Valencia at DAMAC Lagoons Escrow Account

First Abu Dhabi Bank P.J.S.C. (FAB) holds the escrow account for Valencia, account number 4031*****4098021 (the unmasked number is in the Escrow Details section above). The account is recorded against DLD project number 3226, registered with the Dubai Land Department on 2 September 2024, and FAB is also named as the trust account bank in the RERA inspection report dated 20 May 2026.

In the Dubai REST app the project appears under Services, Project Status, registered as DAMAC Lagoons - Valencia with project number 3226 and the status Active. Its Escrow panel lists First Abu Dhabi Bank P.J.S.C. and the account number, which should match both the Escrow Details section of this page and the escrow details in the Sales and Purchase Agreement. The RERA inspection report for the project names the registered developer as Island Oasis Properties, developer number 921, while the project's sales documents are issued under the DAMAC Properties name.

Valencia's instalments follow the booking date: 5% on booking, 10% within one month, nine 5% instalments every three months up to month 27, and 40% on completion. Those payments go into the project escrow account. Releases from the account to the developer run on a separate basis: they are tied to construction progress verified through DLD inspections, not to the buyer's payment calendar. The latest DLD register reading is 5.21% at the inspection dated 20 May 2026, when the RERA report recorded enabling and piling works, and each dated reading is tracked on the Valencia construction updates page.

No. The 4% DLD registration fee is paid to the Dubai Land Department in addition to the 5% booking deposit, so it does not sit in the project escrow account. DAMAC's payment plan counts the down payment as complete at 19%: the deposit plus the first instalment plus the fee. Only the first two of those three are escrow payments.

The final 40% of the price falls due on completion under the 60/40 plan, with handover expected in Q1 2028. Like the earlier instalments, it is an off-plan payment into the project's DLD-registered escrow account, made on the terms set in the Sales and Purchase Agreement. A retention amount also remains in escrow after completion as a reserve against defects, which keeps part of the project's funds under supervision beyond handover.

Yes. The escrow protection does not depend on the calendar: buyer funds stay in the escrow account and are released only against verified construction progress, however long the build takes. Escrow protects the capital paid in, but it does not compensate buyers for a later handover; any delay terms sit in the Sales and Purchase Agreement.

No. Valencia's off-plan payments are made only into the DLD-registered escrow account 4031*****4098021 at First Abu Dhabi Bank (the Show button in the Escrow Details section above reveals the full number), as recorded in the Sales and Purchase Agreement. A request to pay a personal account, an agent, or a different company account, particularly one that arrives with a new bank letter or a discount for paying outside escrow, matches the usual pattern of payment-diversion fraud. Any change of payment details can be checked against the Escrow panel in Dubai REST and the Sales and Purchase Agreement before money moves.

RERA takes control of the escrow account if a project is cancelled, and refunds to Valencia buyers are then handled from the protected funds under DLD supervision. That protection covers money paid into the registered account; funds sent anywhere else fall outside it. Valencia is still in its enabling and piling phase, the point in a build when that protection matters most. The wider regulatory framework is set out in the Dubai Land Department guide.

The escrow account protects capital paid into it while Valencia is built. It does not compensate buyers for a later handover, it does not hold the 4% DLD registration fee, and it does not protect money sent to any other account. Finishes, layouts and handover terms are set by the Sales and Purchase Agreement rather than by the escrow account.

DAMAC Properties states in its own project materials that it has been developing since 2002 and that, as of Q2 2025, it had delivered 49,000+ units with 54,000+ units in progress. Valencia itself entered the DLD project register on 2 September 2024, started construction on 5 November 2024, and carries a registered completion date of 28 February 2028.