Latest news with #BenBandari
Arabian Business
05-05-2025
- Business
- Arabian Business
Million dollar broker: How reality TV star Ben Bandari built his AED22bn Dubai real estate portfolio
In a city sculpted from ambition and bold moves, Ben Bandari deals in certainties. When we meet at Villa Flora, a mansion that embodies Dubai's particular brand of opulence, Bandari's calculated confidence feels like part of the property's fixtures. His gestures – the meticulous cuff adjustment, the practiced sweep of an arm toward the golf course vista – telegraph a man who has transmuted Dubai's relentless optimism into quantifiable assets: $5.99 billion in transactions over two decades. The afternoon light cascades across Villa Flora's pristine marble floors, casting geometric shadows through floor-to-ceiling windows that frame a manicured golf course. Here in DAMAC Hills, Bandari adjusts his impeccably tailored blue suit sleeve, revealing a gleam of his luxury watch. His pink silk tie captures the light as he gestures toward the panorama. 'Not bad, right?' he says, the understatement hanging in the air like fine perfume. Reality TV transforms business To millions of viewers across 60 countries, Bandari is the breakout star of Million Dollar Listing UAE, the Emmy-nominated reality show currently filming its highly anticipated second season. The first season broke viewership records on STARZPLAY, becoming the number one show within 24 hours of its premiere. 'It's been a really, really great experience, and the exposure has been great,' says Bandari, reflecting on how the show has transformed his life. 'Everywhere I go, everyone knows Ben Bandari. I have random people, literally daily, in the real estate world congratulating me on season two.' For the casual viewer, Bandari appears as the consummate professional – serious, focused, all business. Yet behind the cameras, colleagues know him as the strategic mastermind who spent five years pitching the show before finding the right partners in Image Nation Abu Dhabi and Aldar Properties. Most recently, DAMAC has joined as a sponsor for Season 2, creating a triumvirate of the UAE's most influential property players backing the program. 'In terms of business, it's been amazing,' Bandari explains. 'Sellers who've watched the show contact me to give their properties exclusively. Buyers reach out because they want to deal with someone they've watched. And developers send boxes of chocolates every week, asking us to come to their sales offices.' The show's success has provided unprecedented recruitment opportunities. 'A lot of agents want to work for me and for BenCo real estate,' he notes, describing how his personal brand has grown exponentially since the show's premiere. The reality behind reality TV While Bandari's televised success has inspired many to enter real estate, he cautions against assuming the job is as glamorous as it appears. 'Once they dive into the industry, they quickly find out it's not as easy as it seems on television. On TV, it just shows the listing appointment, the open houses, and closure of deals.' The reality includes 'a lot of hard work, a lot of stress, a lot of rejection. Nine out of ten deals pretty much fall through. It's a numbers game that takes discipline to become successful.' He emphasises the fierce competition in Dubai's market. 'It's a very cutthroat industry. There's 26-27,000 registered real estate brokers. People are jumping into the industry because they think it's quick money and fast cash. It's not.' The upcoming second season will expand to 12 episodes, with Bandari once again starring alongside Riad Gohar and Rami Wahood, joined by new cast members Sara Serhan and Mai Khaled. 'The two weeks that we've filmed, I can assure you there's more drama than all of Season one,' Bandari reveals, though he's quick to clarify: 'It's not trash TV. It's arguing about real estate, it's arguing about who's listing.' Beyond the brokerage The TV exposure has supercharged Bandari's newest venture: DevCore Properties. 'We're a project sales and marketing company that works with developers from land acquisition to design to build.' DevCore functions as both the consultant and sales arm for developers navigating Dubai's complex property sector. 'We have our own in-house architects and consultants. We know all the contractors in this country. We can advise them on the right path.' The venture has already secured its first major client. 'Our first developer on board is LEOS International, a UK developer that's been on the market for about three years. We'll be handling their sales and marketing for Weybridge 5, their fifth building in Dubailand with about 190 units.' He describes the project as a 'state-of-the-art' and 'sexy' building with studios, one, two, and three-bedroom units priced at approximately $1,300 per square foot. 