Billionaire Naguib Sawiris, Egypt's third richest man, has announced his plan to help fleeing refugees from the Middle East and Africa by buying an entire island.

Sawiris plans to allow refugees onto the island where they will be provided temporary homes and jobs away from dangerous conflict, according to The Jerusalem Post.

"All I need is permission to put these people on this island. I don't need anymore from them. I'll pay them for the island, I'll provide the jobs, I'll take care of logistics," said Sawiris.

Though critics are calling his idea ridiculous, Sawiris says it's actually a very simple plan- he will provide temporary shelters and build a port, then employ the refugees to build their own towns, complete with homes, schools and hospitals, even a university, CNN Money reported.

With a net worth of up to $2.9 billion, Sawiris is confident that he can make a difference in the lives of hundreds of thousands of people.

He has not made a bid on any of the islands yet, but he plans to purchase one of the Greek or Italian islands, which he says could easily accommodate 100,000 to 200,000 people.

Sawiris says that Western and Gulf countries are paralyzed by fear of ISIS and their own economic situations in the face of this epic humanitarian crisis and are simply not doing enough, according to Forbes.

He thinks this solution is both beneficial and non harmful to any country that would be involved.