United Group

Putting Bangladesh on the global map

Bangladesh is on course to become a $500 billion economy within the next couple of years, with the country's Fiscal Coordination Council predicting this could happen as soon as the 2022-23 fiscal year. While only part of the country's recent growth story, it will be an important and symbolic milestone for the South Asian nation, the eighth-most populous country in the world and a fast-emerging global economy.

A large comes part of this success down to the country's expanding middle class, as well as the companies that are helping to drive the nation's economy forward.

Founded in 1978 as United Enterprises & Co. Ltd, over the last four decades United Group has been a key player in helping to shape modern-day Bangladesh. While most family businesses are founded by one person, United Group was founded by six close friends, only two of which were related. Starting with the equivalent of $200-300, they built a modern business empire, operating in energy, real estate, education, healthcare, manufacturing and even port operations and shipping.

"From day one, we dared to take on difficult challenges. We tried to introduce ventures that were unheard of in this region and are proud to be trendsetters," says Moinuddin Hasan Rashid, chairman and managing director of United Group.

The company began by constructing radio stations in Bangladesh, and for its first 20 years focused on construction. "That is how we got introduced to world class equipment supplies," says Rashid. "First we were the local partners; then Summit joined us in partnership. We did the local Engineering, Procurement & Construction contracts, and we constructed our first power plant in 1998, which can be considered the first milestone."