03/06/2026 06:56 AST
Abu Dhabi-based International Holding Company (IHC) and Dubai businessman Mohamed Alabbar are among parties that have expressed preliminary interest in acquiring all or part of UAE food and consumer goods giant IFFCO, people familiar with the matter told Bloomberg.
The interest emerges as IFFCO navigates court-supervised restructuring proceedings tied to approximately $2 billion in debt, placing one of the UAE's largest privately held manufacturing groups at the center of what could become a significant corporate transaction.
According to Bloomberg, discussions remain preliminary and no formal offers have been submitted. The report said potential investors are assessing either the entire business or selected assets, with any transaction likely dependent on the outcome of ongoing insolvency proceedings.
Alabbar told Bloomberg he had sent letters to IFFCO's board members and lending banks expressing interest in acquiring the whole business. IFFCO declined to comment, while representatives of IHC and the company's lenders did not immediately respond to requests for comment.
Creditors turn to courts
The reported investor interest follows a deterioration in IFFCO's financial position after attempts to reach a consensual debt restructuring agreement failed.
Creditors filed insolvency petitions in the Isle of Man and Singapore after negotiations with the company stalled. The proceedings relate to debt estimated at around $2 billion.
Creditors have reportedly sought the appointment of restructuring specialists from FTI Consulting as provisional liquidators in proceedings linked to IFFCO, according to earlier media reporting. However, this does not mean that IFFCO has been wound up or that the business has ceased operations.
Major UAE consumer goods
Founded in 1975, IFFCO has grown into one of the region's largest food and consumer products manufacturers, with operations spanning approximately 50 countries.
The company owns brands including London Dairy and operates across multiple sectors, including edible oils, food ingredients, consumer foods, packaging, chemicals and logistics. According to company information, IFFCO traces its origins to India's Allana Group, an agricultural commodities business established in 1865.
IFFCO maintains a substantial manufacturing presence in the UAE and overseas, producing a broad range of products from cooking oils and bakery ingredients to packaging materials and animal nutrition products.
Gulf News reported that the company's manufacturing footprint and food production capabilities have made it an important participant in the UAE's food supply chain and wider food security ecosystem.
Assets draw interest
Bloomberg reported that IFFCO's assets could be worth several billion dollars, although any valuation would depend on the outcome of restructuring efforts and the future shape of the business.
The combination of established consumer brands, manufacturing infrastructure and regional distribution capabilities is likely to attract interest from strategic and financial investors seeking exposure to the Gulf's consumer and food sectors.
No final decisions have been made, and there is no certainty that current discussions will result in a transaction, according to Bloomberg's sources.
High-profile UAE investors
IHC, chaired by Sheikh Tahnoon bin Zayed Al Nahyan, has expanded rapidly in recent years through investments across sectors including food, healthcare, infrastructure, technology and energy. The company has become one of the UAE's most valuable listed firms.
Alabbar is the founder of Emaar Properties and a major shareholder in Americana Restaurants, the Middle East operator of KFC and Pizza Hut. He also co-founded regional e-commerce platform Noon.
The reported interest from IHC and Alabbar highlights the strategic value investors continue to see in large-scale food manufacturing businesses despite challenging market conditions and ongoing restructuring pressures.
The future ownership of IFFCO is expected to become clearer as court proceedings progress and creditors evaluate options to maximise recoveries while preserving value in one of the UAE's best-known privately held industrial groups.
Gulfnews
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