People run away as a fire engulfs The Address Hotel in downtown Dubai ( Image credit: Reuters )

Emaar, Orient agree on Dh1.22b The Address Hotel fire claim

Emaar to record sum as income for quarter ending December 31, 2016

DUBAI: Emaar and Orient Insurance have agreed a a Dh1.22 billion claim for the fire at the Address Downtown Dubai on New Year’s Eve 2015.

The fire at the 63-storey tower resulted in the closure of the flagship hotel; Dubai-listed Emaar said in December it hopes to reopen the hotel in mid-2017.

In a statement to the Dubai Financial Market on Monday February 6, Emaar said it had agreed to the Dh1.22 billion claim with Orient Insurance, which would result in...Read more...