He was 94.

From the mid-1960s, the Egyptian businessman's residence and chief business interests were in the United Kingdom.

His business interests included ownership of the Hôtel Ritz Paris, and Harrods department store and Fulham Football Club, both in London.

In a statement released on Friday, his family was quoted as saying by BBC: "Mrs Mohamed Al Fayed, her children and grandchildren wish to confirm that her beloved husband, their father and their grandfather, Mohamed, has passed away peacefully of old age on Wednesday, August 30, 2023."

"He enjoyed a long and fulfilled retirement surrounded by his loved ones," read the statement.

Away from the limelight, Mohamed Al Fayed spent the past decade mostly in his Surrey mansion with his wife Heini.

Fulham Football Club, the team which was owned by him for many years, condoled the death of Mohamed Al Fayed and said in a statement: "Everyone at Fulham was incredibly saddened to learn of the death of our former Owner and Chairman, Mohamed Al Fayed."

His successor, Shahid Khan, said in a statement: "On behalf of everyone at Fulham Football Club, I send my sincere condolences to the family and friends of Mohamed Al Fayed upon the news of his passing at age 94. The story of Fulham cannot be told without a chapter on the positive impact of Mr Al Fayed as Chairman."

"His legacy will be remembered for our promotion to the Premier League, a Europa League Final, and moments of magic by players and teams alike. I always enjoyed my time with Mr Al Fayed, who was wise, colourful and committed to Fulham, and I am forever grateful for his trust in me to succeed him as Chairman in 2013," he said.