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Tell Me Why
Tell Me Why the UAE property market continues to redefine what’s possible
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BNW Developments’ Founder and Chairman, Dr (CA) Ankur Aggarwal remains confident about the property market despite geopolitical tensions.
In my opinion, that's a myth actually. That the buyers are a little bit more cautious about the current market situation. They are very smart people because they know that this is an opportunity. It is impossible that the Dubai market will crash from here. It can see a little dip, which I call it correction, which is required to take it up. So it's a part of a roller coaster ride of real estate market. Yes, maybe they will take another 15 days, 20 days to take their decision, not more than that. This will also pass. Of course, this is very unfortunate, but uh in my opinion, it's a buyer's paradise.
SPEAKER_01So we try to kind of talk. Well, hello and welcome to another very special episode of Tell Me Why on Golf News. I'm Lock from Kitchen. And as you can probably tell, we're in a remarkable location today, but more on that soon. Because today's podcast, we are going to be asking the question tell me why Dubai's property market continues to redefine what's possible. We know that Dubai is a city that doesn't weigh. It builds, it scales, it's constantly redefining what's possible. And in a market known for a bold vision and an even bolder execution, today's guest is right in the centre of it all. Joining me today to help tell me why is Anka Agawal, the chairman and founder of BNW Developments, a company that has quickly established itself in one of the most competitive real estate landscapes in the world. 2026 stores divides property sector continue to grow and attract global attention, but the recent geopolitical tensions have made an impact on the sector. We've got to be honest about that. But BNW Developments is continuing to focus on delivering products that combine smart investment thinking with lifestyle-driven design. Here in the offices of BNW Developments, it's a pleasure to join us here on Tell Me Why, the chairman and founder, Anka Agawal. Thank you very much for joining us. Thank you, Keitch. How are we doing? Doing very well. And this is a remarkable location. We're here in one of your showrooms. And as soon as you walk in, you cannot be impressed by what you see.
SPEAKER_00Yeah, it's it is indeed. So this is a place from where I started my brokerage journey as well. And then we converted this into the development office. And then later on, we decided that let's keep this office as the uh showroom, like a sales gallery. So yeah, I love this place. We do have we do have other uh offices and floors in this same building as well.
SPEAKER_01We're gonna talk about that more, but going back to those early days when you were saying you were starting your brokerage, you're a yeah, an entrepreneur uh with the Indian background, but you've established yourself so quickly and so successfully across the UAE. How would you describe your personal and your professional relationship with the UAE?
SPEAKER_00See, when I came to Dubai, it was not my even in one mindset to do such kind of uh business which I'm doing as of now. So that was not my forte. My original forte is finance. And uh I am a chartered accountant qualified in 11. I thought that okay, I'll be doing this year practice only in UAE. So I thought of doing the similar thing which I was doing back in India, and I came with a similar dream here. But uh the destiny wanted me to be here where we are as of now, so that was quite interesting how I uh get into this business. So I got stuck here in COVID times. I have been taught by somebody that this market is amazing, you need to do something here. Then I started my career with brokerage practice with the help of someone, and then slowly and gradually we moved to the uh development. So this country has given me everything and uh beyond my expectations, and uh uh in fact, I could not ask anything better than this, which I got in UAE. So I literally now going everywhere and speaking, what is my experience about UAE? And it's really phenomenal the kind that how this country welcomes the people like us, and how they really create the opportunity for the people who are outside, who are coming from outside. And uh you must have seen when you are landing to the Terminal One Airport that this this welcome to the land of opportunity. So it actually does make a lot of sense. It it is the land of opportunities, and uh, if you will work with passion and uh and uh putting the right things at the right time, I'm sure everybody can get the success here.
SPEAKER_01Because every great entrepreneur talks about turning those challenges into opportunities. COVID was a challenge for you and you've turned that into an opportunity with brokerage. How hard was it to make that move from an accounting financial background which you'd studied and focused on, to take that first risk and move industries?
