Rana was appointed Member of the Order of the British Empire (MBE) in the 1996 Birthday Honours,[3][4] for his contribution to the economic regeneration of the city of Belfast.

He is the founder of the Lord Rana Foundation Charitable Trust UK, which has developed a university campus in Punjab offering courses in arts, humanities, IT, business, management and hospitality.

He was appointed Officer of the Order of the British Empire (OBE) in the 2021 New Year Honours for services to business and the economy in Northern Ireland.

[6] The site was previously a shirt factory of historic importance but was damaged in multiple arson attacks including major ones in 2001,[7] and 2002,[8] and was subsequently demolished without permission in 2003.

[6] Rana stated in April 2009 that his designers "we're trying to get things right this time", and communication was ongoing with the Northern Ireland Environment Agency, and he hoped that "there will be a general welcome for our plans in what is a prime location in the city".

[3] Rana himself states that he has protected a lot of heritage buildings in Belfast,[11] including: In 2012 he was cleared of the allegation that he had assaulted his estranged wife.