VELA Viento Escrow Account

Commercial Bank of Dubai (PSC) holds the escrow account for VELA Viento, account number 1008*****9 (the complete number is available in the Escrow Details section above). The account is recorded against DLD project number 2885, which the Dubai Land Department registered on 10 July 2024.

Instalments paid for a VELA Viento residence stay in the project escrow account at Commercial Bank of Dubai until construction progress is recorded through DLD inspections. The bank then releases funds to the developer against that recorded progress, so money moves in step with the works rather than with the payment calendar. Payment dates and amounts are fixed in each buyer's Sales and Purchase Agreement.

The DLD register reading for VELA Viento was 21.81 percent after the inspection of 18 May 2026, 3.78 points above the previous register reading (date not shown). Because escrow releases follow recorded progress, most of the construction the account pays for still lay ahead on that date, with structural, internal and MEP works noted as progressing. At 29 September 2026 this reading had reached an age of 134 days, and each dated reading is tracked on the VELA Viento construction updates page.

No. The 4% DLD registration fee on a VELA Viento purchase goes to the Dubai Land Department at registration of the sale, not into the project escrow account. It is a government fee charged on top of the purchase price, so it is never released to the developer and is separate from the instalments set out in the Sales and Purchase Agreement.

An off-plan purchase at VELA Viento is recorded on the Dubai Land Department's Oqood register, the interim registration that links the buyer to a specific residence in project 2885 while the tower is under construction. After completion, and once the purchase price has been paid in full, the Oqood record is converted into a title deed issued by the Dubai Land Department. The expected handover is Q3 2027.

No. Off-plan payments for VELA Viento belong in the DLD-registered escrow account 1008*****9 at Commercial Bank of Dubai (the complete number is available in the Escrow Details section above), as recorded in the Sales and Purchase Agreement. A request to pay a personal account, an agent's account or any other company account, particularly one offered with a discount for paying outside escrow, matches the usual pattern of payment-diversion fraud, however formal the documents look. Money sent that way sits outside the escrow protection, and any such request can be checked against the account registered for project 2885 in Dubai REST.

Yes, the protection does not depend on the calendar. Money paid for VELA Viento stays in escrow and is released only against recorded construction progress, whenever that progress is recorded. Escrow protects buyers' capital; it does not pay compensation for a later handover, and any delay terms are set out in the Sales and Purchase Agreement. The expected handover is Q3 2027.

RERA takes control of the escrow account if a project is cancelled, and buyer refunds are then handled from the funds held in that account under the supervision of the Dubai Land Department. The protection reaches money paid into the registered VELA Viento account at Commercial Bank of Dubai; payments sent anywhere else fall outside it. Cancellation and refund procedures under the escrow framework are covered in the Dubai Land Department guide.

The Dubai REST app shows the escrow details for VELA Viento under Services, then Project Status, by searching project number 2885 or the register name Vela Viento by Omniyat. The bank and account number displayed there, the escrow clause of the Sales and Purchase Agreement, and the payment instruction should all show the same Commercial Bank of Dubai account.

VELA Viento's own record is dated in the DLD register: construction start on 09 January 2024, registration as project 2885 on 10 July 2024 and a register reading of 21.81 percent on 18 May 2026. OMNIYAT states that it has operated since its establishment in 2005, and its brochure names VELA, The Lana and ORLA, each carrying the Dorchester Collection name, among its projects. Dated handover records for those projects are not part of this page's sources.

The VELA Viento escrow account protects buyer payments made into it and ties their release to recorded construction progress. It does not cover payments sent to any other account, it does not hold the 4% DLD registration fee, which goes to the Dubai Land Department, and it does not compensate for a later handover or guarantee the resale value of a residence. Delay terms and other contractual remedies sit in the Sales and Purchase Agreement.