In September 2015, Egyptian billionaire Naguib Sawiris offered to buy an island from Greece or Italy to house people fleeing Syria and other conflicts. We found no report that the purchase went ahead. Here is what he proposed and who he is.
What Naguib Sawiris proposed
Sawiris announced the idea on Twitter, writing that if Greece or Italy would sell him an island he would declare its independence, host migrants and provide jobs so they could build their new country. He said in a television interview that he would approach both governments and that the plan was feasible, because both countries have dozens of deserted islands that could accommodate hundreds of thousands of people.
He estimated that an island could cost between $10 million and $100 million, and said the main spend would be infrastructure: temporary shelters first, then employing residents to build housing, schools, universities and hospitals. If things improved, whoever wanted to go home could do so.
Sawiris also acknowledged the hurdles: persuading Greece or Italy to sell, and sorting out jurisdiction and customs rules.
Who is Naguib Sawiris?
| Detail | Fact |
|---|---|
| Born | June 15, 1954, Cairo |
| Role | Chairman of Orascom Investment Holding |
| Telecom exit | Raised more than $4 billion in 2014 from selling telecom stakes to VimpelCom |
| Media | Bought a majority stake in Euronews in early 2015; began selling it in December 2021 |
| Real estate | Family developed the El Gouna resort on the Red Sea; Ora Developers holds a global portfolio |
The family business, Orascom, began in railways and information technology and grew into telecom, with operations across the Middle East and Africa. After the 2014 telecom sale, Sawiris turned to media, real estate and investments. The Ora Developers portfolio includes Silver Sands in Grenada and Ayia Napa Marina in Cyprus.
Whatever you think of the plan, it shows how some of the very wealthy try to use money and private projects to address big problems. What do you think of the idea?
FAQ
Who offered to buy an island for migrants?
Egyptian billionaire Naguib Sawiris, chairman of Orascom Investment Holding, made the offer in September 2015.
Which countries did he want to buy the island from?
He said he wanted to buy an island from Greece or Italy and approach those governments about it.
How much did Sawiris think an island would cost?
He said an island could cost between $10 million and $100 million, with the main cost being infrastructure.
Did the island purchase happen?
We found no report that either government agreed to sell, and Sawiris himself noted the plan would face jurisdiction and customs challenges.
How did Naguib Sawiris make his fortune?
Through the family company Orascom, which grew from railways and IT into telecom, and from the 2014 sale of his telecom stakes to VimpelCom that raised more than $4 billion.
How we put this together
This article is based on Sawiris’s own public statements from September 2015 and on company and deal records for his businesses. Where we could not confirm a detail, we left it out.
Last updated: October 2026.
