DAMAC Bay by Cavalli Escrow Account

Emirates NBD Bank (P.J.S.C) holds the escrow account for DAMAC Bay by Cavalli, account number 0205*****4502 (displayed in full in the Escrow Details section of this page), linked to DLD project number 2559, which the Dubai Land Department registered on 26 January 2023.

The Dubai REST app lists the project under Services, then Project Status, where a search for project number 2559 returns it under the name Damac Bay. The project record shows its status, registration dates and inspection readings, and its escrow details can be compared with the bank and account number in the Sales and Purchase Agreement before a transfer is made.

Instalments are paid into the escrow account first and held there. The bank releases funds to the developer in stages, against construction progress recorded through Dubai Land Department inspections, so money moves to DAMAC as work on site is recorded rather than simply because a payment date has passed.

No. The 4% DLD registration fee is paid to the Dubai Land Department to register the purchase and is separate from the payments toward the unit. It does not go into the escrow account and is not part of the escrow-protected balance; only payments toward the purchase price are routed through escrow.

Yes. Payments made while the towers are under construction go into the escrow account and are released only against recorded progress. The DLD register reading at the 18 August 2026 inspection was 33.76%, so most of the build, and the progress that later releases depend on, still lies ahead. Every dated reading is tracked on the DAMAC Bay by Cavalli construction updates page.

No. Each off-plan payment toward a DAMAC Bay by Cavalli unit belongs in the DLD-registered escrow account 0205*****4502 at Emirates NBD (the complete number appears in the Escrow Details section of this page), as set out in the Sales and Purchase Agreement. A request to pay a personal account, an agent's account or a different company account, particularly one offering a discount for doing so, matches the usual pattern of payment-diversion fraud however genuine the paperwork appears. Such a request can be checked against the escrow account shown for project 2559 in Dubai REST and against the Sales and Purchase Agreement before any money moves.

The protection does not lapse with the calendar. Funds already in the escrow account stay there and continue to be released only against recorded construction progress, whatever the date. Escrow protects capital while the project is completed; it does not pay compensation for a delay, and any delay terms sit in the Sales and Purchase Agreement. The expected handover is Q3 2027.

When a registered project is cancelled by the Dubai Land Department, RERA takes control of the escrow account, with refunds to buyers handled from the funds held in it under DLD supervision. That protection covers money paid into the registered account; payments sent anywhere else fall outside it. How the framework operates across Dubai is covered in the Dubai Land Department guide.

An off-plan purchase is recorded with the Dubai Land Department on the interim Oqood register, which records the buyer's interest in the unit while the project is under construction. Once the building is completed and the balance due under the Sales and Purchase Agreement is settled, ownership moves from the Oqood record to a title deed issued through the DLD. Exact steps and timings follow DLD procedures and the terms of the Sales and Purchase Agreement.

Escrow protects payments made into the registered account while the project is built. It does not cover money sent to any other account, it does not compensate for delays, and it does not guarantee resale value or rental returns. The 4% DLD registration fee and other transaction costs sit outside it as well.

The Dubai Land Department register lists the developer of project 2559 as DAMAC J R TWO INVESTMENT L.L.C, developer number 1529. The project is marketed under the DAMAC Properties brand, while the registered entity is the name that appears on the DLD record and the RERA inspection report.

DAMAC's brochure for the project states that the company has operated in the Middle East's luxury property market since 2002 and had delivered approximately 47,000 homes, with more than 33,000 further units in its development portfolio, as of 31 December 2023. For this project, the register records DLD registration on 26 January 2023, a construction start on 15 April 2023 and a 33.76% reading at the 18 August 2026 inspection, with handover expected in Q3 2027.