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Insurance Pays Out Over $300M for Dubai High-Rise Fire

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Developer of The Address Downtown collects on hotel fire

Dubai Emaar Fire

In this Jan. 1, 2016 file photo, smoke billows from the 63-story The Address Downtown skyscraper near the Burj Khalifa, the world’s tallest building, in Dubai, United Arab Emirates. The developer of the world’s tallest building says it will collect $332.4 million from its insurer to cover damage sustained during a dramatic New Year’s Eve fire at one of its Dubai hotels. Emaar Properties said in a filing to the Dubai Financial Market that it has agreed with Orient Insurance to recover the 1.22 billion dirham claim related to the Dec. 31, 2015 blaze. (AP Photo/Jon Gambrell, File)

DUBAI, United Arab Emirates (AP) — The developer of the world’s tallest building says it will collect $332.4 million from its insurer to cover damage sustained during a dramatic New Year’s Eve fire at one of its Dubai hotels.

Emaar Properties said in a filing to the Dubai Financial Market that it has agreed with Orient Insurance to recover the 1.22 billion dirham claim related to the Dec. 31, 2015 blaze.

Dubai police have blamed faulty wiring for sparking the fire at the 63-story tower at The Address Downtown. The hotel sits near the mammoth Dubai Mall and the Burj Khalifa, the world’s tallest tower.

Outside experts say the type of cladding used on the hotel’s exterior and that of many other buildings in the Emirates likely helped fuel the fire.

Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Fire in Dubai at Address Hotel, Hibar Idriss

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