Muhsin Bayrak: net worth, biography of Turkish billionaire
The fallout of the Russia-Ukraine conflict has taken no prisoners, sweeping away everyone with a white-blue-red horizontal-striped passport. One of those on the receiving end is UK-based billionaire and Chelsea football club owner, Roman Abramovich.
To escape any possible sanctions from the under-fire UK government, the Russian has opted to sell all his British assets including the club itself. But due to the significant asking price of 3-4 billion euros, the intended quick sale hasn't been smooth sailing.
However, while US Billionaires have retreated, Chinese consortiums have distanced themselves and Middle East oil money have dried up, one man has risen from obscurity with a strong pledge to fly the Turkish flag in Chelsea, the pride of London, his name: Muhsin Bayrak.
Having made an offer to purchase the club out of the allegedly soiled hands of Roman Abramovich, Muhsin Bayrak has become one of the most-searched figures of March 2022.
This article details everything you need to know about relatively unknown Turkish billionaire, Muhsin Bayrak: his businesses, net worth and full biography.
Who is Muhsin Bayrak?
Muhsin Bayrak is one of 12 siblings born to a single mother, and along with his family relocated to Istanbul from Bitlis in the 1990s.
According to him, they were farmers in Bitlis and his father had 7 villages due to his position as an agha. Despite this apparent affluence, he claims to have struggled to find a job or education before migrating to Turkey's capital.
There in Istanbul, Muhsin Bayrak completed his schooling, graduating with honors in civil engineering before founding the AB Group Holding company in 1999 and bringing innovation to the construction sector.
Muhsin Bayrak net worth: properties and assets
Muhsin Bayrak's net worth has not been conclusively ascertained, but as the Chairman of the Board of AB Group Holding, one of Turkey's well-established firms internationally, he is a billionaire and one of the most important figures of the transcontinental nation.
Muhsin Bayrak has several projects both home and abroad, and is extremely devoted to the development of his country, Turkey. His companies primarily use construction materials produced in Turkey, even when working abroad, which he claims is a deliberate goal "to bring more foreign currency to the country."
He has overseen the implementation of more than 200 building projects in Turkey, as well as many others in Greece, where he has a major presence in the energy sector.
Muhsin Bayrak companies today employ about ten thousand people around the world, including subcontractors.
A model block of flats, similar to building projects of AB Grup Holding
The business magnate has a power plant in Greece and built the Athens Marina, a 130-yacht port just 7km from the centre of the historical capital city.
In Athens, Muhsin Bayrak built agricultural waste recycling power plants and leased them to the government for 20 years. He has three completed projects in the state that are ready for sale but have been delayed owing to the pandemic, totaling between 350 and 400 million Euros.
With so many developments in Greece, Muhsin Bayrak has a Greek subsidiary of AB Group Holding and has been operating in the country for eight years.
Back home, there is the Madnasa Turkbuku, which is a 100m2 estate housing 16 state-of-the-art luxurious mansions, as well as the Madnasa Zirve (Madnasa Summit) unique housing project designed by Barbaros Sağdıç.
Along with the AB Group Holding Technology Base, which will be built in the shape of the Turkish flag, all of these projects were constructed in Bodrum Türkbükü, with a total of 150 million dollars invested last year to upgrade the estates.
Other housing projects under the wings of Muhsin Bayrak are the Nisantasi Flag Houses, which sits in the "middle of the heart triangle of Beyoğlu, Şişli and Beşiktaş," and also EU Living Houses which under the subsidiary of AB Hayat Evleri aims to "combine social life and business life."
Muhsin Bayrak has sizable investments in crypto
Muhsin Bayrak is also an ardent promulgator of digital currencies which he views as a "valid financial instrument in the world". In June 2021, he founded ABStocks, a domestic and national cryptocurrency exchange, at a cost of $4 million. By October, the company had increased its equity to 50 million TL.
In addition to his high hopes for digital money, Muhsin Bayrak established this arm as he wanted a global exchange that could also trade ABGCoin.
Musinh Bayrak age, family
Personal details like his date of birth and close family ties have not been divulged to the public, making Muhsin Bayrak a sort of enigma to the media.