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A tower in Dubai Marina has received its completion certificate. Its escrow account has a total value of AED 186,400,000; construction cost AED 140,000,000 and sold units are worth AED 210,000,000. How much must the escrow agent retain?
Article 14 of Law No. 8 of 2007 (in force 12 Oct 2026) requires the escrow agent to retain 5% of the total value of each escrow account once the developer obtains the completion certificate. 5% x 186,400,000 = AED 9,320,000. Applying 5% to the construction cost (7,000,000) or to the value of units sold (10,500,000) uses the wrong base, and 18,640,000 doubles the rate to 10%. Source: Law No. (8) of 2007, Art. 14 (in force 12 Oct 2026).
Taking 5% of construction cost or sales value instead of the escrow account's total value.
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