AL RAHBA – Progress & Payment Report (Bank)
| Payment |
Date |
Progress (Current) |
Progress (Cumulative) |
Payment Amount |
Retention |
Retention (Cumulative) |
Amount Released |
| Invoice 1 |
01-09-2024 |
35.0% |
35.0% |
AED 588,942.31 |
AED 233,894.24 |
AED 233,894.24 |
AED 355,048.08 |
| Invoice 2 |
24-04-2025 |
18.0% |
53.0% |
AED 302,884.61 |
AED 30,288.46 |
AED 264,182.70 |
AED 272,596.15 |
| Invoice 3 |
11-07-2025 |
10.0% |
63.0% |
AED 168,269.23 |
AED 16,826.92 |
AED 281,009.62 |
AED 151,442.31 |
| Invoice 4 |
04-09-2025 |
11.0% |
74.0% |
AED 185,096.15 |
AED 18,509.62 |
AED 299,519.24 |
AED 166,586.53 |
| Invoice 5 |
11-11-2025 |
14.0% |
88.0% |
AED 235,576.92 |
AED 23,557.69 |
AED 323,076.93 |
AED 212,020.00 |
| Invoice 6 (Upcoming) |
30-11-2025 |
12.0% |
100.0% |
AED 201,923.08 |
AED 20,192.31 |
AED 343,269.24 |
AED 181,730.77 |
| Total |
— |
— |
— |
AED 1,682,692.30 |
AED 343,269.24 |
AED 343,269.24 |
AED 1,339,423.06 |
- Total Project Value is AED 1,750,000.00, but the Contractor Value (our scope) is AED 1,682,692.30.
- So when we say “35% in Payment 1,” it means 35% of AED 1,682,692.30 (not of AED 1,750,000.00).
- The difference between the two totals is the consultancy portion handled outside our scope (AED 33,654 for the design works, AED 33,653.7 for supervision).
- The retention on Invoice 1 is AED 233,894.24 (10% retention of the payment + a bank cash collateral of AED 175,000.00).
- The highlighted row is the upcoming Invoice 6 at 12%.
- The amount still in the bank:
- invoice (5): AED 212,020.00 (Already submitted in the bank system and currently with the finance department).
- Last invoice (6): AED 181,730.77
- Total retention: AED 168,269.23
- Cash collateral: AED 175,000.00
- TOTAL AMOUNT: AED 737,020.00