Harrods fetches US$2.3b for Al Fayed
Source: Agencies |
May 9, 2010, Sunday
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Print Edition
Print Edition
HARRODS, the prestigious London department store, has been sold to Qater Holding, the investment vehicle of the Qatar royal family, in a deal reported to be worth around 1.5 billion pounds (US$2.3 billion).
The new owners said former owner Egyptian-born businessman Mohamed Al Fayed would become the store's honorary chairman.
Qatar Holding is an arm of Qatar Investment Authority, which was founded by the State of Qatar in 2005 to strengthen its economy by diversifying into new asset classes.
"What I can assure you is Qatar Holding will do their best to upgrade this monument, to make it even greater and better for the tourism and the British people," Qatari Prime Minister Sheikh Hamad bin Jassim al-Thani told reporters at the store in London's Knightsbridge.
Al Fayed, who owns English football club Fulham, bought Harrods in 1985 for about 615 million pounds.
A colorful figure, he waged a long campaign claiming his son Dodi and Princess Diana, who died together in a Paris car crash in 1997, were murdered in a conspiracy.
The new owners said former owner Egyptian-born businessman Mohamed Al Fayed would become the store's honorary chairman.
Qatar Holding is an arm of Qatar Investment Authority, which was founded by the State of Qatar in 2005 to strengthen its economy by diversifying into new asset classes.
"What I can assure you is Qatar Holding will do their best to upgrade this monument, to make it even greater and better for the tourism and the British people," Qatari Prime Minister Sheikh Hamad bin Jassim al-Thani told reporters at the store in London's Knightsbridge.
Al Fayed, who owns English football club Fulham, bought Harrods in 1985 for about 615 million pounds.
A colorful figure, he waged a long campaign claiming his son Dodi and Princess Diana, who died together in a Paris car crash in 1997, were murdered in a conspiracy.
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