A record write-off of assets may not end woes of indebted developer Aldar Properties (ALDR.AD), as the company may see further impairments, analysts said on Wednesday.
Aldar, which booked 11.3 billion dirhams ($3.1 billion) in impairments and fair value losses last year, may still have assets that are overvalued while some unsold property could also see losses in the coming years.
"We do not rule out further impairment charges on Aldar's balance sheet," said Jad Abbas, real estate analyst at EFG-Hermes.
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