Mohamed Al-Fayed has sold the famous London department store Harrods to the Qatari royal family for a reported £1.5 billion. The deal came after Mr Al-Fayed who is 81 put his business up for sale so he could spend more time with his family, he will remain at the company acting as an honorary chairman but will step down from the day to day running of the business, signalling that he could soon be retiring.
The Egyptian born business man bought Harrods in 1985 for £615million, meaning he has more than doubled his money after this weekend’s sale, Al-Fayed also owns London’s Fulham Football Club.
The Qatari royal family’s investment company now hold the complete Harrods group, including Harrods Estates and a charter aircraft service. The Royal Family rule the small Arab emirate of Qatar, sealed the deal in Amsterdam late on Friday night after months of talks with Al-Fayed.
Its chairman, Highness Sheikh Hamad bin Jassim bin Jaber bin Muhammad Al Thani, who is also Qatar’s prime minister and foreign minister, told reporters at a news conference: “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 also for the British people.” He also revealed that the group will create a “road map” to improve Harrods in the next few months.
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Harrods
Picture courtesy of Mariosp
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