Emaar Properties (Emaar) confirmed that it had signed an agreement with Orient Insurance to recover AED1.22bn, related to the insurance claim of the fire incident at the Address Downtown Hotel. The insurance claim will result in a write-back of the provision booked in 4Q15 amounting to AED301mn. The reversal of provision will be reported during the quarter ending 4Q16. Excluding the gains from the reversal of provision, we expect earnings to come in at AED1.6bn in 4Q16 (+58% Y-o-Y, +23% excluding the provisions booked in 4Q15). (Company disclosure, Mai Attia)   Emaar (DU): AED7.30 as of 5 Feb. 2017, Rating: Buy, TP: AED10.29/share, MCap: USD14,241mn, EMAAR UH/EMAR.DU