A property investor has been awarded a refund by Dubai Courts for an office unit he bought in a project that is 20 months behind schedule.

The British businessman Ron Oakeley bought two offices in a building in Dubai’s Business Bay that was to be named after the former Formula One racing driver Niki Lauda. The proposed Niki Lauda Twin Towers building was part of a trio of projects launched by Alternative Capital Invest Real Estate, a German developer, in late 2007 that were to be named after famous sport stars.

He filed a lawsuit against ACI in March last year to try to recover more than Dh1 million ($272,000) he had invested in the project, which was due to be completed this year but is about 20 months late.

The National