The Abu Dhabi-based Aldar Properties PJSC, the second biggest developer by assets of the Middle-East, failed to continue with its growth stories in the fourth quarter reporting a loss of 562 million dirhams.

Chief Financial Officer of Abu Dhabi, Shafqat Malik said that revaluations and hotel- opening expenses of 525 million dirhams and 170 million dirhams respectively, made the company to post losses against the projections of analysts that forecasted a profit of 406.7 million dirhams.

The developer is engaged in various construction activities in Abu Dhabi from building home apartments to hotels. It constructed a track and seven hotels and hosted a Formula One race for the first time in the country in November. It recently sold he Formula One track along with the Yas Island Yacht Club to the government of Abu Dhabi for an undisclosed amount.

Chet Riley, a Dubai-based analyst at Nomura Holdings Inc. said, "Selling the infrastructure probably divorces Aldar from an unwelcome distraction and frees up more cash, which can be diverted into its development program because tapping the debt markets at the moment is still very difficult."