Who Really Owns Habanos S.A.? Smoke, Rumours, and Power Plays

The world of Cuban cigars has always thrived on mystique. The haze of secrecy, the whispered stories of plantations in Pinar del Río, the allure of Cohiba and Montecristo — it all feeds the romance. But there’s another smoke-filled room, far from the rolling tables and curing barns of Cuba, where the real game is played: the boardroom of Habanos S.A., the global distribution powerhouse behind every Cuban cigar sold worldwide.

And right now, that boardroom is at the center of one of the biggest corporate mysteries in the cigar world: who actually owns Habanos S.A. today, and who is about to take over tomorrow?

The Known Story: A 50/50 Split

Officially, Habanos S.A. is a joint venture: half owned by the Cuban state tobacco company Cubatabaco, and half by an international partner.

For two decades, that international half belonged to Imperial Brands, the British tobacco giant. Then in 2020, Imperial sold its premium cigar business in a deal worth over €1.2 billion. The U.S. assets went to Gemstone Investment Holding, while the rest — including the coveted 50% stake in Habanos S.A. — went to a new entity: Allied Cigar Corporation, later linked in the trade press to Asia Uni, a Hong Kong–based group.

Since then, official releases have only referred to an “Asian consortium.” Business newspapers in Spain have reported on dividends flowing through offshore structures, but the actual individuals behind the shares remain unnamed. Even at the Festival del Habano, insiders admit that no one seems to know exactly who signs the checks.

What we do know is that since 2020, Cuban cigar prices have soared. Cohiba and Trinidad doubled or tripled in cost, and China became the prime focus of Habanos’ global strategy. By 2024, Habanos S.A. reported record revenues of $827 million, with China its largest market.

The official line is simple: Habanos belongs to Cuba and an Asian investor group. But many believe that’s not the full story.

Rumor #1: Qatar Moves In

Industry chatter — from cigar forums to business speculation — has suggested that a Qatari consortium may have acquired part of the Asian-held half of Habanos. Some versions of this rumour claim the group controls between 30% and 40% of that stake, which would translate into 15–20% of Habanos overall.

If true, enthusiasts speculate that by 2025 or 2026 Qatar could be in a position to purchase the remainder of the Asian side. Given Qatar’s track record of prestige investments — from Harrods to the FIFA World Cup — Cuban cigars would fit neatly into its luxury portfolio.

To date, there has been no official confirmation of such a move. The claims remain unverified, but they continue to circulate widely within cigar circles.

Rumor #2: The Emirati Counter-Move

Adding to the intrigue, another layer of speculation has emerged. According to business chatter, it may not be Qatar but rather Abu Dhabi — through International Holding Company (IHC), chaired by Sheikh Tahnoon Bin Zayed Al Nahyan — that has shown interest in acquiring part of the Asian stake.

Sheikh Tahnoon is known internationally for his role as the UAE’s national security advisor and for steering IHC into becoming one of the most aggressive global investors of recent years. Some in the cigar and business community claim that IHC could have acquired shares from members of the Asian consortium.

Again, there is no publicly available evidence or confirmation of such a deal. These reports remain speculative but have captured the imagination of many in the industry.

Qatar vs Emirates: A Rivalry Written in Smoke

The possibility of Gulf rivals circling the same prize adds a dramatic twist. Qatar and the UAE have long competed in finance, sports, and global influence. Some enthusiasts now imagine that rivalry spilling into the world of Cuban cigars.

If Qatar were to acquire the shares, Habanos could become part of Doha’s prestige project — another jewel in its luxury investment crown. If Abu Dhabi were to succeed, it would be folded into one of the world’s richest conglomerates.

For now, these remain unverified theories. But the prospect of Gulf competition for Cuban cigars has become one of the most talked-about rumours in the cigar industry.

Why This Matters

Habanos isn’t just another company. It controls iconic brands like Cohiba, Montecristo, Romeo y Julieta, Partagás, and Trinidad. It sets the pace of the global premium cigar market, and Cuban cigars remain the ultimate status symbol.

Whoever owns Habanos controls not only tobacco brands worth billions, but also one of the world’s most enduring symbols of luxury.

What Smokers Should Expect

Enthusiasts and analysts alike have been busy guessing what Gulf involvement could mean:

• Prices may continue rising — especially for Cohiba and Trinidad.

• Middle Eastern markets could gain priority, just as China did under Asian ownership, potentially leading to exclusive boutiques in Doha, Dubai, or Abu Dhabi.

• Prestige could deepen, with Cuban cigars positioned even more as luxury assets, akin to owning a Rolex or a Bentley.

The Secrecy Remains

For now, Habanos and its Cuban partner have remained silent. No official filings have confirmed any change in ownership. At Havana’s festivals, the show goes on with little reference to the speculation swirling behind the scenes.

But the rumours are persistent, and many believe something is in motion. Whether Qatar or the UAE is truly involved remains uncertain, but few doubt that the ownership landscape of Habanos could shift again in the coming years.

Final Puff: A Storm Behind the Smoke

For decades, Cuban cigars symbolized revolutionary romanticism. Today, they are part of a multi-billion-dollar luxury industry. If the whispers are true, the next chapter may involve Gulf powerhouses with global ambitions.

Whether or not those rumours come to pass, one fact remains: Habanos sits at the heart of the premium cigar world, and any change in its ownership would ripple across the entire industry.

So the next time you light a Cuban, remember — behind that band of gold and red may stand not only the rollers of El Laguito, but also some of the most powerful investors on Earth.

Until anything is confirmed, though, the question lingers like smoke in a Havana lounge:

Who really owns Habanos?

Disclaimer: This article is based on a combination of publicly available information and unverified industry speculation. None of the ownership-related claims regarding Qatar, the United Arab Emirates, International Holding Company, or any other entity have been confirmed by Habanos S.A., Cubatabaco, or their partners. All references to potential ownership should be understood as unverified rumours within industry circles and not established fact.