Mohamed Al Fayed Sells Harrods For £1.5bn

[Ibtisam]

Harrods has been sold by Mohamed Al Fayed for £1.5bn to the Qatari royal family.

 

 

The Egyptian businessman said in a statement he wished to retire after 25 years in charge of the flagship Knightsbridge department store.

 

Sky's City editor Mark Kleinman, who broke the story, said the family made an approach for the store several weeks ago but Mr Al Fayed rejected the offer.

 

However, the owner of the Premiership club Fulham FC had reconsidered the approach.

 

Ken Costa, chairman of Lazard International, which advised Mr Al Fayed on the deal, said in a statement: "After 25 years as Chairman of Harrods, Mohamed Al Fayed has decided to retire and to spend more time with his children and grand-children.

 

"In reaching the decision to retire, he wished to ensure that the legacy and traditions that he has built up in Harrods would be continued, and that the team that he has built up would be encouraged to develop the foundations that he has laid."

 

He added: "Qatar Holding will become only the fifth owner of Harrods since its creation, in 1840. Qatar Holding was specifically chosen by the Trust as they had both the vision and financial capacity to support the long term successful growth of Harrods."

 

The Al Fayed brothers bought a 30% stake in Harrods' owner House of Fraser in 1984 from Tiny Rowland and went on to purchase the remaining shares a year later in a bitter £615m takeover battle.

 

Kleinman said the store, established in 1834 in London's East End, was doing well despite the global recession.

 

"The business has done very well during the downturn - there has been an influx of money from the Middle East.

 

"It attracts customers from across the world and therefore it has managed to stay resilient."

 

Source: Yahoo news

Maybe he is going to leave Britain now, given up on that British passport at last.

[Dhagax-Tuur]

Qatari are investing the UK big time. 20% of Sainsbury's, huge property portofolio in central London and now Harrods.

[N.O.R.F]

They are. Just wish they would buy Liverpool FC.

[Jacaylbaro]

I'm thinking of buying Liverpool ....

[Resistance]

Since the Tories are in power am sure he can buy a passport now but after the Hamilton scandal am not any would trust him.

 

Good time to sell it, many a Mail reader would be in tears today.

 

The Qataris must be be carefull all this investment does not go down the drain.

[N.O.R.F]

They have their advisors who would have done the due diligence on each investment.

 

Many Gulf nations, through such investments, are now major factors to consider when making foreign policy decisions.

[BOB]

Maybe he's going to bulid another Harrods in Kismayo...you never know!

 

 

Peace, Love & Unity.

[5]

Originally posted by *Ibtisam:

Maybe he is going to leave Britain now, given up on that British passport at last.

Never understood the man's obsession with Britain. If I had his money, I'd have settled in the US long ago.

[FIDHIN]

i thought it would cost more than that.

[FatB]

lools at due dillagence like UAE's advices in buying citigroup shares ro 37$ each some years ago...

[N.O.R.F]

^Did they? I think that was the Saudis.

 

ps hae you seen Abu Dhabi's portfolio lately?

[Abwaan]

Odayga horta dhalashadii weli malla siiyey? Xitaa haddii uu dukaankii magaalada u weynaa 25 sano lahaana waa uga dhaarteen...

[ElPunto]

Good move for Fayed. Investing billions in a country with rising taxes, massive debts and political uncertainty - not too bright. But I guess it's deja vu - these gulf countries usually buy at the top of the market.

[Showqi]

Originally posted by Abwaan:

Odayga horta dhalashadii weli malla siiyey? Xitaa haddii uu dukaankii magaalada u weynaa 25 sano lahaana waa uga dhaarteen...

Miskiin, Waar Odeyga Qoxootinimo isku dhiib dheh.

[Hunguri]

Odaygu should come to Liverpool Metropolitan resources and forward his asylum through Refugee action and NAS. He will be inducted and will share a room with a new Somali asylum from Bakaaraha!