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Tamweel plummets on high rise blaze in JLT
- United Arab Emirates: Sunday, November 18 - 2012 at 13:51
The Dubai Financial Market (DFM) closed Sunday trading one percent lower at 1,601.14 points as the ongoing conflict in the Gaza strip in Palestine weighed on the sentiment. Shares of Islamic home financing firm Tamweel dived 3.94% to hit Dhs1.22. Earlier on Sunday night at 2am local time, a fire broke out on top of the 34-story, mixed-use Tamweel Tower in Dubai's Jumeirah Lake Towers (JLT) district. The fire engulfed the tower and left part of the building and many apartments destroyed. The fire was only contained on Sunday morning after 10am. No human casualties have been reported (as yet). Tamweel said in statement to the DFM exchange it was thankful to the civil defense's efforts to contain the fire and said that Tamweel will continue to operate form its offices in Deira. Hundreds of residents of the building were safe, said Tamweel, and hotel accommdation has been provided in the Bonnington Hotel in JLT. It is still not clear what causes the fire as police was still investigatiing. Shares of Dubai Islamic Bank (DIB) fell one percent to Dhs1.97. DIB holds 57.33% in Tamweel. Market bellwether Emaar closed unchanged, while banking shares Shuaa Capital and Emirates NBD gained slightly.
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Gérard Al-Fil, Financial JournalistSunday, November 18 - 2012 at 13:51 UAE local time (GMT+4)
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