INVESTMENT-

ADIA invests in Indian developer Prestige’s residential real estate: Indian real estate development company Prestige inked a quasi-equity USD 240 mn agreement with the Abu Dhabi Investment Authority and the Kotak Alternate Investment Fund to develop residential real estate in India — specifically in Bengaluru, Mumbai, Goa and the National Capital Region — Reuters reports. The estimated development value of the projects is USD 2.16 bn.

The details: The investors will have optionally convertible debentures and non-convertible debentures as part of the agreement, Shobhit Agarwal, CEO of the capital markets division of real estate consultancy Anarock Group, said.

SOUND SMART-Debentures are long-term debt instruments that aren’t backed by any form of collateral. The “non-convertible” part means that the bonds can’t be converted into equity shares.

DEBT-

Emirates NBD Capital arranged a USD 500 mn syndicated revolving credit facility for Lenovo, marking the tech giant’s first entry into the Middle East syndicated loan market, Wam reports. The offering drew more than double the initial USD 300 mn amount in demand from 11 institutions in the UAE, Bahrain, Jordan, and Kuwait. The debt will be used to fund working capital and for refinancing purposes, according to Wam.

AUTOMOTIVE-

Aafaq Islamic Finance has inked an MoU with green tech mobility firm NWTN, aiming to streamline electric vehicle financing, a press release reads. The partnership seeks to facilitate access to financing options and simplify the purchase process through tailored solutions and streamlined application procedures.

FINTECH-

Payroll service provider KamelPay has inked a five-year processor agreement with Network International as it looks to boost its payroll and credit card segment by 200k payroll cards this year, according to a press release (pdf).

SPACE-

MBRSC, HCT commence student-led space mission: The Mohammed Bin Rashid Space Centre (MBRSC) and the Higher Colleges of Technology (HCT) have kicked off work on their student-led Earth-observation CubeSat project, according to the Dubai Media Office. The project — dubbed HCT-SAT 1 — sees 34 of the college’s engineering and applied media students construct the new satellite, with MBRSC engineers guiding on design, assembly, testing, and operational management. The satellite is slated for handover by the end of this year.

AVIATION-

Etihad Airways launched its first flight to Boston yesterday, with the service set to run every Monday, Wednesday, Friday, and Sunday, reports Wam. Boston marks Etihad's fourth destination in the United States, following Chicago, New York, and Washington, DC.

IndiGo will launch daily non-stop flights from Abu Dhabi to Kerala's Kannur district starting next month, Khaleej Times reports. The flights will operate starting 9 May. This service increases IndiGo's total number of weekly flights to Abu Dhabi from 8 cities in India to 56.

SUSTAINABILITY-

The Climate Change and Environment Ministry has banned the fishing of two species, Golden trevally and Painted sweetlips, though the entire month of April every year, Abu Dhabi’s Agriculture and Food Safety Authority said on X. Effective until 2026, the measure aims to regulate fishing activities during the breeding season of these species, to ensure the sustainability of fish stocks and enhance the nation's food security.

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