ACE Arabia Cooperative Insurance dives on fire incident
24/11/2014 5:30 pm EDT

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The Tadawul All-Share Index lost 1.20 per cent to hit 9,404.76 points on Monday, November 24.

Earlier in the day, Zhang Guobao, the chairman of the advisory committee of China’s National Energy Committee, said in Dubai at the Boao forum for Asia financial cooperation conference that “times are over when the OPEC member states could influence the oil price by cutting or increasing the output of oil production.” Oil prices (U. S. crude) fell 20 per cent in the last 12 months.

ACE Arabia Cooperative Insurance plummeted three per cent to reach SAR65.50. Earlier in the day, ACE said it received notification of a fire accident that occurred in the night hours of Sunday at one of the warehouses of Al Abdullatif Industrial Investment Co. located at Riyadh 2nd Industrial City, Phase 3. ACE Arabia assigned loss assessors licensed by Saudi Arabian Monetary Agency to assess the damage caused by the fire. The property affected is fully insured and reinsurance arrangements are in place with reputed national and international reinsurance securities. The estimated financial impact on our financial results arising out of this fire accident shall not exceed SAR6 million and will appear in the financial results for the fourth quarter of the current year.

Gerard Al-Fil

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