Olivier Harnisch, CEO of Emaar Hospitality Group told the media that the hotel is well on track.
A fire broke out due to an electrical short circuit that engulfed the hotel and residential block. The building was evacuated with only minor injuries.
The developer recovered $332.2 million from an insurance claim for the fire.
The insurance claim will result in a write back of $81.95 million created in 2015 to cover the incident, which will be recorded as income in the quarter ending December 31, according to Reuters.
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