Dubai's Emaar plans to reopen Address hotel by year-end

16/02/2017 Argaam

Dubai-listed Emaar Properties plans to reopen The Address Downtown hotel by the end of this year, nearly two years after the hotel was hit by a fire on New Year's eve 2015, chairman Mohammed Alabbar told Al-Arabiya TV.

 

Emaar had earlier said it has agreed to receive AED 1.22 billion in fire claims from Orient Insurance.

 

The developer posted a net profit of AED 1.6 billion in the fourth quarter 2016, up 56 percent year-on-year (YoY).

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