Emaar Properties will recover 1.22 billion dirhams (US $332.15 million) as insurance claim for a fire at its Atkins-designed Address Downtown Dubai property which suffered a major blaze ahead of New Year’s Eve celebrations in 2015, reports Hotelier Middle East.
According to a bourse statement, the insurance claim will result in a write back of the 301 million dirhams provision created in 2015 to cover the incident. The write back will be recorded as income in the quarter ending December 31, 2016, reported Reuters.
Emaar said in January 2016 that the fire should have “no material impact” on the company because the building and risk of fire were covered by its insurance.
Address Downtown had signed the claim with local insurer Orient Insurance.
The hotel which is in close proxitmity to the Burj Khalifa, world’s tallest building, has been shut since it caught fire 13 months ago.
According to Arabian Business, a clean-up operation is underway on site, as is a mechanical, electrical, and structural assessment of the building prior to restoration operations.