The UAE-based luxury real estate company says people and long-term trust matter more than panic decisions
New Delhi:
As uncertainty continues to impact global markets, businesses across the UAE have been taking cautious calls. With tensions rising in the region due to the ongoing Iran conflict, several companies have reportedly slowed hiring and cut costs. But amid this phase of uncertainty, Dubai-based luxury real estate company BNW Developments made headlines for taking a very different route. Led by Chairman and Founder, Dr (CA) Ankur Aggarwal, the company recently announced a zero layoff and no salary cut policy, putting employees first despite market concerns. The move quickly caught attention, especially at a time when many businesses are choosing to play safe.
In a recent interview with NDTV, Ankur Aggarwal opened up about the thought process behind the decision and how personal values continue to shape BNW's business culture. Calling the situation ‘unpredictable', Aggarwal said the sudden conflict came at a time when the UAE real estate market was doing exceptionally well.
“I thought, what if I were in that situation? If my employer terminated me, where would I take my family, and how would I pay my rent?” he said during the interaction.
For him, the decision was not only about business, but also about responsibility.
“If you can't work for people and society, then what are you working for?” he added, while speaking about maintaining humanity in business decisions.
Founded in the UAE, BNW Developments has built a strong presence in the luxury real estate segment, especially in Ras Al Khaimah. The company has been focusing on premium branded residences and high-end developments, targeting global investors looking for luxury and long-term returns. Interestingly, Ankur Aggarwal believes many of the company's work values come from Indian family culture. During the interview, he shared that BNW operates like an “extended family”, where employees are encouraged to think like entrepreneurs instead of simply working fixed office hours. “I don't want to produce another Ankur Aggarwal.
I want people better than me,” he said, while explaining how the company motivates employees to take ownership and leadership roles within the organisation. The conversation also touched upon why Ras Al Khaimah is becoming a major luxury investment hotspot. According to Aggarwal, the upcoming Wynn Casino project has completely changed the market dynamics in the region. He pointed out that there is already a huge demand for hospitality and luxury housing, while supply is still catching up. He also highlighted how investors are seeing strong potential in off-plan properties.
“People are investing 20-30 percent initially, and by the time the project is handed over, the property value could double or even triple,” he said.
Another point Ankur Aggarwal stressed was the UAE government's support for businesses and investors. He praised the country's leadership and regulatory system, especially the role of authorities like RERA in maintaining trust and transparency in the real estate sector.
“There is no shortage of food, no shortage of anything. The government was supporting us every day,” he said while recalling the recent tense period in the region.
Today, BNW's customer base reportedly includes a large number of investors from the US, especially those interested in luxury real estate with strong rental returns. According to Aggarwal, many of these buyers are attracted to the UAE market because of its combination of high demand, lower taxes and long-term investment potential.