Dubai’s Emaar to recover Dhs1.22bn for Address hotel fire insurance claim
The Address Downtown hotel caught fire on New Year’s Eve 2015
Dubai’s Emaar Properties said on Monday it will recover Dhs1.22bn ($332.2m) from an insurance claim for the Address Downtown hotel which caught fire on New Year’s Eve 2015.
The insurance claim, signed with Orient Insurance, will result in a write back of the Dhs301m provision created in 2015 to cover the incident. The write back will be recorded as income in the quarter ending Dec. 31 2016, according to a bourse statement.
The fire which engulfed one of Dubai’s most prominent hotel skyscrapers ahead of New Year fireworks was caused by an electrical short-circuit, Dubai police said at the time.
Police officials said there had been no trace of any flammable liquids such as petrol at the site of the blaze at the 63-storey hotel and residential block, close to the world’s tallest building Burj Khalifa.
Emaar hired Dubai-based DUTCO Group as contractor to clear and restore the hotel.
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