Before the UAE had a casino law, before a casino project, or a gaming resort as it’s called, was announced, and long before the emerging Ras Al Khaimah region near Dubai in the UAE entered global investor conversations, a small group of buyers quietly bought land on the coast of Al Marjan Island. Within a year, those bets were worth 30 to 50 times more, triggered by a single piece of news about the casino opening in the area, and by some estimates, that development is bound to redraw the Middle East’s tourism map.

Among those early land buyers who saw this asymmetric opportunity was BNW Developments, a company led by Ankur Aggarwal, a 39-year-old Delhi-born multi-millionaire real estate developer. Since entering the UAE market in 2019, he has scaled BNW Developments into one of the fastest-growing Indian-founded luxury real estate firms in the UAE, joining the ranks of Indian builders reshaping the Gulf’s skyline.

Ankur Aggarwal did not just arrive in Dubai and set out to build one of the city’s most promising real estate companies. A chartered accountant(CA) by training — a qualification that demands half a decade of discipline and grind — his journey was shaped early by responsibilities rather than privilege. Aggarwal lost his father when he was six. By the time he was in Class 9, he was teaching tuition to supplement the family’s income, helping his mother, a primary school teacher, raise him and his two elder sisters. The experience, he said, planted the earliest seeds of enterprise and accountability.

After qualifying as a CA, Aggarwal spent more than eight years in the world of finance in India before moving to Dubai in 2019. The decision was tentative as he had no idea what the future held. “I moved to Dubai originally to improve my family’s lifestyle and to match my income benchmark. It wasn’t planned that I would become a developer. After trying brokerage during COVID, I found success and made the transition into development. The journey involved risk-taking and persistence. Opportunities, timing, hard work, and the people around you shape the outcome,” he told Fortune India, during an exclusive interview. 

Earlier he had plans to return to India but then COVID hit, and he stayed back. Aggarwal eventually became a partner at AKGVG Accounting & Bookkeeping. His move to a city where expatriates make up nearly 90% of the population, and global capital circulates freely, had little to do with ‘grand ambition’ and more with calibration—of better income, lifestyle, and possibility.

Real estate came next, almost by sheer luck and proximity. Dubai’s property market has been breaking records for the past couple of years, and Aggarwal’s entry was just a chance. “I was staying here with three other roommates, a guy in our building used to come and constantly talk about how big an opportunity real estate in Dubai is. For two months, I ignored him. After that, I couldn’t.”

Aggarwal entered the thriving real estate sector in Dubai through brokerage, a common route for newcomers. It was here he learnt the mechanics of the city’s ultra-luxury market: customer behaviour, rental appreciation, commissions, speed, and the centrality of sales. His training as a CA  sharpened his understanding of numbers, but brokerage taught him something else: in Dubai, capital often moves before policy, not after it. He realised that success was less about building early and more about deciding early, thinking steps ahead while others waited for certainty — a thinking that proved immensely beneficial, for example, in case of BNW’s latest partnership for ultra-luxury branded homes with Tonino Lamborghini, who took the Lamborghini legacy from engines to lifestyle, building a global luxury brand rooted in Italian design.    

But was it that easy to make a big impact in the competitive Dubai market? Absolutely no. What certainly was there were success stories and precedents of Indians who had already made it big in real estate in the UAE. Indian entrepreneurs, the likes of Sobha’s PNC Menon and Danube’s Rizwan Sajan, had already shown what disciplined execution could achieve in the Gulf. Combined with the UAE government’s reputation for regulatory agility and infrastructure-led growth mindset, the welcoming environment in the UAE emboldened Aggarwal to take bigger risks. That decision led to the founding of BNW Developments—a bet made five years ago that has since scaled rapidly, with the company now behind six marquee residential projects carrying a combined gross development value of AED 32 billion (approximately $8.7 billion). 

BNW’s most prominent developments are concentrated in Al Marjan Island in Ras Al Khaimah, with the latest Tonino Lamborghini Residences project announced just last month. The 377-unit project marks the entry of the Italian lifestyle brand into the emirate’s residential real estate market. It will offer studios, one-, two- and three-bedroom apartments, as well as penthouses, villas, and mansions, with unit prices starting from AED 1.69 million.

That begs a question: why Ras Al Khaimah (RAK)? A place that is the northernmost emirate of the UAE, about 1 to 1.25 hours' drive from central Dubai.

Al Marjan Island is a man-made archipelago with Ras Al Khaimah, extending into the Arabian Gulf, and is similar in concept to Dubai’s famous Palm Jumeirah. But, unlike Palm Jumeirah, which seems to have saturated as development reaches its peak, Al Marjan feels early, and is still developing, and over the years has become a go-to destination for tourists, short-stay renters, second-home buyers and yield-seeking capital.

