Luckin Coffee’s next growth bet: The Middle East

And as part of these turnaround stories for Luckin, we have seen a couple of sovereign wealth funds names in there, you know, the investors list including Abu Dhabi's Mubadala and Singapore's Temasek. So, Singapore's state investor Temasek has just publicly thrown their support behind the coffee chain back earlier this year. So, it now owns a 6.4% stake in Luckin and told reporters in July at their annual investment review meeting that they have full confidence that the company now management actually has the ability to turn the business around and continue to grow the business globally. So, they believe that the company is on the right track. So, with that backing from Temasek, Luckin stores have grown to, you know, 100 this week after just entering the market 3 years ago. And now Luckin Coffee is actually the second largest coffee chain in Singapore by store count. So, that's a remarkable growth in the city-state. And now, you know, with the fresh funding from Mubadala, I'm I believe the company will be potentially looking at replicating, you know, relying on the sovereign wealth fund's support and the funding to expand and establish their foothold in the Middle East.