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Harrods sold for 1.5bn [pounds sterling] to Qatar holding.

London's iconic department store, Harrods, was sold in May to Qatar Holding (QH) in a deal reported to be worth 1.5bn [pounds sterling]. QH will become only the fifth owner of Harrods since its creation in 1840. The deal will see current owner Mohammed Al Fayed retire; he had acquired the business in 1985 for 615m [pounds sterling]. QH 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". The new owners are reported to be considering launching a flagship outlet in Shanghai. QH chairman and Qatari prime minister Sheikh Hamad Bin Jassim Bin Jabr Al Thani commented that Harrods would add "much value" to the sovereign wealth fund's portfolio of investments and generate "good and stable returns as a business".

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Title Annotation:Compass 06/2010: News and views from around the world
Comment:Harrods sold for 1.5bn [pounds sterling] to Qatar holding.(Compass 06/2010: News and views from around the world)
Publication:The Middle East
Article Type:Brief article
Geographic Code:4EUUK
Date:Jun 1, 2010
Words:145
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