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December 12, 2017

Dubai’s Emaar to recover 1.22 billion dirhams for hotel fire insurance claim


Dubai’s Emaar to recover 1.22 billion dirhams for hotel fire insurance claim

DUBAI (Reuters) – Dubai’s Emaar Properties <EMAR.DU> said on Monday it will recover 1.22 billion dirhams (265.89 million pounds) from an insurance claim for the Address Downtown hotel which caught fire on New Year’s Eve 2015.

The insurance claim, signed with Orient Insurance, 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 Dec. 31, 2016, according to a bourse statement.

($1 = 3.6726 UAE dirham)

(Reporting by Alexander Cornwell; Writing by Tom Arnold)

 

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