UAE’s Emaar Properties to receive AED 1.22 bln in fire insurance claim

06/02/2017 Argaam

Dubai-listed Emaar Properties has signed an agreement with Orient Insurance to recover AED 1.22 billion in fire claim for The Address Downtown Hotel, the company said in a statement to Dubai Financial Market (DFM) on Monday.

 

Financial impact of the deal will be posted in Q4-2016 results. The real estate developer will have a write-down of AED 301 million for the fire which took place on New Year’s Eve 2015.

 

Emaar had hired Dubai-based DUTCO Group as the contractor to restore the damaged hotel, which is located close to the world’s tallest tower Burj Khalifa.  

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