The victim, identified as Salahuddin Noorzai, was shot dead under circumstances that are currently being investigated.
Following the killing, the victim's family members and relatives staged a protest sit-in near Killi Gul Muhammad, placing his body on Airport Road and blocking the road to traffic, reported Dawn News.
The road blockade led to major traffic disruption in the area.
The protesters later cleared the road after local officials assured them that those responsible for the businessman's murder would be brought to justice.
According to local media reports, the victim's son had also been kidnapped several months ago.
Police have registered a case and launched an investigation into the killing.