The project escrow account is the single reason Dubai off-plan is still a buyable asset class fifteen years after the 2008 shock.
An escrow account in Dubai property context is a specific, RERA-registered bank account attached to a specific project. Every dirham paid by buyers for that project must go into that account. A named bank, usually Emirates NBD, Mashreq, ADCB, or Dubai Islamic, acts as the escrow agent. An independent engineer appointed by the DLD verifies each construction milestone before funds are released to the developer. If the project is delayed, restructured, or cancelled, the money stays protected and the DLD can use it to appoint a replacement developer or refund buyers.
When I do initial due diligence on any off-plan project for a client, the first three things I check are: RERA project number, appointed escrow account and bank, and current escrow balance versus milestone achieved. All three are verifiable through DLD systems. Most agents volunteer none of them.
If the developer cannot name the escrow bank and account number in the first meeting, that is not a tour you need to take. Walk.
Related: Escrow, Oqood, Construction Progress, Payment Milestone.