Cove Edition by Imtiaz Escrow Account

First Abu Dhabi Bank P.J.S.C. holds the escrow account for Cove Edition by Imtiaz, account number 1091*****8110031 (the full number is in the Escrow Details section above). The account sits under DLD project number 3248, which the Dubai Land Department registered on 16 September 2024.

In the Dubai REST app the project appears under Project Status as project number 3248, listed under its register name, Cove Edition Residence 1 By Imtiaz. Its escrow panel shows First Abu Dhabi Bank P.J.S.C. and the account number, and the same record carries the latest register reading, 90.22% on 12 October 2026. Because the register name differs from the marketing name, the project number is the more reliable search. Each new reading appears on the Cove Edition by Imtiaz construction updates page.

Under both options, construction-period payments go into the escrow account, and the bank releases funds to the developer only against progress verified through DLD inspections. Every dated instalment had fallen due by 15 February 2026: 50% of the price under Option 1 (50/50) and 55% under Option 2 (3 years post handover), against a DLD register reading of 90.22% on 12 October 2026. What remains is the completion payment of 50% or 15%, plus, under Option 2, 30% paid after handover.

No. The 4% DLD registration fee falls due at booking alongside the 20% booking payment, but it is paid to the Dubai Land Department as a registration charge and does not enter the project escrow account. Only payments toward the purchase price are held in escrow and released against construction progress.

The completion payment falls due on completion, with handover stated for Q4 2026: 50% of the price under Option 1 and 15% under Option 2. Escrow covers the construction-period payments, so the completion instruction is matched against the escrow account registered for project 3248 and the Sales and Purchase Agreement before any transfer. Option 2 then spreads the remaining 30% at 2.5% quarterly over three years after handover; those instalments are paid to the developer after handover, on terms set in the Sales and Purchase Agreement.

Project 3248 carries a registered completion date of 25 August 2026 on the DLD register; that date had gone by 48 days before the 90.22% reading dated 12 October 2026, and the status was still Active. The calendar does not change how escrow works: deposited money stays in the account and is released only against verified progress, and a retention portion remains after completion, which links the account to the handover inspection described in the Cove Edition by Imtiaz snagging inspection guide. The regulator can revise a registered date, and buyers at Cove Edition by Imtiaz have been given a Q4 2026 handover. Escrow protects capital but pays no compensation if a timetable moves; any such terms sit in the Sales and Purchase Agreement.

No. Off-plan payments for Cove Edition by Imtiaz belong only in the DLD-registered escrow account 1091*****8110031 at First Abu Dhabi Bank (the full number is in the Escrow Details section above), as set out in the Sales and Purchase Agreement. A request to pay into a personal account, an agent's account or a different company account, particularly one offering a discount for paying outside escrow, fits the standard pattern of payment diversion fraud. A changed payment instruction is checked against Dubai REST and the Sales and Purchase Agreement before money moves.

RERA takes control of the escrow account if a project is cancelled, and buyer refunds are paid from the protected balance under the supervision of the Dubai Land Department. That protection reaches only money held in the registered account; funds sent anywhere else fall outside it. At 90.22% on the register (12 October 2026), the project is well beyond the early stages where cancellation is usually discussed, though the mechanism stands either way. The wider regulatory picture is set out in the Dubai Land Department guide.

The DLD register and RERA's progress monitoring report list IMTIAZ REAL ESTATE INVESTMENT & DEVELOPMENT L.L.C, developer number 1129, as the developer of project 3248. The project is marketed under the Imtiaz Developments brand, while the registered company name is the one shown on the DLD project record.

Yes. Under the escrow framework a retention portion stays in the account after completion to cover defect repairs, so part of the funds is still held when buyers take possession. The project documents give no amount or period for it, and the Sales and Purchase Agreement is the reference. Since money still held in escrow keeps the developer motivated to correct recorded defects, retention pairs with an independent inspection of the furnished apartment, covered in the Cove Edition by Imtiaz snagging inspection guide.

The escrow account protects construction-period payments toward the purchase price. It does not hold the 4% DLD registration fee, which goes to the Dubai Land Department, or the Option 2 instalments paid to the developer after handover. It gives no protection to money sent to any other account, and it pays no compensation if the handover timetable changes, since those terms sit in the Sales and Purchase Agreement. Escrow protects capital; it does not guarantee a handover date.

Imtiaz reported Beach Walk Residence, with 80 residences, as the first residential project completed and handed over on Dubai Islands, and reported Westwood Grande in Jumeirah Village Circle as handed over ahead of schedule in December 2024. Westwood Grande II and Pearl House in Jumeirah Village Circle and Hyde Walk in Jumeirah Garden City also appear among its delivered projects. These are developer announcements made under the Imtiaz brand, not records of the registered company behind project 3248.