Ras Al Khaimah real estate remains significantly underpriced relative to its potential, with off-plan sales expected to maintain strong momentum, Ankur Aggarwal, Chairman and Founder of BNW Developments, told Zawya Projects.
“With the island’s tourism strategy, Wynn’s resort, and major infrastructure upgrades, we expect off-plan demand to remain strong, not just for end-use, but as long-term lifestyle investments,” he said.
The company, which currently manages a portfolio exceeding 22 billion UAE dirhams ($6 billion) in assets under development, acquired the land for its latest AED 1 billion ($272 million) Aqua Arc project on Al Marjan Island in June 2022. The handover is expected on or before the third quarter of 2027.
Although inflationary pressures are a concern, Aggarwal said strong alliances, such as one with MAN Construction, and early procurement strategies allow for buffering potential risks.
Excerpts
What market factors compelled you to launch Aqua Arc on Al Marjan Island?
Al Marjan Island is rapidly transforming into one of the UAE’s most dynamic waterfront destinations, and our decision to launch Aqua Arc here was fundamentally driven by the accelerated tourism boom in Ras Al Khaimah, a phenomenon supercharged by visionary government-led infrastructure investments, most notably the highly anticipated Wynn Gaming Resort.
This confluence of factors didn’t just create an economic inflection point; it ignited a seismic shift in the region’s potential. We weren’t merely reacting to existing market momentum; instead, we strategically chose to invest and build in a place poised to redefine the global destination map, aligning with its long-term macro vision and the significant tourism boom that is actively being built. Our choice wasn’t just about presence; it was about prescience. Rather than simply building in an already established area, we are planting our flag in a region destined for exponential growth.
What process did you follow to appoint MAN Construction as the contractor?
Our selection process for a construction partner for a flagship project like Aqua Arc is exceptionally rigorous. We sought capabilities beyond typical construction, looking for a partner who deeply understood the intricate demands of ultra-luxury waterfront development and shared our commitment to pioneering excellence.
MAN Construction, a subsidiary of the Masah Group, emerged as the definitive choice. Their Tier-1, Class A status, and formidable engineering command were pivotal. They consistently deliver landmark projects that are architectural marvels and engineering triumphs, uniquely grasping the nuanced complexities of Aqua Arc’s ambition. Their keen eye for detail and robust structural expertise ensure our design vision is flawlessly executed.
When did you acquire the land for Aqua Arc? Are you now seeing an increase in land prices on Al Marjan Island?
We strategically secured the land for Aqua Arc in June 2022, driven by our keen foresight into Al Marjan Island’s burgeoning potential.
Since then, land prices have seen a significant increase, directly validated by market data. This surge reaffirms the island’s strategic location and the catalytic impact of transformational developments, such as the Wynn Gaming Resort. Our early investment was about identifying an undervalued opportunity, positioning BNW at the forefront of a premier global destination. This validates our vision and strengthens foundational value for our investors.
What is Aqua Arc’s USP in terms of design?
The project’s architect is Al Wasl Al Jadeed Consultants (AWAJ Consultants). The project has been envisioned as an architectural tribute to fluidity, the rhythm of the sea and the calm of luxury. From its cascading balconies to double-height lobbies and private pools, every design detail aims to evoke serenity while maintaining structural power. The project’s design philosophy is rooted in creating immersive, sea-oriented living spaces that feel as natural as they are elite.
What will be the sustainable elements of the project?
Sustainability is a core pillar of the Aqua Arc project. For us, going green isn’t just an environmental strategy; it’s our blueprint for responsible development, proving that doing good is inherently good business. We’ve thoughtfully integrated cutting-edge green technologies and design principles to significantly minimise our environmental footprint while ensuring a healthy, comfortable, and luxurious living space.
Our sustainable elements include:
Intelligent building systems: Automated HVAC, lighting, and water management optimise energy efficiency and resource conservation.
Bioclimatic design: Features such as expansive natural daylighting and optimized shading drastically reduce heat gain and the need for artificial light. Our biophilic landscaping further integrates nature.
High-performance materials: We utilise materials with superior U-values and solar reflectance index meeting stringent LEED and BARJEEL certifications for enhanced energy efficiency.
Advanced water conservation: Efficient irrigation systems and native landscaping species minimise water consumption and promote biodiversity.
By intelligently incorporating these elements, we are creating an environmentally responsible sanctuary that sets a new benchmark for sustainable luxury development on Al Marjan Island.
Are you concerned about rising construction costs in RAK?
As developers, we’re mindful of inflationary pressures, especially with raw material volatility and a booming real estate sector. But we believe that controlled partnerships, like our alliance with MAN, and early procurement strategies allow us to buffer these risks. What matters most is not just cost management, but value management.
What are the biggest challenges you see in the coming years and how are you planning to overcome them?
Macroeconomic cycles are inevitable. But real estate, particularly in high-growth, high-tourism zones like Ras Al Khaimah, behaves differently. Our strategy is twofold: diversify the asset base and deepen investor relationships. We focus on lifestyle-driven locations, utility-led design, and strategic alliances that buffer against single-market dependencies. That’s how you build staying power, not just sales momentum.
How extensive is your project portfolio in the UAE?
We currently manage an active portfolio exceeding AED 22 billion in assets under development. This includes over half a dozen luxury projects across Ras Al Khaimah and Dubai, with multiple residential and branded projects in various stages of planning and construction.
Any new projects planned for this year?
Yes. We have multiple landmark developments in the pipeline, including branded residences, themed architecture collaborations, and vertical communities. Our focus is on both expansion and distinction; each project must contribute meaningfully to our legacy and the region’s urban fabric.
Are you continuing to increase your land bank in neighbouring emirates?
Our plan is definitely to keep expanding this land bank, both within these emirates and by carefully looking at opportunities in other promising neighbouring markets. We’re seeing incredibly strong, consistent demand from our investors globally – they have immense confidence in the UAE’s real estate trajectory. So, for us, it’s about making sure we’re always positioned with the right assets to meet that evolving demand and keep contributing to the region’s remarkable growth story.
Are there plans to enter other markets in the Middle East?
Ras Al Khaimah has been our proving ground. But the vision has always been regional. As mentioned during our partnership with Masah, Saudi Arabia is a market we’re actively preparing to enter by 2026. It’s a competitive space, but with the right alliances and differentiated offerings, we’re confident in replicating our success.
What is your outlook on the UAE real estate market, especially RAK’s off-plan segment, for 2025–2026?
I believe Ras Al Khaimah is still significantly underpriced relative to its potential. With the island’s tourism strategy, Wynn’s resort, and major infrastructure upgrades, we expect off-plan demand to remain strong, not just for end-use, but as long-term lifestyle investments. The shift toward branded luxury, wellness living, and coastal accessibility will define the next wave of growth. We’re positioning to lead that curve, not follow it.
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