Who Really Owns Cuban Cigars? The Habanos S.A. Power Struggle
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 into 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
On paper, Habanos S.A. is straightforward: a joint venture between the Cuban state tobacco company, Cubatabaco, and an international partner. Fifty percent belongs to Havana, fifty percent to “the other side.”
For two decades, that “other side” was Imperial Brands, the British tobacco giant. Then came 2020, when Imperial sold its premium cigar business in a deal worth over €1.2 billion. The U.S. assets went to one buyer (Gemstone Investment Holding), while the rest—including the coveted 50% stake in Habanos S.A.—went to a mysterious new entity: Allied Cigar Corporation, later linked to an opaque Hong Kong–based group called Asia Uni.
Since then, official press releases have spoken of “an Asian consortium.” Trade press has described the new owners as “unnamed.” Spanish business newspapers have tracked dividends flowing through Cayman holding companies and Spanish distribution arms. And yet, no one, not even insiders at the Festival del Habano, can name a single individual who actually signs the checks.
What we do know is this: since 2020, prices for top-end Cuban cigars have skyrocketed. Cohiba and Trinidad doubled or tripled overnight. Asian markets—China in particular—became the focus of Habanos’ global strategy. By 2024, Habanos S.A. reported record revenues of $827 million, with China its single largest market.
The official line is simple: Habanos belongs to Cuba and an Asian investor group. But that may not be the whole truth.
Rumor #1: Qatar Moves In
The first bombshell rumor came quietly through cigar forums, industry chatter, and well-placed whispers:
A Qatari consortium had bought into the Asian-held half of Habanos, acquiring between 30% and 40% of those shares.
If true, that would mean Qatar already controls around 15–20% of Habanos overall — and has its eyes on the rest. The whispers suggest that by late 2025 or early 2026, Doha could be in a position to buy out the Asian stake entirely.
For a country that has already used sport, real estate, and finance to carve a global prestige footprint — from hosting the FIFA World Cup to buying Harrods — Cuban cigars make symbolic sense.
After all, Habanos isn’t just a tobacco company. It’s a luxury empire, a symbol of exclusivity, power, and heritage. Owning a piece would fit perfectly into Qatar’s broader strategy: buying icons.
nts are vague. Corporate filings are buried under layers of subsidiaries. Even the Festival del Habano, which should be a celebration of transparency, often feels like a stage-managed theatre where real decisions are made elsewhere.
So when insiders claim a Qatari group has already bought into the Asian half, the cigar world listens. Is it true? Hard to say—Habanos S.A. will never confirm it until the ink is dry. But history suggests there’s fire where there’s smoke.
Rumor #2: The Emirati Counter-Move
But the story doesn’t end in Doha.
Because the newest whispers are even more dramatic: that it isn’t Qatar at all, but Abu Dhabi — more specifically Sheikh Tahnoon Bin Zayed Al Nahyan — who may now hold the cards.
Sheikh Tahnoon is no ordinary investor. He is the UAE’s national security advisor, the brother of the President, and widely regarded as one of the most powerful figures in the Gulf. Through his empire-spanning conglomerate, International Holding Company (IHC), Sheikh Tahnoon has turned Abu Dhabi into one of the most aggressive global investors of the past decade.
And now, according to sources in both cigar and business circles, IHC has allegedly bought the shares of two out of the three main shareholders from the Asian consortium side.
If accurate, that means Abu Dhabi — not Doha — may already be the real power behind half of Habanos.
Qatar vs Emirates: A Rivalry Written in Smoke
The possibility of Qatar and the Emirates circling the same prize adds a whole new dimension.
These two Gulf states, while geographically close, have long been regional rivals. They compete in finance, soft power, and global investments. Qatar has Qatar Airways; the Emirates has Etihad and Emirates Airlines. Qatar hosted the World Cup; the UAE is building a global sports portfolio.
Now imagine that rivalry spilling into the world of Cuban cigars.
If Qatar takes control, Habanos becomes part of Doha’s prestige project — another jewel in the crown of Qatari luxury investments.
If Sheikh Tahnoon’s IHC succeeds, Habanos becomes an Abu Dhabi trophy, folded into one of the richest and most powerful conglomerates in the world.
Either way, the world’s most famous cigars are about to become a pawn in a Gulf power game.
Why This Matters
To some, cigar ownership might sound trivial compared to airlines or football clubs. But make no mistake: Habanos is no ordinary company.
It controls brands worth billions: Cohiba, Montecristo, Romeo y Julieta, Partagás, Trinidad.
It sets the tone for the entire global premium cigar market. Cuban cigars remain the benchmark, the status symbol.
It shapes culture: From Hollywood films to billionaire boardrooms, lighting a Cuban is still a statement.
Whoever owns Habanos owns more than a tobacco company. They own one of the world’s most enduring luxury symbols.
What Smokers Should Expect
Whether it’s Doha or Abu Dhabi, one thing is certain: the buyer won’t see cigars as just cigars. They will see them as luxury assets.
That means:
Prices Will Keep Climbing – expect Cuban cigars to get even more expensive, with Behikes and Cohibas reaching heights most smokers can only dream of.
The Gulf Will Get Priority – just as China dominated allocations under Asian ownership, the Middle East could become the new frontline. Don’t be surprised to see exclusive Habanos boutiques in Doha, Dubai, or Abu Dhabi, with limited editions reserved for that market.
Prestige Will Deepen – owning a Cuban cigar may soon feel less like smoking and more like wearing a Rolex or driving a Bentley.
The Secrecy Remains
For now, nothing is official. Habanos S.A. and its Cuban state partner remain silent. No shareholder filings have been publicly confirmed. And in Havana, the Festival del Habano will likely carry on with the same pageantry, ignoring the storm behind the scenes.
But make no mistake: change is coming. The smoke is too thick to be coincidence.
Whether it’s Qatar tightening its grip or Sheikh Tahnoon’s IHC making the decisive move, the ownership of Habanos is shifting in a way that could redefine the global cigar market.
Final Puff: A Storm Behind the Smoke
For decades, Cuban cigars symbolized revolutionary romanticism. They were Fidel’s signature, Che’s image, the ultimate forbidden fruit. But today, they are something else entirely: a multi-billion-dollar luxury empire fought over by some of the wealthiest power brokers on Earth.
Cuba, China, Qatar, Abu Dhabi — all now entwined in the fate of Cohiba and Montecristo.
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 the billionaires of Doha or Abu Dhabi.
And soon, perhaps as early as 2026, the world will know which Gulf state now shares ownership of the most famous cigars in the world.
Until then, the question lingers like a cloud of smoke in a Havana lounge:
Who really owns Habanos?