London, May 8: Egyptian billionaire Mohammed Al Fayed has sold Harrods, a luxury department store in London that he had acquired in 1985, to the Qatari royal family, it was confirmed on Saturday.
“The Al Fayed family trust, the owners of Harrods, announce that they have today sold the Harrods Group to Qatar Holding,” Mr Al Fayed’s adviser, Lazard International, said in a statement. Qatar Holding is the investment arm of the emirate’s royal family.
Mr Al Fayed, who also owns Fulham Football Club, sold the store for £1.5 billion, according to BBC News and SkyNews. No details of the sale have been revealed by Lazard. The Harrods sale includes Harrods Estates and a charter aircraft service. Mr Al Fayed had in 1985 acquired Harrods with a £615 million bid.
Mr Al Fayed, 77, who has four children with his Finnish model wife, will now retire after 25 years as chairman of Harrods.
“After 25 years as chairman of Harrods, Moha-mmed Al Fayed has decided to retire and to spend more time with his children and grandchildren,” Lazard International chairman Ken Costa said in a statement.
Mr Costa said Qatar Holding is the fifth owner of Harrods since its creation.
“Qatar Holding will become only the fifth owner of Harrods since its creation in 1840. Qatar Holding was specifically chosen by the Trust as they had both the vision and financial capacity to support the long-term successful growth of Harrods,” he said.
Age Correspondent