Abu Dhabi-based luxury and hospitality investment platform DIAFA, an affiliate of International Holding Company (IHC), has acquired a majority stake in the hospitality portfolio of British restaurateur Richard Caring in a ten-figure transaction, the company said recently.

The deal includes Caprice Holdings, which owns restaurants such as Scott’s and Noema, as well as The Ivy Brasseries and private members’ clubs under The Birley Clubs, including Annabel’s, George, Harry’s Bar and Mark’s Club.

Caring will remain executive chairman of the portfolio, with DIAFA partnering to drive its next phase of global expansion.

Plans include the opening of Annabel’s in New York and further international growth of brands, including Scott’s and Noema.

The Ivy Brasseries are also expected to continue expanding across the UK in 2026, while exploring opportunities in the US and other markets.

DIAFA was established to build a global luxury food and beverage platform. Its existing portfolio includes stakes in Azumi Group and The h.wood Group.

The company said the acquisition aligns with a shift in consumer preferences toward experience-led luxury, as it seeks to scale a portfolio spanning high-end dining, members’ clubs and social destinations.

DIAFA appoints Ravi Thakran as GCEO

DIAFA recently appointed Ravi Thakran, former group chairman of LVMH Asia and founder of L Capital Asia, as group chief executive to lead its global expansion strategy.

“This transaction marks the beginning of a new chapter in global luxury hospitality,” Thakran said, adding that the partnership aims to build a portfolio of globally recognised brands.

Caring said the partnership would support the international expansion of his brands and strengthen their positioning in key markets.

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The Royal Commission for Riyadh City has launched an investment tender offering naming rights to five major stations on the Riyadh Metro, in a move aimed at unlocking new revenue streams and deepening private sector participation.

The first phase includes Al-Murooj, Al-Nuzha, King Fahd District 1, Al-Rabie, and Jarir District stations, with contracts set to run for 10 years.

The initiative reflects a broader shift towards commercialising transport infrastructure — a model already seen in cities such as Dubai, where metro station naming rights have been successfully monetised through partnerships with major brands.

The RCRC said bids will be accepted via the Furas investment platform from April 8 until May 10, 2026. Applications will then be evaluated, with winning companies announced and contracts awarded thereafter.

The commission has called on both local and international investors to participate, noting that the process will follow strict regulations aligned with leading global public transport systems.

The naming rights push comes as the Riyadh Metro cements its position as one of the world’s largest urban transit systems.

The six-line network spans approximately 176km and connects 85 stations across the Saudi capital, making it the longest driverless metro globally.

Designed to carry up to 3.6 million passengers per day, the system has already seen strong early uptake, with tens of millions of riders recorded since its launch — underlining both its commercial potential and its central role in Riyadh’s long-term urban transformation.

The ongoing military escalation in the Middle East could push up to 32.5 million people into poverty worldwide, as energy and food price shocks ripple across economies, according to a new report by the United Nations Development Programme (UNDP).

In its policy brief titled Military Escalation in the Middle East: Reversals in Global Development, Policy Response Options, released April 13, the UNDP warns that the crisis is no longer confined to the region, with its economic fallout triggering what it describes as “broad-based reversals” in global development.

The report highlights a “triple shock” — rising energy costs, food price inflation, and declining GDP growth — as the primary drivers behind the projected surge in poverty.

Energy and food inflation emerge as key risk drivers

While GDP contraction contributes to economic stress, the UNDP analysis finds that inflation — particularly in food and energy — is the dominant factor worsening poverty outcomes.

Under its most severe scenario, global extreme poverty could rise by over 18 million people, while poverty at the upper-middle-income threshold increases by 32.5 million.

The impact is especially pronounced in lower-income economies, where households spend a larger share of income on basic necessities. As prices rise, purchasing power declines sharply, amplifying welfare losses.

Net energy importers face disproportionate exposure

The report identifies 37 net energy-importing countries — spanning the Gulf, Africa, Asia and Small Island Developing States — as particularly vulnerable due to their dependence on imported fuel and limited fiscal buffers.

In these economies, the combination of high import dependence and low income levels creates structural fragility, making them more exposed to external price shocks.

Notably, the analysis shows that inflation-driven impacts on poverty are significantly larger than those caused by growth slowdown alone, underscoring the outsized role of commodity price volatility.

The escalation has already disrupted oil and gas production, trade flows, and supply chains, pushing global energy prices higher and cascading into fertilizer and food markets.

These pressures are feeding into broader industrial and technology supply chains, creating downstream effects across sectors.

Regionally, the Arab states could see GDP decline between 3.7 per cent and 6 per cent, equivalent to losses of up to $194bn, with nearly 4 million additional people at risk of falling into poverty.

Fiscal strain intensifies for developing economies

The UNDP warns that many developing countries lack the fiscal capacity to respond effectively, unlike advanced economies that can absorb shocks through subsidies and monetary policy.

Globally, offsetting the income losses caused by the crisis would require an estimated $6bn in targeted cash transfers to protect those falling below the upper-middle-income poverty line.

At the same time, governments are facing difficult trade-offs between maintaining subsidies, managing debt, and protecting long-term development spending.

