Egyptian-born businessman Mohammed Al Fayed has sold prestigious London department store Harrods to the investment vehicle of the Qatar royal family in a deal reported to be worth around 1.5 billion pounds ($2.3 billion). A spokesman for Lazard, which advised the Al Fayed family trust, declined to confirm the value of the deal which was reported by Sky News, citing unnamed sources.
"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," Lazard Chairman Ken Costa said on Saturday. "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."
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