Kuwait City: Nasser Mohammad Abdul Muhsin Al Khorafi died early Sunday morning in Cairo of a heart attack at the age of 67.
Born in 1944, Al Khorafi is one of the leading Kuwaiti businessmen. His father also was part in starting the family business. Nasser is the brother of the current head of Kuwaiti parliament Jassem Al Khorafi.
Nasser headed the conglomerate Al Khorafi Group which as established in 1967. It consists of numerous companies that are involved in construction, petrochemicals , and energy industries.
The late Al Khorafi was not only known as a successful businessman. Over the years, he had given numerous statements that stirred political controversy. Earlier this month, Al Khorafi wrote an article in which he thanked Hezbollah leader Hassan Nasrallah for his personal "heroic" role and that of his party in supporting the resistance movement and in fighting Zionism. In addition he attacked those who had criticised Nasrallah.
Al Khorafi described the roles of Nasrallah, Syria, and Iran as being instrumental in defending the Islamic and Arab nations against foreign attacks.
There were media reports earlier in April that Al Khorafi had plans to support and fund the establishment of a new Egyptian party.
Al Khorafi, headed the Kuwaiti family-owned firm which had stakes in several listed firms in the Gulf state. The group was also the major proponent of a proposed $12 billion stake sale in Zain to UAE's Etisalat.
The Al Khorafi Group has not yet made any announcement.
The deal fell apart in March after Etisalat pulled out, citing difficulties with Zain's divided board, extended due diligence and regional unrest.
Zain shares fall
Zain shares were trading down 3.3 per cent on the Kuwaiti bourse at 0822 GMT. Shares of National Investments, another Al Khorafi Group-owned company, fell 5.1 per cent.
Last week, Zain shareholders elected a new board, including a top executive from the Al Khorafi Group, and approved a $3 billion dividend for 2010.
Earlier in the day, Al Arabiya television reported the death of Nasser Al Khorafi.
