Launched in February 2008 by Dubai’s ACI Real Estate, the AED1bn
Michael Schumacher Business Avenue was billed as a 29-storey business tower in
the city’s Business Bay.
The branded tower was one in a string of real estate
projects launched by ACI, including buildings named after tennis star Boris
Becker and Formula One driver Niki Lauda.
According to construction updates on ACI’s website, initial work
began at the site in 2008. The last construction update was in June 2009, when little
work appeared to have been completed.
ACI Real Estate filed for bankruptcy on four of its seven
property funds in September 2010.
Click through to see the current state of the building site.
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