Shahzada Dawood, 48, and her son Suleman, 19, are part of the Dawood industrial empire - one of the most profitable companies in Pakistan.
British-Pakistani businessman Shahzada Dawood (right) and his son Suleman died in the sinking of the Titanic cruise ship. Photo: AFP
"It is with great sadness that we announce the passing of Shahzada and Suleman Dawood," a statement from the Dawood Foundation said.
"We extend our heartfelt condolences to the families of the other passengers on board the Titan submersible," the letter, signed by Hussain and Kulsum Dawood, Shahzada's parents, said.
Hussain Dawood is one of the richest men in Pakistan, head of the Engro Group and chairman of the family's charitable foundation.
All five people on board were killed after a "catastrophic explosion" in the ocean, ending a multinational search and rescue operation that began when the tiny vessel went missing in the North Atlantic four days ago.
Rear Admiral John Mauger told reporters in Boston on Thursday that analysis showed debris found on the seabed 500 meters (1,600 feet) from the Titanic's bow was consistent with predictions of a submarine pressure chamber explosion.
Meanwhile, the family of British businessman Hamish Harding, who also died on the submersible, paid tribute to a "passionate explorer".
Harding, 58, is a British aviation tycoon with three Guinness World Records.
A statement from his family and his company Action Aviation said they were "united in grief with other families who also lost loved ones on the Titan submersible".
"He was a unique person and we admired him," the statement said.
"He was a passionate adventurer - no matter the terrain - who lived his life for his family, his business and for the next adventure," the statement said, describing Harding as "a loving husband and devoted father to his two sons".
Harding founded Action Aviation - an aircraft sales company with offices in Dubai and London Stansted Airport.
Previously, he worked in Bengaluru, India for five years as the managing director of a logistics company before founding Action Aviation in 2004.
He holds the Guinness World Records for the longest time and distance traveled by a manned vessel in the deepest ocean depths and the fastest circumnavigation of the poles by aircraft.
A year ago, he became one of the first space tourists through Amazon founder Jeff Bezos' company Blue Origin.
Mai Anh (according to AFP, CNA)
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