Fire-hit Address to open in 2017, Alabbar says

Fire-hit Address to open in 2017, Alabbar says
The Address Downtown Dubai caught fire on 31 December, 2015, and is being rebuilt for a 2017 launch.
Published: 16 February 2017 - 4:24 a.m.
By: Neha Bhatia

Emaar Properties' fire-hit hotel, The Address Downtown Dubai, is likely to reopen by the end of this year, the company's chairman is reported to have said. 

Mohammed Alabbar is reported to have made the statement during a conversation with Al Arabiya TV after announcing the company's financial performance for 2016, Reuters reported.

The development company reported a 28% year-on-year hike in net profits for 2016. 

Earlier this month, Emaar announced an insurance payout worth $332m (AED1.2bn) would be made to the company as claims for the Address fire. 

 

The payout would result in a writeback of a $81.9m (AED301m) provision made by the company in 2015 against the fire's costs, and would be recorded as income in the quarter ending 31 December, 2016. 

The Address hotel caught fire on 31 December, 2015, due to an electrical fault, Dubai Police found. 

Within days of the incident, Dubai contractor Dutco was picked to resurrect the hotel

In its financial statement for 2016, Emaar confirmed that recurring revenues from its shopping malls, hospitality, entertainment, and leisure businesses was "similar to 2015" figures, despite redevelopment work underway for the fire-hit hotel. 

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