FINANCIAL NEWS

Al Fayed sells Harrods to Qatar royalty

09 May 2010

(MENAFN) Media reports said that Qatar Holding has bought London’s landmark department store Harrods for $2.3 billion, Reuters reported.

Mohammed Al Fayed, owner of the prestigious department store Harrods, sold the landmark to Qatar Holding, an arm of Qatar Investment Authority (QIA).

Lazard International, which advised the Al Fayed family trust, declined to confirm the purchase price. However, Lazard Chairman, Ken Costa, said that Al Fayed has decided to retire and to spend more time with his children and grand-children.

Qatar Holding was particularly chosen by the Trust as they had both the vision and financial capacity to support the long term successful growth of Harrods.

It is worth mentioning that Egyptian-born businessman Mohammed Al Fayed bought Harrods in 1985 for about $784.2 million at a time when the group also owned the House of Fraser department store chain, which was later spun off.

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