Biography of Malik Riaz Hussain: A Pioneer in Pakistani Real Estate
Biography of Malik Riaz Hussain:
Malik Riaz Hussain, born on February 8, 1954, in Sialkot, is
a prominent figure in Pakistan's real estate sector. He is best known as the
founder of Bahria Town, the country's largest privately owned real estate
development company. Bahria Town is renowned for its gated community projects
that offer residents a wide array of amenities and facilities. As of November
2019, Malik Riaz's net worth is estimated to be around US$1.5 billion,
underscoring his significant financial success and influence in Pakistan's
business landscape.
Early Challenges and Career Beginnings
Malik Riaz was born into a relatively affluent family, as
his father was a successful private contractor. However, setbacks in his
father's business led to financial difficulties, compelling Riaz to leave high
school after completing his matriculation. He began his career as a clerk with
the Military Engineering Service and took on additional work as a part-time
painter. Over time, he transitioned into contracting within the military,
gaining valuable experience.
Entrepreneurial Journey and Bahria Town
In 1995, Malik Riaz founded Hussain Global, his own
construction company. The pivotal moment came in the same year when his company
secured an agreement with Pakistan's Navy charitable trust to develop a gated
community for the Pakistan Navy. Despite parting ways with the Navy in 2000, Riaz
seized the opportunity to establish Bahria Town, his own real estate
development firm. The Supreme Court of Pakistan sanctioned the name
"Bahria Town," solidifying Riaz's foothold in the industry.
By breaking down the information into simpler language and
structured sections, we can better understand Malik Riaz Hussain's journey and
achievements in Pakistani real estate.
Malik Riaz's Journey in Business
Malik Riaz began his career as a clerk at a construction
company called MES in Rawalpindi. Over time, he transitioned into contracting
work during the 1980s. By 1995, his company, Hussain Global, entered into an
agreement with the Bahria Foundation of the Pakistan Navy to develop a gated
community. Despite a legal dispute over the use of certain words related to the
Navy, the Supreme Court ruled in Riaz's favor in 2001, allowing him to continue
using the term "Bahria" for his projects.
Biography of Malik Riaz Hussain: A Pioneer in Pakistani Real Estate / founder of Bahria Town / Early life / Struggles /real estate development company
The Growth of Bahria Town Group
Under the brand name Bahria Town Group, Malik Riaz expanded
his business empire. Known for his liberal approach in business, Riaz's
practices reflect a progressive stance. He values diversity, particularly
evident in his hiring of women in significant roles, citing their hard work and
efficiency.
Bahria Town's Expansion and Projects
Bahria Town, under Riaz's leadership, has undertaken
extensive projects across major cities in Pakistan such as Lahore, Rawalpindi,
Islamabad, Murree, and Karachi. Bahria Town Karachi 2, one of the largest
private projects in Pakistan, also falls under Riaz's ownership.
Malik Riaz's Financial Success
As of November 2019, Malik Riaz's net worth is estimated to
be around US$1.5 billion, underscoring his significant financial success and
influence in Pakistan's business landscape.
Beena Riaz: Partner in Business and Life
Beena Riaz plays a significant role in Malik Riaz Hussain's
business, holding a stake in Bahria Town and actively contributing to
charitable endeavors. She is admired for her dedication to managing projects
within Bahria Town while maintaining a low profile, serving as an inspiration
for ambitious working women balancing personal and professional life.
Ali Riaz Malik: Continuing the Legacy
Ali Riaz Malik, after gaining experience in various roles
within Bahria Town, took on the mantle of CEO in 2007. His leadership,
alongside his father's vision, has propelled Bahria Town to become Pakistan's
largest and most prestigious gated community. The town offers uninterrupted
electricity and top-notch security, setting a benchmark in residential
standards across the country.
Allegations Involving Malik Riaz
Malik Riaz Hussain has been involved in various
controversies and allegations over the years. In 2012, he provided evidence in
court against Arsalan Iftikhar Chaudhry, son of former Chief Justice of
Pakistan Iftikhar Muhammad Chaudhry. Riaz claimed he was blackmailed by Arsalan
for cash and gifts, and that warnings about Arsalan's activities had been
ignored. This incident led to Arsalan resigning from his position as Vice
Chairman of Balochistan Board of Investment.
