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Mutabbala commits $1B to Lokkin Coffee
Adnoc Investment Company announced a strategic investment of approximately one billion dollars in Chinese company Luckin Coffee, one of the largest coffee chains in China with over 36,000 stores and 500 million customers. This investment aims to support the ongoing growth of the Chinese market, where the company recorded a net income of 1.75 billion yuan (260.7 million dollars) in the second quarter, and is seeking to relist on the stock exchange. The growth focus lies in the increasing demand for modern coffee and the digital transformation of Luckin's business model, with expectations of proceeding to the next phase of expansion and growth within China and internationally.
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