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Shares of Dubai giant developer dip following hotel blaze

Xinhua, January 3, 2016 Adjust font size:

Shares of Dubai's biggest developer Emaar Properties closed 1.50 percent lower on the first trading day of the 2016, following a blaze on December 31.

Emaar shares tumbled by over three percent at the opening, but the market bellwether eventually recovered terrain and closed finished 1.50 percent lower at 5.60 dirham (1.52 dollars).

A blaze destroyed much of the outer façade and some parts of the resort's interior of Emaar's Address Downtown Dubai hotel near the world's tallest building, the 828 meters tall Burj Khalifa, hours before the New Year countdown. The fire left 14 people injured.

After the closing of the Dubai exchange, Emaar said in an e-mailed statement that in line with the directives of Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, to expedite the reopening of The Address Downtown Dubai, it has appointed DUTCO Group as the contractor for undertaking the clearing, assessment and restoration work in record time.

Mohamed Alabbar, Chairman of Emaar Properties, said "The Address Downtown Dubai is our first hotel project and it has set international benchmarks with its excellent hospitality standards."

A team of international consultants have already been mobilized by DUTCO Group. Cleaning work has started with the mechanical, electrical and structural assessment of the building and restoration also underway, said the developer. Endit