Skyscape Avenue Escrow Account

Dubai Islamic Bank (Public Joint Stock Company) holds the escrow account for Skyscape Avenue, account number 0015*****141801 (the unmasked number is in the Escrow Details section of this page). The account belongs to DLD project 3160, the Skyscape registration that covers all three towers of the development, registered on 9 October 2024.

The Dubai Land Department does not register the towers of the Skyscape development individually. Skyscape Avenue is one of three towers recorded together as project 3160 under the name Skyscape, so its escrow account, trust bank and register readings are those of the whole registration. A search for 3160 or Skyscape in the Project Status service of Dubai REST returns that shared record.

Skyscape Avenue runs on a 60/40 plan: 20% down at booking, 40% during construction and 40% on handover, expected in Q4 2029. The down payment and the construction share are paid into the escrow account, and the bank releases funds to Sobha Realty only against construction progress recorded by DLD inspections. When the construction share falls due is written into each Sales and Purchase Agreement.

No. The 4% DLD registration fee is paid to the Dubai Land Department at booking, alongside the 20% down payment, and it never enters the escrow account. It is a government registration charge on top of the purchase price, so it is neither held for construction nor released to Sobha Realty.

No. Every off-plan payment toward Skyscape Avenue belongs in the DLD-registered escrow account 0015*****141801 at Dubai Islamic Bank (revealed in full in the Escrow Details section of this page), as recorded in the Sales and Purchase Agreement. A request to send money to an individual's account, a broker's account or some other company account, particularly one offered with a discount for paying outside escrow, matches the standard pattern of payment fraud regardless of how official the documents appear. Such a request is properly tested against the Dubai REST escrow record for project 3160 and the Sales and Purchase Agreement before any money moves.

The Dubai REST register showed 38.27% at the inspection dated 21 September 2026, with an earlier reading of 30.08% listed without a date. The figure covers all three towers of the Skyscape registration rather than Skyscape Avenue alone. Escrow releases follow recorded progress, so money for work not yet recorded remains in the account. Each inspection reading is tracked on the Skyscape Avenue construction updates page.

It stays protected. Money in the escrow account is released only against recorded construction progress, so a later completion date does not unlock funds early. Escrow safeguards the capital while the build continues; it does not pay compensation for a later handover, and any such terms are set out in the Sales and Purchase Agreement.

Should the Dubai Land Department cancel a registered project, RERA takes control of the escrow account, and buyer refunds are then paid out of the protected balance under DLD supervision. That safety net reaches only money paid into the registered account; funds sent anywhere else sit outside it. How that framework operates is covered in the Dubai Land Department guide.

A retention portion stays in the escrow account after completion to cover the repair of defects, so part of the money is still held while issues found at handover are put right. The amount and holding period are not published for Skyscape Avenue; they follow the escrow rules and the Sales and Purchase Agreement.

The escrow account protects buyer payments made into it toward construction. It does not cover money sent to any other account, it does not hold the 4% DLD registration fee, and it neither compensates for a later handover nor guarantees the future value of an apartment. Contract terms on timing and remedies sit in the Sales and Purchase Agreement.

The Dubai Land Department records the developer of the Skyscape registration as SOBHA L.L.C, while the tower is marketed under the Sobha Realty name. The escrow account is tied to that registered developer and to project 3160, and releases from it reach the developer only against recorded construction progress.