Joe & The Juice’s UAE investor is facing renewed scrutiny after a Danish investigation linked the new minority shareholder in the Copenhagen-born café chain to powerful networks around Abu Dhabi’s ruling family. The investment, announced in April, gives Emirates International Investment Company (EIIC) a 4% stake in the company and values the Danish brand at between 11.5 and 12.5 billion Danish kroner, according to reports, around €1.5–1.7 billion.
UAE capital enters a fast-growing Danish brand
The investment marks another step in Joe & The Juice’s transformation from a Danish café concept into a global consumer brand. Founded in Copenhagen in 2002, the chain became known for its juice bars, coffee, sandwiches and minimalist branding before expanding across Europe, North America and the Middle East.
The company’s current ownership structure has already been shaped by international private equity. The USA-based investment firm General Atlantic became the majority owner in 2023, after first investing in Joe & The Juice in 2016. EIIC’s new 4% stake does not give the Abu Dhabi-based investor control of the company, but Danwatch notes that it was described as a strategic minority investment, a term that can imply more than a purely passive financial position.
The deal also reflects the commercial importance of the Gulf region for lifestyle and food brands. Joe & The Juice has built a strong presence in cities such as Doha, Riyadh and Abu Dhabi, where international café chains compete for affluent urban consumers. For the Danish company, investment from the United Arab Emirates may therefore be tied not only to capital, but also to market access and regional growth.
Investor links point to Abu Dhabi’s ruling networks
The controversy centres on EIIC’s ownership and political connections. According to Danwatch, EIIC is part of National Holding, a private investment group established in 1993 and active across several sectors. Public information about the ownership of National Holding is limited, partly because beneficial ownership registers in the United Arab Emirates are not publicly accessible in the same way as in many European countries.
Danwatch reported that an investor presentation from Abu Dhabi Islamic Bank described EIIC as being fully owned by members of Abu Dhabi’s royal family. EIIC is also a major shareholder in the bank. The investigation further highlights the role of Jawaan Awaidha Al Khaili, National Holding’s chairman, who holds several prominent business positions and is described as having family links to senior figures in the Emirati power structure.
Those links include relatives connected to leading political and state investment roles in Abu Dhabi, according to Danwatch. Middle East researcher Kristian Ulrichsen of Rice University told the Danish outlet that companies such as National Holding can sit in a grey zone between private and public power, because family ties to the royal family may provide access to networks and resources that are difficult to separate from the state.
That distinction matters because the United Arab Emirates is regularly criticised by international human rights organisations. Human Rights Watch has reported severe restrictions on freedom of expression, association and assembly in the country, as well as abuses affecting migrant workers. Amnesty International has also raised concerns about unfair trials, arbitrary detention, workers’ rights and the treatment of political opponents and activists.
Joe & The Juice and General Atlantic decline to comment
Danwatch said it asked Joe & The Juice whether the company knew the precise ownership structure behind EIIC and National Holding, and how it had handled due diligence before accepting the investment. The company declined to answer those questions. General Atlantic also declined to comment to Danwatch on EIIC’s investment or ownership structure, while National Holding did not respond.
The silence leaves open several questions. It does not prove wrongdoing by EIIC, National Holding, General Atlantic or Joe & The Juice. But it does raise a governance issue that is increasingly relevant for European companies receiving capital from jurisdictions where ownership structures are opaque and political power is closely linked to family networks, state institutions or sovereign wealth.
For a consumer-facing company, reputational risk can be particularly important. Joe & The Juice sells a lifestyle image based on youth culture, health-conscious products and international urban branding. The presence of an investor linked to the ruling elite of a country criticised over human rights may therefore become part of a wider public debate, even if the investment itself is small in ownership terms.
A Nordic company faces a wider debate on Gulf investment
The case fits into a broader pattern of Gulf capital entering European companies, sports, infrastructure and consumer brands. For European firms, investors from the United Arab Emirates, Qatar and Saudi Arabia can offer large pools of capital and access to fast-growing markets. For critics, these investments can also create ethical and political dilemmas when financial flows are connected, directly or indirectly, to governments accused of restricting civil liberties.
In the Nordic context, the issue is especially sensitive because companies often benefit from a reputation for transparency, responsible business conduct and high trust. Danish and Nordic brands operating globally are not insulated from the political economy of the markets in which they expand. The question is no longer only whether an investor is legally acceptable, but also whether companies can explain who is behind the money and how potential human rights risks have been assessed.
For now, EIIC remains a small minority shareholder in Joe & The Juice, while General Atlantic retains control. But the investigation has placed the company under pressure to clarify its standards on investor transparency and due diligence. As Nordic brands become more global, the scrutiny around their ownership networks is likely to grow with them.