“Ras Al Khaimah is an emerging—and, I believe, future—destination for the UAE. Al Marjan Island, historically, had strong hotel occupancy, around 95% over the last decade. On top of that, the new casino (which is set to catapult RAK’s real estate landscape) will drive tourist inflows to a whole new level. There are reports forecasting visitor numbers of around 5 million in 2027 and 8 million in 2028; Ras Al Khaimah’s local population is only around 600,000,” reasons Aggarwal, adding the massive shortage of real estate supply has created a unique opportunity for developers like BNW. “Al Marjan Island’s accommodation capacity will be insufficient for that kind of demand,” he says. Notably, Al Marjan’s built capacity is about 22,000 units, and the projects that are expected to be delivered following the casino opening are roughly 8,000 units. “That mismatch creates meaningful short- and medium-term demand for hotels, branded residences and short-term rentals,” stresses Aggarwal.

Ras Al Khaimah’s property prices have also appreciated manifold in the past few years, but the casino development is set to take prices to a whole-new level. Anecdotal evidence shows that even after 20-30% revenue-share commissions, short-term rental operators are leaving owners with net yields of 5-6% of property value, numbers that rise further for ‘branded residences’ like Tonino Lamborghini Residences.

'Lamborghini association is more than a flashy logo'

To make sure the latest project with Lamborghini does not end up becoming just a “brand-lift”, Aggarwal says BNW is working with the Lamborghini team to translate the brand experience into architecture and interiors to express the Lamborghini legacy through the residential project — beyond just a flashy logo. “The pool is shaped like a Lamborghini, grilles, balcony lines echo Lamborghini design language, and we are specifying a range of branded furnishings and fixtures they offer. It is intended to be a lived lifestyle, not mere branding.” 

The Italian lifestyle luxury brand, he said, was actively involved in the ideation of the project: from exterior and interior renderings to day-to-day design operations. “Tonino Lamborghini has made his company’s reputation as an impeccable luxury brand remain intact…we launched four days ago, and are already nearly 40% sold, which shows strong market interest.”

The weight of the Lamborghini brand certainly places BNW in a stronger pricing position, but Aggarwal says the company has chosen to play it differently: marketing the project as super-luxury while pricing it competitively. “Compared with other branded projects in the RAK region, our pricing is about 20% lower. We use Tier A contractors and high-quality construction; we are offering true luxury with relative affordability compared with peer-branded products.”

But beyond near-term yields, BNW’s bet on Al Marjan Island is explicitly long-term. Aggarwal believes the next five years will be defined by capital appreciation rather than quick exits. “Even when other UAE emirates eventually open casinos, that is likely years away in many places; Dubai or Abu Dhabi casinos, if they happen, would come later (beyond 2030 in reasonable scenarios). By then, investors in Ras Al Khaimah could have already recovered equity and benefited from appreciation.”

BNW's all projects fall in the category of ultra-luxury in one of the UAE’s most emerging markets. Scaling a company from zero to this level would seem improbable to many, but Aggarwal has earned the trust that has allowed him to rise rapidly in the UAE’s real estate landscape. One such individual is his business partner and friend Vivek Oberoi, Bollywood actor-turned-serial entrepreneur.

Speaking about the company’s rapid scale-up during an earlier interaction with Fortune India, Oberoi, who's co-founder and MD at BNW, praised Aggarwal for turning BNW into what he described as a “zero-debt company catering to ultra-high-net-worth individuals (UHNWIs), single-family offices, multi-family offices, and institutions”.

“I met Ankur Aggarwal. Bright, super sharp, very helpful. He came from a place where he lost his father at a young age. Built his journey from nothing…I said the vision should be to create your own development company. That’s how we set up BNW Developments. We’re a zero-debt company. We've gone from a team of maybe 30-35 people to almost 400-500. We built a lot of capacity,” Oberoi said. He now lives in Dubai and is also co-founder of three other ventures—Solitario Diamonds, Impresario Global, and iScholar.

Ras Al Khaimah’s rise as the UAE’s branded homes hub

Branded residences are gaining prominence globally, including in India and the UAE. The UAE has, in recent years, seen a rapidly expanding pipeline of branded residential projects across Dubai, Abu Dhabi, and Ras Al Khaimah. Across Dubai and other key emirates, transactions exceeding AED 10 million have continued to rise. Early on trend, BNW, before Lamborghini, has partnered with premium brands like Taj on Al Marjan Island, Fashion TV’s Michelle Adams, and signed up Wyndham Hotels for a Radisson in Ras Al Khaimah. Such partnerships benefit both developers and global brands, as buyers pay for a differentiated product that combines legacy with lifestyle.

To ensure smooth sales of its ultra-luxury projects, BNW focuses sharply on international buyers rather than the domestic Indian market. “Our top buyers are Americans, followed by buyers of Indian origin living abroad, particularly in the UK. Indian passport holders in India comprise a small portion, roughly 3-4%, of our buyers.”  

Financially, too, such branded projects tend to perform better, offering 20-30% higher nightly rates for short-term rentals and translating into stronger investor returns. “They (investors) can recover their equity faster because of higher rental yields and pricing power. If 50% of the purchase is financed, and rental and occupancy assumptions hold, the investor’s equity could be recouped in about two to three years, including interest, about three years,” Aggarwal maintains.

