By: Mahmoud Gamal
Dubai – Mubasher: Emaar Properties’ stock grew 0.6% on Tuesday after Orient Insurance said it completed the repayment of the insurance claim for Emaar’s The Address Downtown Dubai Hotel.
From a technical standpoint, market analyst Mohamed Kamal told Mubasher that Emaar’s stock’s passing AED 7.4 ahead of the announcement of its results for the first quarter of the year is likely to boost the stock towards the level of AED 7.6.
Emaar’s stock is a good investment option for investors at the present time, he added.
On Monday, Orient Insurance repaid the final instalment worth AED 560 million in the insurance claim for a blaze that occurred at Emaar’s hotel in Dubai.
The total value of the claim, which was signed by the two companies in December, amounts to AED 1.22 billion.
Dubai-listed Orient Insurance had said at an earlier time that it expected to complete the repayment of the claim in March 2017.
The fire occurred at Emaar’s The Address Downtown Dubai Hotel on New Year’s Eve 2016.
Translated by: Nada Adel Sobhi