'The good thing about this building, which LEOS has never done, is they're selling it fully furnished at this price. It's turnkey, so once it's handed over, you can rent it out and from the rental income, you can pay the instalments.' From dropout to Dubai icon Few have observed Dubai's rise from as many vantage points as Bandari. When he arrived in 2002 with CAD 700 (approximately $510) in his pocket, Dubai had just begun its freehold revolution. Sheikh Mohammed bin Rashid Al Maktoum's decree allowing foreigners to buy property in designated areas was transforming the emirate from regional outpost to global luxury destination. 'Media City, Internet City didn't exist,' Bandari recalls of early Dubai. 'It was dark at night. There was really nothing there. And 70 per cent of Sheikh Zayed Road today was not around.' Born and raised in Vancouver to Iranian parents, Bandari's early career was tumultuous. 'I was a dropout, a university dropout. I came from a very strict family where you had to be a doctor or an engineer. I did retail. I was a telemarketer. I was pretty much scraping, hustling, trying to make money in Canada.' His fortunes changed when a family connection led to Dubai, where he accepted a position paying just $436 monthly. 'I was the lowest-paid Canadian on the planet. I lived in a one-bedroom with five people. It was like military – we'd wake up in the morning and all stand in line to take a shower.' The intervention What truly transformed his career's trajectory was his mother's visit to Dubai. Appalled by his living conditions, 'My mom pretty much challenged me,' he recalls. 'She started calling real estate companies herself.' This led to Better Homes, where Bandari rejected $2,726 salary for a 50/50 commission structure. In an unexpected twist, his mother joined him in real estate. 'My mom actually wanted to work as well. She's like, 'it'll be fun, and I'll show you how it's done.'' The decision paid immediate dividends. 'My first month, I sold a villa in The Meadows, all off-plan, $545,190, 2 per cent – $10,903. I made $5,451,' he recounts. 'The next month I made $10,903, the month after, my third month, I made $21,806.' By 2004-2006, Bandari was averaging over $54,519 monthly. Surviving boom and bust When the 2008 global financial crisis hit, Bandari faced devastation. 'We sold a building, literally a $190.8 million building in Waterfront. The payment was due right before everything collapsed. The developer ran off with the money.' Half of his wealth disappeared overnight. Instead of retreating, he recalibrated. This experience informed his decision to launch BenCo Real Estate during the pandemic. 'I learned my lesson in 2009, 2008. All the real estate companies that set up and started their empires today… they set up during a crisis.' Leadership philosophy Today, Bandari manages his brokerage, television career, Bandari Investment Group, and DevCore while mentoring the next generation of real estate professionals. His management style reflects his journey from shared apartment to luxury real estate empire. 'My leadership philosophy, my management philosophy is basically take care of your people and your people will take care of you,' he explains. 'I try to establish more of a friendship with the people who work at BenCo and DevCore.' This philosophy manifests in his office arrangement. 'I don't have an office for myself, so I sit with the staff. Our business model is horizontal management, not vertical. There's no hierarchy. Everyone's the same, including myself.' Despite managing 60-70 staff members across two businesses, 'I'm basically there for every single one of them. I answer their calls, I answer their messages. If they need me to meet a client, I try and take time. Juggling the two businesses, my own clients, the TV show – it's difficult, but I know this is what's going to elevate and make me successful.' Building a legacy For all his ambition and business acumen, Bandari has a surprising focus on mentoring the next generation. 'Don't think you can do it all on your own,' he advises. 'Find someone that can mentor you, even if it means working for three, four months for free or on a lower salary, just to sit by them, listen to them, listen to the way they talk, how they negotiate.' As our conversation concludes, his phone lights up with details of another potential transaction. In a city defined by ambition, Ben Bandari – once a university dropout with $510 to his name – has become as fundamental to Dubai's luxury real estate sector as the Burj Khalifa is to its skyline. 'Now the driving force for me today is not just to save money. We've already made the money,' Bandari says. 'I want to build a legacy. BenCo Real Estate – we go international, we have maybe 20 branches here, London, China, the US. This is what really turns me on right now.' In this industry, he concludes, 'you are only as relevant as your last transaction – and as effective as the people you've taught along the way.'
