Giza prosecution decided on Wednesday to release Egyptian businessman Salah Diab on a LE 50,000 bail after his lawyers presented reports of his chronic medical conditions.

His son Tawfik was also released on a LE 10,000 after both family members spent three nights in detention.

The prosecution's decision comes after a Giza court renewed on Tuesday the detention of Diab for 15 days pending investigation into charges of possessing unlicensed firearms, the same charges his son, also a businessman, faces. Both men were arrested on Sunday.

Earlier on Wednesday, a criminal court cancelled a decision to freeze the financial assets of Diab, Mubarak-era business mogul Mahmoud El-Gammal and 16 others, with only assets related to the New Giza housing compound project still frozen.

Diab, a moghul businessman and co-founder of Al-Masry Al-Youm, one of Egypt's largest privately-owned daily newspapers, is accused along with others of illegally acquiring state-owned land where their New Giza housing compound project is situated.