Malik Riaz, Pakistan’s well-known property tycoon, is all set to enter the country’s competitive media landscape. One of the richest people in Pakistan, his Bahria Town schemes are known for their posh housing communities.
To ensure that his projects are executed smoothly in Pakistan, the tycoon makes no secret of the fact that greases a lot of palms. Now, in a bid to better protect his commercial interests and reputation, the 66-year old Mr. Riaz is all set to launch a media empire.
The real estate tycoon has plans to launch multiple channels, as he told Reuters in an interview held earlier this month. He said, “To stop blackmailers, I have decided that there is no way but to go into media. I will launch many TV channels, not one.”
Malik Riaz will launch a media empire to protect his commercial interests and personal reputation
Always a figure that has attracted controversy, Malik Riaz is embroiled in many ongoing investigations into his business practices by National Accountability Bureau. Allegations against him include illegal land grabbing and currying favor with politicians to acquire land for his property business on cheap rates.
The tycoon denies any wrongdoing and stresses the need for having a powerful voice in the media to fend off these allegations. Previously he also held the license to Bol TV, before selling it to Axact in 2013.
His Bahria town project is bigger than Islamabad itself, and it comprises part of his property portfolio encompassing more than 40,000 acres of developed land countrywide. Bahria Town also employs 60,000 personnel.
A far cry from the rest of the country, the housing communities are like an ecosystem of their own with smooth roads, imported grass and round-the-clock security. Recently Bahria Town entered a partnership with Mobilink to provide digital services to the inhabitants of Bahria Town, as well as one with PTCL for ICT solutions.
Image credits: Reuters