Fire-hit Address to open in 2017, Alabbar says

The hotel, which caught fire in 2015 due to an electrical fault, is being rebuilt by Dubai-based contractor, Dutco

The Address Downtown Dubai caught fire on 31 December, 2015, and is being rebuilt for a 2017 launch.
The Address Downtown Dubai caught fire on 31 December, 2015, and is being rebuilt for a 2017 launch.

Emaar Properties' fire-hit hotel, The Address Downtown Dubai, is likely to reopen by the end of this year, the company's chairman is reported to have said. 

Mohammed Alabbar is reported to have made the statement during a conversation with Al Arabiya TV after announcing the company's financial performance for 2016, Reuters reported.

The development company reported a 28% year-on-year hike in net profits for 2016. 

Earlier this month, Emaar announced an insurance payout worth $332m (AED1.2bn) would be made to the company as claims for the Address fire. 

The payout would result in a writeback of a $81.9m (AED301m) provision made by the company in 2015 against the fire's costs, and would be recorded as income in the quarter ending 31 December, 2016. 

The Address hotel caught fire on 31 December, 2015, due to an electrical fault, Dubai Police found. 

Within days of the incident, Dubai contractor Dutco was picked to resurrect the hotel

In its financial statement for 2016, Emaar confirmed that recurring revenues from its shopping malls, hospitality, entertainment, and leisure businesses was "similar to 2015" figures, despite redevelopment work underway for the fire-hit hotel. 

Most popular


Deadline approaches for CW Oman Awards 2020 in Muscat
You have until 20 January to submit your nominations for the ninth edition of the


CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week - Issue 765
Jun 29, 2020