SPEAKER_00See, sometimes uh we calculate risks in the terms of uh uh others' people's income. But when you will calculate it on your income, then it eventually uh doesn't look like a risk. And that exactly happened to me because I was not having much income at that time uh in my CA practice days, so it was quite okay. You can say that it was okay for living, it was not luxury, so I did not see it as a risk at all. I just tried it, so that was an opportunity for me, and uh, in fact, I was doing the practice uh parallel at that time as well. So I was having that income as well back in India.
SPEAKER_01Yeah, that's a great mindset to have, certainly. You touched on the opportunity in the vision of the country. We are in unprecedented times, and one of the great things about the UAE is that it's got a great record and it's always been recognized for its ability to navigate challenges. Um, how do you see the role of the leadership of this country helping business today?
SPEAKER_00See, uh what I believe is this country has the most amazing leadership of this world. Why I'm saying so? Because what they have done and what they have created for millions of people is something which is coming out of the you know dreams, you know, like a fairy tale story, which you will which which you might see once in uh you know many, many, many centuries. In my opinion, you can't get better than this. And whatever they are doing, it's really making us very comfortable and uh I will say that you know, very relaxed, that you don't need to focus on other things, like you know, you don't need to focus on geopolitical things. Our leadership is taking care of this. We you just need to focus on your work. This is exactly what we are doing here.
SPEAKER_01And I think that plays into the idea of in any market, consumers can often be really fearful. They can sometimes be cautious when there's not a lot of confidence, it affects the market. And certainly when there's uncertainty, people with their investments tend to be a lot more cautious in how they spend their money. How are you seeing that affecting the UI property market at the moment?
SPEAKER_00Uh in my opinion, that's a myth actually. That the buyers are a little bit more cautious about uh the current market situation. You know, the buyers who are actually buying, they are spending millions of their uh dollars in the real estate market, and they're very smart people because they earn that money. If they can earn that money, they know how to you know invest the money at the right place. Earning the money is the most difficult task. They have earned it. Now it's the time of investment. So do you think they are not smart? They are more smarter than us, and they know that this is an opportunity. It is impossible that the Dubai market will crash from here. It can see a little dip, which I call it correction, which is required to take it out. So it's a part of a roller coaster ride of real estate market. So every single buyer is smart enough. Yes, maybe they will take another 15 days, 20 days to take their decision, not more than that. It's not gonna happen that it will be for years. So, nevertheless, Dubai has Dubai has shown to the world that, in fact, UAE has shown to the world that this this place is actually the safest place on the earth. Of course, this is very unfortunate, but uh in my opinion, it's a buyer's paradise uh as of now, and it's the and it's the opportunity which which they are actually taking.
SPEAKER_01Well, that's what Warren Boffett always says. You've got to be greedy when other people are fearful. Or be fearful when other people are greedy. You know, you've got to make up your mind, and I think that's what's underpinning you know, taking the opportunity when other people you know don't see that it's present. And and that probably underpins a lot of that confidence, just the resilience of the leadership.
SPEAKER_00Exactly, exactly. I still remind those COVID days when people were saying that this is finished and everything will be uh you know back to 2008 and then everything will be uh you know, uh people will run away, people will go. I see a totally reverse uh uh you know market from there. Actually, I entered into the market at the right time. At the time when it was it was it was coming up. So I have seen that uh you know, right as well. In my opinion, you will see market at least at least two times by 2027 from here. Two times investment.
SPEAKER_01Because by the nature of the investment, even if the investment is still coming in, are people changing? Are they looking for perhaps a more long-term return than they would have previously?
SPEAKER_00See, Dubai market was never into a long-term approach, long-term market. It was a it was a short-term trading market always, and this is how the people are making money out of it. They don't want to sit on an asset for 30 years. This is not the typical mindset which we uh usually see in uh you know different countries, like in my country, India, people uh you know buy a piece of land and then they forget, and then the and then their grandsons will use that land. So this is the mindset which people are having there. But in Dubai, it's not like that. You will buy, if you will make profit, you will sell it and you will buy something else, and you will take advantage of the bank leverage as well, which is quite easy here.
