Egyptian Billionaire Plans To Buy Island To Give A New Start To Syrian Refugees

Billionaire Naguib Sawiris, Egypt's third richest man, is going to make his biggest, grandest and most sweeping gesture yet. He is planning to buy an island to give a home for the fleeing refugees from the Middle East and Africa.

Sawiris, who heads telecommunications company Orascom Telecom Media & Technology (OTMT) is sending formal letters to Greek Prime Minister Alexis Tsipras and Italian Prime Minister Matteo Renzi.

He is hoping to offer the island in order to give a temporary home and job for the refugees away from "dangerous conflict", according to The Jerusalem Post.

"All I need is permission to put these people on this island. I don't need anymore from them. I'll pay them for the island, I'll provide the jobs, I'll take care of logistics," said Sawiris.

Although many critics are saying that his idea is "ridiculous", Sawiris says that he has a simple plan. He will give them temporary shelters, a port, and then employ them to build their own towns, with homes, schools and hospitals, including a university, CNN Money reported.

Sawiris is confident that he can make a difference in the lives of hundreds of thousands, with a net worth of up to $2.9 billion.

Though he has not made any bid on any of the islands, he plans to buy one of the Greek or Italian islands, which can host 100,000 to 200,000 people, he feels.

His opinion is that the Western and Gulf countries are "paralyzed by fear of ISIS and their own economic situations" in the face of this epic humanitarian crisis and are not doing anything for them, according to Forbes.

He is sure that his idea would be helpful to any country that gets involved, according to hngn.