Dubai – Mubasher: Orient Insurance has repaid the final instalment in the insurance claim for the blaze that took place at Emaar Properties’ The Address Downtown Dubai Hotel, Al Khaleej newspaper reported.
The final instalment in the claim amounts to AED 560 million, while the total claim amounts to AED 1.22 billion, according to the paper.
Dubai-listed Orient Insurance last announced paying AED 600 million in the settlement, which it expected to complete in March 2017.
In December 2016, Emaar Properties and Orient signed a deal for the insurance of the blaze that took place at the developer’s hotel in Dubai for AED 1.22 billion.
The fire occurred at Emaar’s The Address Downtown Dubai Hotel on New Year’s Eve 2016.
Following the incident, MubasherTrade Research noted that the incident may prompt Emaar Hospitality, a wholly-owned subsidiary of Emaar Properties, to postpone its initial public offering (IPO) plans until after 2016.
