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Luckin Coffee Inc. has appointed Philip Yifei Bao, Director of Private Equity China at Abu Dhabi's Mubadala Investment Company, to its board of directors. The appointment expands the Chinese coffee chain's board to ten members and deepens governance ties with the UAE sovereign wealth fund.
The UAE Federal Tax Authority published Decision No. 17 of 2026 setting conditions for recovering input tax on employee expenses. Entities may recover VAT on goods or services provided to employees under contractual obligations or documented policies. The guidance requires formal documentation and approval mechanisms ahead of VAT Executive Regulation amendments taking effect October 1, 2026.
Chinese coffee chain Luckin Coffee is assessing an expansion into Gulf countries following an investment by Abu Dhabi's Mubadala Investment Company. Mubadala became a direct shareholder after partnering with Luckin's controlling shareholder Centurium Capital on a $1 billion deal. Luckin executives highlighted the Gulf region's repeat consumption and rising demand for health-oriented beverages.
Abu Dhabi sovereign wealth fund Mubadala has acquired a $1 billion minority stake in Luckin Coffee to finance its international growth. The Chinese coffee chain is now planning commercial launches across the GCC, prioritizing the UAE and Saudi Arabia.
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