Cove Edition 2 by Imtiaz Escrow Account

Dubai Islamic Bank (Public Joint Stock Company) holds the escrow account for Cove Edition 2, account number 0016*****508001 (revealed in full in the Escrow Details section above). The account is tied to DLD project number 3286, registered with the Dubai Land Department on 25 October 2024, and the RERA inspection report of 20 October 2026 names the same trust account bank.

In the Dubai REST app, Services and then Project Status lead to the project record, where Cove Edition 2 is listed under project number 3286 and the register name Cove Edition Residence 2 By Imtiaz. The escrow panel on that record shows the bank and the account number, which should match both this page and the escrow details in the Sales and Purchase Agreement.

No. All off-plan payments for Cove Edition 2 are due into the DLD-registered escrow account 0016*****508001 at Dubai Islamic Bank (the complete number is available in the Escrow Details section above), as recorded in the Sales and Purchase Agreement. A request to send money to a personal account, a broker's account or a different company account, particularly one offered with a discount for paying outside escrow, fits the standard pattern of payment fraud however official it appears. Any such request is checked against the escrow panel in Dubai REST and the Sales and Purchase Agreement before money moves.

The booking payment and every dated instalment for Cove Edition 2 are paid into the escrow account, and Dubai Islamic Bank releases funds to Imtiaz only against construction progress recorded through DLD inspections. The booking payment and the five dated instalments after it, the last on 15 June 2026, have all fallen due, so at the DLD register reading of 60.08% on 20 October 2026 the share called was 50% under Option 1 and 55% under Option 2. The remaining share falls due on completion, on a date to be confirmed by Imtiaz, and Option 2 adds 30% payable after handover. The inspection record is tracked on the Cove Edition 2 construction updates page.

No. The 4% DLD registration fee, paid alongside the 20% booking instalment at Cove Edition 2, goes to the Dubai Land Department to register the purchase. It is a government fee rather than part of the apartment price, so it is not held in the project escrow account and is not released to Imtiaz.

The DLD register and the RERA inspection report list the developer of Cove Edition 2 as IMTIAZ REAL ESTATE INVESTMENT & DEVELOPMENT L.L.C, developer number 1129. The project is marketed under the Imtiaz Developments name, and the registered entity is the one whose escrow releases the Dubai Land Department supervises for project 3286.

The escrow mechanism does not change when a registered completion date passes. Money paid for Cove Edition 2 stays in the escrow account and continues to be released only against progress recorded by DLD inspections, whatever the calendar says. The registered completion date of 15-10-2026 has passed while the register showed 60.08% on 20 October 2026, and the current completion timetable is a matter for Imtiaz to confirm in writing. Escrow protects capital but does not itself pay compensation if completion moves; any such terms sit in the Sales and Purchase Agreement. The retention held after completion, and the handover inspection that pairs with it, are covered in the Cove Edition 2 snagging inspection guide.

Yes. A retention portion of the project's escrow funds stays in the account after completion to cover defect repairs, instead of being paid out to Imtiaz in full at the completion stage. Its size and duration are not part of the Cove Edition 2 payment plan, and it sits alongside the developer's defect obligations under the Sales and Purchase Agreement.

RERA takes control of the escrow account if a project is cancelled, and refunds to buyers are then handled from the protected funds under DLD supervision. That protection covers only money paid into the registered account; funds sent anywhere else fall outside it. The Cove Edition 2 register read 60.08% on 20 October 2026, with structure works recorded as completed in the RERA report of the same date, and the safety net applies at every stage regardless of progress. How the Dubai Land Department supervises off-plan projects is covered in the Dubai Land Department guide.

Escrow ring-fences money paid into the registered Cove Edition 2 account and ties its release to recorded construction progress. It does not cover payments sent to any other account, it does not pay compensation if completion moves, and it does not guarantee the finish, furniture or specification of an individual apartment, which are matters for the Sales and Purchase Agreement and the handover inspection. The 4% DLD registration fee and other purchase costs paid outside the account also sit outside its protection.

Imtiaz reported that Beach Walk Residence on Dubai Islands, with 80 residences, made it the first developer to complete and hand over a residential project there, and it reported Westwood Grande in Jumeirah Village Circle as handed over early, in December 2024. Westwood Grande II and Pearl House in Jumeirah Village Circle and Hyde Walk in Jumeirah Garden City are also among its completed projects. These are Imtiaz group announcements, not DLD records for the entity registered for Cove Edition 2.