Peres, 93, who twice served as prime minister of Israel and later as the country's ninth president, suffered severe organ failure yesterday as well as irreversible brain damage caused by the massive hemorrhagic stroke he sustained on September 13.
He died in his sleep at around 3:00 am.
His defining achievement was as one of the key architects of the Oslo peace accords for which he was jointly awarded the Nobel peace prize with the then Israeli prime minister, Yitzhak Rabin, and Yasser Arafat, the chairman of the Palestine Liberation Organisation.
Israeli Prime Minister Benjamin Netanyahu expressed his "profound sadness" over his death,
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"Prime Minister Benjamin Netanyahu and his wife Sara express deep personal sorrow over the passing of the nation's beloved former president, Shimon Peres," a statement read.
The elder statesman was one of Israel's most admired symbols and the last of its founding fathers. Peres had held almost every major political office since Israel was founded in 1948, including his stints as foreign and finance minister.
Born in Wisniew, Poland, in 1923, Peres moved to British-mandate Palestine in 1932, where his story became the story of modern day Israel.
Peres entered politics in 1959 as a member of the left-wing Mapai party, a precursor to the modern Labor party.
"The longest serving of all of Israel's public servants, Peres was a person about whom it could rightly be said: The history of the State of Israel is the history of Shimon Peres," Jerusalem Post said.