Mubasher: Gulf North Africa Holding announced that it will claim an amount of $2.9 million from the developer of Emporia project in Turkey.

This amount represents the value of this investment, in addition to expected profits, according to a bourse statement on Thursday.

Gulf North Africa clarified that this claim is due to the default of Emporia’s developer to meet the requirements mentioned in the contract.

It is hard to determine the financial impact of this claim in the current time, as legal procedures are still in the preliminary phase.

At the stock level, Gulf North Africa closed Thursday’s session 2% higher at 36.3 fils.