The report calls for targeted and temporary cash transfers as the most effective policy response, particularly for fiscally constrained countries.

It cautions against blanket energy subsidies, noting they are often regressive and fiscally unsustainable, disproportionately benefiting higher-income households.

Alternative measures include limited subsidies or vouchers for essential energy consumption, especially in countries lacking robust social protection systems.

Call for coordinated global action

The UNDP stresses that national responses alone will not be sufficient, calling for coordinated multilateral action to address energy supply constraints, inflation risks, and liquidity challenges in developing economies.

“The cost of inaction is significant,” the report notes, warning that without timely intervention, temporary shocks could translate into long-term development setbacks.

The US military will enforce a blockade in the Gulf of Oman and Arabian Sea east of the Strait of Hormuz and it will apply to all vessel traffic regardless of flag, the US Central Command said in a note to seafarers seen by Reuters on Monday.

The note said the blockade would come into effect at 14:00 GMT (18:00 UAE time) on Monday.

“Any vessel entering or departing the blockaded area without authorization is subject to interception, diversion, and capture,” the note said.

“The blockade will not impede neutral transit passage through the Strait of Hormuz to or from non-Iranian destinations.”

The blockade “encompasses the entirety of the Iranian coastline to include but not limited to ports and oil terminals”, the note said, adding that humanitarian shipments including food, medical supplies, and other essential goods would be permitted, subject to inspection.

Tehran has threatened to retaliate against ports of its Gulf neighbours, after weekend talks failed to reach a deal to end the war, leaving a ceasefire in jeopardy.

Etihad Airways has announced a major expansion of its mainland China network, introducing five new destinations and 28 additional weekly flights, in one of its largest capacity increases in recent years.

The move strengthens connectivity between Abu Dhabi and key Chinese economic hubs, reinforcing the airline’s long-term strategy to deepen links across Asia’s fastest-growing markets and expand its global hub role.

Major expansion across key Chinese cities

Etihad will launch services from Abu Dhabi Zayed International Airport (AUH) to Shanghai Pudong (PVG), Guangzhou (CAN), Chengdu (TFU), Hangzhou (HGH) and Shenzhen (SZX). With these additions, the airline will operate 35 weekly flights across six mainland Chinese destinations, including its existing daily service to Beijing Daxing (PKX), a WAM report said.

The expansion marks a significant step up in Etihad’s presence in one of its most strategically important international markets, broadening access to China’s major commercial and industrial centres.

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All new routes will be operated by Etihad’s Boeing 787-9 Dreamliner aircraft, configured with 28 Business and 262 Economy seats, standardising widebody operations across the expanded network. The additional frequencies represent a substantial boost in capacity, aimed at meeting rising demand for travel, tourism and business between the UAE and China.

The consistent aircraft deployment across the routes is expected to ensure a uniform passenger experience while supporting operational efficiency across the growing network.

Boost to trade, tourism and cargo flows

The expanded network is expected to significantly enhance passenger and cargo movement between both countries, improving access to China’s major manufacturing, technology and commercial centres. It also strengthens Abu Dhabi’s positioning as a global transit hub connecting China with markets across the Middle East, Africa, Europe and North America.

Cargo connectivity is also expected to benefit, with improved links to high-value export and supply chain routes supporting global trade flows and industrial demand across key sectors.

All China services are integrated into Etihad’s joint venture with China Eastern Airlines, enabling coordinated schedules and improved connectivity across key gateways. China Eastern currently operates services linking Shanghai, Kunming and Xi’an with the UAE.

The expansion is also supported by Etihad’s cargo joint venture with SF Airlines, strengthening air freight links across critical trade corridors and reinforcing logistics connectivity between China and global markets.

Leadership highlights strategic importance of China

Etihad leadership said the expansion underscores deepening bilateral ties and long-term commitment to China.

Mohamed Ali Al Shorafa, chairman of Etihad Airways, said, “The ties between the UAE and China continue to flourish, with today’s announcement reflecting the enduring strength and growing promise of our cooperation. The expanded network, made possible by our long-standing partnership with China Eastern, connects unique tourism destinations with burgeoning trading hubs, delivering shared and lasting economic prosperity and value to our people.”

Antonoaldo Neves, CEO, Etihad Airways, said, “China is a strategically important market for Etihad and a key pillar of our network growth. This expansion represents a significant increase in capacity and a clear signal of our long-term commitment to the market.

By adding five new destinations and increasing frequencies, we are strengthening connectivity across one of the world’s most important economic corridors. This will support growing demand for travel and trade, while creating new opportunities for cargo, business and tourism. At the same time, we are strengthening Abu Dhabi’s role as a key destination and gateway for travel and trade, supporting the emirate’s long-term economic ambitions.”

Each destination plays a distinct economic role: Shanghai Pudong is a global financial and cargo hub, Guangzhou serves as a manufacturing powerhouse, Chengdu is emerging as a technology and innovation centre, Hangzhou is a leading digital economy hub, and Shenzhen is a major global technology and export base.

The expansion marks a significant broadening of Etihad’s footprint in China, improving access for passengers across the Middle East, Africa, Europe and the Americas to some of China’s most dynamic economic and cultural centres via Abu Dhabi’s growing aviation hub.