Harrods sold in £1.5 billion deal
It is being reported in the financial press that iconic luxury store Harrods has been sold to Qatar Holdings, the investment vehicle used by the state of Qatar, in a £1.5 billion deal. The new owner of the Knightsbridge-based store has promised to improve and upgrade the building and make it even more popular with tourists who flock to the UK.
This brings to an end a 25 year relationship between the iconic London store and Egyptian born businessman Mohamed Al Fayed. While controversy has followed the business career of Mohamed Al Fayed there is no doubt he has improved the business and a £1.5 billion price tag is very impressive to say the least. Quite what Mohamed Al Fayed aims to do with his new found fortune remains to be seen but it is unlikely we have seen the last of this colourful businessman.
At a time when many UK businesses are struggling to make ends meet, especially in the retail sector, it seems that no such problems have followed the life and times of the Harrods store. One of London's more iconic landmarks is now under the ownership of forward-looking and wealthy foreign investors.
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