Dubai: Dubai's Emaar Properties said on Monday it will recover 1.22 billion dirhams from an insurance claim for the Address Downtown hotel which caught fire on New Year's Eve 2015.
The insurance claim, signed with Orient Insurance, will result in a write back of the 301 million dirhams, a provision created in 2015, to cover the incident.
The write back will be recorded as income in the quarter ending Dec. 31 2016, according to a bourse statement.