SPEAKER_01Yeah, and I think that that spot presents such a compelling investment. And you've touched on to buy a lot, but here in this remarkable showroom, it's not just to buy. Uh, when you look at the properties you've got, particularly in Russell Kema, uh leading up to a lot of the investment in there. Uh, our margin island has been where everyone's talking about how do you see because for international audiences, the focus is still to buy, but long term, how do you see Russell Kheima shaping the UAE property landscape?
SPEAKER_00See, now it has again it has been proven that this place will get a lot of profits for the investors. You see, when people started buying there in 2024, it was 500-600 dirum per square feet. Now it's it went up to 6,500 dirum per square feet because of an obvious reason that the casino is coming in there. And when the casino will come, it will come with a lot of tourists and the attractions, right? Russell Kema will welcome a lot of tourists. In my opinion, in different reports as well, it can vary from 5 million to 8 million. The population of Russell Kema is 600,000 in itself. They don't have the capacity to accommodate those visitors, right? So they need a lot of keys there, and still, even if the full uh you know inventory will be delivered by the time, still we will not be having enough capacity to accommodate those people. And then we have other things as well, which is happening in Russell Kema. So Russell Kema is the place as of now for the investment, and people are actually taking advantage out of it. And 90% of the BNW's portfolio comes uh from Russell Kema only. We are coming up with different branded uh luxury projects there, and uh and then we have uh Rex Central, then we have Beach District, and then we have, of course, we have Almerjan Island as well. So all in all, we'll have 27 projects there, and uh I can still bet on Russell Kema.
SPEAKER_01Um I I think a lot of people tend to agree with you. Um, but it is competitive, and and your success, you know, you've got a great track record, but what is it about your business that you think uh makes it so much more attractive than other great developers that are out there?
SPEAKER_00See, there is uh there is there is no comparison with any other developer uh which BNW sees, you know, when it comes to the segment where we are delivering. Uh in my interview in uh 2024, somebody asked me, like, what does it mean to deliver luxury? What exactly will you be putting out there? So I said that I want to build houses where I can live with my family as well. So this is a standard, this is a benchmark which we already set, right? And that people will see our confidence when we will deliver our first project in Russell Kema. So we have we have we are we are building it with you know heart and our soul. It's not just the business and the or the or the profits, it's not that you are using expensive things in your uh you know developments. We are actually building it with uh you know so much passion. So we'll do so many things which people will eventually like. And this is what I I I really you know proud of, and this is what I like about our company, our people, that we are doing everything with you know, with so much passion, with so much, you know, involvement, so much, so much, so much, you know, emotions are involved in that. So this is what we are doing in all of our projects.
SPEAKER_01Is there one particular project at the moment that you're more passionate about than other people?
SPEAKER_00All of them.
SPEAKER_01There's not one that you look at and say this is what I'm most proud of?
SPEAKER_00No, no, no. How many kids do you have?
SPEAKER_01I don't have any kids.
SPEAKER_00Okay. Even if you have, like let's say you cannot you cannot differentiate like uh to whom you will love the most. Um all the same for us.
SPEAKER_01You've obviously got um a great team and great employees. And that there's there's one comment that I liked. You said, I do not see 650 employees at BNW, I see 650 families placing their trust in us. Yes. When we're hearing stories in the news about other industries are looking to reduce salaries, they're looking to uh lay off workers. What has driven your commitment within BNW for this zero layoff policy?
SPEAKER_00See, it's very simple. I see myself in the shoes of that employee. If I would have been on their place, what would uh my feeling uh you know would be at that time? And I came through that place only. I'm coming from a very humble background, and I have seen those times where the life was very difficult. Although I enjoyed it that as well, but it was difficult. So I will not let anyone feel the same thing which I felt, right? And profit is never ever my motive. Trust me, my life is very simple, and I am I'm I'm I'm still okay with whatever I will be I'm I'm getting and whatever I will be getting. So even if we will discount our profits a little bit, right, that won't change anything for you. This is the mindset which people will have when they will be uh, you know, 60 years of age, when they will be very near to the God. You know, they will understand that thing. Okay, we will okay, okay, okay. Uh we don't need profits, we need good health. When the millions will become billions and billions will become hundreds of billions, you know, the value will not be changed for you, especially for your family. So why are you playing with the others' people's family sentiments and the values on your future profits?
