Harrods in London sold

Wealthy Arab sheikhs have long been among the customers of the glamorous department store in the heart of the world city of London. Perhaps Arab customers valued the exclusivity of this British temple of consumerism so highly that they have now bought the department store themselves. The flamboyant, multimillionaire former owner, Egyptian Mohamed Al-Fayed, has now parted with his longtime “favorite toy” after around 25 years as Harrods’ owner. Mohamed Al-Fayed has decided to retire and devote more time to his children and grandchildren. The reported sale price for Harrods in London is the impressive sum of 1.5 billion pounds (1.8 billion euros), according to reports by British broadcasters BBC and Sky News. Harrods and Al-Fayed himself have so far made no further comment on the exact sale price at which Harrods changed hands.
Mohamed Al-Fayed sold the famous department store only on the condition that the vision and purpose that made Harrods world-famous would be continued and upheld by the new owners, as Al-Fayed said through a spokesperson: “When he (Al Fayed) decided to retire, he wanted to ensure that the legacy and traditions he had created at Harrods would be carried on.”

The buyer of Harrods is Qatar Holding, based in the Emirate of Qatar, which had already attracted attention through its stakes in Porsche and British bank Barclays.