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Dubai’s Emaar Properties says ‘no material impact’ from hotel fire

A blaze engulfed Emaar's 63-storey Address Downtown luxury hotel and residential tower on New Year's Eve

Published: Updated:

Dubai's Emaar Properties on Sunday said a hotel fire should have "no material impact" on the company because the building and risk of fire are covered by its insurance.

A blaze engulfed Emaar's 63-storey Address Downtown luxury hotel and residential tower on New Year's Eve.

The fire has been contained and the company and authorities are investigating its cause, Emaar added in the statement to Dubai's bourse.

Emaar's shares were down 2.1 percent as of 0644 GMT, having fallen as much as 4.4 percent in early trade.