SPEAKER_01Look, it's a great line. I wish more I miss more, I wish more owners felt the same way, because it's it's certainly not the case.
SPEAKER_00It does make a lot of sense.
SPEAKER_01Well, your business are your people, you know, if you're a happy worker's a good worker, and and one of the things the workers are looking forward to, uh, there was a recent approval. Uh His Highness Sheikh Hamdan gave the one billion dierum incentive package uh to the business sector for strong government support. For you as a not just as a developer, but for you as an entrepreneur, how does that level of government policy and that action affect your business and the economy?
SPEAKER_00Yeah, see, I really appreciate uh the government efforts uh in uh taking the economy up and uh helping us the SME sector SME sectors for uh the revival from the revival of this situation. But uh, in my opinion, the businessmen and the entrepreneurs should think it in a different way. I came from a place where we are we we we have in taxed heavily, right? You know, uh 40% of our income goes to the uh government taxes, right? And then you have indirect taxes as well. So ideally you are paying 50 per 58% of your income to the government, right? So we came from a background where we have been taught to contribute in the economy, and here you have only 9% corporate tax. So still you are saving 49% of your income here, right? And you are making more income as well, and still you expect something from the government is uh is is is is something which I'm not looking for. So being an entrepreneur, you should stand with the government policies. You need to contribute into the economy, not to expect any kind of bailout packages from the government.
SPEAKER_01Yeah, it's giving giving back to the opportunity to do that.
SPEAKER_00Giving back to them. Exactly. We earn from here, and if we are giving it here, that makes a lot of sense.
SPEAKER_01You touched on the idea of luxury before. The people are often asking you what is luxury and how BW is built different. And I think that's hard because a lot of people, particularly in real estate, they use this term luxury. Luxury apartments come here luxury, and a lot of the times it's it's not. Um, I can actually say you might know this. I live in one of their buildings uh in the marina, uh-huh. And BNW bought the building, and we thought, what's gonna happen here? But within a week, we were like, well, these pot plants are a lot better downstairs than what we had previously. This looks a lot tardier than what we you saw the change. Yeah, yeah, that comes through.
SPEAKER_00We are putting a lot of efforts in that building. You will see that building totally changed in next four to five months. So we have uh tied up with the famous Indian hotel brand Taj again, and then we'll put it as per the Taj standards. So, yes, you will you will you will really you will really feel a different taste of luxury in your project as well.
SPEAKER_01So, when it comes to that luxury, how do you define luxury in property today? How does your luxury sit above what some at the other company's definition of luxury?
SPEAKER_00See, when I live in my house with my family, I feel a comfort, right? And I always pinpoint something that I need to change this thing, I need to change that thing, and I need I need that kind of marble, I need that kind of vanity, I need that kind of uh WC, I need that kind of you know, kitchen equipment, and I have my preferences. That's the standard of my luxury. So the standard of luxury where I have uh opted for for my family and where I have reached already, I want to start it from there. So if it's good enough for your family, exactly. So that's why I told you I want to build houses where I can go and live with my family, and then they should not complain.
SPEAKER_01A lot of sectors are slowing down, but you and B and W are actually strengthening your leadership team. Recently, you've strengthened the leadership team, you've got recent senior appointments. What does that say to the market? The cock that the confidence you have in your team and your company that you're not cutting back, you're strengthening your leaders.
