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DEBT-
EGA secures green loan for Spectro Alloys acquisition: Mubadala-backed Emirates Global Aluminium (EGA) financed its acquisition of US based aluminium recycling firm Spectro Alloys through a green loan facility arranged by Citi, ING, and Standard Chartered, according to an EGA statement. The size of the loan — and the value of the acquisition — were not disclosed.
ICYMI– Back in August, EGA signed an equity purchase agreement to acquire an 80% stake in Spectro Alloys, which was wrapped up in September. This followed its full acquisition of German recycler Leichtmetall Aluminum Giesserei in May. The Minnesota-based Spectro Alloys produces 110k tonnes of aluminium ingots annually and marks a key milestone in EGA’s US expansion, one of its largest markets.
SUSTAINABILITY-
South Korean AI and Big Data-driven ESG solutions provider i-ESG launched a joint venture in Abu Dhabi, marking its entry into the Middle East, according to a press release. The company plans to initiate proof of concept projects with public and private sector entities in the region, the statement said, without disclosing who its regional partners are.
What does i-ESG do? The company offers digital ESG solutions that streamline ESG data collection and monitoring, and is validated in markets like the UAE, the US, and Japan.
HEALTHCARE-
Thumbay Group to establish private psychiatric hospital in Sharjah: UAE-based Thumbay Group signed an MoU with Sharjah Healthcare City to set up one of the region’s largest private psychiatric and rehabilitation hospital, according to a press release. The project will be completed in two phases, with 60 beds in the first phase and another 60 established in the second phase.
