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Bangladesh’s only billionaire sees 10% surge in net worth

Bangladesh’s only billionaire sees 10% surge in net worth

Muhammed Aziz Khan, a Bangladesh-born entrepreneur who resides in Singapore, has seen his net worth soar to $1.1 billion as of early April, according to Forbes.

As the chairman of Summit Group, Khan oversees a diverse portfolio of interests including power, ports, fiber optics, and real estate within Bangladesh. His inclusion in Forbes’ list of global billionaires marks the second consecutive year.

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Khan’s entrepreneurial journey began at the tender age of 18 when he borrowed funds from his father to embark on a joint venture with a friend.

In 1997, he founded Summit, which has since forged strategic partnerships with multinational giants like General Electric and the World Bank’s International Finance Corporation.

The company has played a pivotal role in securing substantial financing for critical infrastructure projects in Bangladesh, contributing significantly to the nation’s power generation capacity.

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Notably, in 2019, Khan divested a 22% stake in Summit Power International to Japan’s JERA for a staggering $330 million, effectively valuing the company at $1.5 billion. Khan himself is a permanent resident of Singapore, while his daughter, Ayesha, actively manages Summit Power International12.