Cove by Imtiaz Escrow Account

First Abu Dhabi Bank P.J.S.C. holds the escrow account for Cove by Imtiaz, account number 1011*****8110025 (shown in full in the Escrow Details section above). The account is recorded against DLD project number 2973, and the RERA progress report of 11 August 2026 names the same bank as the project's trust account bank.

Buyer payments for Cove by Imtiaz are held in the escrow account and released to the developer in stages tied to construction progress recorded through DLD inspections, not according to the payment plan dates. The DLD register showed 47.21% progress at the 11 August 2026 reading, and each later reading moves the release position forward. Part of the balance is retained after completion while defects are corrected.

In the Dubai REST app, Services and then Project Status lead to the project search, where Cove by Imtiaz is registered as "Cove Living Residence By Imtiaz" under project number 2973. Its Escrow panel lists First Abu Dhabi Bank P.J.S.C. and the account number, which should match both this page and the escrow details in the Sales and Purchase Agreement.

The 20% booking payment and the five dated instalments after it, together 60% of the price, had fallen due by the 11 August 2026 reading, the last of them on 15 July 2026, while the DLD register showed 47.21% construction progress. Escrow releases follow inspected progress rather than collection dates. What remains, 40% under Option 1 or 10% at completion plus 30% after handover under Option 2, is payable from completion onward. Progress reading by reading is tracked on the Cove by Imtiaz construction updates page.

No. The 4% DLD registration fee for Cove by Imtiaz is paid to the Dubai Land Department at booking, alongside the 20% first payment, to register the sale. It is a government fee on top of the apartment price, so it is not held in the escrow account and is not released to the developer.

Under Option 1 (60/40), the final 40% is due On Completion (15 March 2027). Under Option 2, 10% is due on completion and the remaining 30% is paid after handover at 2.5% per quarter over 3 years. With handover expected in Q1 2027, the way post-handover instalments are collected is set out in the Sales and Purchase Agreement.

No. All off-plan payments for Cove by Imtiaz belong in the DLD-registered escrow account 1011*****8110025 at First Abu Dhabi Bank (the full number sits in the Escrow Details section above), as recorded in the Sales and Purchase Agreement. A request to pay a personal account, an agent's account or a different company account, especially one offering a discount for paying outside escrow, matches the standard pattern of payment fraud, however formal the documents appear. The only valid reference points for such a request are the account shown in Dubai REST and the escrow details in the Sales and Purchase Agreement.

Yes. Money already in the escrow account remains there, and releases still depend on inspected progress rather than on the calendar; a retention is also held back after completion while defects are corrected. Escrow protects capital while the project is completed; it does not compensate buyers for delay. Delay terms for Cove by Imtiaz sit in the Sales and Purchase Agreement.

RERA takes control of the escrow account if a project is cancelled, and for Cove by Imtiaz that would mean buyer refunds being handled from the protected funds under DLD supervision. That protection reaches only money paid into the registered account for project 2973; payments sent anywhere else fall outside it. The wider framework is covered in the Dubai Land Department guide.

The DLD register and the RERA progress report list IMTIAZ REAL ESTATE INVESTMENT & DEVELOPMENT L.L.C, developer number 1129, as the developer of project 2973. The project is marketed under the Imtiaz Developments name; the registered company is the name that appears in the escrow and inspection records.

According to Imtiaz's own announcements, completed projects under the Imtiaz name include Beach Walk Residence on Dubai Islands (80 residences), which Imtiaz reported made it the first developer to complete and hand over a residential project on Dubai Islands; Westwood Grande in Jumeirah Village Circle, reported in December 2024 as handed over ahead of schedule; Westwood Grande II and Pearl House in Jumeirah Village Circle; and Hyde Walk in Jumeirah Garden City. These are group projects rather than projects of the company registered for Cove by Imtiaz, and past deliveries do not fix the Cove handover date.

The escrow account protects money paid into it. It does not cover payments sent to any other account, it does not compensate for a later handover, and it does not guarantee resale value or rental income. The 4% DLD registration fee also sits outside it, and delay and specification terms for Cove by Imtiaz are set out in the Sales and Purchase Agreement.