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

View shows the damage at the interior of Address Downtown Dubai hotel and residential block, which was hit by a blaze during New Year celebrations, in Dubai. (Reuters)

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.

Last Update: Wednesday, 20 May 2020 KSA 09:49 - GMT 06:49