Emaar recovers $332m hotel fire insurance claim

Emaar Properties will recover over $300m as insurance claim for the fire that engulfed its flagship Address Downtown Dubai hotel on New Years' 2015

The Address Downtown Dubai fire on New Years' Eve 2015.
The Address Downtown Dubai fire on New Years' Eve 2015.

Emaar Properties will recover $332.15m (AED1.22bn) as insurance claim for the fire that engulfed its flagship Address Downtown Dubai hotel during the 2015 New Years’ celebrations.

The insurance claim will result in a write back of the 301 million dirhams provision created in 2015 to cover the incident, according to a bourse statement.

The write back will be recorded as income in the quarter ending 31 December, 2016, Hotelier Middle East reported, citing Reuters.

The claim is signed with local insurer Orient Insurance.

Emaar said on 3 January, 2016 the fire should have "no material impact" on the company because the building and risk of fire were covered by its insurance.


 

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