Arabian Business
30-04-2025
- Business
- Arabian Business
Dubai developers capitalise on local supply chains as Trump tariffs drive up construction costs
Dubai real estate developers are radically shifting business models and turning to locally-sourced materials as tariffs drive up construction costs and disrupt global supply chains, industry executives told Arabian Business. Rising material prices are fundamentally altering how developments are planned, financed and built in the emirate, forcing strategic changes that could reshape the industry amid varied market effects. 'The current tariffs are affecting Dubai developers differently compared to past trade disruptions, mainly because they target global supply chains and material costs rather than just financial markets or oil prices,' Ben Bandari, CEO and founder of real estate firms BenCo and DevCore, said in an interview with Arabian Business. 'Unlike past crises that stalled projects due to lack of funding, today's challenge is managing higher costs and logistical complexity,' he added. Material costs trigger project redesigns Steel, aluminium and glass are among the materials most affected by global tariff policies, with some developers already redesigning projects to reduce their exposure. 'Dubai developers are especially concerned about rising prices for key construction materials like steel, aluminium, glass, MEP (mechanical, electrical, and plumbing) components, and high-end tiles,' Bandari said. These price increases are directly impacting project plans, with many developers making significant adjustments to maintain viability. 'With price volatility in key imports like steel, aluminium, and MEP components, developers are adjusting strategies in several ways,' Bandari explained. 'Some are delaying project starts to wait for more stable pricing or to renegotiate supply contracts. Others are redesigning projects to use more locally available or cost-effective materials.' This assessment is echoed by other industry leaders who highlight the growing inflationary pressures. 'Ongoing disruptions in global trade are contributing to inflationary pressures, particularly on construction materials sourced from major suppliers like China. Rising costs of raw materials inevitably increase overall construction expenses,' Farooq Syed, CEO of Dubai-based Springfield Properties, recently told Arabian Business. Financial models face overhaul The uncertainty has prompted significant changes to how projects are financed, with developers moving away from reliance on buyer payments during construction phases. 'Many Dubai developers are now focusing on having stronger financial backing instead of relying mainly on client payments during construction,' Bandari said. 'With rising costs and market uncertainty, they're securing more funding upfront through investors, bank loans, or partnerships.' This shift represents a significant change in Dubai's developer landscape, where off-plan sales have traditionally funded construction progress. 'Many are adding larger contingency budgets to prepare for unexpected price increases in materials. Some are breaking big projects into smaller phases so they can manage costs more easily over time,' he added. Real estate experts advise commercial developers to ensure robust financial planning rather than relying solely on client payments, which could become less predictable in an uncertain market. 'For developers, the focus must be on prudent financial management. Relying solely on client payments can be risky. Developers should ensure they have the financial strength to complete projects independently, if needed,' Ayman Youssef, Managing Director at Coldwell Banker, told Arabian Business in a recent interview. However, the impact of tariff-induced price increases is not uniform across Dubai's property market, with certain sectors facing greater challenges than others. 'Affordable and mid-income housing is at risk because these projects have tight budgets, so even small cost increases can hurt profits,' Bandari said. 'Luxury projects are also affected since they rely on expensive imported materials that are now harder to get or more costly.' The hotel and commercial sectors face additional pressures beyond just construction costs, he noted, with global economic uncertainty affecting investor appetites. Supply chains shift towards regional sourcing As global supply chains face disruption, Dubai's developers are increasingly looking closer to home for materials. 'Dubai developers are increasingly turning to locally sourced materials and suppliers from countries with lower tariff risks to control costs and avoid delays,' Bandari said. 'Materials like cement, steel, and basic finishes are now more often sourced within the UAE or from countries like Turkey and India.' This pivot could strengthen regional manufacturing and potentially reshape supply networks if sustained long-term. While Dubai's strategic position may yield advantages for some segments, the UAE's significant aluminium export sector faces challenges under the new tariff regime. 