Skyvue Altier Escrow Account

Dubai Islamic Bank (Public Joint Stock Company) holds the escrow account for Skyvue Altier, account number 0015*****999001 (the Escrow Details section above shows it in full). The account sits under DLD project number 3435, registered as "Skyvue" on 25 February 2025, a registration that covers all four Skyvue towers.

No. Because the Dubai Land Department records the four Skyvue towers as one project, payments from buyers in every tower, Skyvue Altier included, go into the same supervised account. The release rule is unchanged: money reaches the developer only against construction progress recorded by DLD inspections, which the register reports for the four towers together rather than for Skyvue Altier alone.

The Project Status service in the Dubai REST app lists the development under project number 3435 and the name "Skyvue", not under "Skyvue Altier". Its Escrow panel shows the bank, Dubai Islamic Bank, and the account number, which matches the Escrow Details section of this page and the escrow details in the Sales and Purchase Agreement.

Escrow funds are released to the developer in stages against construction progress recorded by DLD inspections, not on the dates buyers make their payments. At the inspection dated 30 July 2026 the register reading for the whole Skyvue registration was 10.54%, up from 5.11% at an earlier inspection the register shows without a date, so the release cycle is at an early point. Inspection readings for the registration are tracked on the Skyvue Altier construction updates page.

No. The 4% DLD registration fee is paid to the Dubai Land Department at booking, alongside the 20% booking payment, and does not enter the escrow account. The escrow account receives the payments toward the purchase price of the apartment.

No. Every off-plan payment toward a Skyvue Altier apartment belongs in the DLD-registered escrow account 0015*****999001 at Dubai Islamic Bank (the full number is in the Escrow Details section above), as recorded in the Sales and Purchase Agreement. A request to pay into a personal account, an agent's account or a different company account, particularly one paired with a discount for paying direct, follows the standard pattern of payment fraud, however official the paperwork appears. The reliable reference for any such request is the Escrow panel for project 3435 in Dubai REST, read together with the Sales and Purchase Agreement.

The escrow rules do not change with the calendar. Money stays in the account and is still released only against recorded construction progress, so a later completion does not give the developer earlier access to buyer funds. Escrow protects capital rather than compensating for a delay; any delay terms for Skyvue Altier sit in the Sales and Purchase Agreement.

RERA takes control of the escrow account if a project is cancelled, and refunds to buyers are then handled from the protected funds under the supervision of the Dubai Land Department. That safeguard reaches only money paid into the registered account, so payments sent anywhere else fall outside it. How the DLD framework operates more broadly is covered in the Dubai Land Department guide.

Yes. Under the escrow framework a retention portion is held back after completion to cover the repair of defects, so part of the money remains under supervision after buyers receive their apartments. Because of that retention, the developer has money at stake in rectifying defects reported at handover.

The inspection report for project 3435 names the developer as SOBHA L.L.C, the registered developer entity for the Skyvue development that Sobha Realty markets. That registered name, rather than the Sobha Realty brand or the Skyvue Altier tower name, is the one that appears in the official record of the project.

Escrow protects the capital buyers pay toward the purchase price while the project is built. It does not compensate for a later completion, set a resale price, produce rental income, or cover money sent to any account other than the registered one. The 4% DLD registration fee also sits outside it, because that fee is paid to the Dubai Land Department. Completion terms and remedies are set in the Sales and Purchase Agreement.

The register record for the Skyvue registration so far is registration on 25 February 2025, a construction start on 1 April 2025 and a register reading of 10.54% at the 30 July 2026 inspection. Sobha Realty describes its approach as a Backward Integration model, with design, engineering and contracting, material sourcing, craftsmanship and quality control kept in-house. Whatever the building model, escrow releases for Skyvue Altier still follow DLD-recorded progress.