Property

Dubai fire: Emaar sees ‘no material impact’ on company, hotel insured

Investigation into New Year’s Eve blaze at The Address hotel is ongoing

PHOTO: The building seen cooling on January 1. Credit: Dubai Media Office

Developer Emaar Properties says it expects “no material impact” on its company after the New Year’s Eve fire at The Address Downtown hotel in Dubai.

Shares in the company fell on Sunday morning, the first day of trading since the incident on Thursday night.

Emaar shares, which are traded on the Dubai Financial Market, stood at AED5.58 at about 1pm local time, 1.93% lower than the previous close.

READ MORE: Major fire at Address hotel in Dubai on New Year’s Eve
VIDEO: Fire at The Address Hotel Dubai, New Year’s Eve
READ MORE: Fire at Address hotel in Dubai put out
IN PICTURES: Response to New Year’s Eve fire at Address Dubai
READ MORE: Emaar intends to restore fire-struck Dubai hotel ‘to all its glory’

The company said the building was insured and that the investigation into the cause of the blaze is ongoing.

“The fire has been contained and the cause is being investigated by the company and the relevant authorities,” Emaar said in a bourse statement.

“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.”

READ MORE: Major fire at Address hotel in Dubai on New Year’s Eve
VIDEO: Fire at The Address Hotel Dubai, New Year’s Eve
READ MORE: Fire at Address hotel in Dubai put out
IN PICTURES: Response to New Year’s Eve fire at Address Dubai
READ MORE: Emaar intends to restore fire-struck Dubai hotel ‘to all its glory’

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