Coral Reef Escrow Account

Dubai Islamic Bank (Public Joint Stock Company) holds the escrow account for Coral Reef, account number 0015*****366501 (shown in full in the Escrow Details section above), opened under DLD project number 2729 when the project was registered in August 2023.

The Dubai Land Department records the developer as DAMAC P S L INVESTMENT L.L.C under developer number 1528, while the project is marketed under the DAMAC Properties brand. Both refer to the same development, and the registered entity name is what appears in Dubai REST alongside the escrow account.

Coral Reef's 20/50/30 plan means the booking deposit and all construction installments land in the escrow account first. The bank releases funds to the developer only against construction stages certified by DLD inspections, and the final 30 percent falls due on completion, expected in Q1 2028.

No. The 4 percent Dubai Land Department registration fee is payable in addition to the initial deposit and sits outside the escrow account entirely. It is a government registration charge collected separately from the purchase price, so it is budgeted on top of the 20 percent booking payment rather than deducted from it.

The DLD inspection dated 10 August 2026 certified 32.87 percent completion, up from 27.39 percent at the previous inspection. Enabling and foundation works are substantially complete, structure and internal works are progressing at different stages, and MEP, external envelope and finishing works are at early stages. Inspection by inspection detail is tracked on the Coral Reef construction updates page.

The protection continues regardless of the calendar. Funds remain in the escrow account and are released only against certified progress, so a delay slows the outflow rather than exposing the balance. Escrow protects capital while the project completes; it does not itself compensate for delays, and those terms sit in the Sales and Purchase Agreement.

No. Every off-plan payment for Coral Reef must go into the DLD-registered escrow account 0015*****366501 at Dubai Islamic Bank (the full number sits in the Escrow Details section above), exactly as recorded in the Sales and Purchase Agreement. Any request to send funds to a personal account, an agent's account, or an alternative company account, especially one paired with a discount for paying directly, is the classic 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.

No. Dubai Islamic Bank holds accounts for a very large number of customers, so seeing the correct bank name on an instruction confirms nothing on its own. Only the full account number, matched digit for digit against the Escrow Account panel in Dubai REST and against the Sales and Purchase Agreement, identifies the account registered to project number 2729.

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. This is the reason paying only into the registered account matters: money sent anywhere else sits outside that protection and outside that process. The wider framework is explained in the Dubai Land Department guide.

Yes, Coral Reef is a freehold project, open to all nationalities.

It depends on the unit tier. The threshold for the 10-year Golden Visa is a property investment of at least AED 2 million. Two bedroom apartments from AED 2.527 million (approx USD 688,000) and three bedroom apartments from AED 3.328 million (approx USD 906,000) clear it on a single unit, while one bedroom apartments from AED 1.657 million (approx USD 451,000) sit below it. The requirements and qualifying routes are covered in the Coral Reef Golden Visa guide.