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Mohammed Al Fayed sells Harrods store to Qatar Holdings

Mohammed Al Fayed has sold London department store Harrods to the Qatari royal family's investment company for a reported £1.5bn ($2.3bn).

The Egypt-born tycoon acquired the business in Knightsbridge following a £615m takeover in 1985.

Ken Costa, an adviser to the deal with Qatar Holdings, said Mr Al Fayed was retiring "to spend more time with his children and grandchildren".

He will continue to promote the store in the role of honorary chairman.

But Mr Al Fayed will not be involved in running the company on a day-to-day basis

QATAR HOLDING
Investment arm of the emirate's sovereign wealth fund, Qatar Investment Authority (QIA)
Parent company's estimated assets more than £40.5bn
Sold around £1.4bn of shares in Barclays bank last October
Failed in bid for Sainsbury's in 2007
Third-largest shareholder in car-maker VW and has stake in Porsche



BBC News - Mohammed Al Fayed sells Harrods store to Qatar Holdings

Harrods

Telegraph.co.uk

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