In UAE, Dubai currently remains the epicentre of the branded residences market, recording a 26% year-on-year increase in transaction volumes and a 51% rise in value during the first nine months of 2025, according to CBRE’s UAE Branded Residences Report 2025. In Dubai alone, investors are paying an average premium of 64% for branded units compared with non-branded properties.

Abu Dhabi, too, is emerging as a powerhouse in its own right, with transaction volumes soaring 126% year-on-year in 2025. Like these two emirates, RAK has seen heightened activity in the branded residences market, driven by strong recent economic growth and a clear tourism strategy focused on leveraging adventure and the emirate’s natural assets. 

Over the years, the UAE has also positioned itself as a major hub for global multinational corporations, with Dubai and other emirates attracting scores of companies across sectors—from technology giants such as Google, Microsoft, Amazon, Meta, IBM, and Oracle to global banks, asset managers, energy conglomerates, and real estate firms, all have key bases there. Business-friendly policies, including 100% foreign ownership, tax incentives, and the ability to repatriate profits, have helped draw foreign capital and global talent.

These structural tailwinds are also among the key reasons BNW has chosen to bet big on emerging hubs such as Ras Al Khaimah. A major catalyst underpinning RAK’s transformation is Wynn Al Marjan Island, a $5.1 billion integrated resort that is set to house the UAE’s first large-scale licensed land-based casino. Currently under rapid construction, the resort is expected to open in early 2027 and will include hotels, retail, and entertainment offerings within a single development spanning approximately 20,900 square metres.

Aggarwal says BNW sensed this opportunity early. “…someone gave the news that a gaming resort, a casino, is coming there (Ras Al Khaimah). Relying on the news, BNW helped someone buy land there, and they bought. Looking at the opportunity, we bought the share. Then we told someone else to buy the land, and then we bought a share in that. The money they invested went on to go 30-50X within a year, because news of the casino became concentrated,” Aggarwal had recently said in The Ranveer Show podcast by Ranveer Allahbadia. He added that the casino project was eventually declared by the government, with a federal law created around it. “It was a once-in-a-lifetime opportunity in the whole Middle East.”

Aggarwal also agrees that developers are increasingly focusing on lifestyle, fashion, and luxury brand partnerships to enhance project value. BNW’s acquisition of what it describes as “the best plot” on Al Marjan Island—with sea views on both sides and views toward the upcoming casino — reflects this thinking. “We wanted to partner with a brand that matches this location and lifestyle, so we engaged with Tonino Lamborghini.”

Why Indian developers are winning big in the UAE?

As India emerges as one of the world’s fastest-growing economies, interest among Indians in buying property across global hubs has risen sharply, with Dubai overtaking London as a preferred destination. Around 22% of high-net-worth and ultra-high-net-worth individuals in India are now interested in purchasing international property, according to a recent survey by India Sotheby’s International Realty.

Aggarwal believes India’s real estate market is seeing growing demand for luxury and branded residences, even as structural challenges persist. “India’s per capita income is rising, and many buyers want to upgrade their lifestyle domestically. There will be a growing demand for luxury and branded residences in India. At the same time, India still faces a housing shortfall at the affordable end — a structural issue.”

He adds that developers focused on premium segments are tapping into buyers with disposable income, and that affordability and premiumisation can coexist as they cater to different market segments. Asked what lessons India’s luxury developers should take from the UAE, Aggarwal offers a contrarian view: “Reverse the question: developers in the UAE should learn from Indian developers. Many Indian companies (Sobha, Ellington, Danube, etc.) have succeeded here by applying their execution skills and customer focus.”

He couldn't be more right. BNW today operates within a broader ecosystem of developers—many of them Indian-origin—who are doing exceedingly well in the UAE. Realty major Sobha Realty, founded by P. N. C. Menon, is among the top five real estate groups in the country, known for its focus on quality and landmark luxury projects such as Sobha Hartland, Sobha One, and Sobha SeaHaven. Danube Properties, led by Rizwan Sajan, has built a strong reputation in Dubai’s affordable-luxury segment with marquee developments including Lawnz, Bayz, Elz, and Jewelz. The developer recently raised its ambitions with SHAHRUKHZ by Danube, a premium commercial tower on Sheikh Zayed Road named in honour of Bollywood megastar Shah Rukh Khan. The project reportedly sold out its AED 2.1 billion inventory on launch day, underscoring the strength of brand-led real estate in Dubai’s evolving skyline. Examples abound, from Shapoorji Pallonji Real Estate to TU John-led Skyline Builders, Indian developers are increasingly leaving a mark on the UAE’s property landscape.

Ultimately, Aggarwal says companies are built by strong teams, a principle BNW has followed from day one, he says. “We are a family of about 500 people from across 83 nationalities, and we focus relentlessly on delivery. We have healthy bank balances, Tier 1 contractors, and strong marketing.”

His mantra of building strong teams is: focus on return on individuals rather than just return on investment (RoI). “If you care for and trust your people, they will perform and create value. Guide them and behave like a leader, not a dictator. People who believe in the vision will go the extra mile by choice.” 

And for Indians looking to step out of their comfort zones and explore global markets like Dubai, Aggarwal has just piece of advice: “Take risks as much as you can up to age 35. There is little to lose early in life.”