Mohammed al-Fayed has sold top London store Harrods to Qatar Holding, the investment arm of the State of Qatar’s Qatar Investment Authority.
The deal, reported to be worth £1.5bn, will see al-Fayed become honorary chairman of Harrods.
Qatar Holding managing director and CEO Ahmad Mohamed al-Sayed said Harrods was “a unique company that combines an iconic luxury brand and one of the most prestigious retail properties in the world, with best-in-class financial metrics.
“This acquisition further expands our global portfolio of world-leading companies.”
HE Sheikh Hamad bin Jassim bin Jabr al-Thani, the State of Qatar’s prime minister and chairman of Qatar Holding said the acquisition “forms part of our effort to realise the vision of His Highness the Emir, and His Highness the Crown Prince, of the State of Qatar.
“Harrods generates good and stable returns as a business. It will add much value to our international portfolio of investments.”
Mohammed al-Fayed now plans to retire.