Malik Riaz Hussain
| Malik Riaz Hussain | |
|---|---|
| Born |
February 8, 1954 Sialkot, Punjab, Pakistan |
| Residence | Islamabad, Pakistan |
| Nationality | Pakistani |
| Occupation | Founder/Chairman of Bahria Town |
| Known for | Business tycoon |
| Spouse(s) | Beena Riaz |
| Children | Ahmed Ali Riaz Malik |
Malik Riaz Hussain (Urdu, Punjabi: ملک ریاض حسین; born February 8, 1954) is a Pakistani real estate tycoon and philanthropist. He is the founder and chairman of Bahria Town. Riaz is currently the 7th richest person in Pakistan, with an estimated wealth of US$1.1 billion as of 2017 and is one of Pakistan's most prominent philanthropists.
Born in Sialkot into a wealthy family which went bankrupt during his adolescence. Riaz started his career as a clerk with a construction company in Rawalpindi. In the 1980s Riaz moved to become a contractor, and in 1995 was contracted to develop a gated community for Pakistan Navy. The contract was eventually terminated, but Riaz went on to develop Bahria Town Rawalpindi.
He expanded his real-estate company and developed gated communities in Karachi, Lahore and Islamabad during the 2000s, developing a combined area of 45,000 square acres. As of 2016, Bahria has 60,000 employees, making it one of the largest private sector employers in Pakistan. Riaz is a controversial figure and has been subject of several corruption investigations.
Malik Riaz was born to a contractor who suffered heavy losses in business forcing Riaz to drop out of high school after completing his matriculation. He went on to work as a clerk with the Military Engineering Service and often working part-time as a painter. He later moved to become a low-key contractor in the military. According to Dr. Ayesha Siddiqa, Riaz learnt to ‘work the system’, according to Siddiqa, Riaz used his contacts to secure a contract with Pakistan Navy in mid-1990s to develop two housing schemes in outskirts of Rawalpindi. In 2000, Pakistan Navy transeffered its entire shareholding to Hussain and later fought a legal battle with Riaz over contract infringement which the Supreme Court ruled in Hussain’s favor.
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