Ocean Cove at Rashid Yachts & Marina Escrow Account

Abu Dhabi Commercial Bank holds the project trust account for Ocean Cove, account number 1275*****20002, with the unmasked digits available in the Escrow Details section at the top of this page. The account is registered under DLD project number 3173 in the name of the developer of record, MINA RASHID PROPERTIES L.L.C, developer number 1275, and the same bank is named as the trust account bank on the Independent Progress Monitoring Report dated 14 April 2026.

It protects capital. Buyer funds are held under Dubai Land Department supervision and released to the developer only against construction progress that has been independently inspected, which keeps the money tied to the project rather than to the developer's wider balance sheet. It is not an insurance policy: escrow does not pay compensation for a delayed handover and it does not underwrite a resale value. Delay remedies and compensation terms sit in the Sales and Purchase Agreement, not in the escrow framework.

RERA, the regulatory arm of the Dubai Land Department, is the reason the account exists at all. Registering Ocean Cove as project number 3173 on 12 July 2024 required the trust account to be opened before any buyer payment could be collected, and withdrawals from it are matched against construction tracking against RERA inspection data. RERA takes control of the escrow account if a project is cancelled. The wider regulatory framework is covered in the Dubai Land Department guide.

Releases follow certified construction progress rather than the calendar dates printed on the payment plan. The most recent Independent Progress Monitoring Report, dated 14 April 2026, certifies 17.93 percent progress against 9.57 percent at the previous inspection, with a progress status of Main Contract - Progressing. Each certified increment unlocks a corresponding release to the developer, so funds paid in advance of inspected work stay in the account until the work is verified. Month by month inspection detail is tracked on the Ocean Cove construction updates page.

No. Every off plan payment for Ocean Cove belongs in the DLD-registered escrow account 1275*****20002 at Abu Dhabi Commercial Bank, the account recorded in the Escrow Details section above and written into the Sales and Purchase Agreement. Funds routed to a company account, a personal account or an agent's account sit outside that protection entirely, and a discount offered in exchange for paying that way is the oldest pattern in property payment fraud. Any payment instruction naming a different account, a different bank or an unfamiliar beneficiary should be checked against the escrow account registered in Dubai REST and against the Sales and Purchase Agreement before any money moves.

If the Dubai Land Department cancels a registered project, RERA takes control of the escrow account and buyer refunds are processed from the protected balance under Dubai Land Department supervision. Only funds that actually reached the registered account form part of that balance, which is the practical reason the account number matters more than any other line on a payment instruction. Ocean Cove is currently recorded as Active on the Dubai Land Department register, with no remarks against the project.

An off plan purchase is registered with the Dubai Land Department through Oqood, the interim registration that records the buyer against a specific unit while the building is under construction, and the 4% DLD registration fee is payable at that stage. Ocean Cove is freehold and open to all nationalities, so the Oqood entry converts into a title deed in the buyer's name once the project is completed and handed over. Interim registration is what ties a named buyer to a unit inside project 3173 and to the instalments paid into its escrow account.

Yes. The registered completion date on the Dubai Land Department record is 31 August 2028, matching the August 2028 handover the developer schedules, and escrow protection is not tied to that date. Funds remain in the trust account and continue to be released only against inspected progress for as long as the project is being built. Escrow protects the capital through a delay but does not compensate for one; any remedy for late delivery is a matter for the Sales and Purchase Agreement.