The CEO of Orascom Development, Khaled Bichara, died on Friday morning in a traffic accident on the Cairo ring road.

Reports of Bichara’s death provoked a strong reaction from Egypt’s business community, given his stature as an internet business pioneer in the country and his long association with big-name firms.

Bichara, 48, was also the CEO of Gouna Football Club.

He was pronounced dead at Al-Haram hospital.

The club released a statement marking their grief at the incident.

According to reports, Bichara's vehicle hit an iron barrier near Giza’s Remaya exit on the ring road.

The prosecution has said it will continue investigations to reveal the full circumstances of the accident.