'The UAE's aluminium exports to the US — valued at over $1.4 billion annually—will be subject to a widespread 25 per cent tariff under the new policy,' PP Varghese, Head of Professional Services at Cushman & Wakefield Core, noted. 'While this will create pressure, the country's comparatively low-cost production base globally will likely cushion the impact and enable the UAE to remain a competitive supplier to the US market.' More concerning for Dubai's property market could be any disruption to the emirate's re-export model. 'If US enforcement begins targeting transhipment or minimal processing, friction could emerge. That would have knock-on effects for space absorption, rental growth, and leasing confidence across core logistics corridors,' Varghese warned. Currency fluctuations a silver lining Beyond the challenges, experts highlighted emerging opportunities as the tariff situation evolves, particularly related to currency fluctuations and business relocations. 'Dubai developers are using currency changes to attract overseas investors. Since the UAE dirham is linked to the US dollar, it stays stable, while other currencies like the British pound, euro, or Indian rupee go up and down,' Bandari said. This currency advantage is being leveraged through tailored marketing strategies targeting international buyers from markets with favourable exchange rates. 'Any drop in currency value tends to drive [property] demand in the UAE from overseas investors,' Chris Whitehead, Managing Partner at Dubai Sotheby's International Realty, told Arabian Business. Markets like the UK, Europe, India, and some parts of East Asia could view this 'as an opportune moment to lock in high-value properties at relatively favourable currency rates,' CMD of BCD Group, Angad Bedi, said. Dubai trade hub status strengthened The tariff situation is also reinforcing Dubai's position as a strategic trade hub, potentially benefiting developers in unexpected ways. 'As global trade shifts, more companies are using Dubai as a base for shipping, storage, and manufacturing. This is creating demand for warehouses, factories, and commercial spaces — giving developers a chance to build more than just homes,' Bandari said. Industry experts had previously told Arabian Business that Dubai's free zones could benefit from companies seeking to restructure supply chains and bypass import duties, potentially triggering new business relocations to the emirate. 'Some international companies are starting to move parts of their operations to Dubai to avoid tariffs and benefit from the city's strong trade links and business-friendly environment,' Bandari noted. The Springfield Properties chief executive pointed out that despite these challenges, 'Dubai has consistently demonstrated resilience in the face of global economic disruptions.' Syed also highlighted that Dubai's real estate market benefits from the region's advantageous tax structure. The GCC's general tariff rate of approximately 10 per cent is considerably lower than those of many established markets worldwide, he said.
CairoScene
16-04-2025
- Business
- CairoScene
'Million Dollar Listing: UAE' Season 2 Returns With Bigger Deals
Following its record-breaking debut, the STARZPLAY Original series is back with an expanded 12-episode season. Apr 16, 2025 After a record-breaking debut, 'Million Dollar Listing: UAE' is set to return for a second season, promising even higher stakes and fresh faces in the competitive world of luxury real estate. Co-produced by Image Nation Abu Dhabi and STARZPLAY, the series has begun filming, with new episodes slated to premiere by the end of 2025. Season 2 will feature an extended 12-episode run, offering deeper insights into the lives of top real estate brokers navigating multimillion-dollar deals in Abu Dhabi and Dubai. Returning cast members include veteran realtor and Executive Producer Ben Bandari, along with Riad Gohar and Rami Wahood. This season also welcomes two dynamic new brokers, Sarah Serhan and Mai Khaled, promising fresh rivalries and bold negotiations. The series has partnered with leading real estate developers Aldar and DAMAC. 'We believe in telling stories that reflect the spirit and ambition of the region,' said Ben Ross, CEO of Image Nation Abu Dhabi. 'The overwhelming response to Million Dollar Listing: UAE proves there's a real appetite for high-quality, locally produced reality content. This season is all about elevating that experience while continuing to spotlight the UAE as a global hub for media, talent, and innovation.' Season 1 of the series was a major success for STARZPLAY, breaking platform records and becoming one of its top-performing original series. The show's popularity soared even further when it was picked up by international streaming platforms Hayu and Roku, climbing global streaming charts and attracting a growing international fanbase.
