Canal Crown Escrow Account

Abu Dhabi Islamic Bank holds the escrow account for Canal Crown, account number 2885**** (shown in full in the Escrow Details section above), registered under DLD project number 2625 when the project was entered on the Dubai Land Department register in May 2023.

Canal Crown is marketed under the DAMAC brand, and the entity registered against project 2625 with the Dubai Land Department is Galaxy Sky Real Estate Development L.L.C, developer number 1556. Both names refer to the same project. The registered entity is the name that appears in Dubai REST and on the RERA inspection reports for the tower.

Canal Crown follows a 20/60/20 structure: 20 percent on booking, 60 percent across fifteen installments from three months after the sale date through to month 45, and 20 percent on completion. Each of those payments is made into the project escrow account, and the bank releases funds to the developer only against construction stages certified by DLD inspections.

The RERA inspection dated 15 July 2026 certified 42.15 percent completion, up from 32.8 percent at the previous inspection. The report recorded enabling and foundation works substantially complete, substructure and superstructure at an advanced stage, and internal, envelope, finishing and MEP works progressing at different stages. Inspection by inspection detail is tracked on the Canal Crown construction updates page.

No. The 4 percent Dubai Land Department registration fee is payable in addition to the initial deposit and is paid to the DLD, not into the project escrow account. The escrow account holds the purchase price installments only.

The protection continues regardless of the schedule. Funds remain in the escrow account and are released only against certified construction progress, whatever the calendar shows. Escrow protects the capital while the project is completed; it does not itself compensate for delay, and any delay remedies sit in the Sales and Purchase Agreement.

No. Every off-plan payment for Canal Crown must go into the DLD-registered escrow account 2885**** at Abu Dhabi Islamic Bank (the full number sits in the Escrow Details section above), exactly as recorded in the Sales and Purchase Agreement. A request to send funds to a personal account, an agent's account, or an alternative company account, particularly one paired with a discount for paying directly, is the standard pattern of payment fraud no matter how official the paperwork looks. Any such request should be checked against the escrow account registered in Dubai REST and the details in the Sales and Purchase Agreement before any funds are sent.

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. That mechanism reaches only money actually paid into the registered account; funds sent anywhere else sit outside it. The wider framework is explained in the Dubai Land Department guide.

Yes, Canal Crown is a freehold project, open to all nationalities.

It depends on the tier. Canal Crown studios started from AED 1.12 million (approx USD 305,000) and one bedroom apartments from AED 1.99 million (approx USD 542,000), both below the AED 2 million property investment threshold for the 10-year Golden Visa, while two bedroom apartments started from AED 3.42 million (approx USD 931,000) and the super luxury duplexes higher again, above the threshold. The requirements and qualifying options are covered in the Canal Crown Golden Visa guide.