Dubai – Mubasher: Orient Insurance has said that it will pay a sum of AED 600 million to Emaar Properties as part of a settlement for an accident that took place at The Address Hotel in Dubai, Al Khaleej reported.

Earlier in December 2016, the two Dubai-listed companies signed a settlement agreement worth AED 1.2 billion for an insurance claim for losses resulting from a fire blazed at Emaar’s The Address Downtown Dubai Hotel on New Year’s Eve 2016.

Orient Group CEO Omer Elamin commented that the his company was able to repay half the settlement sum to Emaar at the agreed-upon date, the newspaper added.

MubasherTrade Research previously commented that that this incident may prompt Emaar Hospitality, a wholly-owned subsidiary of Emaar Properties, to postpone its initial public offering (IPO) plans till after 2016.

Emaar’s stock slipped 0.13% to AED 7.50 by 10:20am UAE time, while turnover on the stock reached AED 1.48 million.