An Egyptian billionaire wants to buy Greek islands to house refugees

He's the 10th richest man in Africa, and Naguib Sawiris wants to do his part to help refugees by purchasing islands in Greece for them to live on.

In September, the Egyptian billionaire tweeted that he was interested in buying an island in Italy or Greece to house migrants and refugees, and after receiving messages of support, he decided to start a joint-stock company with $100 million in capital, Forbes reports. "Establishing a legal entity will allow us to accept donations in a legitimate way, as anyone who will donate will get shares in the company, thus becoming a partner in the island and in the project," he said in an announcement. "This way, any money put in will not be completely lost, as the asset (the island) will remain."

Sawiris' spokesperson said he is looking at 17 different Greek islands, and trying to see which ones can take on the most refugees while maintaining "highest potential for future use." He is still waiting for approval from the Greek government, and won't launch the joint-stock company until he gets it. Sawiris — who runs Orascom Telecom Media & Technology, with investments in mobile phone, media, and tech companies across Egypt, Pakistan, and Lebanon — said one of the islands will be named Aylan Island in honor of the Syrian toddler whose body washed up on a Turkish beach after he drowned while trying to reach Greece.

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