Dubai developer Emaar says ‘no material impact’ on company after The Address fire

Emaar Properties said there would be ‘no material impact’ on the company following the fire at The Address Downtown in Dubai.

The blaze, which happened on New Year’s Eve just before the city’s firework display, engulfed the 63-storey luxury hotel and residential tower. The flames

In a statement to the Dubai Financial Market this morning, Ayman Hamdy, Emaar’s general counsel, confirmed that the building was covered by insurance.

“The fire has been contained and the cause is being investigated by the company and the relevant authorities.

“The building and risk of fire are covered by insurance so there should be no material impact on the company as a result of this incident.”

Shares in Emaar, the Dubai Financial Market’s heaviest stock at 18.8 per cent, were down 2.6 per cent at 11am as UAE markets opened for the first time in 2016.

The company’s chairman, Mohamed Alabbar, said yesterday that it intends to restore the building “to all its glory and even surpass the splendid architectural standards. Further timelines and plans will be shared as they are finalised.”

“We develop our projects to the highest standards of quality and as per international best practices,” he added.

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