Property News · February 6, 2017

Emaar agrees to Dh1.22 billion insurance claim on Address Downtown hotel fire


Dubai developer Emaar Properties has confirmed that it has agreed a billion dirham insurance claim with Orient Insurance over the dramatic fire at its Address Downtown hotel on New Year’s Eve 2015.In a statement to the Dubai bourse this morning Emaar confirmed that it had agreed a Dh1.22 billion insurance claim with Orient Insurance for the fire at the 63-storey tower which police later said was caused by an electrical short circuit on a spotlight.The vast insurance claim is thought to be the largest ever agreed in the GCC and Middle East.Dubai’s largest listed developer said that the insurance claim would mean that it could reverse a Dh301 million provision made in its 2015 accounts.Emaar said that this would mean that the cash would be recorded as income in its fourth quarter 2016 results.Last year Emaar’s fourth quarter results missed analysts’ expectations due to the Dh301 million write down.lbarnard@thenational.aeFollow The National’s Business section on Twitter

Source : thenational.ae
Read more…Emaar agrees to Dh1.22 billion insurance claim on Address Downtown hotel fire

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