Azure 1 at DAMAC Riverside Views Escrow Account

Mashreq Bank PSC holds the escrow account for Azure 1, account number 0190*****171 (shown in full in the Escrow Details section above). The account is recorded against DLD project number 3660, which was registered on 18 May 2025 under the name "Damac Riverside Views - Azure 1".

Azure 1 buyer payments are held in the Mashreq Bank escrow account, apart from the developer's operating accounts. The bank passes money to the developer in stages, and each stage is tied to construction progress recorded through Dubai Land Department inspections, so the pace of sales does not decide how much cash the developer can draw.

The DLD register recorded 5.45% progress for Azure 1 at the inspection on 30 September 2026, up from a previous reading of 2.64%, which the register does not date. The inspection report gives the progress status as "Enabling Works - Progressing", with mobilisation ongoing and piling under way. Because escrow releases are tied to recorded progress, this reading is the reference point for how much of the construction work has been verified on site so far. Each new reading is tracked on the Azure 1 construction updates page.

Under DAMAC's regular payment plan for DAMAC Riverside Views, the 20% deposit, the 60% spread across 40 instalments and the 20% due on completion are all paid into the escrow account. The instalments fall due by months from booking, as set in the SPA schedule, not by construction stage, while releases from the account to the developer follow recorded construction progress. The plan sheet was issued for another release of the collection, so the Azure 1 schedule that governs a purchase is the one DAMAC confirms and the SPA sets out.

No. Azure 1 buyers settle the 4% DLD registration fee with the Dubai Land Department at booking, at the same time as the 20% deposit, and the fee is not held in the escrow account. For a 1 Bedroom Apartment priced at AED 888,000 the fee is AED 35,520 (approx USD 10K); for a 2 Bedroom Apartment priced at AED 1,900,000 it is AED 76,000 (approx USD 21K).

Funds in the escrow account stay there and continue to be released only as construction progress is recorded, whatever the calendar shows. The DLD record lists a registered completion date of 31 March 2029, in line with the expected Q1 2029 handover; the contractual completion date is the one in the SPA. Escrow protects capital while the project is built, but it does not itself compensate for delays; any delay terms sit in the Sales and Purchase Agreement.

No. Every off-plan payment for Azure 1 belongs in the DLD-registered escrow account 0190*****171 at Mashreq Bank (the full number sits in the Escrow Details section above), as recorded in the Sales and Purchase Agreement. A request to route money to a personal account, a broker's account or a different company account, particularly one that offers a discount for paying direct, fits the usual pattern of payment-diversion fraud however official the paperwork appears. Any such request is checked against the escrow account shown in Dubai REST and the escrow details in the SPA before money moves.

If the Dubai Land Department cancels a registered project, RERA takes control of the escrow account and buyer refunds are processed from the protected funds under DLD supervision. Only money paid into the registered Azure 1 account sits inside that protection; a payment sent anywhere else does not. The wider framework is explained in the Dubai Land Department guide.

The DLD record and the September 2026 inspection report list DAMAC MRY Investment L.L.C, developer number 1866, as the registered developer of project 3660, which is marketed under the DAMAC Properties name. The selling entity for a specific Azure 1 unit is the one named in that unit's Sales and Purchase Agreement.

Under the escrow framework, a portion of the funds is typically retained in the account for a period after completion to cover defects, on terms set by the framework and the Sales and Purchase Agreement. For Azure 1, with handover expected in Q1 2029, that retention comes into play at the end of the build, not at the current enabling works stage.

Azure 1 was registered with the DLD on 18 May 2025, construction started on 11 August 2025, and the register recorded 5.45% at the inspection on 30 September 2026, with the trust account held at Mashreq Bank PSC. At company level, DAMAC's own DAMAC Riverside Views materials state that DAMAC has operated since 2002 and had 47,600+ units delivered and 40,000+ units in progress as of June 2024, across more than 10 cities. Those are company-wide figures, not a delivery record for Azure 1.

The escrow account protects buyer capital by holding payments in a supervised account and releasing them against recorded construction progress. It does not fix a handover date, compensate for delays, or protect against changes in market value or resale price. Payments made outside the registered account fall outside its protection, and the 4% DLD registration fee is settled with the Dubai Land Department rather than placed in escrow.