An escrow account is that which acts as a third-party funding medium wherein the merchant receives access to the transferred money (by the buyer), once an escrow agreement has been fulfilled. If the agreement is not fulfilled by the merchant, the fund is then returned to the buyer.
In terms of the UAE real estate market, an escrow account serves a very specific function. The developers of the various projects have to open different escrow accounts for every project, as per the Escrow Account Law in UAE.

Dubai’s real estate market is one of the most dynamic aspects of the city. People from all over the world are welcome to own and invest in properties here. Being a tax haven, Dubai offers a lifestyle like no other.
You are eligible to purchase property in Dubai as a foreign national in designated areas only. These properties are called freehold properties.

On Sunday, the 29th of December, 2019, Sheikh Mohammed bin Rashid, the Vice President and Ruler of Dubai, announced the 3-year fiscal budget plan until 2022. With the budget set to reach AED 196 billion, this is the first time that the government has set a 3-year budget.
With a focus on specific sectors, including social services, health, housing, and education, the year 2020 has an expense budget of AED 66.4 billion. The government is working towards the goal of making Dubai the most liveable city in the world.