Safa Two de GRISOGONO Escrow Account

The Safa Two escrow account is held by Emirates NBD Bank (P.J.S.C) under account number 0405*****7202 (the complete number is in the Escrow Details section). The account sits under DLD project number 2200, registered on 19 December 2019, and the RERA inspection report dated 12 April 2026 names the same bank as the project's trust account bank.

In the Dubai REST app, the Project Status service lists Safa Two on the DLD project register as Aykon City 3, project 2200, with DAMAC CANAL ONE PROPERTY DEVELOPMENT L.L.C (developer number 1119) as the registered developer. The project's Escrow panel shows the bank, Emirates NBD Bank (P.J.S.C), and the escrow account number, which is the same number recorded in the Sales and Purchase Agreement and in the Escrow Details section of this page. A search by project number is more reliable than a search by the marketing name, because the register name differs from it.

The Safa Two instalments are time-based: after the 20% deposit, 19 instalments totalling 70% fall due every three months within 57 months of each buyer's sale date, and the final 10% is due on completion. Escrow releases run on a different trigger. Payments accumulate in the escrow account, and the bank releases funds to the developer only against construction progress recorded through DLD-supervised inspections, so an instalment falling due on a given date does not mean the developer receives that money on that date.

No. DAMAC's payment plan states that the 4% DLD registration fee is paid in addition to the 20% initial deposit. The fee is a government charge paid to the Dubai Land Department for registering the purchase, so it is not held in the Safa Two escrow account and is not part of the money released to the developer against construction progress.

The final 10% of the Safa Two price is the 20th instalment, due on completion, with handover expected in Q4 2027. Like every earlier payment, it is made against the escrow account details recorded in the Sales and Purchase Agreement and in Dubai REST. Under the escrow framework a retention portion also remains in the account after completion toward the repair of defects, and its amount and release terms follow the framework and the SPA rather than the payment schedule.

The latest DLD register reading for Safa Two is 31.35%, recorded against the inspection of 12 April 2026; the previous reading on the register is 26.35% and carries no date. Because escrow funds are released to the developer only in step with recorded progress, most of the construction-linked releases still lie ahead of the registered completion date of 30 December 2027. Each new reading is tracked on the Safa Two construction updates page.

Yes, the protection continues. Money paid into the Safa Two escrow account stays there and is released only against recorded construction progress, whatever the calendar says. Escrow protects capital while the building is completed; it does not compensate for a later handover, and any terms on late completion sit in the Sales and Purchase Agreement.

No. Off-plan payments for Safa Two belong in one place only: the DLD-registered escrow account 0405*****7202 at Emirates NBD (shown in full under Escrow Details above), as written into the Sales and Purchase Agreement. Requests to pay a personal account, an agent or another company account, often sweetened with a discount for paying direct, are the recognised signature of payment diversion fraud, however convincing the documents look. The reliable test for any such request is a comparison with the escrow account on Dubai REST and with the SPA before money moves.

RERA takes control of the escrow account if a project is cancelled, and refunds to buyers are then paid from the funds held in that account, supervised by the Dubai Land Department. The protection reaches only money paid into the registered Safa Two escrow account: a payment sent to any other account sits outside it. Safa Two is listed as an active project on the DLD register, and the refund mechanism applies at whatever stage a cancellation might occur. How that framework operates across Dubai is described in the Dubai Land Department guide.

The Safa Two escrow account protects buyer payments toward a unit while the building is under construction. It does not hold the 4% DLD registration fee, which is paid to the Dubai Land Department; it does not protect money sent to any account other than the registered escrow account; and it does not compensate for a later handover, since those terms sit in the Sales and Purchase Agreement. It also carries no promise about resale prices or rental income: escrow protects capital, not returns.

DAMAC's Safa Two brochure states that DAMAC Properties has been active in the region's luxury property market since 2002 and had delivered approximately 39,400 homes, with more than 28,000 in its development portfolio at various stages of planning and progress, as of 31 December 2021. Those figures describe the DAMAC group rather than the specific project company registered as the developer of Safa Two. The project's own DLD record shows construction started on 10 December 2019, registration on 19 December 2019 and a register reading of 31.35% on 12 April 2026.