Egyptian billionaire Naguib Sawiris said he will send formal letters tomorrow to Greek Prime Minister Alexis Tsipras and Italian Prime Minister Matteo Renzi requesting to buy an island to house the outpour of Syrian refugees and migrants.

"I am serious with my intentions," Sawiris said to FORBES over the phone, regarding the contents of his letter to the European leaders. "I want to feel good about having done something good. Provide me with the island and I will do the rest."

Sawiris, who heads up telecommunications company Orascom Telecom Media & Technology (OTMT), is Egypt's third richest man with a net worth of $2.9 billion. He says he has the money and resources to move this plan forward, adding that he's developed land and has experience in logistics. Sawiris originally suggested buying an island for migrants in a September 3 tweet that went viral. He said he hasn't yet been in contact with the Greek or Italian governments and his letters tomorrow will be his first formal gesture.