Broadcast Pro
16-04-2025
- Business
- Broadcast Pro
Reality show ‘Million Dollar Listing: UAE' set to return for season two
Image Nation Abu Dhabi and StarzPlay kick off production this month on the hit real estate reality series. Following the success of its debut season, Million Dollar Listing: UAE is making a return with a second season, promising more glitz, drama and multimillion-dollar deals. The reality series, co-produced by Image Nation Abu Dhabi and StarzPlay, has officially begun filming, with new episodes set to premiere later this year. This StarzPlay Original, exclusively licensed from NBCUniversal Formats, will expand to a 12-episode run, diving deeper into the high-stakes world of luxury real estate in the UAE. Set against the backdrops of Abu Dhabi and Dubai, Season Two will once again spotlight the country's booming property market and the elite brokers who drive it. Veteran realtor and Executive Producer Ben Bandari returns to lead the cast alongside Riad Gohar and Rami Wahood. Joining them are newcomers Sarah Serhan and Mai Khaled, whose arrival is expected to stir up fresh rivalries and bold negotiations. The upcoming season also features partnerships with leading developers Aldar and DAMAC, reinforcing the show's close ties to the region's luxury real estate landscape. Ben Ross, CEO of Image Nation Abu Dhabi, said: 'At Image Nation Abu Dhabi, we are committed to producing high-quality, locally relevant content that resonates with audiences across the region. The success of Million Dollar Listing: UAE demonstrates the growing appetite for premium, homegrown reality formats and we are proud to bring a second season to viewers. By showcasing the UAE's dynamic real estate market and diverse talent, this series continues to reinforce the country's position as a global media and entertainment hub.' Maaz Sheikh, CEO of StarzPlay, added: 'The success of the first season of Million Dollar Listing: UAE, highlights StarzPlay's commitment to delivering premium, locally relevant content. As the UAE's only homegrown entertainment platform of its kind, we're excited to bring our audience a second season with even higher stakes, bigger deals, and more compelling personalities. Million Dollar Listing: UAE, a StarzPlay Original, not only entertains but also showcases the dynamism and ambition of the UAE to viewers around the world.' Season one not only broke viewership records on StarzPlay but also gained international traction after being picked up by global streaming platforms Hayu and Roku. Its rise up the global streaming charts has heightened anticipation for Season Two. Produced by Navigation Films, the show also features Emmy-nominated and BAFTA-winning producer Marc Lorber as Executive Producer. With the cameras rolling and expectations high, fans can expect an even more immersive look into the UAE's elite property market, from jaw-dropping homes to behind-the-scenes power plays.
Arabian Business
14-04-2025
- Business
- Arabian Business
Million Dollar Listing: UAE season 2 confirmed, Dubai and Abu Dhabi real estate broker cast revealed
Co-produced by Image Nation Abu Dhabi and STARZPLAY, the TV series will take viewers behind the scenes of the high-stakes world of luxury real estate in the UAE. Filming has begun, and new episodes are set to premiere at the end of this year. Million Dollar Listing: UAE to return for series 2 The series, exclusively licensed from NBCUniversal Formats, will feature an extended 12-episode run, offering deeper insights into the lives of top real estate brokers navigating multimillion-dollar deals in Abu Dhabi and Dubai. Returning cast members include veteran realtor and Executive Producer Ben Bandari, along with Riad Gohar and Rami Wahood. This season also welcomes two dynamic new brokers, Sarah Serhan and Mai Khaled. Million Dollar Listing: UAE season 2, has partnered with Aldar and DAMAC, further reinforcing the series' strong ties to the region's premier luxury real estate developers. Ben Ross, CEO of Image Nation Abu Dhabi, said: 'At Image Nation Abu Dhabi, we are committed to producing high-quality, locally relevant content that resonates with audiences across the region. The success of Million Dollar Listing: UAE demonstrates the growing appetite for premium, homegrown reality formats and we are proud to bring a second season to viewers. 'By showcasing the UAE's dynamic real estate market and diverse talent, this series continues to reinforce the country's position as a global media and entertainment hub'. Maaz Sheikh, CEO of STARZPLAY, said: 'The success of the first season of Million Dollar Listing: UAE, highlights STARZPLAY's commitment to delivering premium, locally relevant content. 'As the UAE's only homegrown entertainment platform of its kind, we're excited to bring our audience a second season with even higher stakes, bigger deals, and more compelling personalities. Million Dollar Listing: UAE, a STARZPLAY Original, not only entertains but also showcases the dynamism and ambition of the UAE to viewers around the world.' Season 1 of the series was a major success for STARZPLAY, breaking platform records and becoming one of its top-performing original series. The show's popularity soared even further when it was picked up international streaming platforms Hayu and Roku, climbing global streaming charts and attracting a growing international fanbase.
