Dubai – Mubasher: Emaar Properties and Orient Insurance reached an AED 1.2 billion agreement in settlement of insurance claim for losses resulted from the fire blazed at the Address Downtown Dubai hotel, Al Khaleej newspaper reported.
An electrical short circuit on a spotlight caused the fire that engulfed the hotel on New Year’s Eve, according to police.
Emaar’s stock rose 3.37% to AED 7.050 by 12:00am UAE time after generating AED 119 million from the exchange of 16.9 million shares.
