'No material impact' from Address Downtown hotel fire: Emaar

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 fire affected 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 per cent as of 0644 GMT, having fallen 4.4 per cent in early trade but the stock came off its lows.

Click to read.. Dubai once again demonstrated its inherent strength: Alabbar