The film - which was based on the life of TE Lawrence - has been hailed as one of the greatest films ever released, earning seven Academy Awards and four BAFTAs.
Reflecting on Lawrence of Arabia with Parade, the Oscar-nominated Sharif said he has nothing but fond memories of the cinema classic.
"As an actor in Egypt, I was nobody," he recalled. "It was extraordinary to suddenly become somebody in the world. I've never forgotten that."
Sharif also reflected on his lifelong friendship with Peter O'Toole, which began on the set of Lawrence of Arabia.
"We developed a real friendship. When we first met, he said, 'No one in the world is called Omar Sharif! I shall call you Fred'; and he called me Fred from then on," he declared.
O'Toole recently announced his retirement from acting at age 79, after a career of critically acclaimed roles in films such as Goodbye Mr Chips, My Favourite Year and Man of La Mancha.
He was nominated for eight Academy Awards over the course of his career and was given an honorary Oscar in 2007.
> Peter O'Toole retires: His best roles in pictures
Watch a trailer for Lawrence of Arabia below: