Nasser Al Kharafi, a prominent Kuwaiti businessman and one of the world's richest men, died last night in Cairo, according to media reports.
The billionaire Kharafi Group chairman was regarded as a pillar of the Kuwaiti economy, with shareholdings in key businesses including the National Bank of Kuwait andtelecoms company Zain.
In March, the MrAl Kharafi was named by Forbes as the 77th richest man in the world, with the family fortune estimated at $10.4 billion.
The Kharafi Group has interests in banking, manufacturing, construction, and food. Mr Al Kharafi is a key shareholder in Zain, and was a major proponent of a sale of the company to Etisalat.
Shares in Zain fell to the lowest intraday level since July 2010 on the back of the news, declining as much as 6.7 per cent to 1,120 fils.
National Investments, which is controlled by the Kharafi Group, and National Bank of Kuwait, which is part-owned by Kharafi, also saw share-price declines.
The Kuwait-based Al-Rai newspaper reported that Mr Al Kharafi died last night of a heart attack.