SPEAKER_00See, uh actually, I'm lucky enough to get those people uh who are actually best in their business. You know, this is this is this you get from your destiny. How many interviews you take that that that will not uh uh uh you know change anything, and you cannot judge anyone in uh you know uh 30 minutes. Still, it's your luck that how that people will perform. Yeah, and still you have to give them chances as well. We have those people who came on a very low salary level and they reached to the top level. We have those people as well, and uh there is one special community to whom I trust most is the chartered accountants, especially from you are one of them? Exactly. I believe them. They understand the mindset and they and they have been trained in that particular environment and what kind of reporting I shall be required and what exactly I want to do. So what's next? They understand what's next, right? So there's a special training, obviously. So now we are having 42 chartered accountants, and uh uh in all our top leadership, we have chartered accountants.
SPEAKER_01I would hate to be one of those chartered accountants working under you because you would know exactly how to handle them and where they're going right and where they're going wrong.
SPEAKER_00See, the first lesson uh or one of the lessons in our uh in our in our chartered accountancy course is the disaster management, risk analysis, risk assessment, implementation of internal control systems, uh sweat analysis of the management, uh sweat analysis. Of the employees and the financial practices, money laundering practices, banking practices. And then you have contacts, of course, because we have 500,000 chartered accountants spread across this globe. In Dubai itself, we have 10,000 chartered accountants, out of which we formed a chapter uh which constitutes 3,200 members. And we do have every month we do have seminars, right? So that community is so big, you know?
SPEAKER_01When you're doing those sort of SWOT analysis and you're you're looking at your record, because your record is remarkable and you have been extremely successful. What are those one or two things, you know, that is a business leader like yours, people don't see about your job that you do every day?
SPEAKER_00See, the the thing which you need to take care of uh in all businesses is to maintain your cash flows healthy all the time. This is the this is the most important thing, right? This kind this this world does not work on credit model. You need to understand this. Cash is a cash, right? Money is money. You need to be liquidated enough to fulfill your needs all the time. If you can manage your cash flows properly, you can succeed in any business. This is the basic thing which you need to understand, right? Then you need to understand a right mix of savings and investments, right? Too much saving or too much investments, again, you know, it's is is very dangerous. It's understanding the balance. Understanding the balance, exactly. And then you have to have the affection with your people who are working for you. You cannot treat them like uh uh, you know, you are paying them and they will work for you. This attitude is is a is a problem, right? So if you will work for them, they will work for you as well. So there are other things as well, but I think these are some basic things which you need to understand.
SPEAKER_01You've got some incredible projects. You can see that you've partnered with some magnificent brands, particularly Lamborghini, is one of the big ones that we can see here in your showroom today. Uh, recently you did a partnership with uh Michelle Adam and Fashion TV, which has got a lot of interest, a lot of publicity. Uh, what do you think adds value when you're doing those collaborations? And also your first major off plan, we'll get to that in Dubai or Vesa, but what do you think it it says about doing those collaborations in partnership with other established brands?
SPEAKER_00See, I uh I I always compare two products when it comes to the shopping, right? And the most important uh the crucial parameter is the brand, you know, which creates the whole difference. Although the product is the same, right? But the brand value creates the whole difference, and this we are doing it every day, right? And the people who are actually buying, they love those brands, you know. So the need to have that kind of feeling, the lifestyle, the sense of that brand. They want to have it around them. This is exactly what we are doing. It's so simple. Listen to the market, understand what I want, and it's the need, it's the it's the demand. It's like it's like people want luxury with brands, you know? And when they have the essence of that brand, it becomes so much you know uh easy for them to buy, to compare, you know. If they have Lamborghini furniture, they will not ask me about furniture at least. So the benchmark is already there. So it will give them a sense of uh reliability as well, more reliability.
SPEAKER_01Again, my thanks to Anker Agaw, the chairman and founder of BNW Developments, for joining us here on the Golf News podcast. Tell me why. It's been fascinating to hear his insights about what it's like as an entrepreneur to build an incredible company that's been leading the UAE property sector and also his vision for the market in the future. Thank you once again for joining us. Did you want to catch up on any of our previous podcasts? Head along to the website golfnews.com forward slash podcasts. I'm Lock from Kitchen, and we look forward to your company next time.