MENU

What the Dubai Skyscraper Fire means for Martin Aircraft Company Ltd

Party-goers in Dubai were given an unintended fireworks display on New Year’s Eve as the Address Downtown Hotel burst into flames. The fire beginning at the 20th floor before spreading along its whole facade, according to The ABC.

Thankfully, it appears as though there were no fatalities or life-threatening injuries, and the city still went ahead with a planned fireworks display.

Interestingly, Dubai’s government has recently taken a precaution specifically to battle such skyscraper fires. On 9 November 2015, the government signed a deal with a small New Zealand-based company named Martin Aircraft Company Ltd (ASX: MJP), ordering an initial tranche of up to 20 Jetpacks and 2 simulators. Initial training services and operational support were also included in the deal.

The only problem is, the high-tech order probably won’t be ready until sometime later this year.

Indeed, Martin Aircraft listed its shares on the ASX early in 2015 and quickly skyrocketed (excuse the pun) based on its exciting and futuristic prospects. The company’s first model is being designed for first-responder teams, including search and rescue, paramedics, police and, of course, fire fighters.

Although there are still regulatory hurdles all around the world that it must overcome, not to mention its lack of profitability thus far, investors are clearly excited about what this technology could behold for the future.

However, the shares have pulled back since peaking in March. They’re now trading for 69 cents, down from a high of $3.15 which likely reflects the high element of risk involved in owning the shares.

The technology that's going to REPLACE the Internet is already here...

Dollar for dollar, insiders are calling it one of the biggest new markets in the history of modern business... NOW is the time to get in on the hush-hush industry that could be poised for growth of over 4,463%+ by 2020... And the 1 ASX stock that stands to grow YOUR money right alongside it! Simply click here to learn its name.

Motley Fool contributor Ryan Newman has no position in any stocks mentioned. Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. You can follow Ryan on Twitter @ASXvalueinvest.

The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.