Bahria Town: A Model of Excellence
Bahria Town, spearheaded by Malik Riaz Hussain, stands out
for its state-of-the-art infrastructure and amenities. It boasts its own power
generation, ensuring round-the-clock electricity despite national challenges
like load shedding. The community prioritizes cleanliness and security, with
comprehensive surveillance and efficient waste management systems ensuring a
pristine environment for residents.
Allegations of Influence and Controversial Practices
Malik Riaz, as Chairman of Bahria Town Pvt. Ltd., has faced
accusations of using financial incentives to sway decisions in his favor.
Reports from sources like pakistanherald.com suggest that these allegations
include claims that Riaz has ties to Pakistan's military, which allegedly
assisted him in acquiring land for Bahria Town through questionable means. Some
reports even suggest that key figures in the military, bureaucracy, and legal
fields are purportedly associated with Riaz in a financially beneficial
capacity.
Legal Issues in the United States
In October 2019, Malik Riaz Hussain was named as a defendant
in a wrongful death lawsuit filed by the parents of Amanda Halse. Amanda was
one of the victims in the Schoharie limousine crash in New York State in 2018.
The lawsuit alleges that Riaz helped finance businesses belonging to distant relatives
who were involved with the company that owned the limousine.
UK NCA £190M Court Settlement
In 2018, the UK's National Crime Agency (NCA) froze £20
million belonging to Malik Riaz Hussain under suspicion of being proceeds of
crime. Subsequent investigations and court orders by August 2019 resulted in
the freezing of £140 million in assets. In December 2019, Riaz reached a civil
agreement with the NCA, surrendering £140 million in cash and a Grade II listed
house valued at £50 million. Despite the settlement, no guilt was admitted. The
assets will be returned to Pakistani authorities for potential sale to settle
fines in a separate case.
Personal Life of Malik Riaz Hussain
Malik Riaz Hussain, married to Beena Riaz, has one son and
four daughters from his second marriage. His first wife passed away when he was
young. His son, Ahmed Ali Riaz, born in 1978, currently serves as the CEO of
Bahria Town.
Philanthropic Initiatives
Bahria Dastarkhwan
Malik Riaz initiated Bahria Dastarkhwan to combat hunger in
Pakistan. This program operates centers nationwide, providing free meals twice
daily to anyone in need.
Healthcare Projects
Malik Riaz is actively establishing a chain of hospitals in
Pakistan aimed at providing free healthcare services. He donates approximately
Rs. 9.7 million monthly to support underprivileged patients with medical
treatment, hospital equipment, and food for their families.
Educational Contributions
Malik Riaz has built and supports a network of schools and
universities in Pakistan, offering free education opportunities. He also
provides microfinance loans to students annually, enabling them to pursue their
academic aspirations without financial constraints.
Conclusion:
Malik Riaz Hussain is not just a billionaire; he's a
dominant figure in Pakistan's real estate sector, ranked as the 7th richest
person in the country with a net worth of billions of US dollars. At 68 years
old, he continues to expand his empire, renowned for his gated communities
across major Pakistani cities like Karachi, Lahore, Islamabad, Peshawar, and
Nawab Shah.
Timeline outlining Malik Riaz Hussain's journey and significant
events in his career:
1954: Malik Riaz Hussain is born on February 8 in Sialkot,
Pakistan.
1980s: Begins his career as a clerk at Military Engineering
Service (MES) in Rawalpindi and transitions into contracting work.
1995: Founding of Hussain Global, his own construction
company.
1995: Secures agreement with Bahria Foundation of Pakistan
Navy to develop a gated community.
2000: Establishes Bahria Town after parting ways with Pakistan
Navy's charitable trust.
2001: Supreme Court of Pakistan sanctions the use of the
name "Bahria Town" for his projects.
2007: Ali Riaz Malik, his son, becomes CEO of Bahria Town.
2012: Involved in a high-profile legal dispute with Arsalan
Iftikhar Chaudhry, son of former Chief Justice of Pakistan.
2018: Faces legal issues in the UK with the National Crime
Agency (NCA), leading to a £190 million court settlement.
2019: Named in a wrongful death lawsuit in the United States
related to the Schoharie limousine crash.
Philanthropic Initiatives: Initiates Bahria Dastarkhwan,
healthcare projects, and educational contributions in Pakistan.
2024: Continues to expand Bahria Town, with projects in major
Pakistani cities, and remains a prominent figure in Pakistan's business and
real estate sectors.
This timeline covers key events from Malik Riaz Hussain's
early career beginnings to his current activities and initiatives.
