafa, the emirate accelerates its pivot from traditional oil‑derived revenues toward a diversified portfolio of luxury services, mirroring similar moves by Gulf sovereign funds into fashion houses and hospitality conglomerates. The deal also signals confidence in the resilience of discretionary spend, which continues to outpace goods consumption across the region’s affluent cohorts.
From a venture‑capital perspective, DIafa’s appointment of Ravi Thakran – former LVMH Asia chair and founder of L Capital Asia – as group CEO indicates a deliberate infusion of private‑equity discipline into the hospitality roll‑up. Thakran’s track record of deploying over $4 bn across 32 companies positions DIafa to pursue aggressive international expansion, with Annabel’s slated for a New York launch and further roll‑outs of Scott’s, Sexy Fish, Noema and The Ivy Brasseries into the US and other key markets. This growth blueprint is likely to attract co‑investors seeking exposure to globally recognised, culturally defining brands.
Regionally, the acquisition bolsters the UAE’s infrastructure for luxury hospitality, complementing existing assets such as the Azumi Group’s Zuma and Roka chains and the h.wood Group’s venues. By anchoring a critical mass of high‑profile properties in the UK, DIafa creates a launchpad for cross‑border synergies, talent migration and supply‑chain optimisation that can be replicated across the MENA corridor. The deal, while undisclosed on specific financial terms, exemplifies the escalating role of sovereign‑backed capital in reshaping the Middle East’s luxury sector, setting a benchmark for future mega‑transactions in the region.
