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- Alabbar, IHC Eye IFFCO Group; Uber Expands Control Of Careem, SpaceX Pushes Saudi KHC's Stock Price Up
Alabbar, IHC Eye IFFCO Group; Uber Expands Control Of Careem, SpaceX Pushes Saudi KHC's Stock Price Up
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Tuesday, June 2, 2026
Happy Tuesday everyone!
In the UAE, IFFCO Group has attracted early interest from Abu Dhabi’s International Holding Co. and Dubai businessman Mohamed Alabbar amid restructuring talks. In parallel, Uber has increased its stake in Careem Technologies following a $100 million purchase from e&, edging closer to majority control. Meanwhile in Saudi Arabia, Kingdom Holding surged to a decade-high as SpaceX listing expectations boosted the value of its private market stake.
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IHC And Alabbar Emerge As Early Bidders For IFFCO Group Amid Debt And Restructuring Talks
What Is It About?
United Arab Emirates conglomerate IFFCO Group has attracted preliminary interest from multiple bidders, including International Holding Co. and Mohamed Alabbar. The interest remains early-stage, with no formal offers submitted. The company, which carries about $2 billion in debt, is facing insolvency petitions in jurisdictions including Singapore and the Isle of Man, backed by creditors such as HSBC Holdings Plc and Emirates NBD PJSC.
Why It Matters?
IFFCO is a key regional food and consumer goods player with operations in around 50 countries, producing essentials from edible oils to ice cream under brands like London Dairy. Any acquisition would have strategic implications for Gulf food security and supply chains, particularly as regional logistics face pressure from geopolitical disruptions and trade route risks. The involvement of major Abu Dhabi and Dubai capital groups underscores growing consolidation across UAE’s industrial and consumer sectors.
What’s Next?
No binding bids have been made, and any transaction is likely contingent on court rulings and ongoing creditor negotiations. Mohamed Alabbar has reportedly expressed interest in acquiring the full business, while restructuring discussions continue with lenders. Future outcomes will depend on insolvency proceedings and whether stakeholders agree on a viable recapitalization or asset sale pathway. Major investors are expected to reassess positions once legal clarity emerges.
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Uber Moves Toward Majority Control Of Careem As e& Sells 12.5 Percent Stake In $100 Million Deal
What Is It About?
Uber has increased its ownership in Careem Technologies after acquiring an additional 12.5 percent stake from e& for $100 million. The transaction reduces e&’s holding to 37.53 percent while lifting Uber’s stake to a majority position, consolidating its influence over the super app business, which operates across food delivery, fintech, and quick commerce services in the region.
Why It Matters?
The deal marks a significant shift in ownership balance of one of the Middle East’s fastest-growing digital platforms. Careem Technologies has seen nearly fivefold growth in gross transaction value, driven by expansion in food, delivery, and payments services. The rising control of Uber underscores deeper integration of global tech capabilities into the Gulf’s digital economy, while e& continues to reposition toward core telecom operations and capital discipline.
What’s Next?
The transaction includes long-term call and put options allowing either party to trigger a full sale of remaining shares between 2031 and 2032, creating a clear pathway for Uber to potentially take full control of Careem Technologies. Post-deal, e& will account for its remaining stake under the equity method, reflecting its reduced control. Future developments will depend on execution of these options and Careem’s continued regional growth trajectory.
SpaceX Listing Hype Pushes Kingdom Holding To 10-Year High As Stake Value Soars Ahead Of IPO
What Is It About?
Kingdom Holding Company shares surged nearly 10% to a 10-year high after investors reacted to rising expectations around the upcoming listing of SpaceX. The Saudi investment firm disclosed it holds a 0.63% stake in SpaceX, jointly with Alwaleed’s private office, sparking renewed investor interest as markets price in a potential IPO valuation in the trillions.
Why It Matters?
The stake is estimated to be worth around $8.32 billion at a $1.25 trillion valuation and could rise above $10 billion if SpaceX is valued closer to $1.75 trillion or higher. The rally has pushed Kingdom Holding up roughly 54% year-to-date, significantly outperforming the Saudi TASI index. The development highlights how private market exposure to high-growth US tech firms is increasingly influencing Gulf-listed equities.
What’s Next?
SpaceX is reportedly preparing for a Nasdaq listing under the ticker “SPCX,” with marketing expected to begin on June 4 and pricing potentially as soon as June 11. The IPO could raise up to $75 billion, depending on final valuation. Investor attention will remain focused on listing execution, pricing range, and how much of the valuation momentum flows through to holders like Kingdom Holding Company.
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🦄 World of Startups
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Via Separations, US-based deeptech startup, raised $36M in funding from Aramco Ventures (Saudi), and other global investors.
