Interview By: Binesh Babu Panicker

What was the thought process behind setting up BNW in a competitive market like Dubai?

First, it’s important to understand that there is no real competition in the market. There is a significant gap between demand and supply. Even as we speak, the gap remains huge. The number of people moving to the UAE is increasing at a high rate, but the inventory being produced—or that will be produced—is relatively low.

So, even with the current number of developers in the market, we cannot meet the demand. If you analyze the numbers, you’ll see that it’s not about competition; I see it purely as an opportunity. It is a shared responsibility among all developers to fulfill this demand. That’s how I view the market, and I believe everyone should see it that way. In fact, every developer is a friend.

What is the RAK dream?

When I first moved here, I only thought about Dubai. I never considered Ras Al Khaimah, Abu Dhabi, Sharjah, or any other emirate. But I believe destiny played a role in my move to Ras Al Khaimah, and it turned out to be the best decision of my life.

I moved to Ras Al Khaimah for a specific reason—Wynn Resorts. I read about it in a newspaper, believed in the news, and decided to invest there. The rest is history.

In my personal opinion, Ras Al Khaimah is currently the fastest-growing emirate in the UAE. Over the next three years, I believe it will develop more than other emirate due to certain factors. Right now, investors are aggressive, and they’re seeing strong returns. Eventually, all the emirates will be developed to the level of Dubai. Abu Dhabi and Dubai are already well-developed, but every place has its time. Right now, it’s Ras Al Khaimah’s time.

The market follows a cycle—there are peaks, then a stagnant phase, followed by another peak. This momentum in Ras Al Khaimah’s growth is driven by obvious factors like Wynn Resorts.

Is there competition between the Dubai and RAK markets?

I don’t see any competition between Ras Al Khaimah and Dubai. Dubai has its own advantages and is far ahead of other emirates. It’s not about competition between the emirates—Dubai is competing with the world.

Dubai is always innovating; it wants to be the best globally. There are things in Dubai that have been unbeaten for years, like the Burj Khalifa. Dubai will continue to introduce surprises, but this won’t impact the overall growth of other emirates. Each emirate will grow based on its own unique factors, such as Ras Al Khaimah’s development around Wynn Resorts. Dubai, however, is on an entirely different level.

As a developer focusing on both Dubai and RAK, how do you differentiate buyers?

First, we need to recognize that most buyers are expats. The UAE has always welcomed new people. The investors in Ras Al Khaimah today are mostly new investors who understand the potential of Wynn Resorts. They know that the market will experience significant growth in a short period, and they want to capitalize on this opportunity.

These investors aren’t just from Ras Al Khaimah, Dubai, or Abu Dhabi—they’re coming from all over the world. You might be surprised to learn that Americans are among the highest buyers in the market.

Are there more investors in the market now, or are people looking to buy homes to live in?

Ankur Agarwal: As of now, it’s mostly investors. However, in the next three to four years, as the market matures, more people will choose to live there. It’s similar to my own experience. When I first moved to Dubai, I stayed in a hotel apartment. Once I felt secure, I moved into an apartment. Then a villa. The same will happen here.

The smart investors are those who anticipate the market’s trajectory over the next five years. You can’t project the market based on just the next six months; you have to look at the overall probability. Right now, the probability of growth is obvious. It’s like depositing money in a fixed deposit and receiving a 90% returns annually.

The only factor that could disrupt the market would be a natural calamity—what I call an act of God— something completely beyond human control. Otherwise, not even global recession rumors will impact it. The market here is mature, the government regulations are strong, and in fact, I would say they are the best in the world.

People talk about the RAK dream—what’s your dream?

I don’t really have a wish list. I live in the present. My job is to deliver on what I promise—to my investors, my employees, and end-users. That’s my only focus.

Dreams change every day. If today I say I want to build a $10 billion company in the next three years, maybe in our next interview, I’ll say $100 billion. I don’t get caught up in numbers. I focus on executing tasks and delivering results.

Are you involved in a project right from conceptualization?

Absolutely. Unlike many others, I am deeply involved because it’s in my DNA. I am a Chartered Accountant by profession, and I have always had the habit of doing things myself.

I come from the service industry, where you don’t sell a product—you sell yourself. You have to be the best at what you do. This habit has stayed with me for over a decade. So yes, I am involved in practically everything, and I love it.

Even though I have the best people in the industry working with me, I still enjoy being a part of every single aspect of the business.