VELA Escrow Account

Abu Dhabi Commercial Bank holds the escrow account for VELA by OMNIYAT, account number 1274*****20002 (the full number is available in the Escrow Details section above). The account is recorded against DLD project number 2653, which carries a DLD registration date of 5 October 2023.

Instalments for VELA are paid into the escrow account first and remain there until the Dubai Land Department inspection record shows the matching stage of works on site. The bank then releases funds to the developer against that recorded progress, so the money follows construction rather than the sales timetable. The instalment schedule for each residence is set in its Sales and Purchase Agreement.

The Dubai Land Department register recorded VELA at 50.03% on 10 September 2026, against 28.76% at the reading of 17 March 2026. Because escrow releases follow recorded progress, roughly half of the works have now been recorded on site and the release stages tied to the remaining works are still ahead, with handover scheduled for Q4 2027. Every dated reading is tracked on the VELA construction updates page.

Yes. Money already paid remains in escrow, and releases keep following recorded construction progress rather than the calendar. Escrow protects capital while the building is completed; it does not compensate buyers for a delay, and any delay terms are set out in the Sales and Purchase Agreement.

No. Every off-plan payment for VELA belongs in the DLD-registered escrow account 1274*****20002 at Abu Dhabi Commercial 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, a broker's account or a different company account, particularly one offering a discount for paying outside escrow, matches the usual pattern of payment-diversion fraud. The reliable reference point for any payment instruction is the escrow account shown in Dubai REST, read together with the SPA.

Should the Dubai Land Department cancel a registered project, RERA takes control of the escrow account, and refunds to buyers are then handled from the protected balance under DLD supervision. That protection covers money paid into the registered account, which is why a payment sent anywhere else falls outside it. The framework behind project registration and cancellation is covered in the Dubai Land Department guide.

No. The 4% DLD registration fee on a VELA purchase is paid to the Dubai Land Department to register the sale, not into the project escrow account, so it never forms part of the funds released to the developer against construction progress. Only the purchase instalments set in the Sales and Purchase Agreement are paid into escrow.

An off-plan purchase at VELA is registered with the Dubai Land Department under Oqood, the interim register for units in projects that are still under construction. Oqood records the buyer's interest while the building is completed, and after handover, scheduled for Q4 2027, that registration is converted into a title deed issued by the Dubai Land Department.