wooden-judge-gavel

Orient Insurance fails to reclaim $340m for Address Downtown fire

Orient Insurance, part of UAE’s Al-Futtaim Group, has lost a claim case to recover the amount it paid to Emaar Properties for losses resulting from the fire that broke out at the Address Downtown hotel.

Following the blaze that broke out at the Address Downtown Hotel on New Year’s Eve in 2015, Orient Insurance has paid Emaar AED1.24 billion (USD340 million) as part of a settlement for the massive fire that engulfed the 63-storey hotel.

After the settlement, Orient Insurance lodged a civil case at Dubai Courts requesting that contractors who worked on the design, construction, and maintenance of the hotel pay back the amount it had paid to Emaar Properties.

The insurance company asked for the Dh1.24 billion to be repaid to them, plus 9 per cent interest from the date the case was lodged on November 30, 2016.

A ruling in favour of the contractors was upheld by the Dubai Court of Appeal, citing reports by a seven-member expert committee that concluded the fire was caused by an electrical short-circuit housed within a spotlight.

The case involved contractors including Atkins, Belhasa JV, Arabtec, Mirage, GAJ Construction and Alec Engineering and Construction.

The advisors

OGH Legal is representing ALEC Engineering and Construction, one of the contractors in the case. The team was led by founders & co-managing partners Mohamed ElGhatit and Sherif Hikal.

Orient Insurance fails to reclaim $340m for Address Downtown fire

suzan.taha@lcpublishinggroup.it

legalcommunitymena.com

Launched in 2022 by LC Publishing Group S.p.A., it is the first digital portal addressed to the Middle East North Africa market.

In terms of contents, the website focuses on both law firms and in-house legal departments, covering the latest news and rumors on deals and operations (and the related advisors) as well as on laterla hires, moves and new appointmens and providing insights, analytical data and opinions on the professions’ main trends and topics (AI, innovation, etc.).

For further information, please visit the Group’s website www.lcpublishinggroup.com

Legalcommunity MENA
LC Publishing Group S.p.A. – Via Tolstoi 10 – 20146 Milano – Tel. 0236727659 – C.F./P.IVA 07619210961
REA 1971432 Registro delle Imprese di Milano – Cap. Soc. Euro 50.000,00 i.v.

Copyright 2022 © All rights Reserved. Design by Origami Creative Studio

SHARE

Share on linkedin
Share on twitter
Share on facebook
Share on whatsapp
Share on email
Share on telegram