Mohammed Al Fayed sells Harrods for £1.5bn

| May 9, 2010 | 0 Comments
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Egyptian-born businessman, Mohammed Al Fayed, has sold London department store Harrods to investment group, Qatar Holdings, in a deal worth £1.5 billion ($2.3 billion).

Qatar Holdings, which is owned by the Qatari royal family, is the investment arm of the emirate’s sovereign wealth fund, Qatar Investment Authority.

It has a stake in supermarket giant Sainsbury’s and previously invested in Barclays Bank before selling its shares in 2009.

Mr Al Fayed, whose son Dodi was killed with Princess Diana in the 1997 Paris car crash, had owned the renowned Knightsbridge department store since 1985, when he acquired it for £615 million.

According to an adviser involved in the deal, Mr Al Fayed was retiring “to spend more time with his children and grandchildren” but he will continue to promote the store in the position of honorary chairman.

The luxury department store was opened in 1849 by Charles Henry Harrod and has over 15 million shoppers a year.

Despite the recession, Harrods enjoyed record sales of £752 million in the year to January 2009, as wealthy tourists from around the world continue to visit the famous landmark.

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