Canadian billionaire and founder of the Caribbean Premier League, Ajmal Hasan Khan, 60, died of a suspected cardiac arrest after a workout at a popular five-star hotel resort on The Palm Jumeirah in Dubai.

The incident occurred on Monday at the resort where Khan was staying alone at the time, the family's friend Nadeem Khan told Khaleej Times from India.

"Mr Ajmal had just finished a workout at the hotel gym when he complained of uneasiness to a hotel staff member and collapsed shortly afterwards. The family is in touch with local authorities to repatriate his body to Canada. This is a huge and unexpected loss, and we are still trying to come to terms with the tragedy," Nadeem said.

"Ajmal Khan's mother hails from the renowned Burlington family in Lucknow and the news of his passing has saddened both the family and the wider community," he added.

Eldest of three brothers, Khan was the founder and president of the Verus Group of Companies. He gained significant recognition for founding and bankrolling the new Caribbean Premier League (CPL), an annual Twenty20 cricket tournament held in the Caribbean.

Born in Nigeria to parents of Indian descent, Khan initially lived in England before acquiring Canadian citizenship. He predominantly resided in Barbados, where he had various business interests.

In July 2013, Khan launched the first edition of the CPL, a franchise-based cricket league featuring both Caribbean and international players.

Hollywood actor Mark Wahlberg was among those who took equity interest in the Barbados Trident, one of the six teams of the league, at the behest of Khan.

"Thanks to my dear friend Ajmal Khan, who introduced me to Barbados and the league, I am a huge cricket fan now," Wahlberg had said in a statement.

Funeral prayers for Khan will be held on Saturday at 1.40 pm at Meadowvale Cemetery in Mississauga, Canada.

Medical experts have repeatedly warned that vigorous physical activity can pose a fatal risk, particularly for individuals with underlying cardiac conditions. They recommend thorough evaluation and exercise testing before beginning any intense physical activity regimen.