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Qatari Royal family acquires Harrods

13
May '10
As per reports, the Qatari royal family's investment company has acquired London-based department store, Harrods from Mohammed Al Fayed for £1.5 billion ($2.3 billion).

Mohammed Al Fayed, the industrialist born in Egypt, acquired Harrods in Knightsbridge following a £615 million acquisition made in 1985.

All the segments of Harrods group inclusive of Harrods Estates and a charter aircraft service will be part of the sale. Qatar Holdings is the investment wing of Qatar Investment Authority, an autonomous wealth fund of Emirates.

Sheikh Hamad Bin Jassim Bin Jabr Al-Thani, Prime Minister of Qatar and also the Chairman of Qatar Holdings remarked that, Harrods would not only enhance the value of its investment portfolio, but also as a corporation would bring about steady and satisfactory revenues.

Costa, Chairman, Asset Managers Lazard International had suggested the Al Fayed family to have faith in the sale and he also stated that, Al Fayed particularly opted for Qatar Holding as according to him it had both the vision and financial competence to sustain the long-term progress of the store.

Fibre2Fashion News Desk - India


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