Dubai’s Emaar Properties intends to reopen its landmark Address Downtown hotel by the end of the year, some two years after the skyscraper was gutted by fire following an electrical fault, its chairman told Al Arabiya TV on Tuesday, 14th February, 2017.

Mohammed Alabbar was speaking after the developer reported a 56 per cent rise in fourth-quarter net profits, boosted by higher revenue from property developments as well as the performance of its malls and hospitality businesses.

In a statement detailing its earnings, the company didn’t mention the impact on its results of the AED 1.22 billion it was due to receive from an insurance claim for the Address Downtown fire.

The firm said on 6th February that the insurance payout would result in a writeback of the AED 301 million provision it made in its 2015 results against the costs of the fire and would be recorded as income in the quarter ending 31st December, 2016.

On Tuesday the company reported a net profit of AED 1.61 billion for the quarter, up from AED 1.03 billion in the same period of 2015, while revenues were up 16 percent at AED 4.44 billion.