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.
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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.