Refund for Property Investor, Niki Lauda Towers

Published: 08/03/2010

A British businessman and property investor has been refunded on an office unit which he purchased in the delayed Niki Lauda Twin Towers, in Business Bay. The proposed towers, which are named after a Formula One driver, are one of three projects launched by German developer Alternative Capital Invest (ACI) Real Estate back in 2007. The Niki Lauda towers project, formerly due to be completed this year, is now 20 months behind schedule. The Dubai Courts has ordered the company to refund Mr. Oakeley the sum of Dh569,585 plus 5% interest from the date of commencement of the court proceedings. After filing the lawsuit against ACI in March of last year, Mr. Oakeley has won the case because ACI had failed to register the property with the Dubai Land Department. A property contract is valid only providing the property has been registered with the Land Department. (Photo shows Niki Lauda Twin Towers' finished design)