Born in Tanta in Gharbiya governorate on 14 April 1932, Obeid was Egypt's prime minister between October 5, 1999 and July 14, 2004.
Obeid oversaw a string of privatisation for public sector undertakings during his tenure. He was succeeded by Ahmed Nazif as the premier.
He was sentenced to ten years in prison for squandering public funds in 2012.
His assets were also frozen previously.
Early last year, Egypt's Court of Appeal overturned the verdict and ordered his retrial, which was held in late January 2013.