Renowned Egyptian entrepreneur Mohamed Al-Fayed passed away in the United Kingdom Friday at the age of 94, following a distinguished career in the fields of economics and business.

A solemn funeral service took place after Friday prayers at the London Central Mosque & Islamic Cultural Centre (Regent's Park Mosque).

The businessman's son-in-law Ashraf Haidar conveyed the sad news of Fayed's passing on his Facebook page.

Fayed, born in the Ras El-Tin area of Alexandria on January 27, 1929, hailed from humble beginnings.

His life took a significant turn in the mid-1960s when he relocated to the United Kingdom and began his remarkable journey toward wealth and success.

His ascent to financial prominence started with a trip to Saudi Arabia, where he married writer Samira Khashoggi, the sister of the well-known Saudi tycoon Adnan Khashoggi.

This familial connection opened doors for Fayed in the import trade within the United Kingdom.

Subsequently, he assumed responsibility for managing the wealth of the Sultan of Brunei and successfully persuaded him to invest his riches in England.

At the time of his passing, Fayed held the 12th position on the list of the wealthiest Arabs, with an estimated net worth of USD 2 billion, as per Forbes' rankings.

On a global scale, he was ranked 1,516th in terms of wealth.